Role of Entrepreneurs in UK Economy

This article explores the characteristics and role of entrepreneurship in the development of the UK economy. It discusses the contributions made by successful entrepreneurs like Simon Cowell and JK Rowling, including their impact on employment, GDP, and innovation. The article also highlights the importance of entrepreneurship in driving economic growth and provides examples of how entrepreneurs have made a difference in the UK.

ENTREPRENEURSHIP
IN BUSINESS

Table of Contents
INTRODUCTION...........................................................................................................................3
Characteristics and the role of Entrepreneurship........................................................................4
Contributions made by the entrepreneurs in the economy of UK...............................................6
How UK has contributed to entrepreneurial development..........................................................9
Public Support on Entrepreneurs..............................................................................................10
Motivation for Entrepreneurs by the Government....................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
When an individual starts a new business and all the risk associated with an organization is bear
by an entrepreneur and development of their business depends on effectiveness of their plans and
policies. Entrepreneur also know as an innovator they comes with a creative mind to develop
new business and an organization that helps them to achieve their goals and objectives of their
business. Entrepreneur comes with new ideas products and services. Entrepreneur have skills and
abilities to become successful and manage all risk associated with their organization.
Entrepreneur creates a business plan that helps them to develop profit for their business by
engaging large number of customers with their products and services. Entrepreneurship comes
with a ability to hire effective employees that helps them in development of an organization at a
large scale. Entrepreneur have ability to combine capital, land and labour to develop their
business. Business is known as making money by buying and selling of goods and services.
Business needs to develop their aim by providing quality products and services to their
customers that helps them to engage large number of customers with their products and services
which helps them to increase profitability of their organization. Report is going to show the role
of entrepreneurs in development of organization and their skills and abilities. Report needs to
show the importance of entrepreneurs in development of U.K economy at a large scale. And how
UK helps in development of young entrepreneurs at a large scale. Needs to use two examples of
already established entrepreneurs that helps to motivate other for their development.
Entrepreneur plays an important role in overall development of an economy they provide job
opportunities to youngsters to develop their skills and abilities at a large scale. Entrepreneur
helps in development of economy by increasing income level of their employees.
Characteristics and the role of Entrepreneurship
An entrepreneurship is considered good when they are known for giving innovative
techniques and bringing changes in the market. They do that to support their surroundings which
is necessary for all the entrepreneurs and they have to be broad minded so that they can think out
of the box. Apart from this they must also have the ability to increase the efficiency by
influencing people.
Economic Activity-
Simon Cowell has made his name not only in UK but all over the world which
motivated many people who were his followers so that they can also bring change and work for

transforming the world. Simon Cowell has created a platform for people who are talented and
think them out of the box. He wants to make them popular so that they can work according to
their potential.
JK Rowling is also an British entrepreneur, she has written many novels for which
she has been awarded and because of that she has gained the fame. Her novel series Harry Potter
was the highest selling novel at that time. It held the interest of people till the end and influenced
many people to write novels like these. (Acs and et.al., 2016.)
Risk Bearing-
Simon Cowell took many risks to reach at a point in his career where he is standing
today. He had to take right decisions every time so that he could make his name into the list of
the most known entrepreneurs in the world. Simon Cowell has invested in many prospects such
as television shows but in that stream the outcome of profit was uncertain as the script of the
shows were not fixed. The most famous show he produced was X factor which was based on
reality and pulling of stunts and there were many more. Apart from this he used his skills and
abilities in many fields such as music, television.
JK Rowling become famous through his book of series known as Harry
Potter. She even produced some of the parts of movie series. She started writing books since she
was a teenager at that time her idea of Harry Potter came to people as a fantasy and she used to
get criticized a lot for it but irrespective of that she followed her dreams and pursued her goals to
reach where she is today. She lived in poverty for the most of her teenage life but she worked
hard and made her way out of it. It was her dedication towards her goals which made her
successful. (Burns and Dewhurst, 2016.)
Creativity in ideas-
Both the entrepreneurs had a different kind of mindset which gave them different
thoughts to pursue and explore new avenues. These factors in combined help them to fulfil their
ideas. Simon Cowell had an idea to start a show where people with talents portray their skills. He
provided a platform for the whole country to show their talents. Even when he failed he didn't
stop trying. He never gave up on his dreams. He kept on making deals with every country until
his idea became a huge hit. This helped many people to show their talent and get what they
deserve.

JK Rowling has turned out to be an inspiration for many people. She is also a
philanthropist, she donated half of her wealth in charity which made her loose the title of
Billionaire. Still she is a writer and she is known for her creative mind which she portrayed in
her Harry Potter books. Her vision and thoughts were so strong that it made people feel
connected to her books. She gained her fame because of that because she was bringing
something new in every book. (Thurman, 2016)
Observation-
To earn more profits a entrepreneurs has to understand the dynamics of the environment.
Cowell has understood every aspects of business as he begin his career from working as a
assistant in a company and also learned that how internal factors affect the company by putting
hurdles in the which makes it difficult for the company to achieve their goals. He had a dream of
opening his own platform for music. He opened it by the name Syco and has made that venture
successful too. (Burrows, 2015)
JK Rowling faced many bad incidents in life such as splitting up of her parents
when she was a kid, facing domestic abuse from her husband and then through divorce. She
observed the good and bad in people which helped her to think of evil characters for her book.
This gave her the inspiration to pursue her career as a writer. For which she got recognition and
appraisal by the government and many awards.
Patience-
It is not in the fate of everyone who observes that they can achieve success in their
respective careers. To become successful one must need to keep many factors in mind but the
most important one is patience. Simon Cowell had a vision from the beginning to become a
successful entrepreneur. In order to gain the confidence he learned about things to increase his
knowledge and skills which was essential to complete the work and achieve the goal. To become
a record producer Cowell gained knowledge from Pete Waterman so that he can understood the
concept of record music. He also signed a deal with the band known as one direction. In BMG he
has worked as a consultant and used all of his knowledge so that he can form up on his company.
JK Rowling have also been patient for her whole career as she knows the
importance of this aspect. The incidents she had faced in the past made her vision broad which
has helped her to achieve the goals. She used to question the incidents which has affected her

past but these factors are the result of her core strength which every one has seen. Those
incidents were covering the potential she has as issues of poverty and negativity are real
concerns but she was patient enough to wait for the next phase of her life and with the effort and
handwork she putted it gained her a estimated net worth of 1 billion Euros. She is the first writer
who has achieved the title and fortune of becoming an billionaire. Her journey has motivated
many young people to not give up and be patient in order to be successful. (Eriksson and
Andersson, 2018)
Contributions made by the entrepreneurs in the economy of UK
Both the entrepreneurs are rich and successful which states that in a direct
or indirect manner they have contributed a lot in the economy so that it can grow.
Employment-
in order to grow their business and become successful they need to have a vision.
Entrepreneurs are the one who gives employment to many people which has also benefited for
the economy and for the people as it has increased the standard of living. They have also trained
them with better skills and increase their knowledge by employing them. In result now
employees work up to their potential. More employment they provides more the economy will
grow. (Sadler-Smith, 2016. )
Motivation-
One thing that will keep everyone motivated is not many of the entrepreneurs who are
successful were not born rich. They made their fortune by working hard on a regular basis and
they never stop believing in themselves. They knew that one day their hard work will pay off.
They have motivated many people by their incidents which has helped the people to become
more efficient which will result in growth of the UK economy.
GDP and Disposable Income-
Cowell and Rowling have been consistently been there for their country to help them in
factors such as providing motivation and employment for the people of UK. The economy has
increased due to these factors and the per capita income of the people has increased the demand
in the market. Not many people have a high power of spending but this aspect has increased the
growth of many industries.
Export-

Both entrepreneurs has expanded their business successfully and that too all over the
world. JK Rowling has written series such as Harry Potter and Fantastic Beasts on which films
have also been made. This has gained revenue which has been beneficial for the UK as they have
helped to increase the GDP of the country. Simon Cowell has also contributed in this factor as
they reality shows are watched in many countries above that his music records are listen outside
of UK also. Indirectly both the entrepreneurs have increased the tourism of the country which
has resulted in increasing the GDP of the country. (Welter and Gartner, 2016)
Social Welfare-
JK Rowling is known for making a hefty amount of donations and she is a philanthropist.
She has donated half of her wealth which has changed her status from billionaire to millionaire.
She has always been there for the people who are underprivileged and needy. She has provided
many of them with food, shelter etc. (Hobbs, D., 2015. )
Simon Cowell has held many campaigns to spread the awareness for animal
care. He is influencing the people and trying to make them understand the balance in the
environment and the impact of animal on it. He has made statements in many of his interviews
stating the side effects of eating non vegan food. There are many people who follow his vision
and that is why he confidently spreads awareness about these issues and make people shift from
non vegan to vegan food because he believes it is not healthy for humans. This aspect has helped
many families to change their thinking and the way of working has improved because of the
hefty donations made by these people. They can live their life in a better way than they used to.
Connecting UK globally-
Simon Cowell has helped UK to connect with many countries with his idea of spotting
unimaginable talents. This has made his image globally and now many companies who are not
based in UK wants to invest in the country. Many multi national companies want to invest there
as they have seen the potential of the country and they are also promoting the people of UK to
expand their business in order to earn more profits.
Despite all of the things JK Rowling had faced she never gave up and
work harder on achieving success in life. She completed her first novel in 1996 which gained a
huge amount of popularity all over the world and after that the films which were based on that
were also appraised all over the world. This has helped in connecting UK with all other
countries. (Burns, 2016.)

Help the economy to digitize-
The reality shows and music which was produced by Simon Cowell has take over on the
online platform. Apart from television people can now stream his shows online on platform such
as you tube. People now can watch his show or listen to his music anywhere. They just need a
mobile phone and the facility of internet. This has influenced many people to use these kind of
services as it saves time and it is easy to surf the content. Many companies give their
advertisements on these online channels as more and more people are now shifting from
television to streaming online.
The books which are written by JK Rowling are now available as E book so that
they can promote the digitization in the country. Nowadays instead of keeping books people
prefer to read on e books as it saves paper and they don't have to carry it so the risk of loosing it
is now out of the question. Apart from increasing digitization JK Rowling is also helping in
saving trees as less book will require less paper and less paper will decrease the cutting down of
trees which will help in saving the environment. She has also created her own platform where
she puts her exclusive content. This has inspired many young entrepreneurs to take this method
in their business. JK Rowling is popular and people wants to read her content as it grabs their
attention. In that order she is increasing the factor of digitization.
Created the need of innovation-
The entrepreneurs have achieved their success through innovative ideas. This
has created a prospect for need generation among the upcoming generation. As they know that in
order to achieve success they need to come up with something innovative. This has also keep the
other entrepreneurs motivated. Innovation by entrepreneurs has helped the country to generate
more employment and profits. Many writers try to make an attempt in providing a content like
JK Rowling. These factors have kept motivated the young entrepreneurs to work like this and
bring innovative ideas into the market. (Roig-Tierno, Alcazar and Ribeiro-Navarrete, 2015. )
How UK has contributed to entrepreneurial development
Government of UK has analyzed the capabilities of their citizens and taken a initiative to
support them so that they can come up with more successful approaches and help the country to
achieve more growth and success. They have worked on formulating some of the policies which

are productive and innovative for the entrepreneurs so that they can increase their productivity
and achieve success.
 Government of the country has changed their whole way of education so that individual
can develop his or her personality right from the beginning. This helps the person to think
with a clear state of mind so that he or she can handle any given task and control the
measures which will affect them. It will help the people to evolve their skills and increase
their knowledge. This will turn their citizens into giving more productive ideas and work
up to their potential so that they can take decisions which are effective.
 Government has taken the help of some respective media so that they can spread the
success stories of entrepreneurs. So that their population can be motivated and think
about what path will be suitable to them.
 Government has helped people to set up the facilities of consultancies through which
entrepreneurs can seek help and develop ideas which are right according to their field and
will help them achieve success. It will also give them the picture or forecast of an
outcome that whether or not this will be successful.
 Government is providing support to them by formulating new law and policies which will
help them to come up with new strategies and think out of the box so that they can have
leverage over other entrepreneurs. They are also trying to provide them with the rights of
intellectual property so that they can protect their innovation from being copied by others.
This has happened on both entrepreneurs that is Simon Cowell and JK Rowling as they
both gave ideas which were innovative and that led to this situation. Now they register
their ideas so they don't have to face this threat. (Ramadani and et.al, 2015.)
 Government of the country has reduced the barriers for new entrepreneurs so that more
and more people can serve easily in the market.
 Government of the country is also facilitating the business who operates on a small and
medium scale with funds. In order to get funds they need to throw some innovation into
the market and for whom the government believes that will achieve success in less time.
 Government is working on changing the policy of taxation so that they can attract more
and more entrepreneurs as it is easy for them to start up a business and whole policy is in
favor of them.

Public Support on Entrepreneurs
People are the key aspects in making a entrepreneur achieve success. They support them
as they understand their concept and what they are trying to come up with in the market. There
are different types of support that people give to entrepreneurs.
 Many rare people helps the entrepreneurs while they are climbing the stairs of success.
These type of people can be those who are working for them and who believes in their
idea and help them to achieve their goals. (Karimi and Walter, 2016.)
 Simon Cowell and JK Rowling has many followers as most of the people believe that
their success was not just because of their talent instead they believe that it was their
mindset and hard work which has helped them to reach on that level. People who admire
them remains motivated and that helps them to expand their business operations.
 Other than the positive side there is also a negative side to this as there will be people
everywhere who will criticize someone in a negative way. This takes out the honest
reviews and push the entrepreneurs to work more in order to increase their productivity
and efficiency.
 Public spreads a word of mouth when it is positive that time it will help the entrepreneurs
and when it is done with a negative approach then they will have to face some difficulties
in setting up their standard.
 People are helping some of the entrepreneurs through the most important aspect that is
finance when they are working on expansion and they are also trying to support them
with better services and materials so that they can earn more and grow their business.
(Richter and et.al., 2017.)
Motivation for Entrepreneurs by the Government
Government has been working on increasing the GDP by influencing entrepreneurs to start up or
expand their own business. They have even set up policies specifically for them so that they can
encourage them in order to earn more revenues. More entrepreneurs will increase the rate of
growth in the country and also increase the opportunities for employment for the people who are
not employed. This aspect will help to increase the spending power of people. There are many
methods to increase their efficiency so that they can fight with the competition.

 Training centers have been opened up by the government so that they can increase the
chances of generating innovative ideas. But this is not enough more efforts are needed to
make a business successful.
 They are providing them with subsidies so that they have to face less difficulties while
setting up a new business. (Chell and et.al., 2016)
CONCLUSION
From the above studies it has been concluded that entrepreneurs are the ones who are
contributing in developing the society by increasing the rate of growth, employment and
increasing the spending power of people. Successful entrepreneurs such as Simon Cowell and JK
Rowling have inspired and motivated a lot of young entrepreneurs by their hard work and
success. Cowell is known for his ideas for connecting the country with whole world by
showcasing the talent of many people. He has provided a platform for those people who deserve
more. Apart from this he is also known for his music records. JK Rowling is known for her
novels such as Harry Potter and fantastic Beasts apart from this she is known for donating the
money for the welfare of people.

REFERENCES
Books and Journal
Acs, Z.J., and et.al., 2016. National systems of entrepreneurship. Small Business Economics, 46(4),
pp.527-535.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals): Entrepreneurship,
Petty Capitalism and the Restructuring of Britain. Routledge.
Chell, E., and et.al., 2016. Social entrepreneurship and business ethics: Does social equal ethical?.
Journal of business ethics. 133(4). pp.619-625.
Eriksson, L. and Andersson, J., 2018. Incumbent firms towards successfully innovating the business
model: Applying strategic entrepreneurship with business model innovation.
Hobbs, D., 2015. Business as a master metaphor: working class entrepreneurship and business-like
policing. In Deciphering the Enterprise Culture (Routledge Revivals) (pp. 127-145).
Routledge.
Karimi, J. and Walter, Z., 2016. Corporate entrepreneurship, disruptive business model innovation
adoption, and its performance: The case of the newspaper industry. Long Range Planning.
49(3). pp.342-360.
Ramadani, V.,and et.al, 2015. The context of Islamic entrepreneurship and business: Concept,
principles and perspectives. International Journal of Business and Globalisation. 15(3).
pp.244-261.
Richter, C., and et.al., 2017. Digital entrepreneurship: Innovative business models for the sharing
economy. Creativity and Innovation Management. 26(3). pp.300-310.
Roig-Tierno, N., Alcazar, J. and Ribeiro-Navarrete, S., 2015. Use of infrastructures to support
innovative entrepreneurship and business growth. Journal of Business Research. 68(11).
pp.2290-2294.
Sadler-Smith, E., 2016. The role of intuition in entrepreneurship and business venturing decisions.
European Journal of Work and Organizational Psychology. 25(2). pp.212-225.
Thurman, P.W., 2016. Entrepreneurship and sustainability: business solutions for poverty
alleviation from around the world. Routledge.
Welter, F. and Gartner, W.B. eds., 2016. A research agenda for entrepreneurship and context.
Edward Elgar Publishing.