ENTREPRENEURSHIP AND THE WORLD ECONOMY: A UK Economic Analysis

This report delves into the multifaceted contributions of entrepreneurship to the UK economy, highlighting key aspects such as employment generation, GDP growth, and social welfare enhancements. The analysis centers on the impact of successful entrepreneurs like Simon Cowell and JK Rowling, illustrating how their innovative approaches and strategic business decisions have fostered economic expansion and global influence. The report explores the characteristics of successful entrepreneurs, including risk-taking, creativity, and adaptability, and examines the role of government support in nurturing entrepreneurial ventures. Furthermore, it assesses the impact of entrepreneurs on export, digitization, and the overall global standing of the UK. The report underscores the importance of entrepreneurs in driving innovation, creating jobs, and improving the quality of life for the UK population. The report provides a comprehensive overview of the economic landscape influenced by entrepreneurial activities.

ENTREPRENUERSHIP
AND THE WORLD
ECONOMY

Table of Contents
INTRODUCTION...........................................................................................................................3
Characteristics of Entrepreneurship............................................................................................3
Contributions in UK Economy....................................................................................................5
Contribution of government to entrepreneurs.............................................................................8
Public Support on Entrepreneurs................................................................................................9
Government Motivation for Entrepreneurs...............................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship is a personal activity which are done by entrepreneurs to ear the
maximum profits in ethical code of conduct. As entrepreneur are the business owners and have
much knowledge to increase their productivity, they use innovative ideas which make their
business core competent. Entrepreneurs generally use different business strategy so that they can
compete In the market and earn more profits. Due to this strategic planning and methods
entrepreneurs grow their business and try to reach the different regions of their business
expansion, these companies have a large transaction all over the world which help the economy
to grow as well due to high number of employment opportunities which will increase their living
standard and income generation of the economy. As organization have is now free to trade their
products and services globally with the help of liberalization and globalization international
business became easy and more productive with the help of entrepreneurs. Simon Cowell and JK
Rowling are one of the top entrepreneurs in the world which impacted the economy to grow in
positive direction. Simon Cowell was born on 7th October 1959 in London, he changed the phase
the youth and got his lifetime achievement as a music producer. JK Rowling was born in 1965,
England she had created a great impact in the hearths of readers as she is a writer, film producer,
screen writer, and also help to uplift the social backward people by donating. This report will
have a detailed description about how entrepreneurs have helped o boost the economy of the
world.
Characteristics of Entrepreneurship
A good entrepreneur is always known for the techniques and changes which have been
done to support its surrounding which is very essential as entrepreneur have to be broad-minded
and should have the ability to influence other to increase the efficiency.
Economic activity
Simon Cowell is a well know name which have made his achievement not only in UK but
in the worlds which enabled many followers to get motivated and help them to transform the
world. He has also provided the platform for the fresh talents to make them popular according
their potential.

JK Rowling is also an entrepreneur from UK, she had published many excellent novels
which give her a high number of sales of their novels and it also provided their readers to
increase their knowledge and interest in literature and become more intellectual.(Rawhouser,
Cummings and Newbert , 2019)
Risk bearing
Simon Cowell in his career growth took many risks to form his concrete career and have
to make the right decision which make him the known entrepreneurs in the world as he has
invested in many television shows which had uncertainty of making profits as there was no fixed
script in the shows it was a reality based show which is known as X factor and many more, he is
entrepreneur skills portrayed in many fields of business from music, television.(Manso , 2016)
JK Rowling a famous writer of the famous novel Harry potter and movies as well, the writer was
a teenage girl who perused writing her thoughts and did not care about the people's criticism as
she lived in poverty most of her teenage life she made her way out of it and also started many
ventures which made her one of the successful entrepreneur because she had a dedication and
believe in herself that she can do it.
Creativity in ideas
As both the entrepreneur had a different ideology from the surrounding people which
made them to go out of the box and explore their capabilities and which also helped them to
increase their knowledge and possibilities to fulfill their ideas, Simon Cowell had an innovative
idea of starting a talent hunt show on the live platform to gather the maximum talents in the
country, and he didn't stop or was discouraged by the failures he kept on going and partnering
with many countries to start this concept which became a hit and that also helped many
deserving people chance to get what that need to fulfill their dreams.
JK Rowling is also an inspiration to many people as she is also a philanthropist but utmost she is
a writer. And a writer is only known for their thought which they portray in the books. The
thoughts and vision which JK Rowling novels had also made the readers connect to her novel
and also gave her popularity because of her different kind of plots and new character which are
similar to real life and also give some moral values to the readers.(Siegel and Wright, 2015)
Observation
a good entrepreneur also have to understand their environment to act on it and earn more
profits. Simon Cowell had observed the nature of his business from being a assistant in the

company and also learned about the internal factors which are obstacles and some factors which
will help him to increase the growth rate of his own business. As he has a goal of making his
own music platform, and he did and named it syco and is earning much from generating many
great music records. JK Rowling got her inspiration of making her first novel was she was facing
a problem o depression when she got married because of her husband's domestic abuse she
divorced her husband and started observing the good and evil things which led her life to
destruction, and she was also suffering with a disease which helped her to develop some evil
character while writing her first novel which got a huge response from the readers and also got
many appreciations from the government for with many awards for her work in the story line she
made.
Patience
Not every observer gets the chance to stand up successfully in their careers as there are
many factors which help a person to become successful and one important factor is patience, as
Simon Cowell had a vision of becoming successful from a very young age, but he just gathered
much knowledge and skills which will make sure that his work is being delivered to the people
properly. He had also worked with the one direction band which is very famous then he had also
taken his knowledge from Pete Water man to become record producers. He has also worked as a
consultant in BMG Music records he gradually complied all his knowledge and started his own
record company.(Shepherd and Zacharakis, 2018) JK Rowling have also known the importance
of being patience to attain her goals ahe had learned and broadened her vision with many events
of her life. She had also started to question all the factors which have destructed her life and
given her strength as she had survived from her problems and pursued her passion which all the
wold had known. Her potential which was brushed because of the poverty and negativity around
her, but she had managed to be patient to gain the success of her handwork now she has a net
worth of more than 1 billion Euros which has also broke all the record of the highest earning
writer in the world she had motivated many people from her journey of in depression to
becoming a successful women writer in the world.
Contributions in UK Economy
As JK Rowling and Simon Cowell had made many profits in their careers they have
directly and indirectly also contributed in the growth of the UK economy.

Employment
Being an entrepreneur both of them had a vision to grow their careers and which also
involved many people in support to grow their business. The entrepreneurs have given
employment to many people which have increased the living standards of the economy. As by
employing people they have also provided them with much knowledge and skills which have
increase their personality and have made them more potential in their work. As employment in
the economy helps to increase the quality of living and also improves the liquidity of the
economy.
Motivation
Both the entrepreneurs did not have a rich childhood and had faced many struggles in
their career in the early stages this has motivated many people to follow their path also believe in
themselves so that they can fulfill their dreams. They have also portrayed that anyone can be
successful if they have dedication and talent in doing what they want to. This helped the society
to become more efficient in their activities and increased the growth of UK Economy.
GDP and Disposable income.
As Simon Cowell and JK Rowling have provided the employment and motivation to the
population of UK. The economy had increased possibly and have also increased the per capita
income of the population which have created a boom in the market demand as not the people
have more income to spend so this indirectly have triggered the growth of all the industries.
Export
Both the entrepreneur had been successful to expand their business globally as the JK
Rowling have published many books and also made many films which have gained revenue and
which come back to UK and have increased the GDP of UK. Simon Cowell indeed had done
much to expand all his innovation to earn profits and which is diverted in UK indirectly. There
are many factors which also increased the tourism of the country and boost the GDP of the
country with export of the business because of the popularity of the JK Rowling and Simon
Cowell. (Street, Inthorn and Scott, 2015)
Social welfare
JK Rowling has also donated many times to the low economic areas to provide them food
and shelter which the basic need of any human being, she had also done many awareness
campaigns to provide knowledge about the necessities of the population. Simon Cowell have

also done many charities for animal which had given the awareness of not eating the meat and
the side effects of eating the meat and what impacts it will have on the ecological system of
earth, because of his huge fan following and influencing powers he gives this strong message to
every person UK and also aware what are the consequences of the eating of the meat and non
veg too health of themselves.(Moss, 2019) This all helped the economy to become more equal
and sophisticated and have rich moral values and decreased the criminal activities in the country
due to donations and charity have helped many families to earn their living better and live their
life better than before.
Connecting UK globally
As the increase in talents in UK which was spotted with the help of Simon Cowell had
mad a significant image in globalization and have also encouraged many foreign countries to
invest in UK while they have gained trust on the potential of UK which increased many new
MNC and have also promoted the Citizens of UK to expand their business as well to gain more
profits. JK Rowling despite her poor health condition and bad marriage life she ended up getting
divorced and started writing the novel which she published in 1996 and got a very huge response
as the fictional characters were much interesting and give a better understanding of the story. The
first Novel itself had sold more than 400 million copies around the globe with had marked UK
into Existence of creativity and innovation of different industries.(Bhagavatula, Mudambi and
Murmann, 2019)
Help the economy to digitize
Due to huge fan base of Simon Cowell he influenced the population to start the use of
technology so to increase the use o technology in the country, the people in UK loved his work
he started some shows on television which made their fans to purchase the television this helped
many companies to promote their products with the help of infomercials in the between which
also increased people's information about the trends and new products which is being delivered
in the market on their TV as the time modern techniques were also used as internet and some
online streaming application which will help them to get entertained. JK Rowling have also
increased the educational knowledge of the population of UK and which helped the people to
earn more because of their knowledge which increased the standard of living with more
disposable income and also make them to afford the latest technology to increase their
knowledge and do many recreational activities. Many other entrepreneur also got inspired with

the story of JK Rowling's life and have started their own digital platform to provide new stories
which people like. (Cécora, 2019)
Created the need of innovation
As need is the mother of innovatio0n and innovation will only be important when there is
some competition in the market. The entrepreneurs have inspired many entrepreneurs with their
unique ideology and this also gave them motivation to improve their ideas and innovations and
earn more profits which also helped the country to get more employment opportunities as
competition has arsed in the market and many other people in UK started to write something like
JK Rowling do but within much better approach and some have also invested in Television
shows with better ideas this has increased the opportunities of the population and have increased
the capital generation rate of the country. (Dubravska, Mura Kotulic and Novotny, 2015)the
entrepreneur have also been analyzed by the population to get all the positive aspects of their
personality to inculcate in them to become like those popular entrepreneurs.
Contribution of government to entrepreneurs
UK's government as analyzed the potential of the citizen and had decided to support them
with various methods so that they can become successful and help the country to grow more. The
government of UK had also developed some policies to help the innovative and productive ideas
the entrepreneurs to gain their success and increase their productivity. As there many factors
which hinders the growth of entrepreneurs it can be internal factors or external factors.
 The government of UK have changed the education system in the country so that the
individual get a proper develop right from the childhood, this helps the person to perceive
things and handle many problems with the help of skills and knowledge which they
already have learned. It will also increase the potential of the population and make them
more productive in making effective decisions.
 The government of UK appointed some potential media which can spread the examples
of success and their story to their success which will help the population decide which
path is most suitable for them. And that will also help the people of UK to motivate them
to become like them.
 The government of UK had also established many potential consultancies which help the
entrepreneur increase the though process of innovative ideas and also carve them into a

better entrepreneurs as they help the fresh entrepreneur to understand all the possible
outcome which can make their business fail.
 The government also provide entrepreneurs support by attracting them to think
innovative and by making some laws and policies which will help the entrepreneurs to
have a competitive advantage.(Morozova, Popkova and Litvinova, 2019) The policies
include intellectual property right which help the entrepreneur to protect their innovative
ideas and earn from that idea which was in case of Simon Cowell and JK Rowling as they
both had some innovative ideas and have registered their ideas in this act which helped
them to grow their business without many competitors.
 The government of UK have also promoted the new entrepreneurs to enter the market as
is has removed many market entry problem.
 The government also provided funding to some small and medium level business
entrepreneur who have very excellent innovative ideas which has a possible growth in
less time and with maximum returns.
 The government have promoted the fresh entrepreneurs by amending some new taxation
policies which favors them to grow with some ease in the Tax. (Ács , Szerb and Autio,
2016)
Public Support on Entrepreneurs
As public are only the customers who make the success of the Entrepreneurs, and they
support them as they feel the connection to what they are portraying in the nature of their
business . There are different types of support that the public gives to the entrepreneurs and that
are described below.
 Some people help the entrepreneurs By helping in process of their success as these people
can be their employees who believe in the entrepreneur's idea and do all the possible to
achieve their set objectives.(Jonsson, 2016)
 Some public are the followers of the entrepreneurs which is in case of JK Rowling and
Simon Cowell their success was not just because of their talent and potential but the
people who admire them also help the entrepreneurs to deliver their services more
conveniently to them and also help them to expand their business with that support.
(Momsen, 2018)

 Some people are the negative critics of the entrepreneur who always pull out the
shortcomings of the entrepreneur's work which help the entrepreneur with honest reviews
to increase their productivity and succeed their objectives in delivering their products and
services to their customer with more efficiency.
 Public have also helped the entrepreneurs to promote the potential of their products and
services by telling their close ones and also mouth publicity has increased in attracting
more customers to their business which help them to grow more.
 The people who are helping the entrepreneurs financially while growing their business
are also supporting them to provide better services and products with better efficiency so
that they can earn more profits and also grow their business.
Government Motivation for Entrepreneurs
Government have provided motivation to the population so that can are also attracted to
their own start up as the government of UK have made various policies to motivate the people to
become entrepreneurs and have a better profits, as becoming entrepreneur will also increase the
economy's growth rate and provide more employment opportunities to the citizens who are
unemployed.(Danakol and et.al., 2017) This motivation will also increase the quality of living
and increase the net disposable income of the individual of the country and it will also help the
country to grow all the sectors equally there will be more demand with rise in per capita income.
There are many methods which will motivate the entrepreneurs to increase their efficiency and
also give them moral support so that they can increase their growth in the competitive market.
The government will also give subsidies if the goods and services are in unique nature and also
have a positive impact on the social aspects of UK.
 Government have also provided training centers for the fresh entrepreneurs so that they
can increase their efficiency as just the innovative idea will not make business successful
there are many other actors which help the business to grow.
 The UK Government have also provided marketing support to the young talents of the
country to increase the business tactics so that they can compete in the market and also
increase their productivity with different marketing strategies.
 UK's government had also promoted entrepreneur who have stared their export business
by lowering the taxes for exporting the good's and services from UK and discouraged the
use of import products and services by imposing higher rates of taxes.

 The government have also provided some rebate in funding by the financial institutions
so that the entrepreneurs does not have to worry about the funds' ad be demotivated in
their objectives and innovative ideas.(Acs, Szerb and Autio, 2017)
 The government of UK have also provided various Grants, incentives which help the
entrepreneur increase their efficiency and have more innovative ideas which will be
appreciated by the government and also supported by them so that there will be increase
in number of people who will work effectively to increase their knowledge and skills so
that they can also be appreciated by the government. (Asongu and Tchamyou, 2016)
CONCLUSION
This report had described about how the entrepreneurs have contributed i8n developing
the society. There are many potential people in the country which are motivated by some
successful entrepreneurs like Simon Cowell and JK Rowling who were successful in creating a
mark in the world. Simon Cowell had been known for his music talent and become entrepreneur
by having innovative idea of giving platform to some talented people on National television.
This also promoted made him popular and also made many supporters who idolize Simon
Cowell due to his humbleness and also as an entrepreneur and artist. JK Rowling had made her
mark in the world by being observing and patient in succeeding her goals although her life was
full of destruction which gave her illness and depression which she fought out and made that
destruction into positive things and wrote about it in her First novel which led to her Successful
career and left poverty behind. The UK government had also focused on promoting the
entrepreneurs to come up with new ideas and government have also helped them to operated
their business to provide the entrepreneurs increasing productivity, the other factor which
supported entrepreneur were the public which made them successful as the public had supported
Simon Cowell and JK Rowling in creating their dreams in reality because with the supporters
and follower the powers of entrepreneurs or leaders is nothing.

REFERENCES
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