Entrepreneurship in Business

ENTREPRENEURSH
IP IN BUSINESS

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Characteristics and role of entrepreneurs.....................................................................................1
Ways entrepreneurs have contributed to UK economy...............................................................4
Ways UK has contributed in entrepreneurial development.........................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is willingness that entrepreneurs have for developing, arranging and
managing new venture of business through handling risks so to make huge earnings. It is an act
to build and scale the new business to generate profits (Bennett, 2014). It is an attitude of people
in which they work hard, applies their mindset and ideas properly, completely dedicated towards
their ideas, constantly pay attentions towards changes goings within their surroundings, convince
others with their thoughts and puts best efforts to gain effective results. Entrepreneurs seeks
opportunities of investment and production so to create addition to manage the venture by
undertaking production function, composing inputs such as labour, material, capital for
introducing techniques and identifying potential sources for the new entity. Entrepreneurship is
characterised as an economic activity, bearing risk, discovering innovation and creativity and
making profits (Blackburn, Hart and Wainwright, 2013). Within entrepreneurs, various skills are
required such as business management skills, technical skills and personal skills with the help of
which all the activities are properly execution of entrepreneurial activities. In present era,
entrepreneurship is considered as an essential concept that bridges gap among innovation and
market as when new venture is formed, innovative products are bought to market. The products
that are created by entrepreneurs have ability to develop the economy of a nation. It helps people
in following their passion that leads them to gain good outcomes for themselves as well as for
society. To understand entrepreneurship in business, James Dyson and Alan Sugar are selected.
This essay includes information about characteristics and roles of entrepreneurs, ways
entrepreneurs have contributed towards economy of UK and the ways UK has made
contributions to entrepreneurship.
MAIN BODY
Characteristics and role of entrepreneurs
Entrepreneur is an individual who starts own business by seeing new opportunities in the
market. Entrepreneurs willingly takes risks for making money and uses innovations so to
improve life quality, creating new jobs, makes improvements in position within international
economic competition, builds wealth for purposes of reinvestment and creates economic growth
(Bolton and Thompson, 2013). Successful entrepreneurs posses characteristics of taking risks,
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