Fairfield School of Business: Entrepreneurship and World Economy

This report delves into the realm of entrepreneurship and its significant influence on the global economy. It begins by defining entrepreneurship as the process of creating new enterprises, emphasizing the associated risks and the primary goal of profit generation. The report highlights the pivotal role of entrepreneurs in driving innovation and economic growth, with examples like J.K. Rowling, Alan Sugar, James Dyson, and Simon Cowell. It further explores the characteristics of successful entrepreneurs and their contributions to the UK economy. Furthermore, the report examines the UK government's support for entrepreneurs and its positive impact on society. The report provides an overview of the key concepts of entrepreneurship and its connection to the global economy. This report serves as a valuable resource for understanding the role of entrepreneurs in shaping the world economy and providing insights into successful business ventures.

Entrepreneurship and
the world economy

INTRODUCTION
Entrepreneurship refers to development of new enterprises by considering the risks associated
with the same. The main objective of enterprises is to earn profit by making investment and
tapping opportunities. the person who manages the business and conceive ideas to transform
them into a venture is known as entrepreneur. the entrepreneurs and enterprises contribute hugely
to the growth of an economy. It involves innovation through which new products, services and
technologies are built and introduced on a commercial basis by undertaking financial risks and
responsibilities. The main reason behind this is to earn profit and take the business at next level.
This report is about various entrepreneurs who became successful. Some of them are J. K.
Rowling, Alan Sugar, James Dyson and Simon Cowell. These people are the examples you
should be considered for developing enterprises and become successful entrepreneurs.
Furthermore, it covers characteristics and role of entrepreneurs, their contribution to UK
economy, evaluation of UK contribution to entrepreneurship, relevant examples of well known
entrepreneurs. These things are going to give clarity by emphasising on various aspects of
entrepreneurs and the enterprises built by them. Some arguments of the authors on the matters of
entrepreneurship and its connection with the world economy are also included. The contribution
is huge in shaping a country economically. UK government support and provide subsidies for
helping entrepreneurs get ideas which can be turned into enterprises. The main reason behind
this is that if organisations are earning huge profit then contribution for the betterment of society
is likely to be there. Entrepreneurs are significant people for lifting and making the lifestyles
better by bringing new innovation and ideas in the existing business scenario. Also,
entrepreneurs are encouraged to work in order to accelerate economic growth by creating
employment at a faster rate and other facilities in an economy.
MAIN BODY
TASK 1
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