Entrepreneurship in Business

This report explores the characteristics and role of entrepreneurs in business and their contribution to the economy. It discusses the impact of entrepreneurship on job creation, competition, productivity, and innovation. Case studies of J.K. Rowling and James Dyson are included.

Entrepreneurship in Business

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Characteristics and the role of Entrepreneurs.............................................................................3
Contribution of the entrepreneur to the economy of the UK......................................................6
Contribution of the UK to the entrepreneurship.........................................................................8
CONCLUSION..............................................................................................................................11
REFERENCES................................................................................................................................1
Appendices.......................................................................................................................................2
..........................................................................................................................................................2

INTRODUCTION
Entrepreneurship is a process with the help of which the new and innovative ideas are
converted into reality. It is related with the process of designing, launching and running a
business venture which is generally a small business. Entrepreneur is the one who undertake the
risk of establishing the business with the aim of making profits. The ideas which they generate
are with the aim to resolve various issues and challenges faced by the people. Such businesses
are made successful by the entrepreneurs with the help of various skills and characteristics as
they make use of them to identify various problems and the ways with which they can be
resolved and the customers are satisfied. The businesses which are established by them are small
businesses which contributes to the economy as they create various job opportunities which
increases the income of the people. Thus it leads to improvement of the living standard of the
people which ultimately leads to overall development of the economy. In this report the two
entrepreneur which are taken into consideration includes J.K. Rowling who is author of a famous
Harry Porter series, which is the most lovable series throughout the world. While the other
entrepreneur that is taken is James Dyson who is founder, inventor and designer of Dyson Ltd.
which is a technology company that offers various household appliances such as vacuum
cleaners, air purifiers etc. In this report various characteristics, roles and skills of the
entrepreneurs and their contribution to the economy will be taken into consideration with the
help of various graphs, figures, tables etc. Later in the report, critical evaluation of the
contribution of the entrepreneurship to the economy is done and on the basis of which the impact
of the moves of the entrepreneurs are analysed that helped the government to meet up with
various issues.
MAIN BODY
Characteristics and the role of Entrepreneurs
To be a successful entrepreneur, it is important for them to have some skills and
knowledge which supports them to identify the issues and the problems which are faced by the
people. With the help of various characteristics they identify various opportunities in the
marketplace. The entrepreneur takes risk with innovative ideas and businesses which helps them
to earn profits but also they contribute to the growth of the economy by way of creating various
jobs, creates wealth for the people, improves their living standard etc. All the successful

entrepreneurs have common characteristics such as self confidence, risk taking, passionate etc.
Apart form this they plays crucial role in the success of the business as they initiate to take the
risk, forecast the opportunities and various actions, allocate the resources etc. The characteristics
of the entrepreneur that are taken into consideration in this report are:
J. K. Rowling : J. K. Rowling is an author, film producer, television producer etc. who is famous
for her well known Harry Porter series. She conceived the idea of writing the book while she was
travelling to London. She got her first book published and on the basis of success of such book
she wrote the sequels, of which last book was released in 2007. Initially Rowling could not find
any publisher for her book but she did not lose hope and at last her book was published by a
small publisher. She managed the success of her book so well that she became one of the most
inspiring women entrepreneur.
Characteristics of J. K. Rowling:
 Creative: Entrepreneur are considered to be creative as they identify various innovative
ideas to deal with various problems or provide something unique to the others. This plays
a crucial role in making them successful as with the help of creativity in their actions they
can create differentiation. With the help of this characteristic they think out of the box
and to determine various solutions to the problems just as J. K. Rowing did. The idea of
Harry Porter was so creative that it easily attracted a lot of people throughout the world
irrespective of the age of the people (McKeown, 2017).
 Goal-Oriented and strong-willed: The entrepreneurs are goal oriented which make
them focussed to what they have to achieve. Their strong will be doing something make
them consistent towards the goals and objectives which aims to achieve and this makes
them to not give up whatever they are doing. J. K. Rowing is goal oriented and strong
willed as she spend her 6 years while writing the book even when she was facing various
personal and financial issues because she was jobless. But in-spite of this she continued
writing in which she considered all her experiences. This motivates other to be consistent
towards their goals in any situation (Rey-Martí, Ribeiro-Soriano and Sánchez-
García, 2016).
Role of J. K. Rowing:
 Initiator: The entrepreneur plays a crucial role in initiating with some new and
innovative idea. They identify various ways with the help of which they can converts the

idea into reality and this can be done through efficient planning. J. K. Rowing took
initiative to write the book in such a innovative and creative manner so that it can involve
and engage people with the plot in the book.
 Risk Taker: The entrepreneur take the risk of establishing completely new concept
which makes them the risk taker. For this they identifies various avenues from which
they can procure funds. J. K. Rowing invested a long time with the book which has a risk
of acceptance by the people (Wang and Liu, 2016).
James Dyson : James Dyson is a administrator, designer, inventor etc. who took initiative to
establish Dyson Ltd. He was born on May 2, 1947 in the city of Corner, Norfolk. James Dyson
had innovative mind since he was in school due to which he decided to go through the course of
interior designing before he enrolled himself into the course of engineering. In 1970, he invented
the idea of developing the vacuum cleaner and later on added various option to the list such as
electric vehicles, hand dryers, hair dryers etc.
Characteristics of James Dyson:
 Future oriented: Successful entrepreneur always have a long vision which make them
future oriented as they consider various aspects which are related to future. They
determine various factors, opportunities, needs which can be required by them to carry on
their business and in decision making. James Dyson is a future oriented person as he take
all the necessary steps by considering its future impact on the organisation (Fayolle and
Gailly, 2015).
 Passionate: To be successful it is important for the person to be passionate as this helps
them to be consistent towards their goals and objectives. This makes them to deeply
analyse their move and its impact on the success of their products. James Dyson is
passionate about his objectives which makes him consistent towards the success (Hughes
and Jennings, 2012).
Role of James Dyson:
 Uplifting living standards: The entrepreneur develop new businesses which are
innovative and new. This generates the opportunities of the employment for the people in
an economy with increases their income, thus it improves their standard of living. James
Dyson invented various household products which can easily be afforded by the all and
which helps the people to make their life simple (Chell and Karataş-Özkan, 2014).

 Forecaster: The entrepreneur uses their skills with which they forecast various aspects of
the dynamic environment which can be related to the changes in the technology, taste and
preference of the people etc. James Dyson analyses the perception of the people on the
basis of which they determine various features and new products which can satisfy such
requirement and needs.
Contribution of the entrepreneur to the economy of the UK
The entrepreneurs analyses the market in which they operates and the people they caters
so that they can identify the requirements and the issues which they have to consider. On the
basis of such they generate the innovative ideas for the products and services which can give
them competitive advantage. The entrepreneur contributes to the economy by ways of providing
opportunity and contributing to the overall economic growth (Entrepreneur contribution in the
UK's economy. 2019). Some of the factors which reflects the contribution of the entrepreneur
to the economy are given below:
Job Creation: The people in an economy thinks of the entrepreneurship in case when
they are either passionate about it or in case they could not find any job. So leads to
establishment of various businesses. For this they have identify the market in which they can
bring new business which can grow. When the business are started by the people they require
various resources and one of all the resources human resource is one of the most important
resource. So the development of the entrepreneurship leads to the creation of the job
opportunities ( Blackburn, 2016). More of the start-ups by the entrepreneur increase the number
of jobs which ultimately increases the growth of the economy. In UK, around 40% to 50% of the
individual person are working with the small businesses and are generating most of the revenue
for the economy which takes them towards the growth. In the year 1997, the rate of employment
was 76.1%. this is considered to be the highest rate of employment while at that point of time the
rate of unemployment declined by almost 1.34 millions. With the rise in the employment rate in
UK, the rate of employment kept on rising due to which it increased by 77,000 in the number on
men which leads to 17.32 millions of people working in the year 2014. While in this same period
the number of female workers also increased and recorded as 144000 women as high of 15.40
million people who were employed in the year 2014. This implies that the increase in the number
of the entrepreneurship increase the number of jobs in the economy (Entrepreneur contribution
in the UK. 2019).

Increases level of competition: With the increase in the number of the entrepreneur the
products and the services in the economy increases due to which it increase the level of
competition among the players. The entrepreneur introduces their businesses with the innovation
which makes their products attractive and thus it increases the requirement of introduction of
change for the other players. This competition has a positive impact on the economy as this leads
to improvement in the process and the products which will enhance their competence and thus
their profitability. This contributes to the overall growth of the economy as this will improve the
GDP of the economy. Further with the increasing competition, the businesses need to adopt
various new techniques and technology which can help them in competing with the new
entrepreneurial ventures. All this improves the capabilities, efficiency in the operations etc. of
the businesses which adds value to their products and reduces the cost of the products. Further it
reduces the monopoly in the market which increases the satisfaction level of the customers
(Employment rate in UK. 2019).
Enhances productivity: Increase in the level of the competition enhances the
productivity of the business as by adoption of various technology the capability and the
competence of the businesses can be improved. To meet up with the competition the operational
efficiency is improved which increases the utilisation of the resources which then leads to
reduction in the cost of the businesses. Reduction in cost of the products improves the values of
the products to the customers. Due to reduction in cost the businesses can efficiently utilise their
capability optimally this increases their productivity of providing more of goods to the customers
readily. The entrepreneur contributes to the economy of UK as they bring innovative ideas with
which efficiency and the capability can be improved thus it will improve the satisfaction level of
the customers (Trimi and Berbegal-Mirabent, 2012).
Innovation: Entrepreneur contributes to the economy by way of establishing various
businesses which are innovative and thus it helps in providing attractive products and services to
the customers. This helps them to reduce the cost of the products and the processes which helps
them to provide solutions to the problems. Such innovation facilitate the companies to get the get
competitive advantage and it makes the employees various opportunities to develop. These
innovation attracts the foreign direct investment to the economy as the investors are attracted to
such businesses easily because they have scope of survival and expansion (Schumpeter, 2017).
So with the help of such innovative businesses they FDI can easily be attracted to the economy.

This ensures availability of funds to the businesses which is generally a major problems. It
makes the business to grow at a significant level which leads to the overall growth of the
economy. For example: James Dyson provided various household utility products with the help
of which their life can be made simpler and the level of satisfaction of the employees can be
improved. Also such innovation make them capable to attract the investors to invest in their
business (Innovation in the UK. 2019).
Entrepreneurs create social change: The entrepreneur brings changes in the products
and services which are offered to the customer by way of various innovative ideas and
techniques. This reduces the traditional outlook of the use of various products and services to the
customers. To make the business competent and to ensure their survival the players in the market
also adopts various innovation. This brings the change in the overall performance of the
economy. All this improves the quality of the life of the people as it enhances the living
standards, improves the perception of the people and their behaviours and even the way they
think. For example: J.K.Rowling wrote the Harry Porter which is unique and gave a different
look to the thought of the people. Also the products which are provided by the Dyson improved
the life of the people which changes the way they have and even their standard of living.
Changes in the behaviours and perception of the people improves the overall standard of the
economy as it will have influence on the overall quality of the people.
From the above points it can be analysed that the entrepreneur contributes the overall
growth of the economy as they creates various job opportunity for the people which reduces the
unemployment rate in the economy, further the products and the services which they provides
improves the quality of the products and the services of the living standard of the people etc.
This has increased the number of entrepreneur in the economy which has rose to 420000 in the
year 2016. They give birth to the new companies which contributes to the growth of the
economy. On the basis of the graphs in the appendices it is analysed that the small businesses
and starts-ups have contributed a lot in the economy (Brush, 2013).
Contribution of the UK to the entrepreneurship
Entrepreneurship contributes to the growth of the economy for which the government of
UK also contributes in returns which facilitate them to achieve the growth and success of their
business. For this various policies, strategies, regulations are imposed by them so that the
business environment can be made favourable for them to grow. Various incentives, promotional

schemes, subsidies are developed which helps the entrepreneur to gather and procure resources
required easily (Government contribution for the Entrepreneurs development. 2019). .
The contribution of UK government for the entrepreneurship are given below:
 Promotional Schemes: Various promotional schemes are launched by the government of
UK which helps them to get various benefits such as the entrepreneur get opportunity to
showcase their innovation and the ideas which they have developed at various platforms
which are provided by the government (Kelley, Singer and Herrington, 2012).
 Subsidies: Subsidy is the reduction in the amount or the amount which is being paid by
the government to the entrepreneur so that they can operate efficiently. Such contribution
reduces the requirement of the resources from the external sources and provides the
opportunity for development to the entrepreneurs, as this encourages the people to take
initiatives (Bolton and Thompson,2013) .
 Incentives and Grants: The government provides various financial and non-financial
incentives to the entrepreneurs which motivates them in taking initiative and various
decisions so that the survival can be ensured. Along with this various grants are provided
to the entrepreneur and against which they are not expected to return something to the
government.
With the help of this contribution of the government the entrepreneur can easily ensure
their survival as such steps make the business environment in which they have to operate
effective. This make the business beneficial for both the entrepreneur and the economy.
Role of various government agencies for the development of the entrepreneur:
The government has appointed various agencies which helps the entrepreneurs in their
development by providing assistance to them which are given below:
 Financial Assistance: The finance is one of the most importance resource for the
organisation which is to be managed by the entrepreneur efficiently. For this such
agencies provides them the guidance to the organisations so that the funds can be
efficiently be managed by them. Even funds are provided to the entrepreneurs for a
specific period with which they can operate effectively (Read, Sarasvathy, and
Wiltbank, 2016).
 Technical Assistance: The government of the UK conducts various training programs
which helps the entrepreneur to undertake various activities and manage the resources

well. With the help of various such trainings skills are improved which will help them
improve the efficiency. Further it helps them to improve their productivity and thus it
will help them to get the desired objectives (Bennett, 2014)
With the help of all the initiatives the UK government contributes to the growth of the
entrepreneurs and the success of businesses. UK has strong entrepreneurial base which help them
to contributes to the economy well.

CONCLUSION
In the last, by the analysis of above report it is completed or concludes that
entrepreneurship is one of the major task for organisation that leads organisation to identify the
new and innovative aspects in order to combine all resources effectively. The main motive of an
entrepreneur is too develop changes in a country by solving the existing issue of the organisation
through providing valuable products and services to customer's. This concepts is used to
formulate a new business because it is large in scope. Moreover, it also helps the organisation for
identifying opportunities that are present in market. It determines that it is easy for management
to gather essential resources as well as to delegate them effectively in all departments.
Entrepreneurs adopt the risk and develop virtual project in order to target customer's
appropriately after analysing the existing opportunities in market.
Along with this, entrepreneurs are open to face the challenges in society that leads
organisation to aim the unsatisfied demand of customer's. It is also used by the organisation to
aim all task which leads current business's to execute their plans in effective manner. Further, to
achieve huge success in market the organisation identifies those financial aspects which are less
risky and effective. Like creativity, passion, flexibility etc. are some aspects that leads
organisation to formulate their plans towards the desired results and objectives. Similarly on
other side, it leads organisation to enhance the profits and productivity of organisation. The main
role of entrepreneur is too delegate all resources and roles as per the skills of employee's. Along
with this at the same time entrepreneur are performing the role of employee provider, forecast of
opportunities and uplifting society standard.
The economy of country is depend on various factors such as tax policies, monetary
policy, interest and inflation rate. But the major depend of economy is on gross domestic
production. It also refers that organisation is performing a vital role in the growth and
development of country such as to raise the income level of individuals. According to the present
UK economic conditions management contributed high value through delivering products that
enhance the overall economy of country and individuals. Implement of new methods, research-
practice to innovative new items, creating jobs etc. are some of the major contribution of
entrepreneurs in a business. On the other side, with such an effective activities of organisation it
is easy for management to add more value in the economic of nation. To enhance the overall
development of economic entrepreneur generate employment opportunities, investment and to

offer diverse products and promoting international trade in the country. In the last,
entrepreneurial powerhouses are the major contribution in the market of UK that offer effective
services to entrepreneurs. The main motive of them is to develop the employee's skills and
deliver better products or services to the customer's. In order to enhance the morale of workforce.
Incentive, motivational methods, flexible working hours are major tools to increase employee's
skills. With the government tools it is also easy for management to assist the financial as well as
technical resources that ensure individuals will not face any issue in upcoming future.

REFERENCES
Books and Journals
Bennett, R. J., 2014. Entrepreneurship, small business and public policy: Evolution and
revolution. Routledge.
Bolton, B. and Thompson, J., 2013. Entrepreneurs: talent, temperament and opportunity.
Routledge.
Brush, C., 2013. International entrepreneurship (RLE International Business): the effect of firm
age on motives for internationalization. Routledge.
Chell, E. and Karataş-Özkan, M. eds., 2014. Handbook of research on small business and
entrepreneurship. Edward Elgar Publishing.
Hughes, K. D. and Jennings, J. E. eds., 2012. Global women's entrepreneurship research:
diverse settings, questions, and approaches. Edward Elgar Publishing.
Kelley, D. J., Singer, S. and Herrington, M., 2012. Global entrepreneurship monitor 2011 global
report. Global Entrepreneurship Research Association, London Business School.
Read, S., Sarasvathy, S., Dew, N. and Wiltbank, R., 2016. Effectual entrepreneurship.
Routledge.
Schumpeter, J. A., 2017. Essays: on entrepreneurs, innovations, business cycles and the
evolution of capitalism. Routledge.
Trimi, S. and Berbegal-Mirabent, J., 2012. Business model innovation in
entrepreneurship. International Entrepreneurship and Management Journal. 8(4).
pp.449-465.
Blackburn, R.A., 2016. Government, SMEs and entrepreneurship development: Policy,
practice and challenges. Routledge.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on
entrepreneurial attitudes and intention: Hysteresis and persistence. Journal of
small business management. 53(1). pp.75-93.
McKeown, T., 2017. From entrepreneurship to small-to-medium enterprises: Exploring
the challenge and the opportunities. Journal of Management & Organization.
23(2). pp.165-166.
Rey-Martí, A., Ribeiro-Soriano, D. and Sánchez-García, J.L., 2016. Giving back to
society: Job creation through social entrepreneurship. Journal of Business
Research. 69(6). pp.2067-2072.
Wang, H. and Liu, Y. eds., 2016. Entrepreneurship and talent management from a
global perspective: Global returnees. Edward Elgar Publishing.
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Employment rate in UK. 2019. [Online]. Available Through:
<https://www.bbc.com/news/business-47622415>
Entrepreneur contribution in the UK. 2019. [Online]. Available Through:
<https://www.kleinworthambros.com/en/markets-and-insights/insights/entrepreneurs-
index/>
Entrepreneur contribution in the UK's economy. 2019. [Online]. Available Through:
<https://www.ukessays.com/services/example-essays/economics/how-entrepreneurs-
impact-an-economy.php>
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Government contribution for the Entrepreneurs development. 2019. [Online]. Available
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<https://www.letterone.com/media/news/2017/uks-new-entrepreneurial-development-
powerhouse/>
Innovation in the UK. 2019. [Online]. Available Through:
<https://wol.iza.org/articles/entrepreneurs-and-their-impact-on-jobs-and-economic-
growth/long>
Appendices
(Source: Innovation in the UK, 2019)
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