Entrepreneurship in Business

This article discusses the role and characteristics of entrepreneurs, their contribution to the economy, and provides real-world examples of successful entrepreneurs like Bill Gates and Mark Zuckerberg. It also evaluates the United States' contribution to entrepreneurship.

Entrepreneurship in Business
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Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................3
Brief description regarding role & characteristics of entrepreneur.............................................3
Explanation of relevance of entrepreneur’s contribution towards country.................................5
Critically evaluate United States contribution to entrepreneurship.............................................6
Used to real-world examples of well-known entrepreneurs........................................................7
Conclusion.....................................................................................................................................10
REFRENCES.................................................................................................................................11
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INTRODUCTION
Entrepreneurship is setting up a business and taking this along with it in order to earn
profits. It is necessary for an entrepreneur to make sure that they are changing their business
ideas according to the changing business environment. Entrepreneurship is necessary in order to
bring social change which will help in enhancing the status of people who are living in a society.
It is a great way that includes change in US economy and which is helping the economy to
develop further. The economy now has the largest purchasing power throughout the world due to
a number of successful entrepreneurs. When taking a country like United States it is highly
supporting entrepreneurship and this is making entrepreneurs to face success and earn profits.
Entrepreneur is also helping in development of an economy by providing job opportunities,
indirectly supporting the country and also helping to raise infrastructure of the country. The
following report includes Mark Zuckerberg who is owner of Facebook (Green, 2018). Mark
Zuckerberg was the founder of Facebook. He is a internet entrepreneur and a philanthropist. He
is now serving as chairman and CEO of Facebook. Mark Zuckerberg is effectively playing an
important role in development of social media in United States along with the whole worldwide.
There are a number of different roles and characteristics of an entrepreneur that are helping to
enhance and bring success in a business throughout the world. The report also consist of various
contribution of entrepreneurs in the US economy and the ways in which US economy is
supporting these entrepreneurs. In United States the contribution of Mark Zuckerberg is high as
it is developing social media platform throughout the world. Along with it the report also
explains about two different entrepreneurs that are Mark Zuckerberg and Bill Gates who are
helping in growth of US economy and UK economy.
Brief description regarding role & characteristics of entrepreneur.
Entrepreneur: The term entrepreneur is relates with person who start a new business by
take risk and enjoy the overall profit by running new organization within market.
An entrepreneur play vital role within country. Following are the essential characteristic of an
entrepreneur have
Characteristics of entrepreneur:
Innovative: Entrepreneur is a person who developed or innovate new products within the
market. On the basis of their research they take time to introduce new product or services. Their
main purpose is to identify the demand of customer and on the basis of that they offer that
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product which has been satisfied customers as well as maintain their interest within the
organisation.
Discipline: They are punctual and discipline personal as their main purpose is to innovate
something new and maintain the interest of public within the organisation thus they formulate
policies within the organisation which maintain discipline among enterprise also.
Leadership: An entrepreneur has all the essential quality which leader have as he is a person
who provide guideline as well as give direction towards management department of their
Enterprises. They run business and provides guideline regarding formulate policies as well as
they motivate their employees towards achievement of organisation (Block, Sandner and
Spiegel, 2015).
Optimistic: Entrepreneur is a person who has optimistic perception they not get panic even in
worse situation. They are optimistic perception lead success for their and also the main reason of
their growth.
Commitment: Entrepreneur once give commitment towards particular target they no give up
until they attain all their target and complete their commitment it will help in build trust as well
as positive image within the market. Entrepreneur must have commitment skill as they need to
deal with many of client’s customers.
Risk taker: Entrepreneur is a person who takes risk on behalf of their organisation.
Development of new product in entrance in new market is not easy. It is not easy to being an
entrepreneur for successful within the market is essential to take risk.
Communicative: Another characteristic an entrepreneur must have good communication skills
as they need to deal with many of persons during the time. Entrepreneur thus needs to influence
public as well as their human resource. To have effective communication skills which help in
influence and motivate personal towards them.
Formulation of capital: Entrepreneur is a person who invested their capital to establish a new
Organisation on innovate new product or services within the market thus they known an
formulator of capital.
Provides resource: Entrepreneur not only provide financial resources even they also work with
management department towards recruitment as well as finding out best layout landlord and
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equipment which help in running business organisation and manufactured product and services
does they play an essential role within the organisation (Li, and Martin, 2019).
Adhere legal norm: Entrepreneur before starting of a business finding out all the legal
requirement and all the forms need to be fulfils before starting of a new business. Thus they need
to play a vital role in fulfilling all the essential legal liabilities for organisation.
Business prediction: Entrepreneur also forecast business profit as well as on the basis of
analysing market condition they give suggestion regarding to management department so they
can able to formulate Strategies and policies through which they can control risk as well as use
those policies and products which help in attaining competitive business advantage.
Mark Zuckerberg is known as most famous entrepreneur of America. At the age of 17 they start
their own company which is known as Facebook. They have all the qualities which an
entrepreneur have that take rest he is fully dedicated towards his work Mark Zuckerberg and his
team are committed towards their goal and on the base of that they formulate a new site which
help in communicate for all the people.
Explanation of relevance of entrepreneur’s contribution towards country
Develop new market: Entrepreneur take risk and start a new market which help in create
and develop new business market this will useful for countries as they develop a new market. By
introduction of Facebook and new market has been create in IT sector this will also take as
revolution in technology which help America considered as developed country.
Help in contribution in GDP: Entrepreneur play vital role in contribution towards country on
the basis of all the profit generate organisation they are useful in contribute towards GDP of a
particular country as they paid tax and other custom duties which help in contribution towards
GDP. Facebook is one of the most multinational a profitable organisation of America and they
play a vital role towards contribution of GDP the main reason of increasing. GDP rate of
America is that Facebook has been generate more profit as compared to other business
organisations thus it is really a solution and on and on the display white arose towards
contribution within GDP (González-Rodríguez, Díaz-Fernández and Simonetti, 2015).
Contribute in develop economy: Entrepreneur play a vital role in developed economy as they
provide resources employment as well as profit which help in increasing living standards of
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personal as well as due to development of new technologies personal can enjoy their life by
using these technologies. This will also useful and developed this economy as well as build
strong position of organisation within the market. Facebook is considered as revolution in IT
sector and they play a major role in develop a American economy as after innovation of
Facebook people can connect easily not only in America but also the world by area (Neffke,
Hartog, Boschma and Henning, 2018).
Provides employment: The main role of entrepreneurs towards countries that they provide
employment to their country when an organisation has been set up the required human resources
to run their business activities in effective manner thus entrepreneur when there start a new
enterprise required resources this will useful for country as the rate of unemployment has been
decrease as well as their rate and contribution of GDP has been in hands due to generation of
employment Facebook hire more than 20000 of employee at word wider scale that it is not only
help in generate employment also contribute towards economy.
Critically evaluate United States contribution to entrepreneurship
It can be critically evaluated that countries highly contributing towards entrepreneurship
and also helping an entrepreneur to successfully develop their business in the country along with
bringing benefits for the economy of the country. It is successfully influencing various economic
performance through introducing new goods and services in an economy and boosting the
competition which will successfully help the economy to maximise their gross domestic product
and set themselves as developing economy throughout the world (Sohail, Balaraman and
Telford, 2019). In the economy is highly realising the contribution of entrepreneurs towards a
number of objectives of the country and due to this they are creating a number of laws and rules
which are helping entrepreneurs to go. Some of the contribution of United States towards the
entrepreneurs are mentioned below:
Government of United States is highly and successfully contributing and supporting
innovation as well as creativity of an entrepreneur which is beneficial for the business as they
can successfully start working in a certain economy. The following factors also helping in
shaping the countries innovativeness along with the government applying various policies and
legislation which are generally in the favour of organisation and the entrepreneur. These are also
helping the entrepreneur to make sure that they can successfully carry out all the business
operations in an economy. There are a number of standards which are related to creation of
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wealth which are benefiting the business entrepreneur in US economy. United States is highly
focusing on saving various products and services through providing intellectual copyrights which
is very beneficial for new entrepreneurs to make sure that their products and services cannot be
copied. When taking example of Mark Zuckerberg and the operations taking place in Facebook
are majorly supporting a number of different creative and innovative ideas. Along with this the
business is containing its own copyright through which they can ignore the chances of their ideas
being copied.
The support that is provided by United States to the entrepreneur are also regarding the higher
opportunities through the government to the students in which students are motivated to become
successful entrepreneurs. It is often seen that bright students are focused upon and taught well in
order to be a successful entrepreneur. The economy of United States is very flexible and it
supporting a number of different start-up businesses which is helping the market to grow a
number of different creative and innovative ideas. Example can be taken of Bill Gates who is a
successful entrepreneur in US and also very successful career is contributed by the economy as
innovation and creativity successfully supported in country.
In order to successfully support the entrepreneurship in the United States government is majorly
focusing upon adopting GEDI which stands for global ecosystem dynamics investigation this is
helping the nation to analyse a number of different bottlenecks which are holding back the high
performances of entrepreneurship. It is majorly dealing with saving various of the drawbacks
which can affect the entrepreneurs performance in United States economy and making sure that
government can take different steps in order to reduce it. For example the government in United
States is supporting Microsoft so that they can successfully help in simplifying the work. It is
also helping to gain higher profits for the company along with bringing success to all the
business industries.
Used to real-world examples of well-known entrepreneurs
In the following part there are two entrepreneurs Bill Gates and Mark Zuckerberg who are
successfully running their own business in US economy. Below mentioned are their contribution
towards the economic:
Bill Gates: Bill Gates is also known as William Henry Gates third who is a co-founder of the
company Microsoft which is successfully known for developing their own softwares. Bill Gates
is often listed in the rank of world’s richest man and a number of time he have been successfully
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rand one of the top businessmen throughout the world (Bowler, 2017). The turnover that
Microsoft is providing to Bill Gates is making him a large share in tax payment for the
government. With the help of this tax government can also successfully and has the
infrastructure of the country which is a win-win situation for both the entrepreneur as well as the
economy. The number of traits that are possessed by Bill Gates are as follows:
 Bill Gates have successfully set himself as a global leader through Microsoft when talking in
terms of a company developing softwares.
 Bill Gates have inherited creativity and all his idea of the products are very unique which are
successfully helping him to develop his company.
 Bill Gates is a very good reader and the reading habit of Bill Gates is successfully helping
him to generate new ideas through the knowledge he gains.
 Bill Gates is also very well-known in order to prioritise his time and make sure that he is
giving most of the time to his business through which the Microsoft is earning more and
more profits.
 Bill Gates is successful spending most of his time to make sure that the company is running
smoothly and earning a lot of profit which is a great way to successfully run a business
(Blair and Hitchens, 2018).
 Bill Gates believes in smart work rather than hard work and he’s making sure that all the
employees in the organisation or working smart rather than just working hard.
 Bill Gates is a risk taker and he is successfully taking a number of risks in order to make
sure that he can take challenges rather than avoiding it to make sure that the business is
earning profit.
Apart from all this there are a number of different roles and responsibilities for Bill Gates as
mentioned below:
 Bill Gates is responsible to make sure that the company is successfully raising fund so that it
will help Microsoft to become one of the largest enterprise throughout the world developing
software.
 Whenever it is required to make sure that the employees are working correct it is the duty of
Bill Gates to make sure that he is communicating with the employs and making interaction
in order to make sure that employees are motivated and working towards the right direction.
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 Bill Gates is also responsible for making new innovative ideas and bringing in creative
thinking. This is helping him to successfully develop new software is along with new ideas
in the organisation.
 He is also responsible to make sure that all the managing directors are working together
towards the benefit of country.
Mark Zuckerberg: Mark Zuckerberg have successfully set himself as an internet entrepreneur
and philanthropist. He is known for finding Facebook and also serving as a chief executive
officer, controlling shareholder and chairman of the company (Abul-Magd, 2017). There are a
number of other companies that are found by him which are helping the economy of United
States to grow successfully. And Mark Zuckerberg have attended Harvard University and he
successfully launched Facebook as a social networking site from his dormitory itself in February
2004. The net worth of Mark Zuckerberg as in November 20 20 was worth 101 $.2 billion. This
is successfully making him the fourth richest person throughout the world. He is the only
entrepreneur under 40 years of age who have been listed in the 20 richest people throughout the
world. There are a number of rules and regulations which have successfully held Mark
Zuckerberg in his way. Below mentioned are some of the traits he possesses:
 The innovation and creativity in bringing something new for the market is a great
characteristic that is possessed by Mark Zuckerberg and his helping him to successfully set
his business.
 The desire to learn more and seek knowledge is a great trait in Mark Zuckerberg which have
helped him to launch Facebook at such a young age.
 He have always been seeking for opportunities to make sure that he is making the most of it
whenever the time is right which have helped him to develop his businesses.
 Mark Zuckerberg is very ambitious and in order to achieve higher success he have
successfully developed the social networking site which is now famous worldwide.
Apart from all these there are following roles and responsibilities which are to be fulfilled by
Mark Zuckerberg:
 It is the duty of Mark Zuckerberg to make sure that all the decisions regarding the
administration of the company are taken by him which is successfully contributing towards
the economy of United States as well.
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 It is the duty of entrepreneur to make sure that all the employees in the organisation of
working to their maximum capacity. Mark Zuckerberg is making sure that he is
continuously motivating and encouraging the employees working in Facebook so that they
can work to their maximum capacity and skills.
 It is the duty of entrepreneur in order to collaborate with different organisations so that they
can easily maximise their profit (Rodgers and Williams, 2019). Mark Zuckerberg is
successfully fulfilling this roles and responsibilities in order to make sure that Facebook is
earning profits throughout.
 Mark Zuckerberg is also responsible to make sure that all the new opportunities that are
present in the market are grabbed by Facebook and the company successfully executing all
the activities in order to make sure that they are generating higher profits and bringing
growth for the economy as a whole.
 Mark Zuckerberg is responsible for successfully expanding in business is more than one
countries and making sure that the operations of business are carried out successfully in all
these countries.
Conclusion
With the help of the above report it can be successfully concluded that entrepreneurs stand
to be an essential aspect in development of an economy and also enhancing the value of
economy throughout the world. It is often seen that entrepreneurs are acting and creating various
profit for the organisation along with generating revenue for the economy. They are also helping
to generate employment, infrastructure and raising the standard of living of people who are
living in a country. The following study is successfully indicating the part that Mark Zuckerberg
and Bill Gates are playing in their different economies. The report correctly explains various
roles and attributes of entrepreneur which is helping in development of US economy and also
bringing success for them in their life. Mark Zuckerberg is successful leading Facebook and Bill
Gates is the founder of Microsoft. There are a number of roles and characteristics which are
included in development of entrepreneurship which include learner, forecaster, reducing risk,
creative thinker and so on. It is necessary that the entrepreneurs are successful handling their
organisation in order to bring productivity and stay in the marketplace for a longer period of
time. All these features are successfully helping entrepreneurs to grow and develop their
company as well as their economy. It is often seen that the economies are also contributing and
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reflecting upon success of an entrepreneur. They are offering a number of different job roles and
opportunities to the people living in an economy and in place also helping to increase the living
standard of people. It is often seen that purchasing power of customers can be increased when
the high job opportunities are provided within a country. It is directly affecting the economy
positively in US as well as UK. Study successfully helping in understanding knowledge about
the rules of United States government along with their contribution towards different
entrepreneurs. Various ways in which economic performance of a country can successfully help
in organisation or also explained. It is often seen that entrepreneurship are getting high support in
US as major Infosys is paid upon creativity and innovation within the country. And with the help
of this entrepreneurs are successfully achieving all their goals and objectives. It is seen that the
support is successfully provided to both Mark Zuckerberg and Bill Gates with the help of which
they are successfully improving and enhancing their business throughout the world. The US laws
as well as regulations are helping the entrepreneurs as most of them are in favour of
entrepreneurs. There are a number of different benefits like federal laws and tax benefits which
are successfully helping to generate high profits for the entrepreneurs. Various examples of
entrepreneurs including Bill Gates and Mark Zuckerberg is also helping in understanding how
these policies and benefits can be achieved by entrepreneurs. The roles and responsibilities
which are helping the entrepreneur to get success along with increasing the living standard of
people in a society can be seen. With the help of all these aspects the research is very helpful to
understand and the various benefits that economy is providing to entrepreneurs as well as vice
versa.
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