Entrepreneurship in Business: United States Economic Analysis Report

This report delves into the realm of entrepreneurship, specifically within the context of the United States. It commences by outlining the key characteristics of successful entrepreneurs, exemplified by figures such as Bill Gates, co-founder of Microsoft. The report then explores the multifaceted roles entrepreneurs play in the US, including leadership, financial analysis, and resource allocation. A significant portion of the report is dedicated to evaluating the substantial contributions entrepreneurs make to the US economy, such as launching new products and services, generating employment opportunities, fostering competition, promoting social welfare, adding revenue to the GDP, developing infrastructure, and raising environmental awareness. The report also examines how the United States fosters entrepreneurial development through various initiatives and support systems. Overall, the report provides a comprehensive analysis of entrepreneurship's significance in the US economic landscape, emphasizing its role in innovation, growth, and societal advancement.

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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
1. Characteristics and role of entrepreneurs in United States......................................................3
2. Evaluation of the way entrepreneurs have contributed to United states economy..................6
3. Critically evaluate how the united States contribute to entrepreneurial development............8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
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INTRODUCTION
Entrepreneurship is an activity of setting up new business venture by taking up
associated financial risk with an motive to earn huge profit margin. Entrepreneur has special
characteristics to promote innovative idea in order to enjoy all reward by incorporating
associated risk. Or these are individuals that have various characteristics that differentiate itself
from others people as they are high determined, confidence, creative and innovative or having
positive attitude to face several challenges so that end goals can be achieved. Entrepreneur by
taking several steps to start and operate new business is able to contribute in growth and
development of economy (Mazzarol and Reboud, 2020). They identified innovative or new
method the needs of customers can be fulfilled in best possible manner so that company can gain
competitive advantages. United States has provided entrepreneur opportunities to start new
business venture by delivering qualitative products and services to large number of individuals.
The report is about Bill gates, American business magnate, and philanthropist and
software developer that is co-founder of Microsoft Corporation. He is a well known entrepreneur
of United States that have undertaken several steps in order to start and promote business
operation so that end goals can be achieved in limited time frame. As of November 2020, the net
worth of Gates is estimated as US$113.7 billion thus making him third wealthiest person in the
world. Microsoft is huge organisation or American multination technology that was initially
started its operation on 4 April, 1975, 45 years ago. The company deals in sells electronic goods,
personal computers, software etc to wide range of customers that are staying in different parts of
country. As per report of 2016 Microsoft was world’s largest software development company in
terms of revenue generated therefore it has highly contribute in growth and development of
economy.
This report has include key information about characteristics and role of entrepreneurs in
United States, the way entrepreneurs has contributed to US economy and the way US contribute
in development of entrepreneurial development.
MAIN BODY
1. Characteristics and role of entrepreneurs in United States
Bill Gates is one of successful entrepreneurs or co-founder of Microsoft that have bring
technology revolution by introducing software company in 1974. It has earned title of world
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richest man Therefore, the skills and characteristics that make it different and unique itself from
other individuals are explained below:
Big picture or strong vision: It can be stated that entrepreneurs have special capabilities to
oversee big picture or vision about what is going to come in near future. So, entrepreneurs such
as Bill Gates has big picture in mind that motivates him to take several steps in order to achieve
specific goals (Chavez, 2016). It has effective communicate its long vision to its team member so
that they can devote their time, energy and efforts for achievements of common goals.
Creativity: It is another characteristic of successful entrepreneur as it have creativity skills that
helps it to identify new ideas that could be used to motivate customers to become part of specific
organisation. Like Gates have always tried to find innovative idea to meet customers expectancy
that has helped Microsoft in gaining competitive advantages in industry. Therefore it creative
characteristics has helped Microsoft in fulfilling needs of people beyond their expectancy level.
High ability to tolerate associated risk: Entrepreneur has capabilities to take high amount of
financial and other risk so that business operation can be promoted and end objectives can be
attained. For examples: Gates also have capabilities to bear huge financial risk in order to start
and promote Microsoft business across worldwide so that company can earn high profitability
and market share.
Confidence: Unlike other individuals, entrepreneur have more confidence upon its new idea and
team members that are ready to put their efforts so that end goals can be achieved. High
confidence or believe of entrepreneur motivates it to take crucial steps that can be fruitful for
growth and expansion of enterprise (Cui and et.al., 2016). Such as Bill gates have confidence in
its new idea that lead to technological revolution across worldwide and enhancing overall sales
volume and profitability of organisation. His confidence level has always motivated it to take
several steps that are necessary for achievement of common goals or bear associated challenges.
Learning: Entrepreneur always tried to learn new things like despite Bill Gates was dropout
from school he has never ignored to learn new things or new way method to complete particular
task. Till now also he is quite interested and motivated to learn new things ever day that has
contributed him in building a big empire named as Microsoft (Callanan and Zimmerman, 2016).
So, it learning characteristics has made it different from other individuals that are living in
society.
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Passionate: It can be illustrated that Entrepreneur are always passionate about their work and
dream which always motivate them to undertake several steps or to stay positive in negative or
worst situation. Bill gates passion towards usage of new technology and software has inspired it
to provide same to people so that their unwanted needs can be fulfilled and company can earn
more profitability.
Roles played by entrepreneur in United States
Entrepreneur plays important role in growth and success of economy by taking steps to
operate a business by selling specific products and services that would helps in satisfying needs
of customers. They stimulate or activate economy activities by delivering manufactured products
and services to end customers so that their needs or wants can be satisfied in best possible
manner (Ramoglou, Gartner and Tsang, 2020). There are several roles played by entrepreneur in
United States which can be illustrated as follows:
Leaders: The first and foremost role played by entrepreneur is that it lead whole team by
providing proper direction or deciding particular steps that need to be taken by individuals so
that specific goals can be achieved (Harrison and et.al., 2020). Bill gates was first individuals
that have taken steps to promote new idea at the same time it has influenced and motivates other
individuals to contribute in the same so that objectives can be achieved in minimum time frame.
Financial analyst: It is another role played by entrepreneur as it analysis outcome that company
will gain after investing specific amount of capital in particular field or area. By effectively
analysing total outcome that it will received after invest of capital is able to take crucial decision
for growth and development of enterprise. Like Bill Gates analysed outcome of investing
particular amount of capital in specific field that helps company enjoying higher returns. Thus it
has played roles as mobilising money into different channels so that Microsoft can enjoyed huge
market share and profitability.
Resource allocator: Entrepreneur also played roles as resource allocator as it by distributing or
allocating products and services to wide range of people is society is able to earn maximum
profitability (Jones, Ram and Villares-Varela, 2019). For examples: Bill Gates by offering or
allocating electronic products or technologies to different individuals in society is able to fulfil
their respective requirements and helped company in gaining competitive positioning in
domestic and international market.
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2. Evaluation of the way entrepreneurs have contributed to United states economy.
Entrepreneur always contribute in development of economy by bringing new change,
trends to make customers happy and satisfied. They also helped in generating revenue and
employment opportunities for maximum number of individuals thus enhancing their overall
disposable income. Entrepreneur helps in increasing competition level, more availability of
several products and services, innovative of new technologies, wealth creation, economic growth
and environment awareness (Puttur, 2018). Several ways in which entrepreneurs contribute in
development and growth of United states economy can be illustrated as follows:
Launch or development of new products and services: The first contribution of entrepreneur
such as Bill gates is launched of new products in technology industry so that customers have
more advance feature to complete their respective task in limited time frame. It has always
planned to add new products in portfolio so that customers have wide options to select among for
satisfaction of their respective needs and requirements (Harrison and et.al., 2020). Like from
software, personal computer, laptop, cloud system and services to electronic goods so that people
can have varieties of products to select among for fulfilment of their needs.
Generation of employment: Another contribution made by entrepreneurs is generation of
employment opportunities for people that have special skills and capabilities to perform task in
best possible manner in limited time frame. There are approximately 163000 employees that are
working in Microsoft with high skilled and knowledge so that company can gain competitive
advantages (Number of employees at the Microsoft Corporation from 2005 to 2020). 60%
employees of company is from United States or home country which clearly state that Bill Gates
has contributed in providing job to many people by running business. Therefore, it leads to
increase in annual disposable income of individuals, their living standard and lifestyles.
Competition: With introduce of Microsoft by Bill gates, there are many firms that have decided
to start their operation in same industry to enjoy huge profitability and market share. So,
innovative business ideas has contribute in increasing overall competition level in United States
as competitors are planning to introduce new and better electronic products or technology to
meet customers expectancy beyond their needs. Apple, Google, Facebook are some other
competitors company of Microsoft that have tried different method to attract customers. Thus, it
have provided opportunities to people living in US to have more options or alternative to
satisfied their respective needs in better manner.
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Social welfare: Due to introduce of corporate social responsibilities, increase in competition and
huge wastage of resources entrepreneur starting taking steps that are beneficial for society. Such
as Bill gates has also taken steps towards social welfare by planning to invest around $1.7 billion
in United states public education so that every student have equal right to get educated. Bill gates
has make investment in education with an motivate to eradicate social inequality and promote
healthy relationship among diverse individuals. It has also fund its capital in social activities so
that people can be happier and satisfied thus motivated to be part of organisation for satisfaction
of their respective requirements. So, Bill gates has donated its money in social welfare so that all
individuals can have healthy and better lifestyles to stay and enjoyed.
Add revenue to GDP: It can be stated that entrepreneur helped in generating revenue within
economic by delivering varieties of products and services to end customers. Microsoft has
generated around 143 billion US dollar by making sells of different products and services to
millions of customers (Microsoft's annual revenue worldwide, from FY 2002 to FY 2020, 2020).
Thus, all such revenue has helped in adding or enhancing GDP, income, employment level in the
economy thus making life of people better as compared to other countries.
Development of infrastructure: Entrepreneur by taking steps to deliver products and services to
end users is able to promote development of infrastructure or facilities so that goods can be
delivered to end users in limited time frame and cost. Thus, US economic has more facilities,
infrastructure, better transportation that has helped in delivering services as per needs and
expectancy of customers.
Environment awareness: Now a day due to increasing competition and wastage of resources,
threat to environment has increased concerned among people that have forced company to take
crucial steps to protect resources. Innovative technology or electronic products of Microsoft has
helped in creating awareness among people about environment protection thus people and
companies started taking step towards sustainable management in order to promote their growth.
Bill gates have promoted employees to take toward steps toward sustainable management so that
goods can be delivered to customers as per their taste and preferences.
Therefore, entrepreneur like Bill gates by taking first step to start business operation with
an main aim to enjoy maximum profitability helps in making economic of home country more
better that is United states. For examples Microsoft is a first software company co-founded by
Bill gates that bring new technology to complete specific task that helps people in resolving their
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problem and meeting their needs in more better ways. Therefore, overall entrepreneur helped in
generating revenues, taxes and employment by promoting their business operation.
3. Critically evaluate how the united States contribute to entrepreneurial development.
United States has also led to the development of entrepreneurs. The country has created an
environment where they support individual’s new ideas and creativity. They can implement their
new ventures and get support from individual. This type of supportive environment has led to
entrepreneurs. They have implemented various policies which supports entrepreneurs who come
up with new idea. This has led to so many individuals opting for developing their career in
starting a new business and bringing something new for consumers and also it can assist them in
meeting needs and demands of consumers so that their satisfaction level can also be improved.
The benefits resulting from entrepreneurship can contribute to economic development by
increasing the quality of life, offering new jobs, promoting sector productivity. There are also
various institutes open by the government so that they can make an individual learn about
various aspects which is related to implementing any new business idea. It has also been
analysed that United States has also supported various entrepreneurs by giving them funds. This
has assisted the entrepreneurs in implementing new ideas and also they have been able to achieve
the set target and mission which has been set up by them. It has also been analysed that training
is also been given in institutes so that their skills and abilities can be developed. It has also been
evaluated that new and improved products and services is been given to customers when better
support is been provided to entrepreneurs. This has led to increase in productivity ad growth and
also the gross domestic income can be increased of country when better support is provided
entrepreneur (Tajeddini, Martin and Ali, 2020).
A country needs entrepreneur so that they can build better income generation sources. It
has also been analysed that when entrepreneur is been given support better job opportunities can
be provided to people of country. This has led to increase in employment opportunities. It has
also been evaluated that by supporting entrepreneurs, there has been an increased in employment
and higher earnings contribute to better national income in the form of higher tax revenue and
higher government spending. It has also been analysed that United States also assists
entrepreneurs in making them achieve their goals and mission vision. This has led to better
development of companies and other industries. Country has been able to grow because of the
entrepreneurs (Imran And et.al., 2018). They have also made entrepreneurship compulsory
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subject in schools and university. An individual can make their career in this field and it is really
beneficial for country, if any person makes their career and profession in this. It has also been
analysed that an entrepreneur needs to be unique only when country can motivate their ideas and
also will be acceptable by consumers. Entrepreneurs are not born, they are made. It has also been
evaluated that in United States, every business is been supported by government, this has led to
so many people coming with new ideas (Wales And et.al., 2019). This has contributed to growth
of company. There are various factors that lead to development of entrepreneurs. It has been
analysed that they need to be given with better environment and better culture which can assist
them in growing. United States is being engaged in making this type of environment. It has also
been evaluated that various challenges can be faced by entrepreneurs when they are involved in
bringing new ideas. It has been analysed that they must not fear from those challenges and must
implement their new challenges. This will assist an entrepreneur in growing and also they will be
able to achieve their set goals and targets.
It has also been evaluated that policy initiatives are been taken to build up entrepreneurial
development. It has also been analysed that this can increase that competition can also be
increased when various challenges are being faced by entrepreneurs. For this also they need to
increased their self esteem and confidence level. It has also been evaluated that United States has
also provided this type of support to Bill gates; this has led to him establishing such huge empire.
By this an entrepreneur is also been able to provide job to so many people and also because of
this there living standard has been improved. It has also been evaluated that the activities which
is been performed by entrepreneurs assists in development of organizations as well as country. It
has also been analysed that entrepreneurs must also be given better training, so that skills get
increased. It has also been evaluated that this can also help in increasing gross domestic income
and can also assist in achieving goal and mission. It has also been evaluated that this can led to
growth. There are various advantages in development of economy like for example country can
be able to grow (Cho and Lee, 2018). It has also been analysed that company productivity can
also be increased. This will lead to increase in achievement of goals and objectives. It has also
been analysed that an entrepreneur should also be honest and they should also be engaged in
following ethics. This has led to achieving goals and objectives. It has also been analysed that
this can assist in growing and also the objectives set by them can be increased. Better support
and development is provided to Entrepreneurs in Unites States (Arzubiaga And et.al., 2018).
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CONCLUSION
It has been summarized from the above report that there are various characteristics of
entrepreneurs, which has assisted them in growing. It has also been analysed that entrepreneurs
needs to be honest and must be engaged in following ethical code of conduct. This has assisted
them in achieving their set target as well as mission. From the report it can also be said that
entrepreneurs must possess effective communication and this has supported them in building
better business relationship. It has also been analysed that these people also needs to analyse
needs and demands of consumers as this has assisted them in fulfilling it and growing. It has also
been evaluated that entrepreneurs should also be a better decision maker. This has assisted them
in taking better decisions; this has assisted them in growing. It has also been evaluated that
entrepreneurs also need to be a risk taker. This has assisted them in taking risk and it has
supported them in growing. United States has also provided support to entrepreneurs. It has also
been evaluated that United States has also provided this type of support to Bill gates; this has led
to him establishing such huge empire. By this an entrepreneur is also been able to provide job to
so many people and also because of this there living standard has been improved. It has also been
evaluated that has led to increase in employment opportunities. It has also been analysed that
United States has also supported various entrepreneurs by giving them funds. This has assisted
the entrepreneurs in implementing new ideas and also they have been able to achieve the set
target and mission which has been set up by them. It has also been analysed that by development
in Entrepeneusrhip, productivity is also been increased. It has also assisted them in increasing
profit of their companies.
Research has also suggested that entrepreneurs must have long insights so that they can
also see their future. This has helped them in analyzing and forecasting risk. It has also led to
growth of their organizations. It has also been evaluated that entrepreneurs should also make sure
that there is effective communication so that they can also be adhere to requirements of
consumers. These individuals also bring up innovative and creative products so that needs and
demands can be fulfilled. This has led to increase in profit of company. It has also been analysed
that entrepreneur must have better. It has also been evaluated that better support is also been
given by government to entrepreneur, they have also made institutions where individual can
learn about entrepreneurship. This has led to so many individuals opting for developing their
career in starting a new business and bringing something new for consumers and also it can assist
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them in meeting needs and demands of consumers so that their satisfaction level can also be
improved. It has also been evaluated that entrepreneurs also must have better time management
skills, so that their task can be completed on time. It has also been analysed that Bill Gates has
also been able to grow because of support from United States. This has led to creation of such
big company. It has also supported them in providing job opportunities. It has also been
evaluated that policy initiatives are been taken to build up entrepreneurial development. It has
also been analysed that this can increase that competition can also be increased when various
challenges are being faced by entrepreneurs.
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REFERENCES
Books and journals
Arzubiaga, U. And et.al., 2018. Entrepreneurial orientation and innovation in family SMEs:
Unveiling the (actual) impact of the Board of Directors. Journal of Business
Venturing, 33(4), pp.455-469.
Callanan, G. A. and Zimmerman, M., 2016. To be or not to be an entrepreneur: Applying a
normative model to career decisions. Journal of Career Development, 43(5). pp.447-461.
Chavez, J., 2016. The personality characteristics of an entrepreneur and their effects on the
performance of a new business venture.
Cho, Y.H. and Lee, J.H., 2018. Entrepreneurial orientation, entrepreneurial education and
performance. Asia Pacific Journal of Innovation and Entrepreneurship.
Cui, Y and et.al., 2016. How to become an excellent entrepreneur: The moderating effect of risk
propensity on alertness to business ideas and entrepreneurial capabilities. Technological
Forecasting and Social Change, 112. pp.171-177.
Harrison, C and et.al., 2020. Leading the way: the entrepreneur or the leader?. Journal of Small
Business & Entrepreneurship, pp.1-17.
Imran, M. And et.al., 2018. The mediating role of total quality management between
entrepreneurial orientation and SMEs export performance. Management Science Letters, 8,
pp.519-532.
Jones, T., Ram, M. and Villares-Varela, M., 2019. Diversity, economic development and new
migrant entrepreneurs. Urban Studies, 56(5). pp.960-976.
Mazzarol, T. and Reboud, S., 2020. The Entrepreneur. In Entrepreneurship and Innovation (pp.
35-61). Springer, Singapore.
Puttur, C. D., 2018. WHY ENTREPRENEURS ARE IMPORTANT FOR THE ECONOMIC
DEVELOPMENT-A STUDY.
Ramoglou, S., Gartner, W .B. and Tsang, E. W., 2020. “Who is an entrepreneur?” is (still) the
wrong question. Journal of Business Venturing Insights, 13. p.e00168.
Tajeddini, K., Martin, E. and Ali, A., 2020. Enhancing hospitality business performance: The
role of entrepreneurial orientation and networking ties in a dynamic
environment. International Journal of Hospitality Management, 90, p.102605.
Wales, W. And et.al., 2019. Entrepreneurial orientation: International, global and cross-cultural
research. International Small Business Journal, 37(2), pp.95-104.
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Online
Microsoft's annual revenue worldwide, from FY 2002 to FY 2020, 2020. [Online]. Available
through: < https://www.statista.com/statistics/267805/microsofts-global-revenue-since-
2002/ >.
Number of employees at the Microsoft Corporation from 2005 to 2020, 2020. [Online].
Available through: < https://www.statista.com/statistics/273475/number-of-employees-at-
the-microsoft-corporation-since-2005/#:~:text=The%20American%20technology
%20company%20Microsoft,home%20country%20the%20United%20States. >.
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