Role of Entrepreneurs in UK Economy

BUSINESS MANAGEMENT

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
Main Body.......................................................................................................................................3
Characteristics and the role of Entrepreneurs.........................................................................3
Evaluate how Entrepreneurs have contributed to the UK ECONOMY.................................6
Evaluate how the UK has contributed to Entrepreneurship...................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is a huge concept and is very much in trend from last many years as it has
great opportunities to offer to entrepreneurs. This is a commercial activity of starting up a
business with expected danger involved with the hope of earning profits. Entrepreneurs are the
one who take the initiative of trying something new and offer a different product or service in the
market. They have distinct characteristics from that of managers as they do not follow what other
ask them to and on the other hand create their own path (Coviello, 2010). Depending upon the
availability of resources with the entrepreneur and desire of earning profit the scale of starting up
the business is decided as private enterprise is done at small, scalable, large and social level.
The following essay will discuss the different individualities and role performed by
businesspersons along with the focus on how they have assisted in the economy of UK.
Thereafter the essay will highlight the contributions that are made by the same country in the
growth of entrepreneurship. In order to get a clearer picture of the referred concept a real life
examples are taken which will show how the idea of entrepreneurs has developed and
contributed in UK economy. J.K. Rowling is a famous author and one of his major work was the
series of Harry Potter which was widely appreciated at global level. Another businessman taken
is Simon Cowel who has gain recognition through television. He is a music executive and
television producer and is earning in millions and still working on his skills to add more to his
worth.
Main Body
Characteristics and the role of Entrepreneurs
There is a huge population in the world but not everyone can be an entrepreneur as they
have different features in them which differentiate them from a common man. These are those
traits which are not learned but a person is brought with it or ha he capacity to acquire from the
surroundings. J.K. Rowling for instance can be considered to examine the qualities of an
entrepreneur. She is a novelist, screenwriter and film producer which shows how multitalented
an entrepreneur is. They have the capacity of performing various activities all together with
excellence. She won great awards on her successful work of harry potter which was sold in
different languages and is one of maximum sold book in history. For her freedom is most
important as it supports a person to explore and try things which are never done before and do

not like if discouraged or interrupted by the any external party. This reflects that entrepreneurs
do not like to be tied down to any particular area as according to them it restricts their growth.
With this character sketch such people keeps on adopting to change and exploit the opportunities
that they come across. She was unbeaten and has inspirational behaviour which influence the
people around her and they get attracted towards her and hence this way it becomes easy to
motivate others too. They know how to promote their idea as communication skills is another
common characteristic that is found in such personalities. They know how to put their idea
forward and get it done by inspiring others for the same and through providing complete
knowledge about the new concept. This way the role of entrepreneurs is significant as they bring
new options in the society which further add better satisfaction to them (Dennis 2011). it is an
important characteristic as if a person is not successfully in convincing the other person with the
proposed idea then it is difficult for the start ups to get the funds for investment. Also when a
particular service or product is brought to the market which has capacity to deliver more worth it
increases the total standard of living for the people. entrepreneur is self-employed and when they
work on huge scale employee other with them which creates job opportunities for most of the
unemployed people. In this way they perform the role of reducing the unemployment ration from
the country. Rowling was a self-challenging person as she always tested her capabilities and try
to reach another level every time she conquered the present stage. It reflects how entrepreneurs
never give up on them and keep on taking the dares to maintain their continuous growth. This
way they only do better for themselves but also for the people whom they are targeting to. They
get the quality services which are competitive.
Another example taken in order to understand the role and characteristics of entrepreneur
is of Simon Cowel. He was a judge at English television music and talent show. He has gained a
huge name specially because of his honest behaviour during the tenure of a reality programme
“American idol” followed by X factor. He managed to become this famous by believing in
himself and not doubting his capabilities. He started his career working at a mail room and then
managed to reach at the present position. It shows the major characteristic of entrepreneurs that
they are hardworking and believes in themselves which continuously push them from inside to
do well. Being determined is found in them as they once decide to achieve something gives their
full dedication towards it and do not get deviated from the other external factors. He used to seek
information from whoso ever he meets and it helped him improving the decision making process.