Impact of Entrepreneurship on UK and US Economic Growth: A Report

This report delves into the realm of entrepreneurship within the UK and US economies, providing a comprehensive overview of its significance. The introduction sets the stage by defining an entrepreneur and highlighting figures like Steve Jobs, emphasizing their role in innovation and business creation. The main body explores the multifaceted roles of entrepreneurs, including risk-taking, leadership, monitoring, allocation of resources, and forecasting. It further examines key characteristics such as creativity, motivation, innovation, and passion. The report then analyzes the substantial contributions of entrepreneurs to the economic landscape, focusing on boosting economic growth, generating employment opportunities, driving technological advancements, enhancing the standard of living, and promoting environmental sustainability. The report concludes by summarizing the key findings and reinforcing the critical role of entrepreneurs in shaping economic development. References are included for further reading.

ENTREPRENEURSHIP IN
UK AND US ECONOMY

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
An entrepreneur is basically the individual who designs and builds the new business and
thus bears all the risks as well as enjoys rewards. In short, an entrepreneur is the initiator, driver
as well as challenger who takes the initiative to start a new business through the use of some
innovative ideas and suggestions. Steven Paul Jobs is basically the business magnate, media
proprietor as well as industrial designer based in America. Steve Jobs was chairman, co-founder
as well as Chief executive officer of the company Apple Inc.. Jobs was raised in San Francisco,
California and was chairman as well as member of Walt Disney company. Jobs was also the
founder and chairman of NeXT. Steven was considered as pioneer of personal computer in the
era of 1970s and 1980s. This report gives a brief about role and characteristics of entrepreneur,
Contribution of entrepreneur to country's economy and contribution of country to development
of entrepreneurs.
MAIN BODY
Role and characteristics of entrepreneur
Role of entrepreneur
The major roles of the entrepreneur which help them to succeed in life and thus achieve
their goals are
Risk taker
An entrepreneur plays the role of risk taker and thus this is one of the most important role
which helps and entrepreneur to succeed in their life and thus achieve their goals. Steve Jobs is
one of the successful leader which has taken a wide range of risks in the life and hence became
one of the successful entrepreneur (Burns, 2016). Steve Jobs presents a well-through example of
an entrepreneur and thus the most well known risk taken by him is starting the first company.
Thus, a successful leader is the one who assess all the risks which are beneficial for their
business and thus is willing to take risks which will eventually lead their business to milestone.
Leadership
A successful entrepreneur is the one who plays the role of leader and thus lead their
followers and employees in right direction. Entrepreneur act as leader and provide appropriate
guidance to their employees regarding their personal development as well as professional
development. Steve Jobs is one of the renowned leader who has influenced the employees in a
positive way and this has become one of the leading quality of Steve Jobs which has helped this

person to succeed in life and thus achieve the goals and objectives. An entrepreneur adopts the
wide range if leadership styles a per the situation and thus selects the most appropriate one which
will not be beneficial for organization but also for employees (Cumming and Zahra, 2016).
Monitoring
A successful entrepreneur also plays the role of monitoring and thus reviews and
monitors external as well as internal environment of organization. Besides this, entrepreneur is
also responsible for correctly monitoring the activities of employees in right direction and
therefore act as regulatory body. Steve Jobs when first started the organization Apple initially
assessed all the information which will affect Apple and analyse the impact which will affect the
organization. Hence, a successful entrepreneur is mainly responsible for seeking the information
of internal and external environment and thus reviewing it to great level.
Allocator
A successful entrepreneur allocates the various resources which are helpful for the
organization and thus serve as allocator. Entrepreneur mainly procures as well as allocate the
resources which is essential manpower in organization and oversees its proper utilization. The
entrepreneur predominately hires a range of staff and employees who have the capability to help
them in proper operation of business and will give their best for achieving goals and objectives
of organization. This role is consistently played by Steve Jobs in the organizations like Apple,
Next etc. where Steve Jobs maintained the appropriate utilization of available resources and
hired the right kind of staff who can use these resources to their best level.
Forecasting
This is the another most significant role which is played by entrepreneur and thus act as
forecaster. Each and every organization is affected by the changes that occurs in environment
thus entrepreneur is responsible for forecasting and estimating these changes in order to remain
prepare for any uncertainties. Steve Jobs played role of Forecaster and thus estimated all the risks
and opportunities for Apple (Baporikar, 2015).
Characteristics of entrepreneur
Creativity
This is one of the most important and remarkable characteristic of a successful
entrepreneur which requires them to be creative in each and very aspect of business. In order to
be successful, generating new ideas and innovative thinking is highly essential thus the leader

should be able to apply brainstorming and continuously engaged in creating new ideas and
innovation (Rath, Solano and Schutjens, 2019). Steve Jobs is well-known for his creative ideas
and bringing new innovation which has taken Apply and other organisation to the milestone.
Hence, In order to succeed in life and achieve the goals, entrepreneur should be able to think out
of the box and explore various opportunities to come up with innovative solutions.
Motivated
In order to motivate others, an individual should itself remain motivated then only they
will be able to encourage others. Thus, a successful entrepreneur has the important characteristic
of encouraging and motivating others in positive direction. The entrepreneur should remain
motivated regarding the goals, objectives and should be able to motivate others. This is the
significant and remarkable characteristic of a successful entrepreneur where the individual needs
to be self-motivated. A successful entrepreneur should be dedicated to their work and thus
should be enthusiastic along with the self-motivation. Steve Jobs remains highly self-motivated
regarding the work and organization and thus plays role model for the employees.
Innovation
This is the another most important characteristic of a successful entrepreneur wherein
entrepreneur should be able to bring new ideas and explore different opportunities ion order to
succeed in life and attain the substantial amount of revenue. Innovation basically means creating
new ideas through which individuals can start the new business and can earn a great profit
(Stough, 2016). Steve Jobs in the entire life assessed the market conditions and came up with
various innovative ideas like 3D screen phones which helped to make Apple successfully brand.
Besides this, a successful entrepreneur should be able to innovate various processes and methods
through which they can easily capture a great market share.
Passion
For achieving landmark in life and to become successful, individual need to be dedicated
and committed towards their work and should be passionate enough to drive themselves forward.
This is another astonishing feature and characteristics of a successful entrepreneur where they
should be passionate and motivated which will drive them towards success. Steve Jobs was
always passionate and encouraged towards exploring different technological advancement and
this passion led him towards establishment of Apple which later on became one of the leading
organization. Thus, successful entrepreneur should have high level of passion in order to become

successful in life & achieve the goals and objectives. This passion allows entrepreneur to
overcome the wide range of roadblocks and hence forge ahead for gaining fame and money
(Mitra, 2019).
Contribution of entrepreneur to country's economy
Each and every country is known for the success of entrepreneurs and thus entrepreneurs
forms the major link between the development of country and its stability. It has been reported
that entrepreneurs are one of the most important part which contributes towards the development
of country and hence impacts its growth in positive as well as negative way. Steve Jobs is one of
the renowned entrepreneur which have supported towards the development of United states both
economically as well as politically. The most important contribution which Entrepreneurs have
made towards the development of U.S. is boosting its economic growth (Aldrich and Ruef,
2018). The new products as well as services which are build by the entrepreneurs have produced
the cascading effect and have stimulated the various other business sectors which has eventually
led to the economic development of United states. The most important contribution which the
entrepreneurs have made in development of US is the generation of wide range of employment
opportunities. According to the report of 2017, there has been an increase in the number of
entrepreneurial ventures in US from 21.2% to more than 57.9%. Most of the entrepreneurial
ventures in US are small scale businesses well as start-ups which requires a huge number of
employees for work. Thus, this have eventually led to the increase in employment opportunities
in country from 32.7% to around 72.1% and these start-ups have created various nature of jobs to
the people ranging from administrative job to technical job. Being a multinational company,
Steve Jobs in the year 2018 opened large number of vacancy in Apple and provided employment
to people of US as well as other individuals outside the country (Anyadike-Danes, Hart and Du,
2015).
Another most important role which entrepreneurs play and contributes towards
development of country providing new technologies to the people. The essential characteristic of
a successful entrepreneur is that they are able to turn the innovative ideas into different products
and services which eventually leads to prosperity of the country. The economic growth is
generally driven through new technologies and its application thus entrepreneurs has invested a
large amount of money in exploring new technologies (Coulibaly, Erbao and Mekongcho, 2018).
For example- Steve Jobs when initially launched Ipads was considered as one of the

transforming feature of technology and when bought high degree of innovation in it like
Touchscreen this eventually led to the economic growth of United states. This technology
launched by Steve Jobs Witnessed extreme efficiency and more and more other organizations
decided to invest in Apple due to which the cash-flow within country increased.
Not only does the entrepreneurs have contributed towards economic development of
United states but have also resulted in high standard of living of People and US and have
improved their quality of life. The different entrepreneurial ventures in US have bought a large
number of innovation in the country. For example Walmart enabled the people to have organic
food and thus provided them with self-service convenience stores which eventually led to the
high standard of living. Steve Jobs is the one of the entrepreneur who have due to its
technological advancement and innovations have eventually increased the quality of life of
people in US. For example When Apple came up with the new idea of 3D computers and iMcas,
it eventually increased the knowledge of people towards technology and most of the backward
classes became educated. Thus, education eventually increased their perception towards different
aspects of life and thus increased their standard of living (Kuratko, 2016).
When entrepreneur starts a new business or have an already established business then
they become highly committed towards the various laws that prevails in the following country
among winch most important one is the environmental law. Thus, entrepreneurs have contributed
towards combatting the various environmental challenges in US and have put forward their
support in preserving the natural heritage. It has been witnessed that since the emergence of
entrepreneurial ventures in US, the environmental threats regarding pollution and other attributes
has declined from 54.2% to more than 21.4% which has eventually resulted in growth of United
States. Steve Jobs has also from the various innovation has put a hault on different environmental
concerns and have contributed to a large. For example, in 2015 Steve Jobs came up with the
innovative idea and seeing the increasing environmental pollution and policies in US, Apple
bought Macbook Air and Mac Mini that were made up of recycled aluminium and thus were
biodegradable. These products poses the least impact on environment and thus in this way Steve
Jobs contributed to a great extent towards environmental sustainability in US (Johnsen and
et.al.,2017).
Another contribution which entrepreneur make towards the development of country is
stimulating the regional development. Entrepreneur in US have played a huge role in removing

the economic disparity and have resulted in the development of various backward areas.
According to the report of 2017, due to increasing entrepreneurial venture and firms in US, most
of them have extended their industries in neighbouring backward areas for availing the
substitutes. This has eventually led to development of those regions and have accelerated their
growth. Steve Jobs has contributed to a high level in improving the condition of backward areas
and provided the with the means to lead a healthy life. Apple created around 450000 jobs with
the help of US based suppliers and retailers to local communities and in the neighbouring areas.
It created employment for backward areas residing across the nearby locations by setting up
nearly 92900 manufacturing industries and 33300 construction industries (Nightingale and Coad,
2016).
One more important contribution which entrepreneurs have made toward the
development of United States is increasing the revenue within country. By producing wide range
of products ans services, entrepreneur eventually have increased the wealth of country and thus
have resulted in the development of new markets. The new products have resulted inn the
economic development of United States and have accelerated its growth. For example- When
Apple launched new Iphones, its demand across the world increased and to fulfil this, company
exported the phones around world in large quantity. This ultimately led to the inflow of cash
within United states and it increased the migration of different currencies in the country. Thus, in
this way wide range of entrepreneurs have provided their support towards the development of
United states and their contribution is imperative in the growth of country.
Contribution of country to development of entrepreneurs
Not only does the entrepreneurs but the country also provides its support for their
development and for helping the to establish their name in market. Each and every country
follows give and take concept where if entrepreneurs are contributing towards the development
of country then in return it also makes a huge contribution for their personal as well as
professional development (Blackburn, 2016). The support of United states in the growth of
entrepreneurs is apparent and thus have helped them to expand in wider geographies. The most
important way in which United states contributes towards the growth of their entrepreneurial and
the firms is providing the resources. The government of United states plays an important role in
the growth of entrepreneurs. They provide the necessary raw material and well as improve the
infrastructure of entrepreneurial firms which eventually helps them to operate efficiently and

manage their overall operations. For example- During the initial stage of Apple company,
Government of United states provided a huge support to Steve Jobs by providing them the
enough infrastructure like communication systems, computers, technological systems etc.
Therefore, in this way government extend their support for growth of entrepreneurs.
Another most important contribution which United States have made for development of
wide range of entrepreneurs is providing funding as well as loans. Here banks and different
financial institutions plays a major role and their contribution is imperative (Henry and
et.al.,2017). Various banks based in US provide loans and funding to entrepreneurs for starting
their business for expanding it. They nit only provide funding and loans to start-up businesses
but also encourage various local banks to work in collaboration with theses start-ups for helping
them to expand. Different banks have different interest rates thus entrepreneurs seek help of
financial institutions for seeking money for various purpose like procuring raw material, setting
new outlet, expansion etc. For example- In the beginning when Steve Jobs decided to expand the
industry of Apple in wider geographies, Due to its better market condition and financial
performance, Banks in UK provided fund to this company for recruiting employees at different
location and for setting business across world.
Another way in which country contributes and helps entrepreneur for achieving success
and goals is providing educated employees and access to different training programmes. To
make sure that the entrepreneurial ventures and firms have access to various trainee workers and
employees, the government of United States offer free schooling to them and also provide loans
as well as grants for higher education of the employees. The US government have taken a new
initiative to work with some trade schools as well as community colleges for providing free
training worker training. It has also become a main source for Steve Jobs to achieve success
where the US government is continuously engaged in providing free training to all the worker of
Apple and other entrepreneurial companies (Nazareno, Zhou and You, 2018).
Legal policies and the laws are the most important part of any country and every country
has different leas and regulation which the organization operating there has to follow in order to
ensure success. Thus, the role of these policies and laws are profound in the growth of
entrepreneurs. United States have different laws in comparison to other countries and this
eventually leads to the growth of wide range of entrepreneurs. The government in US provides
the various procedures and processes to the firms which they have to follow and these laws

provide a basic guideline and framework which helps them to manage their operations
effectively. For example- In US, the government has removed the mandate upon employees to
work for 8 hours per day thus this have helped Apple to work accordingly and follow these laws
to ensure their success.
Local communities forms an essential part of each and very county and thus no country
exist without a well-through population and society. Their contribution to the growth and
development of entrepreneurs is apparent and thus extend their support to a great extent. Local
communities of United States by contributing their valuable ideas and opinions helps the firms to
succeed and establish its position in the market. Due to high employment ratio in US, each and
every individual there have high education level and thus they contribute their creative and
innovative ideas to the organization which help the to achieve great market share. For example-
In apple, most of the employees that are working currently are from United States and nearby
areas which have proven record of innovation and their contribution to the success of company is
profound (Varady, Kleinhans and Van Ham, 2017).
The general public and various non profitable organizations like NGOs, charitable trusts
extend their support for making entrepreneurial ventures a success and achieving their goals and
objectives. These NGOs and charitable trusts provide wide range of funding on their part to the
entrepreneurial ventures for starting their business or for expansion. NGOs and other non
profitable organizations provides credit to the entrepreneurs as they face difficulty in taking
loans from banks due to low capital investment. Thus, through this they help the enterprises to
successfully manage their operations. Besides this, these non profit organizations also helps the
entrepreneurial ventures by providing them with the better workforce and thus offering various
facilities (Welter and et.al.,2017). For example- various non profit organizations have supported
and is still supporting Steve Jobs and Apple by making people aware of their products through
range of campaigns and events.
The various other business sectors and large organizations also plays an important role in
the growth of entrepreneurs and their development. The start ups and small scale companies in
United states depends on large organizations for range of raw materials and other aspects like
promotion, funding etc. These large multinational organizations invest their money in small
entrepreneurial firms which eventually helps these firms to grow their business and manage the
operations (Leyden and Link, 2015). Besides this, they also provide various infrastructural

facilities as well as raw materials for establishing their business in market and compete
productively. Large number of small scale companies and entrepreneurial ventures in United
States are dependent on other business sector for their working and hence they manage their
operations through them. For example- in order to manage the various technological
advancement and communication aspects, Apple is dependent on telecommunication industry
which provides them with various services like telephones, internet services etc. Thus, they
mainly depend on various sectors and industry for carrying out their daily operations. These
multinationals organizations in United States not only helps in providing raw material and
funding sources but also invest heavily in their research and development department for bring
innovation and creativity. They support the ideas and processes of these firms and outsource
some of their services to them. Through this, they are able to generate huge revenue and income
which eventually helps them to establish their position in market.
CONCLUSION
It has been summarized that entrepreneurs plays an important role in organization and
thus should have the essential characteristic in order to achieve success in life and achieve goals
and objectives. While entrepreneurs plays the varying roles like innovator, risk-taker on the other
hand, they need to have astonishing characteristics like innovation, motivation etc. Entrepreneurs
contributes towards the development of any country in a great way like generates employment
opportunities, improves the standard of living of the entire society and improve their quality of
life. While their contribution in the development of country is profound, the specific country also
plays a major role and thus contributes to the overall growth and development of entrepreneurs.
Amidst this, government plays essential role and thus provides funds and resources to the
entrepreneurial ventures for managing their operation and carrying out various activities. Besides
this, local communities also plays vital role by providing their valuable ideas and opinion to the
organizations and thus helps in achieving their goals and objectives.

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