Entrepreneurship in Business

This document discusses entrepreneurship in business, including its characteristics and role. It explores how entrepreneurs have contributed to the United States and provides real-world examples. The document also highlights the impact of the United States on entrepreneurship.

Entrepreneurship in
Business

Table of Contents
INTRODUCTION...............................................................................................................1
MAIN BODY.......................................................................................................................1
Characteristics and role of entrepreneurs.....................................................................1
How Entrepreneurs have contributed to United States.................................................3
How United States contribute to entrepreneurship.......................................................5
Two real world examples from the well- known entrepreneurs.....................................7
CONCLUSION...................................................................................................................8
REFERENCES..................................................................................................................9

INTRODUCTION
Entrepreneurship is extraction or creation of the value. This is an activity to
setting up business that taking on the financial risks in context to profit. The
entrepreneurship is process of designing, launching and also running new business.
This is an act for seeking an investment as well as production related opportunities that
helps in developing the business venture to undertake the production function. It is
willingness and capacity to create, organise and also manage business venture with risk
to make profit. An entrepreneurship is not to be confined to beginning new business but
this is all about facing the challenges (Monitor, 2016). This is necessary tool for bridging
gap among marketplace and science where new company is mainly developed and the
new goods are to be brought to market. People who mainly create businesses are
referred to as the entrepreneurs. It is an individual that develops new business, bearing
risk and also enjoying most of rewards. They mainly prove to be more successful in
taking on risks of start-up that rewarded with the fame, profit and also continuous
opportunities. Entrepreneur can identify commercial potential of invention and also
organise talent, capital and the resources which turn invention to innovation. It is
necessary that entrepreneur should have the effective skills and abilities to running the
business in successful manner. In this report, Jeff Bezos and Bill Gates are two
different entrepreneurs considered. There will be considered about the characteristic
and role of the entrepreneurs. United Stated contributes to the entrepreneur will be
discussed in detailed manner (Kuratko, 2016).
MAIN BODY
Characteristics and role of entrepreneurs
Entrepreneur is a person that develops new business, bearing more risk and
enjoying more rewards. This is seen as innovator, goods, services, source of the new
ideas and business. An entrepreneur begins and run business with the limited
resources and responsible for all risks of business venture. Entrepreneurs plays
necessary role in an economy, using skills required to be anticipate requirements and
bring the new ideas to marketplace. They prove to be more successful in taking risk to
start up are to be rewarded with the fame, profit and the continuous growth related

opportunities. Entrepreneurs mainly face several obstacles when developing firms such
as overcoming the bureaucracy, obtaining financing and hiring the talent
(Venkataraman, 2019).
Jeff Bezos and Bill Gates are the most successful entrepreneurs. They plays a
necessary role in making the business successful at the large scale. The characteristics
and role of both entrepreneurs are mention below:
Knack for innovation- Jeff Bezos has been innovator for long as he can be
remember. From creating sound alarm to be guard room against annoying the siblings
in order to develop the identified e- retailing website, hunger of Jeff Bezos for
developing the something new has escalated with the time. The drive for developing
ingenious of Jeff Bezos has intensified with the proper time. The innovative skills led
online portal to given everything a person hope for. This entrepreneur identified
upheaval is famed E-book device Kindle that designed to be compete against Apple
iPad ( Parker, 2018).
Motivation- It is will to attain the certain things. Bill Gates are driven to be make
business more success and also push themselves. To enhance the motivation, an
entrepreneur can begin through setting the small objectives. These can assists to reach
at the goals and also encourage to aim at the higher. It is necessary to identify work that
attained already and also celebrate results.
Ability to network- Ability to connect with the people and identify opportunities
for the partnership is necessary to be an entrepreneur. Meeting with the new people
help in facilitate the access to the knowledge or resources that business requires. This
permit to learn from success of the others, promote services and products and also
meet with the new customers. To make improvement in networking skills, an
entrepreneur should try to develop the genuine relationship (Burns, 2016).
Result-Oriented- Through the Microsoft developed and Bill Gated hired the
several professionals but after that rewrote and reviews codes firm mainly used to be
release. The result and also quality oriented behaviour of Bill Gated made him to be pay
heed to minute details and it led to firm to develop the quality software.
Vision- Best entrepreneur have the vision as to what they mainly want to be
attain and in which manner they can attain objectives. This will help in reach at the

objectives effectively. Their vision acts like compass that mainly points them in
opportunities direction which perhaps no one else has been found. Bill Gates and Jeff
Bezos has ability to be translate vision in such as manner that investors and staff can
be understand. By the networking opportunities, these successful entrepreneurs can
search the people to be align with (Nambisan, 2017).
An entrepreneur is one that initiated process of developing an enterprise through
come-up with idea for business and also planning to turn idea into reality. Hard work
mainly goes into beginning and expanding an organisation. It begins with entrepreneur
and also trickles down whole company. The main role of an entrepreneur is to minimize
risk of company failure through bringing people that can assist company to be develop.
These people can be the investors and shareholders which have stake in form and also
motivated to assist company to be succeed. Other than this, an entrepreneur allocates
and procures the different resources in company. Manpower is one of the most
necessary resource. It is responsible for recruiting effective employees to assist them to
carried out business (Read and et. al., 2016). It is necessary because better manager
can take business to the new height and bad manager can be destroy business. Other
than this, to assure that company adheres to the legal policies and norms like obtaining
the license is duty of an entrepreneur. Not pertaining these can mean the serious legal
issues for company. These could be in context of the financial loss for company or more
serious like shutting down of firm.
How Entrepreneurs have contributed to United States
Entrepreneurship is most vibrant and the necessary part of an economy. It
contribute to understanding dynamics that gives first assessment of the changes over
period of time in entrepreneurial activity of US. This is based on the participation
measures of the adults in new company creation and provides systematic overview of
the basic patterns in process of company creation. For present economic woes,
America remains beacon of the entrepreneurialism. Between year 1996 and 2004 this
developed average 5500000 small firms each month. Several of the small business that
grow rapidly (Burns and Dewhurst, 2016). America was first country to ditch the
capitalism for entrepreneurial variety. After second world war, J.K. Galbraith was
convinced that modern corporation replaced, an entrepreneur as directing force of

company with proper management. The large size business worked with the
government to provide the predictable economic development. As per the 2014 Global
Entrepreneurship and Development Index (GEDI), US is one of the most
entrepreneurial economy in world. US is world leader for the female entrepreneurs.
They mainly suggest that the policies of targeted government are making this easier for
the women to began own businesses.
57% of the Americans see the better opportunities around them for beginning
business. It is what differentiate United Stated when compared to 26 other innovation
driven economies of world where around 41% see the entrepreneurial opportunities.
The entrepreneurs in US are driven through opportunities. Necessity mainly motived the
dropped to 11%. It is below to minimum level that reported in year 2008 before
recession depressed the entrepreneurship rated in years that mainly followed.
Entrepreneurs in US are likely twice to compete in finance sector that compared to
average innovation driven economy. With 26 other innovation driven economies that
demonstrate higher total entrepreneurial activity between 25 to 34 years old, US peaks
in oldest age group between 35 to 44 years old (Malecki, 2018). There is overall rise in
the US Tea rate is because of enhance between the women entrepreneurs. More the
women are entered the entrepreneurship than year before while it has remained similar
Illustration 1: Entrepreneurship in United
States
(Source: MORE THAN 25 MILLION
AMERICANS ARE STARTING OR
RUNNING NEW BUSINESSES)

for the men. Other than this, entrepreneurs are thought of as the national assets to
motivated, cultivated and the remunerated to possible extent. The great entrepreneurs
have ability to be change way live and the work. In regards to this, their innovation may
be improve the living standard in context to developing the wealth with the
entrepreneurial ventures that develop jobs and also contribute towards developing
economy. The entrepreneurship is necessary for many reasons like promoting the
social change to innovation. The entrepreneurial venture assist to generate the new
wealth. The existing business may confined to the existing markets and also may be hit
glass ceiling in income context. Improved and new products, technology and services
from the entrepreneurs can able the new markets to well developed and created new
wealth. Enhanced employment and the high earnings can help in contribute to the high
national income in form of the high government spending and tax revenue rate. The
revenue can mainly used through government in order to invest in the other, struggling
human capital and sectors. This may make some existing players redundant,
government can be soften blow through redirecting the surplus wealth in order to retrain
the workers (Bacigalupo and et. al., 2016). On the other hand, entrepreneurs nurture
the ventures on regular basis through minded people. They mainly invest in the
community projects and also provide the financial support to the local charities. It
enables the development beyond own ventures. For an example, Bill Gates have used
money to finance the better causes from education to the public health. Qualities which
make an entrepreneur are similar qualities that assists to motivate the entrepreneurs to
be pay this forwards.
Jeff Bezos tool top spot with launch of $2 billion fund for the education
programmes for homeless. Donation represented around 1.3% to meet net worth at
time. Jeff Bezos grant $10 million was used to be establish museum for innovation that
highlight firm that gotten begins in Seattle consisting Costco, UPS, Microsoft and
Boeing. It is coming forward continuously to pledge support to assists fight COVID-19
pandemic situation and latest name to join cause is Jeff Bezos. He provides the better
job opportunities to the people in US as this helps in enhance their living standard. On
the other hand, Bill Gates plans to be invest around $1.7 billion in the US public
education. Tech billionaire shared how Bill Gates and his wide plan to be spend money

at Council of the Great City Schools. 60% of $1.7 billion investment will be fund the
curriculum improvements and assist to determine the local issues and solutions (Storey,
2016). 25% will be focus on what Gated mainly explains as the big bets and remaining
15% will spent on the advancements in the charter education.
How United States contribute to entrepreneurship
United Stated is world leader when thus comes to the financing new business by
venture capital. Type of the financial capital is mainly given to the early stage and more
potential. Global Entrepreneurship and Development Index combines data on the
entrepreneurial activities and also aspirations with the data that explaining how ell
country mainly supports entrepreneurial activity in US. United States is world leader
when this comes to the financing any new businesses by venture capital. This kind of
the financial capital is mainly given to the early stage, risk start up and the high potential
firms. High cost of the broadband in United States is mainly preventing the some
aspiring entrepreneurs from taking the opportunities benefits as well as resources over
internet (Pollman and Barry, 2016). Entrepreneurs have been and continue to be
integral part of American economy. They mainly spur more jobs and minimum
responsive to the downturns in economy. Other than this, business and government
both are interlinked with actions of the one imposing consequences on other. This is in
interest of government in order to keep economy heath through, between the other
things and assuring encouraging the environment for the small and also large
businesses. Government has various tool as disposal to be encourage the business
activities by economy or in the particular sector. Loans and the grant programs provides
to the entrepreneurs directly are better way to use the tax revenue to be stimulate the
business activity. Over past years, level of the government interest in the small business
development and entrepreneurship as the potential solutions to be flagging the
economic development and also enhance the unemployment. This assist to spawn new
area of the academic investigation. Federal Reserve can modify Federal Funds Target
Rate, figure impacts directly main interest rate to be stimulate that lending to consumers
and the businesses. When prime rate reduces, borrowing become profitable. It mainly
encourage the business to be expand and permit the customers to be experience
temporary that enhance in income. Other than this, less business income tax mainly

encourage the business activity, government has the other techniques in tax toolkit
which can be stimulate the particular sector. The tax incentive to the certain kind of
business, incentives for the customers who mainly patronize the specific sector. The tax
incentives mainly encourage the entrepreneurs to begin new business (Hitt and Duane
Ireland, 2017).
There are different policies given below which influence the entrepreneurship:
Tax policy- Less tax is needed to have better functioning of government. With
the some people would not agree with statement, the disagreement does arise wheat
constitutes the minimal. Entrepreneurship is activity that needs investment, income
generation and consumption to successful. Sales tax minimized the personal
consumption, business income tax minimize incentive to begin business and minimize
incentive to be work and the capital gain tax that reduce incentive to be invest (Azoulay
and et. al., 2020). The different tax policies of United Stated foster the entrepreneurship.
They mainly focus on reducing overall tax burden by minimization in the tax rate or
expanding the exemptions in order to promote the entrepreneurship (Chowdhury,
Audretsch and Belitski, 2019).
Regulation- The business regulation and labour market can costly for the
entrepreneurs. As compared with the European countries, United States regulation are
minimum restrictive. In regards to this, there are many areas in which the states have
minimized regulation cost on the United States entrepreneurs. Minimizing compliance
regulation cost is main aim that assist the entrepreneurs. This can be attained through
giving the one stop services centres where the entrepreneurs can search through
permitting the electronic filling, minimize paperwork and through making the compliance
reporting uniform across state. On the other hand, minimizing the regulation is other
mean to foster entrepreneurship. Some of the regulations are required to protect the
businesses and workers (Cooper and Folta, 2017).
Two real world examples from the well- known entrepreneurs
Bill Gates and the Jeff Bezos both are the successful entrepreneurs. They both
contributed towards economy of country. Bill Gates is American business magnate,
philanthropist and software developer. He is known as co- founder of the Microsoft
corporation. He is best known entrepreneur and also pioneers of microcomputer

revolution of 1970s and 1980s. Bill Gates believed in attain objectives by the hard work.
He stated that if a person is intelligent and know about use intelligence then it can reach
at the targets and objectives. This entrepreneur is competitive, intelligent and ambitious.
These all qualities mainly helped to achieve the better position in profession that he
select also was deemed through teachers and peers as smart kind on the campus
(Liang, Wang and Lazear, 2018). The main quality that made the Bill Gates successful
is ability persevere and persists. The entrepreneurs are looking to attain the overnight
success. The main focus of Bill Gates on the transformational leadership because it
came naturally. Bill Gates adapt to the other leadership type when require. The
leadership skills and quality of Bill Gates is having the vision. His vision was to be
pursue creation of graphical interface that became the Microsoft software. Bill Gates
developing the confidence in staff members. The confidence is main foundation for
making the leaders successful. Developing confidence in someone is better skill for
leader. Through this skill, this entrepreneur make improve in performance as well as
work of staff members in an organisation. In this manner, staff search passion and
confidence to complete tasks and also take firm at high peal of the success. On the
other hand, Bill Gates mainly admire the customer feedback as necessary factor when
this comes to expand sector through providing competitive service. The main focus of
Bill Gates is on the constant opportunities on developing business through listening
response of consumers. This person follows how the consumers accept new products
of Microsoft and serve at marketplace. It incorporated all feedback in next goods to get
the better outcomes. This kind of skill will be helpful in stay top of market and also
survive in evolving market (Belz and Binder, 2017).
As contrary to this, Jeff Bezos is American internet entrepreneur, media
proprietor, investor and industrialist. He is CEO and founder of multinational technology
firm Amazon. Jeff Bezos went to develop web retaining system while world was
wondering about internet can be function. Determination that went into attaining dream
is the momentous. Amazon company came into existence by ceaseless and also
constant quest for developing better company. This firm was develop on pillars of
character strengths and will give more customer experience related to company ( Kerr
and Kerr, 2016). Jeff Bezos has tried hard to be work with the people admires. The

smartest people revise plans and also change minds as they are better at reconsidering
issue that have already solved. CEO of Amazon always look for the candidates which
will strengthen fundamentals of firm. This firm mainly prefer to hiring staff members
which can assess how an employee increase corporate culture (Aldrich, 2017).
CONCLUSION
It has been concluded from above mention report that entrepreneurship is related
to designing and running the new business at the small and large level. It is willingness
to be develop and manage business venture to bear the risk and make more profit. Jeff
Bezos and Bill Gates are considered the two successful entrepreneurs. There has been
discussed about the characteristics and the roles which are required to have to the
entrepreneur. It is an innovator that brings the economic development by new
combination of the production factors. The different characteristics discussed of the
successful entrepreneurs are Knack for innovation, Motivation, Ability to network,
Result- Oriented and Vision. The main role of entrepreneur is to providing the better
employment opportunities to people so that their living standard can be improved. This
helps in provide the contribution towards economy of country. The entrepreneurs
occupy central position in market economy. They serve as spark plug in engine
economy, stimulating and activating all the economic activity. Economic success of the
nation in all over the world is result to encouraging as well as rewarding entrepreneurial
instinct. The entrepreneurs provides their contribution towards the United States. They
provide the better employment and growth related opportunities to the people of United
States. New and the improved products or technology from the entrepreneurs enable
the new market to be well developed and wealth. Enhanced employment as well as
more earning contribute to national income in high tax revenue and the more spending
of government. They boost the economic development through introducing the
innovative technologies, services and products. Enhanced competition from the
entrepreneurs challenges mainly existing the companies to more competitive.
Generally, the entrepreneurial activity enhance productivity if company as well as
economies. The United States contribute towards the entrepreneurship. Government
provide the loans and other funds to the entrepreneurs so that they can start a new
business, run and manage successfully. There has been Jeff Bezos and Bill Gates are

considered as the two successful entrepreneurs. These two entrepreneurs provide their
better contribution towards making the economy of country stronger. They have the
better skills to conduct their business operations and also think about something new
that will help in make the business more profitable.

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