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Entrepreneurship and The World Economy

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Sample on Entrepreneurship and The World Economy

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Introduction

An entrepreneur is the one who started their own business and hence bears all the risks along with the rewards. Entrepreneurship is basically the act of developing the business and thus driving it towards the profit. Alan Sugar and Simon Cowell are the leading entrepreneur who have transformed the world with their innovative ideas and has achieved success. Alan Sugar is a politician as well as business magnate who first started the company of consumer electronics by the name Amstrad which is listed in London Stock Exchange. Simon Cowell is an English talent show judge as well as business man who has been the judge of various British shows like American Idol, Pop Idol.

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This essay addresses the 3 characteristics as well as 3 roles of entrepreneurs, Entrepreneur contribution to UK economy and UK contribution to entrepreneurial development.

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3 characteristics as well as 3 roles of entrepreneurs

An entrepreneur is basically the individual who starts a new and fresh business and thus bears all the risks as well as enjoy the rewards of that business. In short, an entrepreneur is generally the initiator, challenger as well as the driver of their own business. Although there are large number of entrepreneurs who have succeeded in their life and thus have been the pioneer but the most inspirational and famous are Alan Sugar and Simon Cowell. Alan Sugar is a leading businessman while Simon Cowell is judge of talent shows as well as entrepreneur.

Characteristics

One of the most significant characteristics of a successful entrepreneur is that they are highly self-motivated. For succeeding in life, an individual needs some kind of motivation and need a push that will drive them towards their goal. Thus, having the sense of self-motivation is extremely required for becoming the good entrepreneur. A self-motivated entrepreneur is generally dedicated to their work and thus works on various alternative for solving the complex problems. Individuals who are hard-working are incredible goal oriented and thus makes every effort to succeed in their life (Kirzner, 2015). They are considered as the successful entrepreneur. For example, the successful entrepreneur Alan sugar and Simon Cowell when first stared their business was committed towards their work and well as towards their goals. They were directed towards their objective enough to take their business at milestone. Their self-motivation helped them to succeed in their business and thus took their organization towards the sky of seven.

Risks

Each and every business bears some type of risks whether is it an already established business or new organization. Every organization has to go through the risks and find ways to deal with. Thus risk tolerance is the biggest characteristics of any entrepreneur in order to succeed in their life. As a successful entrepreneur, the individual needs to remain aware of the nature and degree of risks which will face in starting their business. Besides this, a good entrepreneur generally knows when to take the risks and how to deal with it. Avoiding risks cannot make an organization to develop and the entrepreneurs knows it. Before starting the business, an individual requires the well through analysis of the market and its trends to know the amount risks that they would incur in the short as well as long term (Venkataraman, 2019). Alan sugar when started the business of importer and the consumer electronics faced a lot of ups and down due to the strong presence of their competitors. But eventually he found the ways to deal with these risks and hence succeeded. Simon Cowell entire career is based on analysing various risk among which launching the band of monkeys was one where Simon Cowell was unaware of its success in America. This group in the end created their hit songs which grabbed a huge success in the market.

Passion

Passion is one of the important as well as remarkable characteristics which a successful entrepreneur possesses . Passion is generally a driving factor which creates a sense of motivation within people and drive them towards their goals (Meyer, Neck and Meeks, 2017). A passionate entrepreneur makes effort to make their work look good and thus find ways for their development. This is a significant characteristics and helps the entrepreneurs to overcome the various hurdles and roadblocks. For example, Simon Cowell was highly passionate for the music industry and thus was committed to become producer. This passion for music industry made Simon Cowell a famous American Idol. Passion of Alan Sugar for Football made him too bought Football club and thus financed World cup.

Roles

The main role played by an entrepreneur is of the leader. A successful entrepreneur generally acts as potent leaders and thus influence their leaders in a positive way. They provide right guidance to their followers and hence encourages them to achieve their individual as well as organizational goals. Besides this, an entrepreneur is involved in bringing the people together with innovative ideas and views and thus motive them to work in collaboration with each other. The successful entrepreneur is able to lead the people in the right direction and hence is responsible for providing them the correct form of training (Parker, 2018). For example Alan Sugar has been one of the most inspirational leader for their followers who have led them in the correct direction. When Alan Sugar started the new company Amstrad of importer, then he hired competent people and thus provide effective training to them by acting as the efficient leader and motivated them to work effectively. Result was the global presence.

Innovator

A successful entrepreneur generally is responsible to bring innovative ideas for their company that will meet the needs as well as demands of people. Therefore, they act as innovator for their company where they motivate their followers as well as team to bring new ideas and thus apply brainstorming. An entrepreneur analyses the market conditions and trends along with the needs of consumers and then find out various innovation in their products that would satisfy the consumers. They asses their products from every aspect and then bring creativity in them. Therefore, this role of an entrepreneur is imperative to inculcate innovation in every phase (Burns, 2016). For example, Alan Sugar found an idea of innovate where he enrolled young engineers to design the prototype of inventions. This innovate became the leading company.

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Forecaster

An entrepreneur is successful when they are able to forecast the risks as well as the needs of consumers that would help them in flourishing their business. Thus, entrepreneur plays the role of forecaster where they are responsible for estimating the internal as well as external factors that might affect their company operations in the long term (Kazanjian, Drazin and Glynn, 2017). Besides, they also forecast the amount of risk that the company would face in near future and thus decide whether to take it or not. An organization is generally affected by the environment whether internal or external and thus entrepreneur forecast the changes that might incorporate in their company due to change in this environment. For example, Simon Cowell when started the entertainment company of Syco forecasted the outer environment in which he assessed the expectation of consumers from television as well as the strength of the competitors. This helped him to modify their agency accordingly and thus recently is one of well-known television company. Alan Sugar when founded Amstrad forecasted the success of audio amplifiers and tuners as well as future trend of the electronic products which assisted him to make this company as one of the leading organization.

Contribution of Entrepreneurs to UK economy

Entrepreneurs are considered as the most important link to the economy and thus contribute a huge amount in boosting up the economy. They play an essential role in the economic development of the county by generating revenue from their business which is then used in the various development within country. Entrepreneurs generally of small medium enterprises are one of the important contributor who has made significant participation for the economic development of UK (Kuratko, 2016). Entrepreneurs of the small business in UK has contributed nearly 98% among which most of the business are private business. Besides this, the entrepreneurs usually develop their business by taking help from EIS or debt fund which eventually provide them with various opportunities to grow. This growth in turn has helped the entrepreneurs to generate more and more revenues and thus created more job employment opportunities which at the end boosted up the economy of UK. Alan Sugar is one of the entrepreneur who have helped UK in maintaining its stability and has created wealth for the country. The well-known company of this entrepreneur Amstrad which mainly deals in the consumer electronics along with audio amplifiers have given the innovative products in terms of IT to the market (Burns and Dewhurst, 2016).

Amstrad manufactures Home computers, word processors, notepad computers etc. which befitted many other sectors of UK like network companies, hardware providers and thus opened the gates of employment for wide range of people. Because of the innovation by Alan sugar in providing world-class processors, this company gained much popularity across the world and thus attracted many people for the job. The migration of individuals from various countries and states in UK eventually enhanced its economic growth and increased the employment ratio from 8% to 12%. This increase in ratio in turn increased the spending of consumers on luxury goods which generated a high amount of revenue in the country and increased the GDP of UK. Thus, in this way, Alan Sugar through its reputable company contributed to the growth of UK (Storey, 2016).

Simon Cowell on the other hand is also the established entrepreneur who made a significant contribution in increasing the economic growth of UK. Simon Cowell is basically the judge of talent show and a businessman. Besides this, he is the owner of entertainment company Syco which has eventually raised the economy of UK (Read and et.al.,2016). The entertainment company has broadcast its shows across the world which features Simon Cowell and has thus led to the sponsorship and partnership of other media advertising with this company Due to the large publicity, a lot of media advertising company has partnernered with Syco due to which there has been the entry of multiple currencies in UK which has eventually increased its overall GDP and tax rate. Besides this, being the most renowned television judge, the various events held by Simon Cowell bought a large number of population in UK due to his publicity and goodwill which in turn increased the spending of those immigrants on transport, hotel, travel etc. This in turn bought a large amount of fund in UK and thus boost up its economic development. Therefore, Simon Cowell as served as the important player who have indirectly raised the UK economy due to its fame and personality along with its reputable company. Thus, these are some entrepreneur who have made an important contribution to their part to enhance the economy of UK.

UK houses a large number of entrepreneurs of some SME who also generate some amount of fund which is later on used for the development of various infrastructural facilities in UK and transforming the society (Light, Bhachu and Karageorgis, 2017). Each and every entrepreneur on their part contribute to the economic development of UK. For example, entrepreneurs of small industries generally are not able to build much revenue and profit from their products and for their resources and expansion take loans form the banks and other financial institution. This ultimately increases the flow of fund in UK from various countries in bank and other institution and thus increases the exchange rate of the currency. On the other hand, entrepreneurs of the big and large industries generate a huge amount of profit from their products and services and thus possess large amount of fund. Due to such high incomes, they become liable for paying large amount of tax to the government and thus from their earning they every year pay a good amount of tax. Such large amount of tax form established entrepreneurs increases the revenue of UK and thus increases its GDP rate. The money collected from these well-known entrepreneurs are then utilized by UK government for improving the infrastructural facilities and for the overall welfare of society. Besides this, these entrepreneurs also play a crucial role in providing employment opportunities to wide range of people. The entrepreneurs analyse the market and trends along with the needs of consumers and then design their product to achieve their goals. Such companies due to its goodwill attracts large number of candidates from across the world in UK and thus increased the diversity of the County. This at the end increases the employment ratio of the country and provided various opportunities to the people. For example Alan Sugar is the owner of Viglen Ltd which is basically the IT provider to public sector. Its integration of the innovative technologies is well-known around the world and has thus enticed a large number of people for the job in this industry which eventually raised the job ratio in UK. Alan Sugar designed various strategies to integrate cloud computing in a new way for the public companies and this fascinated various talented candidates across the entire world to become a part of this company. Therefore, Alan sugar has become a helping hand for UK to raise its diversity and hence the economy. Due to the growth of UK, each and every entrepreneur in UK is making their efforts to start their business or expand across the geographies.

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Besides this, entrepreneurs has also helped in developing the social change where they endeavoured to step out of the constraints of obsolete technology and inculcate the society with new and advanced technology. This ultimately increased the quality of life of entire society and thus enhanced their disposable income. The innovation bought by the entrepreneurs have helped the people of society to revolutionize their work and hence become more job focused due to which their productivity has increased and hence their spending on luxury items has enhanced which has generated more revenue in UK.

UK contribution to entrepreneurial development

Not only does the entrepreneurs have helped in enhancing the economy of UK but the county has also provided various opportunities to these entrepreneurs for their development. There is close connection between the entrepreneurial development and UK contribution and hence are linked to each other. UK has been known to provide immense opportunities to people of its society whet in their business or in their expansion and development (Cooper, 2017). The reform strategies of UK has promoted the development of many of the entrepreneurs of the country. Among all these are Alan Sugar and Simon Cowell. Alan Sugar is known by its company Amstrad where the people of UK has helped Alan Sugar to make this company a success. When the interest of consumers in electronics decreased, Alan Sugar faced a huge loss in its revenue and thus suffered from downturn (Hitt and Duane Ireland, 2017). At that time, he realized that consumers want innovation in the audio amplifiers and the processors thus for this innovation, Alan required money and thus seek the help of banks for some funds. Thus, due to good economic condition of UK, Banks had large flow of cash in the country and helped Alan Sugar by granting loan for purchasing the resources. In this way, the abundance of foreign currency in UK helped Alan Sugar to establish their business and thus helped in his growth. Besides this, UK also helped Simon Cowell to establish the name in music industry and becoming an entrepreneur. UK is well-known for its high advertising industry and music industry and holds talented singers and judges (Aldrich, 2017). The growth of music industry and entertainment in UK attracted Simon Cowell to establish his business and thus the advertising agency. In short, the growing interest of UK population in entertainment and music compelled Simon Cowell to start his own publishing house in the country and thus make profit by attracting large number of audience to UK. In this way, UK eventually helped Simon Cowell in the development and growth. Besides, there are various factors prevailing in UK which has helped in the growth of entrepreneurs. Like the political environment of UK has been one of the most influential factor for entrepreneurs. The corruption level in UK is reported to be low since 2014 which has thus helped wide number of industries and entrepreneurs to establish their business and hence operate them at right level. The tax rate as well as tariffs in UK has been in favour of the entrepreneurs which help them to generate more and more revenues. The market in UK is generally capitalistic means the consumers’ needs more breakthrough innovation thus the presence of this capitalistic market has been very helpful for the entrepreneurs. Like this market has helped Alan Sugar to bring continuous innovation in the processor, computers and other electronics and has thus made Amstrad a flourishing company (Lipset, 2018).

Apart from this, UK has also made a significant contribution for the entrepreneurial development through the establishment of various laws which are in the favour of various companies. The fairness and credibility of the legal system of UK has affected the entrepreneurship quality and thus have provided them with various legal services. For example, the Synco company of Simon Cowell when entered into the partnership with other entertainment industries then the law of UK called courts to enforce this contract between the two partners hence helped Simon Cowell to protect the rights of company. Besides this, UK has a well through law of copyright and trademark which has assisted entrepreneurs to secure their rights and intellectual property and has thus led to their development and growth, due to these laws, entrepreneurs are able to expand their business across the geographies and thus flourish in various parts of the world. Along with the legal system, labour markets have also revolutionized the growth of entrepreneurial development. UK has an abundance of skilled labour who works at the reasonable price. Thus, this availability of the skilled people in the country has allowed entrepreneurs to hire and recruit the talented people at much lower cost for the organization. Due to the abundance of potential people, the organizations are able to serve the customers better and hence satisfy their needs and demands. With the advent of globalization, UK has witnessed the migration of qualified and skilled people in the country which has eventually assisted entrepreneurs to expand in the wider geographies with the help of these employees and thus develop through the innovation.

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Along with these, the infrastructural system in UK has also played a vital role and has thus helped entrepreneurs for their growth and in improving the overall performance. Due to the increased tourism in UK, the transport, electricity as well as other infrastructure system is well-developed and hence reflect the economic growth of UK. These all services are basic for entrepreneurs and thus are required to flourish their industry. UK has mainly focussed on improving its infrastructural facilities which has thus benefited entrepreneurs in a great way in establishing their business. The better infrastructure of UK has helped entrepreneurs to increase the connectivity as well as linkage which stimulate entrepreneurial opportunities and hence has enabled them to enjoy these opportunities. It has even helped small and medium enterprises to connect to different parts of world and trade their products across the entire world. These facilities like railways, roads, provide funding to the business along with the advisory services and hence helped entrepreneurs to develop their network and flourish in different parts of the world (Barringer, 2015).

Therefore, UK has contributed to a greater extent for the development of the entrepreneurs and has enabled them to expand their business and serve the markets other countries. Apart from this, UK has also provided various opportunities like employment for the emerging generation where they have focussed on managing the entire system of the country.

Conclusion

It has been summarized that a successful entrepreneur should have various characteristics like self-motivation, passion which will enable them to succeed in life. In addition to the characteristics, entrepreneur plays varied roles like leadership, risk taker that helps them to flourish their business and become market leader. Alan Sugar and Simon Cowell are among the renowned entrepreneur who possess these characteristics and due to which they have set milestone in their life. Besides this, these entrepreneurs have contributed to the development of UK economy by generating revenues from their business which has increased the GDP of County and has created more employment opportunities. Not only does the entrepreneurs but UK has also helped entrepreneurs in their development by providing various infrastructural facilities, skilled labour to them.

References

  • Aldrich, H., 2017. Learning together: National differences in entrepreneurship research. The Blackwell handbook of entrepreneurship.pp.5-25.
  • Barringer, B.R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson Education India.
  • Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan International Higher Education.
  • Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
  • Cooper, A.C., 2017. Networks, alliances, and entrepreneurship. Strategic entrepreneurship: creating a new mindset.pp.201-222.
  • Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic management research. The Blackwell handbook of entrepreneurship.pp.45-63.
  • Kazanjian, R.K., Drazin, R. and Glynn, M.A., 2017. Implementing strategies for corporate entrepreneurship: A knowledge‐based perspective. Strategic entrepreneurship: Creating a new mindset. pp.173-199.
  • Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
  • Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
  • Light, I., Bhachu, P. and Karageorgis, S., 2017. Migration networks and immigrant entrepreneurship. In Immigration and entrepreneurship (pp. 25-50). Routledge.
  • Lipset, S.M., 2018. Values, education, and entrepreneurship. In Promise Of Development (pp. 39-75). Routledge.
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