Entrepreneurship: United States/Kingdom Role Report

This report provides an overview of entrepreneurship, focusing on the characteristics and roles of entrepreneurs in the United States and the United Kingdom. It examines the traits of successful entrepreneurs like Mark Zuckerberg and Richard Branson, highlighting their self-motivation, risk-taking abilities, networking skills, and passion. The report also evaluates how entrepreneurs contribute to the US economy through innovation and the creation of new technologies, products, and processes. It also assesses the factors that support entrepreneurial development in the US, such as financial capital and government policies. The report further analyzes the characteristics of entrepreneurs in the UK, including calculated risks, embracing failures, and building strong teams. The analysis includes critical evaluations of how entrepreneurs impact both the US and UK economies. The report concludes by summarizing the key findings regarding the role and impact of entrepreneurs in fostering economic growth and innovation.

Entrepreneurship in
business

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Q.1. Determine the characteristics as well as the role of enterpreneur in United states / United
Kingdom......................................................................................................................................3
Examine the characteristics and the role of entrepreneurs in the United Kingdom or United
States. .........................................................................................................................................5
Critically evaluate how entrepreneurs have contributed to the United Kingdom or United
States economy............................................................................................................................5
Critically evaluate how the United Kingdom or United States contribute to entrepreneurial
development. ..............................................................................................................................5
Examine the characteristics and the role of entrepreneurs in the United Kingdom or United
States. .........................................................................................................................................5
Critically evaluate how entrepreneurs have contributed to the United Kingdom or United
States economy............................................................................................................................5
Critically evaluate how the United Kingdom or United States contribute to entrepreneurial
development. ..............................................................................................................................5
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is the process of designing, launching, and running a new business ,
which is often initially a small business , or as the “ capacity & willingness to develop, organise
as well as manage a business venture along with any of its risk to make a profit .(Welter, Baker,
and Wirsching, 2019). The organisation that was selected in this project is Richard Branson and
Mark Zuckerberg.
TASK 1
Determine the characteristics as well as the role of enterpreneur in United states / United
Kingdom
Characteristic of enterprenuer Mark Zuckerberg
 Self motivation
 Take Risks
 Know how to network
 Basic money management skills & Knowledge
 Flexibility
 Passion
Role of enterprenuer are explains as follows
 Initiator
 Risk Taker
 Allocator
mark Zuckerberg is one of the well known entrepreneurs across the world. He is known
for excellent skills and abilities to run a successful business. He has become billionaire at the age
of 24 where an individual just starts his or her career (Bizri, 2017). Zuckerberg has changes the
way of social networking among people. He is an introvert person and and his personality type is
similar to Elon Musk. His communication skills are very good (Blakeman, and, et.al., 2017). He
is a typical INTJ and his vision is to work effectively and attain goals and objectives. He has a
proper schedule for managing his daily work activities. He controls and manages resources for
achieving his desires. Facebook is the social networking site developed by him and he has
inspired a lot of entrepreneurs to use data in effective manner (Devece, Peris-Ortiz, and Rueda-
Armengot, 2016). There are several traits of Mark that have helped him to manage the

achievement of organisational goals. There are following traits that have helped him to tackle
different problems in achieving his goals of life (Fichter, and Tiemann, 2018). Some of these are
intellect, emotional, immoderation, melancholy and Gregariousness.
Some other notable characteristics that he possess include assertiveness, altruism and
modesty. These have contributed for mark's success. Mark Zuckerberg took a graduate course of
computers at an early age (Huq, and Gilbert, 2017). Zuckerberg has attended Harvard University
and dropped from there after an year. Facebook was a success after various websites including
facemash.com. This was ranked among one of the best apps. In the year 2010, there is publishing
in Time Magazine about Mark Zuckerberg who has become one of the wealthiest man across the
world. Mark was an ordinary person and now he has founded a very successful social networking
site. He has created Google+ which has increased his career success. There are following aspects
followed by Mark Zuckerberg which have contributed in managing the effectiveness of
organisation he is running -
Idealistic mindset – Zuckerberg is not a restless person. He is always into managing and
controlling the problems in effective manner (Kuratko,. and Morris, 2018). He has worked for
managing new concepts in social media and used them for managing the work. His mind is full
of ideas and these are managed properly. He has less friends and he always focuses upon several
new projects.
Always ready to adopt new changes – Mark Zuckerberg thinks that success and money can be
achieved when a person is loving the way he is working. He has never worked for earning money
(Lin, and Xu, 2017). He has also focused upon developing new ways to increase customer
satisfaction.
 Hard worker – Zuckerberg has always worked in effective manner. He has developed
various programming projects before success of Facebook. He is a focused person who
has always worked for managing to achieve success in any manner.
 Good manager – Zuckerberg is assertive person and he has managed several challenges
and debates or ideas properly for controlling the activities. This person has challenging
nature and he is able to manage work in effective manner. Employees are provided
effective opportunities by him so that they can develop their career (Fan, and, et.al.,
2017). He has always tried to provide his best manner to complete different projects.

Develops good relationship and bonds – As per statistics, it is concluded that Facebook is one of
the best company to manage reputation and brand image within US. This has worked more
effectively than Google (Mugler, 2017). There is presence of cool perks and salaries in
Facebook. This is a strategy developed by Zuckerberg to maintain effectiveness of employees.
He is always accessible and maintained effective ways to control business activities. He has
believed in building good relationship with employees as it will help in managing the work
properly.
Characteristic of Mark Zuckerberg
 Self motivation
 Take Risks
 Know how to network
 Basic money management skills & Knowledge
 Flexibility
 Passion
Role of enterprenuer are explains as follows
 Initiator
 Risk Taker
 Allocator
Critically evaluate how entrepreneurs have contributed to the United States economy.
There are great opportunities with entrepreneurs within US economy. Entrepreneurs have
opportunities to create new technologies. It is involved in developing new products and process
innovations within new markets (Nyadu-Addo, and Mensah,2018). There are several examples
of radical innovations which are introduced by entrepreneurs like Pierre Omiyar (ebay), Sergey
Brin (Google), Larry Ellinson, etc. Radical innovations are often involved in managing economic
growth and development. Entrepreneurs who are involved in bringing innovations to market are
involved in offering key value which generates contribution to economic progress. There are a
lot of incumbent firms and new firms which are helpful for searching new opportunities. There
are several existing firms which are involved in innovating business because of organisational
inertia (Pathak, and Muralidharan, 2018). This is related to responsiveness of market changes.
Entrepreneurs are having intensive competition for existing business.

Critically evaluate how the United States contribute to entrepreneurial development.
Entrepreneurship is known as one of the most vibrant as well as important part of
economy. There is need to have essential contribution for understanding the dynamics which
provides first assessment within US entrepreneurial activity. This depends upon participation of
adults within a new firm creation. It provides a systematic overview of basic patterns within firm
creation process. The GEDI index is involved in combining data on entrepreneurial activities and
aspirations. USA is known as world leader in context of financing new business. There is a type
of financial capital that is provided at a very early stage for managing risk incurred in start-up
companies. According to several researches, it is concluded that US in a world leader for female
entrepreneurship. There are several targeted government policies which have made it easier to
manage start-up business. The US government has launched women's entrepreneurship in
American policy in the year 2012. this encouraged women entrepreneurs to set up new business.
This has provided leverage to public private partnership. It includes access to training,
networking and finance. US has been ranked for having high quality human resources within
entrepreneurship. There are lot of countries in which there is good employment opportunities and
US is one of them.
Characteristic of enterprenuer Richard Branson
Examine the characteristics and the role of entrepreneurs in the United Kingdom
Characteristic of entrepreneur Richard Branson
Calculated risks: One of the major characteristic of Sir Branson that helped him to successfully
set up himself as an entrepreneur is the capability that allowed him to take calculated risks. It
was necessary for Richard to make sure that he is successfully measuring all the risks that are
attached to different tasks that are to be carried out by an organisation. Making an efficient
analysis of all the risks along with the resources which are present with them (Ratten, and
Ferreira, eds., 2016). It is one of the major reason due to which entrepreneurs are successfully
growing their business and earning profits.
Embrace failures: The entrepreneurs are require to make sure that they are taking the negative
feedbacks as well as losses positively. It is necessary that entrepreneurs are taking their failures
as an opportunity to learn and grow in the process. Richard Branson have successfully developed
this characteristics which provided him with motivation to look for something new. This is the
reason behind Virgin group diversifying in a number of different sectors. This will help the

entrepreneurs to grow as it has helped Richard (Sergi, and Scanlon, eds., 2019). They will not
repeat the same mistakes again and take preventive measure to make sure that they are
successfully gaining profits in their businesses.
Think Big: Richard Branson have successfully been working as an entrepreneur because all his
ideas were huge. He has never settled for less. Thinking and dreaming big have significantly
helped him to make sure that he is entering into a number of different industries making his
business big. It is necessary for the entrepreneurs to make sure that they are thinking out of the
box. It will enable them to take various measures in the benefit of the organisation as well as
society. Virgin airlines is a huge business and no common man can think of opening an airline
business. It was a great benefit for Richard Branson which helped him to enter into different
businesses.
Build Team and delegate: Teams are an essential part of every organisation. It is often seen that
the results that is achieved by individuals while they are working in teams is far better than those
they attain while working individually. Therefore, it is necessary for the entrepreneurs to make
sure that they are successfully dividing various tasks between different team members
effectively. Along with distribution of task Sir Richard also provide employees with the power to
take decisions . The reliability of organisation on employees is increased and the employees also
feel valued. It helps them to work efficiently bringing in benefits for the organisation.
Excellent communication skills: It is necessary for all the entrepreneurs to make sure that they
have effective communication skills. Communication skills is necessary by individuals in order
to make sure that they can communicate the vision they have developed to all the employees in
the organisation. Richard Branson is one of such entrepreneur who is using communication skills
in order to become a successful entrepreneur.
Along with all the above mentioned characteristics, long term vision, leadership skills, time
management kills, problem solving skills, negotiation skills are the skills present in sir Richard
Branson which enables him to bring benefits for country.
Examine the characteristics and the role of entrepreneurs in the United Kingdom
Entrepreneur plays central role in generating entrepreneurial activity. In UK an
entrepreneur develop and manage a company by implementing his ideas. Entrepreneur have
various qualities like special drive, passion, adventure and technical abilities. Entrepreneurs

works long hours and don't leave problems at the office. Entrepreneurs have some characteristic
in their personality such as
Ambitious -They are competitive and work for higher achievements.
Independent - They are self- starters who lead themselves rather than follow others
Self confidence – They able to understand the challenges to start and operate a business.
Risk-taker – They able to control the outcome over high risk ventures.
Creative – They have creative product designs and able to innovate solutions of the problems.
Passionate – They have passion towards their work .
Committed – They do personal sacrifices to achieve their goals.
Critically evaluate how entrepreneurs have contributed to the United Kingdom
United kingdom has a hotbed of entrepreneurial activities. Entrepreneurs able to achieve
financial independence after starting their own business. In UK the current top entrepreneurs are
Peter Jones, simon Cowell, Duncan Bannatyne, J.K. Rowling etc. There are a number of
benefits that are brought to an economy with the help of entrepreneurs. Similarly, the
entrepreneurs in UK are also successfully making it possible for the economy to make sure that
the development of economy is possible and the entrepreneurs are successfully contributing
towards it (Welter, Baker, and Wirsching, 2019). There are a number of entrepreneurs who
require huge workforce in the business. They are providing employment in the economy and the
unemployment rate in the organisation is decreasing subsequently. Along with this while the
entrepreneurship is developing in United Kingdom development of infrastructure in a number of
small areas in the country can be seen. Entrepreneurs in United Kingdom are helping in
enhancing the ways of living of people. They are helping the economy to grow by enhancing the
GDP of United Kingdom. When the organisations are growing and coming up with various
innovations they are successfully affecting the image of country throughout the world. It is
necessary by the government of United Kingdom to make sure that they are providing the path to
grow for the entrepreneurs as the entrepreneurs are bringing to the economy as a whole.
Economic growth of United Kingdom is now speedy due to introduction of a number of different
entrepreneurs. These entrepreneurs are bringing innovations, growing the infrastructure,
providing employment, dealing with a number of social issues and also enhancing the quality of
life of people who are living in the country.

Critically evaluate how the United Kingdom contribute to entrepreneurial development.
Small business spares are contributing huge to UK economy. It consist of 98% private
sector businesses. This is due to UK's business leaders and start-up founders who are providing a
wide and fantastic range of innovative ideas. They offer tremendous growth and development
opportunities and high returns to its investors who chooses for backing innovation and dynamic
companies.
SME's are an important part of UK economy as it comprises of around 16 million people
employed under it and these numbers are growing at three times faster than that of the big
corporations. This sector is closely linked to the economy, instead of being dependent on single
product's or service's success as done by big individual organizations.
The contribution of these small businesses to the economy of € 1.9 trillion each year. So
there is a direct correlation between the sectors and the UK's economy. The wealth and health of
these SME's are directly affecting UK's economy instead of just fluctuating along with the peaks
or troughs of the global economy.
Simple causal macroeconomic effect on economic welfare indicators in new business formations.
This topic, however is relatively complicated, and when deciding factors of this effect are
considered, the complexity increases further. The lower portion of Fig. 2 provides a summary of
these determinants' scientific knowledge. However a crucial finding of this study, namely that all
of the determinant studies listed are primarily based on the economic consequences of
entrepreneurship. The study showed that, although they are extremely interdependent, the
determinants of the effect of entrepreneurship can usually be divided into external environmental
factors, characteristics of the company level and particular characteristics of the entrepreneurs
themselves.
The another financial area is getting strengthened and strengthened day by day. Capitals
are built upon light heated entrepreneurial sentiments and evidences the deals flowed at the
beginning of the new tax year for increasing its inventive offerings to the nation, investors and
SME's. There are several organisations within UK which have managed to work in UK
economy. There are several organisations which have taken minority stake while performing
work within business environment. There are several tools and techniques used by UK
government while performing function within the business. There is conclusion that
entrepreneurs are having the backbone of British economy. It is considered that it is effective for

this company to manage the working and supporting the economy. Entrepreneurs are defined as
managing the business for developing effective connections. This is done according to the
resilience and attitude. There are some of the ways in which UK economy has helped to manage
the functioning in such a way that new technologies are developed within economy as well as
company. There are several new ways to expand and innovate the housing crisis of Britain and
helping data for managing budget. Some of the firms are present within there are several ways to
develop and manage the functioning. There are several founders and business owners who have
managed to control different UK services in managing the business functions.
There are several Bank loans which have been managing the functioning of companies within
business environment. There is a cheaper route for controlling and managing the work to attain
success and goals. One of the first to examine how entrepreneurial effect varies between
industries was Fritsch (1996). He concentrated on the effect of new businesses on jobs in West
Germany and found that employment in the industrial sector was slightly higher than in the
service sector. This observation has been verified by many scholars in the Netherlands (van Stel
and Suddle 2008), West Germany (Fritsch and Mueller 2004) and Sweden (van Stel and Suddle
2008) (Andersson and Noseleit 2011). However other reports have shown that the effect of new
entrants on economic welfare policies is stronger in the service sector (Bosma et al. 2011; Koster
and van Stel 2014). Fritsch (2013) suggested that these conflicting findings may be due to major
variations between sectors in different regions or nations, so an industry-level study may not be
acceptable at all.
If there are several founders who are creating successful methods of handling entrepreneurial
income plans, there is a potential to successfully handle success. The UK will be one of the
world's best countries to do business. There are many companies that have taken concrete steps
to better handle their jobs. It is time for the producers of jobs, innovators and the stimulus of
potential development to be funded. It is time to encourage businesses to expand with belief and
money. It is time to intensify our nationwide culture of ambition. It is time to fund future
industries. For decision makers, there is also a vital position here.
CONCLUSION
It is examined from the above analysis that there are many methods of handling and
monitoring productive ways of enhancing job management strategies. Additionally, as either an
evidently easier and cheaper route, it remains the first option for most businesses. These have

several benefits, including not forcing you to give up a proportion of your organization. Yet they
are far too commonly used by people with higher-risk characteristics or on projects where
investing in equity is a more acceptable option. There is no correct solution, like most things in
life, but a measured approach to financing, mindful of possible' speed bumps,' has been both
wise and smart. This means that the UK economy must regulate and maintain the various ways
in which the rules for successful functioning are established.

REFERENCES
Books and Journals
Bizri, R.M., 2017. Refugee-entrepreneurship: A social capital perspective. Entrepreneurship &
Regional Development, 29(9-10). pp.847-868.
Devece, C., Peris-Ortiz, M. and Rueda-Armengot, C., 2016. Entrepreneurship during economic
crisis: Success factors and paths to failure. Journal of Business Research, 69(11).
pp.5366-5370.
Fichter, K. and Tiemann, I., 2018. Factors influencing university support for sustainable
entrepreneurship: Insights from explorative case studies. Journal of Cleaner
Production, 175. pp.512-524.
Huq, A. and Gilbert, D., 2017. All the world’sa stage: transforming entrepreneurship education
through design thinking. Education+ Training.
Kuratko, D.F. and Morris, M.H., 2018. Corporate entrepreneurship: A critical challenge for
educators and researchers. Entrepreneurship Education and Pedagogy, 1(1). pp.42-60.
Lin, S. and Xu, Z., 2017. The factors that influence the development of entrepreneurship
education. Management Decision.
Mugler, J., 2017. The climate for entrepreneurship in European countries in transition. The
Blackwell handbook of entrepreneurship. pp.150-175.
Nyadu-Addo, R. and Mensah, M.S.B., 2018. Entrepreneurship education in Ghana–the case of
the KNUST entrepreneurship clinic. Journal of Small Business and Enterprise
Development.
Pathak, S. and Muralidharan, E., 2018. Economic inequality and social
entrepreneurship. Business & Society, 57(6). pp.1150-1190.
Ratten, V. and Ferreira, J.J. eds., 2016. Sport entrepreneurship and innovation. Taylor &
Francis.
Sergi, B.S. and Scanlon, C.C. eds., 2019. Entrepreneurship and Development in the 21st
Century. Emerald Publishing Limited.
Welter, F., Baker, T. and Wirsching, K., 2019. Three waves and counting: the rising tide of
contextualization in entrepreneurship research. Small Business Economics, 52(2).
pp.319-330.