Entrepreneurship in Business: UK Economy Contribution Report

This report delves into the multifaceted world of entrepreneurship within the UK, evaluating the significant contributions of entrepreneurs to the nation's economy. It explores the core characteristics and roles of successful entrepreneurs, highlighting the importance of self-motivation, risk management, and creativity, exemplified by case studies of prominent figures such as JK Rowling and Alan Sugar. The report meticulously assesses how entrepreneurs have fostered economic growth, created job opportunities, and driven innovation through the establishment of startups and small to medium-sized enterprises. Furthermore, it examines the reciprocal relationship between the UK economy and entrepreneurship, analyzing governmental support, market dynamics, and the impact of competition on entrepreneurial activities. The analysis covers key areas like the generation of national income, tax revenues, and social changes, including contributions to environmental sustainability. The report underscores the vital role of entrepreneurs in shaping the economic landscape and enhancing the overall welfare of the UK.

Entrepreneurship In
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
Evaluation how entrepreneurs have contributed to the UK economy.........................................3
Evaluation how UK has contributed to entrepreneurship...........................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneur is including the process of designing of business and launching of business. People
who have created the business are entrepreneurs which must have the capacity to manage the
business efficiently. The assessment is consisted about the characteristics and roles of
entrepreneurs which must have the characteristics of self motivation, risk management, and
creativity. Successful entrepreneur like JK Rowling and Alan sugar are successful in the respective
fields. JK Rowling is successful due to writing novels named harry potter series which has been
framed into the successful movies and Alan sugar is successful because of the company which is
dealing in electronics. Assessment is also consisted about entrepreneurs contribution to the UK
economy and contribution of economy to the entrepreneurship. UK is hiring the talented
candidates and as well economy is also obtaining finances in the market which is helping the
entrepreneurs to grow and achieve success in the market. Entrepreneur must ensure financial
stability for building the successful business and surviving in the market. Entrepreneur must know
how to identify and solve the problems regarding the products and services. Entrepreneurship
needs diverse skills which needs to be applied while the entrepreneurs are doing the business.
Characteristics and role of entrepreneurs.
Entrepreneur can be defined as a person who start up a business and take all profits and
loss with the main aim of making money. Entrepreneurs have different and unique qualities from
businessman as they think differently. Becoming and being an entrepreneur means to share ideas,
celebrating victory as well as failure for motivating themselves and others and expand their
business. People do not differentiate between entrepreneur and entrepreneurship as there is a big
difference. Entrepreneur is an individual who set and run a new business. On the other hand
entrepreneurship refers all activities which are being done by entrepreneur for setting up a business
(Spigel,2017).
Entrepreneurs have several skills, characteristics and play an important role in developing their
personal as well as professional life. Some characteristics and roles are being defined as follows:
Risk takers: The main characteristic of a successful entrepreneur is they take risk, and
they believe that without taking risks they can not learn new and innovative things. Playing safe
and do not take risk can not lead success and it is the main difference which make differ to
entrepreneur from businessman (Aldridge and Audretsch 2017).
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Self motivation: Self motivation is other main trait of a successful entrepreneur.
Motivation is essential for every member of the because every entrepreneur is entering the market
through the self-confidence and self motivation which is present in them. Motivation in
entrepreneurs is building motivation in the employees also which would also improve the
[performance of the employees (Guerrero, Cunningham, and Urbano,2015).
Passion: Entrepreneur is entering the market through setting up aims and goals which is
passion for the entrepreneurs. Entrepreneur are convincing the team which can give best for the
business. An entrepreneur is facing the problems like competition in the market, passion is helping
the entrepreneur to survive in the market.
Flexibility: Entrepreneur need to be flexible according to the needs of customers and
competition in the market. Entrepreneur not only needs flexible in business but also in thought
which would innovate something for the business. Technology in the market is updating timely but
entrepreneur in the markets must be flexible to adapt the latest technology which would be helpful
for the growth of business.
Creativity: Creativity of the entrepreneur is seen in the products and new techniques for
selling the products and also in increasing the business. Some entrepreneurs are thinking
something creative and innovative which is helping them in the business. Creativity in
entrepreneurs is introduced due to passion and motivation in them to reach the goal.
Understand what you offer: An entrepreneur need to know what to offers in the market,
what the customer wants. Entrepreneur must know what to fit in the market and what to sell in the
market which would increase the growth of the business.
She doesn't believe in failure
JK Rowling is and famous writer and entrepreneur which has written famous novels of
harry potter series. She is humble enough to sat that she was not scared of launching the novels in
the markets because she does not believe in the failure. She believes in the performance done by
anyone on the project. Rowling also sad that she had written the novels but there were some fears
in the mind which were disturbing them because that fear would have effects on the performance
of the JK Rowling. She said that she had thought about the passion, goal, and she felt motivated to
do the work. She is also stating that if one would face failure once, that person would never be
afraid of failure again. She has other qualities like she controls what she wants, and she is not
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getting stuck on the success. The qualities of self motivation and innovating something creative
which would entertain the customers (Shirokova, Osiyevskyy, and Bogatyreva,2016).
He doesn't get stuck in success
Alan sugar is also known as lord sugar and baron sugar. Alan sugar has developed the
business through the electronics industry but than also he was not stopped, and he tried to achieve
success in other fields like celebrity, politician and author. He became famous through TV star
status, and he performed in BBC reality series as well. Lord sugar initially launched the computer
named Amstrad which is accepted by the customers very well than he tried to invent more and
bring new technologies in the market which was increasing leading the company to the new
heights. After ruling in the business sector, Alan entered the politics, and he also became the
member of the labour party, and then he entered the television sector through the reality shows
series on the BBC. Achievements of Lord sugar would achieve new heights in the every field
which is also improving the image of the company as well (Kirzner, 2015).
Successful entrepreneurs have their goals and passion specified in the mind like JK
Rowling and Alan sugar which are starting their careers which with the failure, but they have
reached success through the specified goals and passion which is also entertaining the customers
of the company. Some entrepreneurs need to be self-motivated and creative because self
motivation would increase the motivation among themselves as well employees and creativity is
introducing innovation in the product by the entrepreneur. Risk management is essential part for
entrepreneurs to achieve success. Entrepreneur needs understand what to sell in the market and
what the customers are demanding.
Evaluation how entrepreneurs have contributed to the UK economy
Entrepreneurs have contributed to the UK economy forming 98% of the private sector in
the country market. There are many startups introduced with the innovative ideas in the market
which is leading the private sector towards the growth of the economy. UK's government is also
supporting the small and medium-sized enterprises and inviting new entrepreneurs to start new
start-ups .
According to the (Venkataraman, 2019) New businesses need employment which is
building new opportunities for the talented candidates. Entrepreneurship is providing jobs to the
job seekers in the country which will help the economy through supporting communities and
increasing the standard of living. This will provide the help to jobless people, and they will also try
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to help in the growth of the economy. Alan sugar an entrepreneur in UK is hiring those skilled
candidates which are jobless and searching for the jobs. Through this way the entrepreneurs are
contributing in reducing unemployment from the country. This step will also contribute in
reducing poverty from the country.
As per (Shirokova, Osiyevskyy, and Bogatyreva,2016) Increase in competition in the UK
market is due to the introducing new startups which are giving boom to the economy by
innovating new things and helping the economy to overcome the recession which came in the year
2009. Due to the competition in the economy entrepreneurs are motivated to innovate new things
which is also increasing the economy of the country as well as the world. Through JK Rowling
has announced the launch of harry potter series no other competitor would try to launch their series
in that time because no one in the market is able to compete the series. Competition on the market
is encouraging the entrepreneurs.
Author started that Increasing the productivity is due to increasing the startups in the
country which is providing the boon to the economy. Through increasing the productivity the
entrepreneurs are motivated to work and give the best on the work. Due to increase in the
productivity the entrepreneurs are able to sell products in the market and this will have impact on
the growth of the economy. JK Rowling is an author and entrepreneur which is contributing
towards the increasing the productivity which would contribute in the economy of the country. JK
Rowling is promoting harry potter series which would increase the productivity and employment
in the country.
According to the (Nambisan, 2017) Opening new markets for the new entries in the
economy is increasing the GDP in the economy to the new heights this will also increase the
growth of the entrepreneurs in the country. Through opening new markets the entrepreneurs are
able to innovate and customers are taking use of those innovations. Alan sugar is opening the new
markets for the new startups and small and medium-sized entrepreneurs which will contribute to
the economy in the future. These new entries is increasing the competition in the market as well as
the markets are facing new entries and those startups also which are not able to survive the
markets.
As per (Nambisan, 2017) Innovation has been increasing in the economy due to increase
in the competition in the market. Entries of the new entrepreneurs in the market is increasing the
competition and as well the existing entrepreneurs are improvising the product and launching
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innovative products to increase the sales of the company. Entrepreneurs like Alan sugar is dealing
in the electronics which would improvise the products like computers and electronics items sold
by the entrepreneur. Technology is giving the support to the innovation and creative ideas. It is
also improving the standard of living of the people in the country (Bradley, and Klein, 2016).
According to the (Dey and Steyaert, 2018) Entrepreneurs are contributing towards the
country welfare also like boosting national income and increasing the tax income paid to the
government. It is also increasing the gross domestic product and per capita income of the economy
of country. Entrepreneurs of UK are paying taxes because increase in the employment is relates to
the higher revenue and government is spending high on the country. So the country would provide
the investment in the struggling sectors of the economy. These steps will increase the national
income of the country and the gross domestic product would increase the income of the
entrepreneurs. Alan sugar is contributing towards the country welfare by increasing the national
income (Dey and Steyaert, 2018).
As per(Dey and Steyaert, 2018) Entrepreneurs also create social change towards the
people of the country and as well it also increases the standard of living of people in the country. It
will improve the quality of life and people have improved morale. People in the country will be
facing the impacts on the business and income as well. Some business in the country are
environment friendly also which are promoted by the government of the country. Entrepreneurs of
the country are also contributing towards the environment by creating awareness among the
employees. JK Rowling is helping in the change by increasing the initiatives for the change in the
environment.
Entrepreneurs are contributing towards the economy in the contributing to the country
welfare which will leads to the payment of taxes and increasing the national income. Competition
has been increasing in the country which will provide the market with the innovative products
which would attract the customers. New markets are been opening for the new entries in the
markets. Employment has been providing in the UK to the job seekers and talented candidates are
hired by the entrepreneurs (Nambisan, 2017).
Evaluation how UK has contributed to entrepreneurship
Entrepreneurship in the country has increased due to contribution of the UK government in
the sectors of small medium-sized enterprises, large scale business, social change and environment
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friendly. UK is contributing in entrepreneurship because it will increase the national income and
gross domestic product as well.
According to the(Blundel, Lockett, and Wang, 2017) ) small and medium sized
enterprises have increased in the country because country is providing benefits on the new entries
in the markets and the government has allotted certain schemes which is attracting the new entries
in the UK market which will increase the economy of the country and the country would be
benefited by the increase in the entrepreneurship. Entrepreneurship in UK is increasing day by day
because the author stated that the entrepreneurs in the economy would be entering the market
through the methods of startups and and small medium enterprises.
As per (Blackburn, 2016)large scale business are providing employment to the job seekers
and the government, so the government is inviting the entrepreneurship in the country which will
decrease the rate of unemployment in the country (Blackburn, 2016). Large scale business in UK
are planning to enter the global market which will increase the growth of the country and the
products would be exported to the other countries which would increase the value of the money in
the economic market. large scale business includes the financial support which is provided by the
government and the investors who are investing in the enterprises.
According to the (Blundel, Lockett, and Wang, 2017) ) entrepreneurship is also helping in
promoting the social awareness among the people of the country. Social awareness among the
people in the countries has been increasing the because social awareness among the country would
increase the standard of living and build up morale among the people in the country. Through
increasing the national income of the country, people are earning more income from the market
which is increasing the standard of living of people
Author (Kang, 2017) argued ad said that is has some negative impact also such as It is
stated that UK entrepreneurship is doing very well but there are some key constraints that need to
be addresses. Due to changes in internal and external factors there is a requirement for
entrepreneurship of UK to make changes in their policies. It is also stated that UK is a
comparatively strong but still have some unbalanced entrepreneurial ecosystem. In the context of
some weakness it is also said that UK lags slightly relative to the EU average on
‘internationalization’ and ‘process innovation'. It needs to be improved for taking competitive
advantages and increasing economy of the UK.
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According to the (Blundel, Lockett, and Wang, 2017) entrepreneurship in the country are
contributing towards the environment also, hence the UK government is increasing the
entrepreneurship in the country. The government knows very well, that the enterprises would help
the government to spread awareness among the people. Enterprises of UK are conducting the
special awareness programs which would help them to save the environment.
Entrepreneurship in UK is increasing day by day because through entrepreneurship, gross
domestic product of the country is increasing the economy of UK is ruling the world economy
which would have impact on the other countries' economy which would have negative impact as
well as positive impacts. Positive impacts would include the positive aspects which includes the
UK economy is not facing recession and the economy is facing high growth, so other countries'
economy would also face growth in the economy which is helping the country and the negative
impacts would include the negative aspects like economy of UK was facing recession at the time
of 2009 and the other countries were also facing recession at the time of 2009.
Entrepreneurship in the UK is increasing because of people of UK are promoted to work
for the enterprises and every impact of entrepreneurship is giving the positive effect on the
economy but points have negative impacts on the economy which includes the impacts like the
government could not control the crime. As technology and innovation are bought up in the market
crime is also increasing day by day in the country. Government must take effective measures for
reducing crime in the country which would also increase the growth in the economy.
UK is contributing in the economy because it will have the changes which will have impact
on the government of the economy. UK is playing a vital role in increasing the entrepreneurship in
the country which will increase the national income of the country (Blundel, Lockett, and Wang,
2017).
CONCLUSION
From the above study it has been summarized that entrepreneurship played a vital role in
increasing economy of the UK. Entrepreneurs have different and unique characteristics that made
them able to take a growth and differ themselves from other businessman. It has also shown that
risk taking is the main characteristic and played a vital role in making growth and accomplishing
pre determined goals of entrepreneurs. Entrepreneur are also increasing the national income and it
is also helping to increase the national income of the country. Entrepreneurs must have the skills
which includes risk management, flexibility, and to follow the passion which will increase the
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growth of the entrepreneurs. Entrepreneurship is including small and medium-sized entrepreneurs
and as well large scale entrepreneur which will improve the growth of the economy. Entrepreneurs
of UK are spreading the awareness among the people regarding the environment and entrepreneur
are also conducting awareness programmes which will spread awareness among them for the
environment. Through entrepreneurship one would change the standard of living, quality of life
and improved morale. UK's government is giving schemes which would invite the new entries in
the market and the those new entries would face competition in the market through which
entrepreneurs will innovate and improvise the products.
REFERENCES
Books and journals
Aldridge, T.T. and Audretsch, D., 2017. The Bayh-Dole act and scientist entrepreneurship.
In Universities and the Entrepreneurial Ecosystem. Edward Elgar Publishing.
Blackburn, R.A., 2016. Government, SMEs and entrepreneurship development: Policy, practice
and challenges. Routledge.
Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship. Sage.
Bradley, S.W. and Klein, P., 2016. Institutions, economic freedom, and entrepreneurship: The
contribution of management scholarship. Academy of Management Perspectives. 30(3).
pp.211-221.
Dey, P. and Steyaert, C. eds., 2018. Social Entrepreneurship: An Affirmative Critique. Edward
Elgar Publishing.
Guerrero, M., Cunningham, J.A. and Urbano, D., 2015. Economic impact of entrepreneurial
universities’ activities: An exploratory study of the United Kingdom. Research
Policy. 44(3). pp.748-764.
Kang, S.J., 2017. Psychological Characteristics of Pre-founders, Characteristics of Start-up
Preparations Impact on Entrepreneurship Intention. Asia-Pacific Journal of Business
Venturing and Entrepreneurship. 12(4). pp.85-96.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
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Nambisan, S., 2017. Digital entrepreneurship: Toward a digital technology perspective of
entrepreneurship. Entrepreneurship Theory and Practice. 41(6). pp.1029-1055.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Shirokova, G., Osiyevskyy, O. and Bogatyreva, K., 2016. Exploring the intention–behavior link in
student entrepreneurship: Moderating effects of individual and environmental
characteristics. European Management Journal. 34(4). pp.386-399.
Spigel, B., 2017. The relational organization of entrepreneurial ecosystems. Entrepreneurship
Theory and Practice. 41(1). pp.49-72.
Subekti, and et.al., 2019. Environmental Entrepreneurship Education: Case Study of Community
Empowerment Programs in Bandung Barat District, Indonesia. International Journal of
Entrepreneurship. 23(2).
Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal Ideas for
the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.
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