Role and Contribution of Entrepreneurs in the UK and US | Desklib

This document examines the characteristics and role of entrepreneurs, their contribution to the economy of the UK and US, and the support provided by the respective governments. It also includes real-life examples of successful entrepreneurs.

Entrepreneurship
In
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Examine the characteristics and the role of entrepreneurs..........................................................1
Critically evaluate how entrepreneurs have contributed to a country of your choice.................3
Critically evaluate how the country of your choice contributes to entrepreneurship..................5
Use at least two real world relevant examples from well-known entrepreneurs. These should
be used to support your points and arguments............................................................................6
Provide a concise and well researched argument utilising current literature..............................8
CONCLUSION................................................................................................................................9
REFRENCES.................................................................................................................................11

INTRODUCTION
Entrepreneurship is considered as a procedure of launching, designing and running a new
business unit which can be a small business. The person who run these types of are known as
entrepreneurs. These peoples are always looking for an opportunities so that they can grab it and
earn profit successfully (Ács, Szerb and Autio, 2016). Entrepreneurship are generally for four
types i.e. small business, scalable start ups, social entrepreneurs and large companies.
Entrepreneurs decide their business type on the basis of their objective of running a business.
This is so because there are some entrepreneur who start business for generating profit whereas
some run it for only serving society on non profit motive. Around the world there are numbers
of entrepreneurs such as Steve Jobs, Mark Zuckerberg, Bill Gates, Sergey Brin and Larry Page,
James Dyson, Samuel Moore Walton, Jeff Bezos and many more.
The main aim of conducting this research is to gather knowledge about the different
entrepreneur of United Kingdom and United State. Entrepreneurs selected for this report are
Mark Zuckerberg who is from United State and Mike Ashley who belongs from United
Kingdom. Marks Zuckerberg was born at 14th May 1984 in New York, United State. He is a
internet entrepreneur, known for co-founder and leader of Facebook. On the other hand, Mike
Ashley was born at 9th September 1964 in Staffordshire, England, United Kingdom. He is known
as the CEO of Sports Direct (Asongu and Tchamyou, 2016). Topics which are included in this
report are characteristics and role of entrepreneurs, how they contribute to country growth and
how selected entrepreneurs will economy of country. Along with this, it will also include real life
example of entrepreneur and succession story as well as it will also include arguments related to
it. Report will also different diagrams, pictures and graph which shows growth of country due to
entrepreneurs.
MAIN BODY
Examine the characteristics and the role of entrepreneurs.
An entrepreneur is an individual who develop a new business by taking a number of
financial risks in the hope of gaining profit. Entrepreneurs are generally seen as a source of new
ideas, creators and business producers (Thurman, 2016). There are number of characteristics of
an entrepreneur.
Characteristics of an entrepreneur
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Self motivated: It is consider as one of the most strong characteristic of an entrepreneur.
They are generally dedicated to their plans and keep moving forward even if they are not getting
any pay checks. As an entrepreneur it is not necessary to be answerable to anyone, only self
motivation is the key to run a business independently.
Take risks: A successful entrepreneur knows that it is important to take risks in some
situations arising in the business (Bouncken and Reuschl, 2018). Being a business owner,
playing safe not always lead to success. For example, Mark Zuckerberg who is the co-founder
and leader of Facebook, have this particular characteristic of taking risk which leads him to
achieve success.
Networking: Developing relationships is an essential part of being an entrepreneur. The
ability to connect with others and to analyse partnership opportunities is the key to create a
successful business.
Money management: As an entrepreneur it is important to have money management
skills and knowledge in order to lead a business successfully and to manage all the financial
factors of organisation (Tamásy and Diez, 2016).
Passion: Mostly all successful entrepreneurs are passionate about their work and
responsibilities. It help to find motivation and help them to move forward.
Role of entrepreneurs:-
Entrepreneurs generally attain a central role in overall market area. However, an
entrepreneur plays a number of roles. Some of them are given below:
Initiator: The one who initiate a particular process in an organisation is Entrepreneur.
The main role of an entrepreneur is to come up with and idea and to plan strategies in order to
implement it.
Risk taker: Being an owner of a business, entrepreneur is the biggest risk taker. It is
responsibility of an entrepreneur to face the failures in an organisation and to develop some
alternatives in order to compensate loss which is happened in the business (Burnett and Danson,
2017).
Eliminates errors: It is one of the most important role of an entrepreneur to eliminate
errors and risks in an organisation. It can be done by introducing new skilled an talented
candidates in an organisation who help the company to grow.
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Sticking to legal norms: It is the responsibility of an entrepreneur to ensure that all the
employees within the business is working according to legal laws and policies and is also
responsible for obtaining a license for the business.
Allocator: Entrepreneur is responsible for allocating number of resources in the
organisation. Manpower is consider as most important resources in an organisation (Burns,
2016). It is the duty of an entrepreneur to hire skills and talented candidates in an organisation. It
is important because it takes a business to new heights. Developing an organisational structure
and various departments for efficient functioning of overall enterprise is the key role of an
entrepreneur.
These are some of the main characteristic as well as role of an entrepreneur which help
them in developing and running a business unit in effective manner.
Critically evaluate how entrepreneurs have contributed to a country of your choice.
Entrepreneurs is defined as a person who create a venture to gain benefits from an
opportunities however working as a staff. These peoples plays an essential role in every
economy i.e. local, national and international. Entrepreneurs have numbers of skills which
encourage them to take risk which directly contributes to economy of country. Entrepreneurs
also contributes to the economy of country because they develop new as well as innovative
products, services and technology that enables new marketplace to become developed and new
wealth also get created. Moreover it will also increase employment opportunities that contributes
to national economy in the form of high tax revenue, strong government spending and many
more.
At United Kingdom, small business units make a high significant contribution to the
economy that form through 98 percent of private sector business. The government of United
Kingdom also support to the entrepreneurs financially such as by providing secured debt funds
and so on. This will also essential for UK economy as it will help in generating employment of
near by 16 millions peoples as well as this ratio of employment are enhancing at three time faster
rate that is more then employment generation through big corporation (THE IMPORTANCE OF
ENTREPRENEURSHIP TO THE UK ECONOMY, 2019). Moreover, these entrepreneur or small
business are contributing £ 1.9 trillion in a year towards the growth of United Kingdom
economy.
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Above graph shows that entrepreneurship business units are divided into three types i.e.
small, medium and large and all of these contributes to growth of economy. According to data
small entrepreneurial are more in UK as compare to large and medium as well as small also
generate high employment opportunities for locals, national and international peoples (Bylund
and McCaffrey, 2017). However, turnover of large entrepreneurial business is high in respect of
medium and small. According to the research it is found that United Kingdom is Europe's one of
the leading entrepreneurial economy as well as it exhibits as a strong entrepreneurial profile
around the world. At UK their milestone in entrepreneurial business is their entrepreneurs who
always some up with new, innovative and creative idea such as James Dyson, Mike Ashley,
Richard Branson and many others. Moreover, governments are also encouraging new
entrepreneurs by providing numbers of business loan which help them in opening a new business
unit. Till now government has lent approx £ 120 million to entrepreneurs who are looking for
opportunities and through that moreover 30,000 new business units are open till 2015 (UK rises
to fourth most entrepreneurial economy in the world, 2019).
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Illustration 1: Enterprises, employment and turnover by size of enterprise
UK private sector, start of 2008
(Source: Enterprises, employment and turnover by size of enterprise UK
private sector, start of 2008, 2019)

In the economy of United Kingdom, female entrepreneurs contributes near by £ 3.51
Billion. According to the research conducted in the partnership along with Development
Economics, it is find that female entrepreneurship venture are increasing day by day which can
be shown by data i.e. 3.7 percent to 7.1 percent between 2009 and 2012. along with this
according to data collected by ONS, there is strongly enhancement in women entrepreneurial
business from 2006 to 2013 i.e. growth of businesses units from 58,000 to 1,39,000 (Female
Entrepreneurs Contribute £3.51 Billion to the UK Economy, 2019). This shows that females are
also take step forward for establishing their own business units which help in enhancement in
economy of United Kingdom.
Critically evaluate how the country of your choice contributes to entrepreneurship.
United Kingdom is one of the leading and supporting country around the world, in
respect of development of entrepreneurship government of respective nation provide numbers of
support. That will help a new entrepreneurs in establishing as well as running their business in
effective manners, this will also help governments in encouraging these peoples in effective as
well as successful way. There are numbers of support activities or practices that are conducted by
United Kingdom government in order to encourage young entrepreneurs, from which some
major are given below:-
 Provide funding and business finance: For starting a business funding is one of the
essential resource for small to big entrepreneurial. Every start up need funds so that they
and there are numbers of ways for rising funds such as borrowing from friends, family or
personal saving (Colpan and Jones, 2016). Along with this, UK government also provide
supporting activities related to funding such as they started scheme for start up loan in
which government provide loan to people who want to start their own business. These
loans are provided on the basis of idea, innovation and creativity.
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 Mentoring business: It is one of the most valuable act for entrepreneurs and this is why
several peoples believe that funds or money is not every thing for starting entrepreneurial
venture. For this, United Kingdom government started numbers of activities as well as
scheme in which they provide mentoring to young entrepreneurs (Heinonen and Hytti,
2016). These are generally conducted by government funded bodies such as Tech City
United Kingdom who deliver programmes related to accelerating growth of digital
businesses around the UK.
 Conducting general support: Respective country government also provide general
support as well as resources to young entrepreneurs in several ways so that they can
establish business effectively (Mieszajkina, 2016). Government of UK develop website
named Business is Great, at which new entrepreneurs gets support, inspiration and advice
for grow business as well as enhancing business. Along with this there are is also another
site i.e. Tech. London whose motive is to guide start ups communities by providing them
great resource hub so that entrepreneurs can plan to launch business unit at London,
United Kingdom.
 Provide availability of broadband and internet access: Government of UK provide
support to young and new entrepreneurs by providing them superfast broadband
connectivity voucher scheme. This scheme is conducted in approx 50 cities of United
Kingdom, this will enables medium as well as small sized entrepreneurial units to claim
approx £ 3,000 in order to cover the amount of connecting or upgrading to the superfast
broadband (How the UK government supports technology startups, 2019). In addition to
this government of United Kingdom also offers a subsidised broadband installation for
entrepreneurial units where its speed will be below 2 MB each second.
 Tech Nation visa Scheme: It is Tier 1 exceptional talent visa which is related to digital
technology. This will provide opportunities to tech talented peoples to come around the
world and work in United Kingdom technological sector (Skoggard, 2016). By
developing this scheme government of UK relaxed rules at visas for approx 200
exceptional technology talents every years. In this if an entrepreneur is conduct an
endorsement through Tech City United Kingdom them they will be get eligible to be
submit their Visa application at the Home office.
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These are the major supporting activities or practices which are conducted by United
State government in order encourage as well as support young entrepreneurs.
Use at least two real world relevant examples from well-known entrepreneurs. These should be
used to support your points and arguments.
Around the world there are numbers of real life examples of entrepreneurs such as Steve
Jobs, Mark Zuckerberg, Bill Gates, Sergey Brin and Larry Page, James Dyson, Samuel Moore
Walton, Jeff Bezos, Richard Branson and so on (O'Neill and Gibbs, 2016). Below description of
two main real life examples of successful entrepreneur are given below:-
 Mark Zuckerberg
Mark Zuckerberg full name is Mark Elliot Zuckerberg who was born in May 14th, 1984 at
White Plains, New York, United State. He is residential of California, United State and his
occupation is related to Internet Entrepreneur. He is famous as a Co founder and Leader of
Facebook, Inc.. Marks Zuckerberg was born in well educated family and he developed an
interesting computer programmer at an early age. At the age of 12 year, Zuckerberg developed a
messing application named Zucknet which he implemented for an inter office communication
system for his father's dental office (Prieger and et. al., 2016). His family are very much excited
due to his early age succession, so they got him a personal programming computer tutor when he
was in high school. After that they enrolled him in a prep school at New Hampshire. At Harvard
University, Marks Zuckerberg become well known person very quickly because of his go to
computer programmer at campus. During his sophomore year, Zuckerberg develop two programs
i.e. FaceMash and CourseMatch, both programs get popular in very less time but latter program
is shut down by University due to some inappropriate activities. In 2004 Mark Zuckerberg
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Ill
ustration 2: Facebook Added 230K Jobs and $1.5B to the European
Economy in 2011
(Source:Facebook Added 230K Jobs and $1.5B to the European Economy

developed Facebook which main motive is to develop effective communication among the
peoples around the world. Through this, they also able to support and grow economy because net
worth of Facebook is $ 68.2 billion which directly contribute to economy growth. Along with
this there are near by 816000 jobs are developed by Mark Zuckerberg through Facebook at
United Kingdom which directly or indirectly help in improving leaving standard of society at
respective nation (How Facebook Stimulates the Economy and Creates Millions of Jobs, 2019).
 Mike Ashley
Full name of Mike Ashley is Michael James Wallance Ashley and he was born in 9th
September 1964 at Walsall, Staffordshire, England, United Kingdom. He is one of well known
businessman famous for CEO of Sports Direct and he is also owner of Newcastle United as well
as House of Fraser (Siemieniuk, 2016). After leaving his school in the age of 16, he was a great
country level squash player. But after injury he became a coach of country level squash. In year
1982, he opened his initial sport and ski store in maidenhead that is liked by others in as well as
outside the London, United Kingdom. He had started this business by borrowing money from his
family and that loan was of £ 10,000, till now Mike Ashley has opened near by 100 store at
United Kingdom. Mike Ashley has developed employment for near by 4,000 casual workers
around their nation which help them in enhancing their standard of leaving (Sports Direct’s low
prices may have a high cost, 2019). Business conducted by Mike Ashley also help in enhancing
economy of United Kingdom.
Provide a concise and well researched argument utilising current literature.
According to the perspective of Isabel Isidro, 2012, Entrepreneurship is one of the
leading type of business around the world. This is so because through it an entrepreneur able to
get numbers of benefits such as they can do want they want to do because they are free to take
their own decision. It will also provide opportunities to entrepreneur to generate employment to
the others peoples around the local, national and international level as well as it will also help
them in improving leaving standard of others (Ratten and Ferreira, 2017). There are also several
other advantages of becoming an entrepreneur like an entrepreneur didn't have any limitation of
boss, working time, target and so on. Due to which they can do what ever they want to do and at
any time. If a person become an entrepreneur they also get wide range of opportunities to
improving and expanding their knowledge, skills and abilities on the regular basis. In addition to
this when a person become entrepreneur they get able to fulfil need as well as requirement of the
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society by providing them new, innovative and creative products, technology and services(Why
Be Self-Employed? 10 Benefits of Entrepreneurship, 2019).
There are also some other benefits of becoming an entrepreneur such as it will help in
enhancing self confidence, capabilities, goodwill at the marketplace, knowledge, development of
professional connection and many more. By becoming an entrepreneur a person also able to
shares their skills, abilities and capabilities with others, which directly or indirectly encourage
them.
In addition to this, there are also numbers of limitation of becoming an entrepreneur such
as it looks like a person need to denote their life to business because they need to plan each and
everything in the systematic manner. They also need to do work 24 * 7 because at initial stage
new entrepreneur need to conduct research, market evaluation, development of plans and so on
due to which they need to all the time (18 Advantages and Disadvantages of Entrepreneurship,
2019). An entrepreneur need to be patient always even if they are facing loss or any bad situation
because if they lose the scope employees also get demotivated, which will directly impact on
their plans. Along with this, arrangement of funding is one of the major limitation of becoming
an entrepreneur because when a person is new in the market or business no one want to give
them money because in this high risk is associated. This evaluation and argument shows that it
is not each to become an entrepreneur because they need to go through numbers of ups and
downs which is not possible to bear for everyone.
CONCLUSION
By analysing above discussed point it can be conclude that in a country there are numbers
of entrepreneur who help them in enhancing their leaving standard and economy. A person who
become entrepreneur always come up with new, innovative and creative idea so that they can
attract society towards them. Along with this, their main motive is to serve society by providing
them quality services as well as products which help in fulfilling their need and requirement.
There are numbers of characteristics which is essential for a person to have if they want to
become a successful entrepreneur around the world such as creativity, communicative,
leadership and many more. These characteristics are essential because they need to conduct
numbers of roles such as role of leader, figure head, resource allocator, entrepreneurial role and
many others roles. By having these characteristics as well as skills a person can become an
entrepreneur who can serve the society at local, national and international level. In addition to
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this an entrepreneur also impact strongly on the economy of a nation because they help in
generating numbers of benefits such as employment enhancement, improve standard of leaving
and many more. Around the world there are numbers of successful entrepreneur who are
consider as role models of initial entrepreneurs such as Steve Jobs, Mark Zuckerberg, Bill Gates,
Sergey Brin and Larry Page, James Dyson, Samuel Moore Walton, Jeff Bezos, Richard Branson
and so on. Economy of United Kingdom and United State are enhancing rapidly in which these
entrepreneurs are playing major role because they are providing employment opportunities
which help in minimising ratio of unemployment as well as it will also lead to improvement of
standard of leaving of population.
Along with this, enhancement in entrepreneurs also encourage other peoples for
becoming a self employees as well as now a day local and national government also encourage
these peoples who want to start their own business unit. It is so because in today's time there are
vert limited or less employment due to which unemployment increase, that directly and indirectly
leads to enhancement in criminal or unethical activities. So governments are supporting
entrepreneurs because they are making themselves employed along with others which help in
minimising unethical activities from the society. In addition to this there are various benefits of
being an entrepreneur such as a person can use their time in best way, they get financially
independent, they are their own boss, get change to learn on regular basis. Moreover in this they
is no limit of growth, it help an individual in fulfilling their dream, they have opportunity make
other's life better, they also always satisfied with their work and so on. In addition to this,
development of entrepreneurship is also beneficial for society because they get new as well as
innovate products and services, their will be enhancement in economy, society get more option
of particular products as well as services. So it will be effective for both country, society and
individual to encourage entrepreneurs as it provide numbers of benefits to all.
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REFRENCES
Books and Journals
Ács, Z. J., Szerb, L. and Autio, E., 2016. Global entrepreneurship and development index 2015
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Burnett, K. A. and Danson, M., 2017. Enterprise and entrepreneurship on islands and remote
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Prieger, J. E. and et. al., 2016. Economic growth and the optimal level of entrepreneurship.
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