Entrepreneurship In Business | PDF
Added on 2021-02-20
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FinanceEntrepreneurship
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Entrepreneurship InBusiness
Table of ContentsINTRODUCTION...........................................................................................................................1Evaluation how entrepreneurs have contributed to the UK economy.........................................3Evaluation how UK has contributed to entrepreneurship...........................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONEntrepreneur is including the process of designing of business and launching of business. Peoplewho have created the business are entrepreneurs which must have the capacity to manage thebusiness efficiently. The assessment is consisted about the characteristics and roles ofentrepreneurs which must have the characteristics of self motivation, risk management, andcreativity. Successful entrepreneur like JK Rowling and Alan sugar are successful in the respectivefields. JK Rowling is successful due to writing novels named harry potter series which has beenframed into the successful movies and Alan sugar is successful because of the company which isdealing in electronics. Assessment is also consisted about entrepreneurs contribution to the UKeconomy and contribution of economy to the entrepreneurship. UK is hiring the talentedcandidates and as well economy is also obtaining finances in the market which is helping theentrepreneurs to grow and achieve success in the market. Entrepreneur must ensure financialstability for building the successful business and surviving in the market. Entrepreneur must knowhow to identify and solve the problems regarding the products and services. Entrepreneurshipneeds diverse skills which needs to be applied while the entrepreneurs are doing the business.Characteristics and role of entrepreneurs. Entrepreneur can be defined as a person who start up a business and take all profits andloss with the main aim of making money. Entrepreneurs have different and unique qualities frombusinessman as they think differently. Becoming and being an entrepreneur means to share ideas,celebrating victory as well as failure for motivating themselves and others and expand theirbusiness. People do not differentiate between entrepreneur and entrepreneurship as there is a bigdifference. Entrepreneur is an individual who set and run a new business. On the other handentrepreneurship refers all activities which are being done by entrepreneur for setting up a business(Spigel,2017).Entrepreneurs have several skills, characteristics and play an important role in developing theirpersonal as well as professional life. Some characteristics and roles are being defined as follows:Risk takers: The main characteristic of a successful entrepreneur is they take risk, andthey believe that without taking risks they can not learn new and innovative things. Playing safeand do not take risk can not lead success and it is the main difference which make differ toentrepreneur from businessman (Aldridge and Audretsch 2017).1
Self motivation: Self motivation is other main trait of a successful entrepreneur.Motivation is essential for every member of the because every entrepreneur is entering the marketthrough the self-confidence and self motivation which is present in them. Motivation inentrepreneurs is building motivation in the employees also which would also improve the[performance of the employees (Guerrero, Cunningham, and Urbano,2015).Passion: Entrepreneur is entering the market through setting up aims and goals which ispassion for the entrepreneurs. Entrepreneur are convincing the team which can give best for thebusiness. An entrepreneur is facing the problems like competition in the market, passion is helpingthe entrepreneur to survive in the market.Flexibility: Entrepreneur need to be flexible according to the needs of customers andcompetition in the market. Entrepreneur not only needs flexible in business but also in thoughtwhich would innovate something for the business. Technology in the market is updating timely butentrepreneur in the markets must be flexible to adapt the latest technology which would be helpfulfor the growth of business.Creativity: Creativity of the entrepreneur is seen in the products and new techniques forselling the products and also in increasing the business. Some entrepreneurs are thinkingsomething creative and innovative which is helping them in the business. Creativity inentrepreneurs is introduced due to passion and motivation in them to reach the goal.Understand what you offer: An entrepreneur need to know what to offers in the market,what the customer wants. Entrepreneur must know what to fit in the market and what to sell in themarket which would increase the growth of the business.She doesn't believe in failureJK Rowling is and famous writer and entrepreneur which has written famous novels ofharry potter series. She is humble enough to sat that she was not scared of launching the novels inthe markets because she does not believe in the failure. She believes in the performance done byanyone on the project. Rowling also sad that she had written the novels but there were some fearsin the mind which were disturbing them because that fear would have effects on the performanceof the JK Rowling. She said that she had thought about the passion, goal, and she felt motivated todo the work. She is also stating that if one would face failure once, that person would never beafraid of failure again. She has other qualities like she controls what she wants, and she is not2
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