Role of Entrepreneurs in UK Economy

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.