An Evaluation of Entrepreneurship

ABSTRACT

This report is concerned with entrepreneurship and entrepreneurs. The subject of entrepreneurship is important because it can affect the way a national economy is functioning. Throughout this report some of the most relevant aspects of entrepreneurship will be presented and defined, like: types and ranges of enterprise ventures, similarities/differences between entrepreneurial enterprises. Different sectors of entrepreneurship i.e.: public and corporate will be identified, discussed and linked to relevant examples. Within this assignment there will also be a general analysis of the impact of SMEs (and large companies) on the UK economy, supported by current data and statistics. Contemporary examples of entrepreneurial enterprises and recognised entrepreneurs will be given in order to provide a deeper understanding of entrepreneurship and its ramifications.

Table of contents

Abstract………………………………………….………………………….….……..page: 3

Introduction………………………………………………………………….….…….page: 4

P1……………………………………………………………………………..pages: 5 to 6 P2………………………………………………………………………………..pages: 6 to 8

M1……………………………………………………………………………….pages: 8 to 9

P3……………………………………………………………………………….pages: 9 to 11

P4…………………………………………………………………………….pages: 11 to 13

M2…………………………………………………………………………………….page: 13

P5…………………………………………………………………………… pages: 14 to 15

P6…………………………………………………………………………….pages 15 to 16

M3…………………………………………………………………………… pages: 17 to 18

P7…………………………………………………………………………….pages: 18 to 19

M4…………………………………………………………………………….pages: 19 to 20

Conclusion…………………………………………………………………………. page: 21

Reference list………………………………………………………………..pages: 22 to 26

Bibliography.………………………………………………………………….……..page: 27

Introduction

Entrepreneurship and small business management are the most important aspects of any economy. They both complement each other because business management cannot be successful without good entrepreneurship. In the United Kingdom micro and small businesses are considered the core of the economy end represent over 90% of the active companies. Micro and small businesses in the UK produce half of the total financial turnover and provide more jobs than the total of large businesses. Entrepreneurship is the accumulation of ideology, mind-set, character traits and skills that differentiate entrepreneurs from the business owners. Entrepreneurs can be found in every economy no matter the country or geographic region and they can be influenced by national culture or economic circumstances. Entrepreneurs can start up a business on a local, regional, national and even international level. The international start-up is now an everyday occurrence (Burns, 2016).

The aim of this report is to present, define and evaluate different aspects of entrepreneurship. Also this report will present and document the variances between different types of entrepreneurs. Throughout this report, relevant and contemporary examples of entrepreneurs and entrepreneurial enterprises will be provided and linked to the theoretical definitions and concepts.

Entrepreneurship can be defined as the activity of developing, organising and managing a business for the purpose of making profit. I define entrepreneurship as the activities of business creation in its broadest sense, including sole proprietorships a business that start with multiple proprietors and/or employees (Elam, 2014).The entrepreneur usually takes on financial risks while engaging all available capacities and abilities in order to achieve its entrepreneurial aim and goals. One good example of a successful entrepreneur is Anita Roddick, she founded The Body Shop in 1976 and by 1991 the company had 700 branches in the UK.  

Entrepreneurial activity is the activity carried out by the entrepreneur in the pursuit to generate value (profit). This can be achieved by: creating and starting up a new business, expanding an existing business, creating/developing new products and accessing new markets.

Entrepreneurial enterprise is the willingness to embark on a business venture and take risks without knowing the exact outcome of that venture. One cannot know or anticipate when an entrepreneurial opportunity will present itself (Roueche & Jones, 2005). Entrepreneurial enterprise is characterised by two major aspects: risk and initiative. Taking initiative but also investing in a business or a start-up business are fundamental traits needed by any entrepreneur to complete an entrepreneurial enterprise. One example of an entrepreneurial enterprise is the one made by Gordon Moore, in 1968 he established NM Electronics which later became known as Intel Corporation.

The new age of uncertainty has powerful implications for all organisations (Burns, 2016).There are different types of entrepreneurial ventures based on typology of entrepreneurship. Some of these types or entrepreneurial ventures are described below:

• Small business ventures have a higher speed of creating wealth and a higher amount of wealth generated, e.g.: Mercer&Hole which is a company providing accounting services to businesses and individuals
• Micro enterprise ventures usually provide services and/or goods in a local area, for example: a sandwich bar business.
• Large enterprises are established businesses with a well-known brand. Sainsbury is one of the big retailers in UK that falls in this category of enterprises.
• Lifestyle businesses are owned by the founders and aimed at providing the founder`s income. Freelancers and some micro enterprises fall in this category of entrepreneurial ventures.
• Social good organisation/business is the type of enterprise that is committed to improve the lives of its customers and gets involved in the surrounding community.
• Scalable start up and Angel Investors: a business with high potential and low capital is very attractive to the so called Angel Investors; the investors will become equity owners of the business and the business itself will receive the needed capital in order to be successful.
• Second Stage Company is business ventures that have made it thru their start up stage and are focused on growth and expansion.

There are different types of entrepreneurial ventures based on criteria like: size, number of employees and yearly turnover.

•  Micro enterprises have a small capital to begin with and less than 10 employees.
• Freelancers are mostly self-employed and they don’t commit to an employer on a long term basis.
• Small business: this type of entrepreneurial venture functions with less than 100 employees.
• Large enterprises usually have a fairly long history, broader client recognition and more than 1000 employees.
• Social good organisations reinvest part of the profit back into the business and in doing so they take part in tackling social issues and improve the life standard of the community within which they operate.
• Scalable start-up ventures are based on an innovative business idea with huge growing potential but lack in capital. Angel investors provide the capital needed by the start up to enter new or large markets and to grow rapidly.
• Second stage companies dedicate all available resources towards growing and not surviving. These entrepreneurial ventures present the intention and capacity to maintain development and expansion.

Keeping in mind the above classification of entrepreneurial ventures there are some similarities and differences between them, for example: all entrepreneurial ventures involve taking a risk, all entrepreneurial ventures need financial capital, and entrepreneurial ventures are based on innovative ideas or opportunities. The degree of risk taken and capital invested is usually directly proportional with the size of the entrepreneurial venture but this is not a general rule. As ventures develop, their owners remain instrumental in shaping their performance (Parker, 2006). It is possible that an innovative idea supporting a micro business will need more capital and higher risk taking in order to expand it compared to a small business that is based on a not so attractive concept.

The most important difference between serial entrepreneurs and intrapreneurs is the fact that the intrapreneurs are employed by a company while the serial entrepreneurs set up businesses on their own. The risk taken by the intrapreneur is smaller compared to the one taken by serial entrepreneurs. Entrepreneurs are unemployed, depressed,  and broke if they fail (Stoddard, 2010). Serial entrepreneurs are independent, they raise the needed capital or they are self-funded and do not share the profit. In comparison with serial entrepreneurs the intrapreneurs are dependent on the company that employed them and that also finances them. Intrapreneurs share the profit with the employer. An intrapreneur is usually committed to one entrepreneurial enterprise at a time while the serial entrepreneur will take on several entrepreneurial enterprises at a time or even at the same time. The owner manager entrepreneur is similar to both serial entrepreneurs and intrapreneurs because: it is in charge of the entrepreneurial activity and it is also employed by the company it manages. The owner manager is concerned solely with the expansion/growth of the entrepreneurial enterprise that it owns and manages.

There are several different types of entrepreneurial ventures based on the sector (public or private) in which they are active, i.e.:

• Public sector: government owned enterprises, government agencies.
• Corporate sector (part of the private sector):sole trader, Micro and SMEs, Large businesses.

Entrepreneurship in a corporate private sector is different than entrepreneurship in the public sector. Companies that are part of the public sector entrepreneurship are usually government owned and they have a general purpose of providing services to the society. One such company that provides services to the community is the: UK Fire Service. Uber is one of the newest corporate entrepreneurial ventures. Corporate entrepreneurship is more concerned with identifying opportunities to start or transform a business in order to make profit. Corporate entrepreneurship has become strategically imperative for growth (Haran, 2006). Public sector entrepreneurship is bound to have more accountability i.e.: constitutional accountability and political accountability. When comparing the two it is safe to say that corporate entrepreneurship is more concerned with financial incentives based on performance. Entrepreneurs active in the corporate sector might not be punished for a failed project because the corporate sector encourages risk taking, this is not the case in public sector entrepreneurship.

One example of a public sector entrepreneurship is: Transport for London (TfL).

This company is a government body that functions with the aim of providing a necessary service to the society. The purpose of TfL is to provide means of transportation for the general public. TfL brings to the public a wide range of transport options like: buses, underground rail network and river transportation services.  Being part of the public sector entrepreneurship TfL is funded by taxes has high level of bureaucracy and it does not reward efficiency with profit incentives.

Corporate sector entrepreneurship does not provide public goods and it can be seriously affected by economic recession. According to Diefenbach (2011) entrepreneurship is not part of the traditional public management approach. A relevant example of a corporate sector entrepreneurship is Virgin Group Ltd.  Virgin Group Ltd is a multinational corporation founded Sir Richard Branson and Nik Powell. Virgin Group Ltd is active on many economic sectors e.g.: travel, hospitality, banking, aerospace, health, charity and sports. The company has launched a competition in 2014 called: Virgin StartUps. Thru this competition Virgin Group Ltd is able to identify, explore and invest in new entrepreneurial opportunities.

The European union makes a general distinction of self-employment, micro, small and medium size business (Jerinabi & Santhi, 2012). A micro business is the type of business that operates on a small scale, usually has one owner and less than 10 employees. Diamond Kebab located in Milton Keynes is a micro business owned by one person and has a total of two employees. A small business can be defined as the business that employs 10 to 50 persons and has a maximum financial turnover of £6.5 million, i.e.: The Cricketers, which is a pub with more than 10 employees, also located in Milton Keynes.

Between the years 2000 and 2017 the number of businesses in UK has increased by 64% as presented in Fig. 1. Because 99,9% of businesses in UK are SMEs (as shown in Fig. nr: 2) it is safe to say that micro and small businesses have the biggest impact on the UK economy. SMEs also have the highest employment percentage of 60%. Looking at the total turnover of the SMEs, provided by Fig. nr: 2, the conclusion is that SMEs have the highest level of turnover.  Taking in consideration the information provided by the three figures below one can conclude that SMEs:

• are the most important type of business of the UK economy.
• have the highest impact on the economy, in UK.

The roles of SMEs within the UK economy are: providing jobs, encourage economic competitiveness, flexibility, adaptability and innovation.

Fig. nr: 1

Source: http://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN06152#fullrepor

The number and type of small firms that were contributing to the United Kingdom economy at national level (in 2017) are detailed in the figure below.

Fig. nr: 2

Source: http://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN06152#fullrepor

The chart below depicts the number of small firms at regional level in 2017 in the U.K. After analysing   the data in Fig. nr: 3 the high difference between London and the North East of UK are revealed.

Fig. nr: 3

Source: http://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN06152#fullrepor

There is no legal framework defining the social economy but the generally accepted definition is the following: social economy is considered to be a separate sector of the economy (a third sector) which is different from the public/private sector. The social economy is characterised by distinct social objectives and aims i.e. reduce social inequality, increase social inclusion, create and increase economic growth. There is a great variety of social economy enterprises, for example: cooperatives, foundations, charities, trade unions, political organisations, trade and professional associations. We are committed to creating the right environment for these innovative and life-changing organisations to grow so they can support communities in the UK and across the globe (www.gov.uk, 2018).  Examples of social enterprises:

• Jaime Oliver`s restaurant in London named Fifteen has helped young people from underprivileged backgrounds to become world class chefs.
• Karen Lynch`s company called Belu Water supports environmental initiatives and gives all profit to water aid.

One in five companies in the UK today is a social enterprise. Small businesses and business start-ups are important to the growth of the social economy for two major reasons; these two reasons are the following:

• SMEs and SME start-ups are the engine of the UK economy.
• SMEs and SME start-ups have the highest social economy impact because they can reach the lower layers of the society.

Social economy initiatives are based on principles which are concerned primarily with people`s needs (Amin et al, 2003). SMEs and SME start-ups are crucial in the growth of social economy as they generate multiple benefits, e.g.:

• Creation of new jobs and/or increase number of jobs available will improve the life of people within the society.
• Tackling and finding solutions to social issues like unemployment of young persons by employing young people even if they might not have work experience.
• Sponsoring workshops and training courses that aim to prepare future employees in their future employment ventures.
• SMEs can donate part of their profit to charities or environmental entities that operate within the same society.
• SMEs and SME start-ups can create and spread social opportunities throughout the society.

The importance of the small/medium business sector in many economies has greatly increased in recent times (Prowle & Lucas, 2016). The differences that small, medium and large businesses exert on the UK economy can be determined by analysing the data from Fig nr. 2. Micro and small companies (with 0 to 49 employees) accounts for about  96% of all businesses and 48% of employment. Medium companies that have between 50 and 249 employees retain 12% of the employment and almost 4% of businesses. Large companies accounted for 40% of employment and less than 1% of businesses. Large companies have acquired 49% of the total business turnover in UK.

By putting the micro, small and medium sized businesses into one group and comparing it with the large companies group the 2017 economic statistics reveal the following:

• Micro and SMEs produce half of the total turnover while large companies produce the remaining half.
• Because of their high number Micro and SMEs retain more employees than large companies regardless of the fact that Micro and SMEs have fewer employees.

In the UK a successful small business like: The Hub Dental Practice from Milton Keynes needs less than 49 employees in order to function properly. Because of the nature of the economic sector that it is active in, this company will retain its current customers (patients very rarely change their dentist) and simultaneously attract more. Although the profit per client is not very high the company will make good profit due to the high number of clients. A successful example of a large British company is: BP, currently ranked number 18 on the Forbes Top 500 Companies. This company employs over 70.000 people and has over 1,200 service points in the UK.

Entrepreneurial mindset is imperative in any entrepreneurial venture. A successful entrepreneur will have a certain attitude and mental state that will make him stand out from the crowd and be acknowledged. Daniel Priestley (2018) states that now more than ever, one must have an entrepreneurial mindset in order to determine all and any opportunities. Having an entrepreneurial mindset means that an entrepreneur would be characterized by self-respect, curiosity, optimism and commitment. Having a sense of ownership, feeling the need to have an impact and being able to see the big picture are characteristics of a good and developed entrepreneurial mindset. Having the right mindset alone is not enough in order to be a good entrepreneur, entrepreneurial mindset must be accompanied by certain entrepreneurial characteristics i.e.: being open minded, having a vision, being driven, having a high risk tolerance, determination, positive attitude and self-confidence. Entrepreneurial qualities seem to be in the blood, and are not easily diluted (Knutson, 2000).

Character traits of entrepreneurs

1. Flexibility: for an entrepreneur is necessary in order to tackle economic twists and turns and to survive unexpected economic events and/or shifts. There is a real need for flexibility and adaptability in any entrepreneurial venture (Morris, 1998).
2. Creativity: is strongly related to innovation. A successful entrepreneur will look to find and use: new patterns, uncharted connections, new technologies and unconventional methods.
3. Motivation: in the case of an entrepreneur is intrinsic. The entrepreneur will be predisposed to work because it will make him feel engaged and stimulated on a personal level.
4. Determination: in entrepreneurship is crucial because it will empower the entrepreneur to not give up due to failure (which is quite common).
5. Confidence: is a natural trait of an entrepreneur. Entrepreneurs have a positive self-image and worth and they believe that in the end their efforts will pay off.

According to Lichtenstein and Lyons (2010) a skill is the ability to perform a certain action or task, at a high level of performance and without a great deal of conscious thinking, to achieve a desired outcome.

Types of entrepreneurial skills

1. Strategic thinking: is the skill that differentiates the business man from the entrepreneur. By applying strategic thinking the entrepreneur will turn a business into an entrepreneurial business. By applying strategic thinking Tesco has succeeded in becoming an international entrepreneurial enterprise.
2. Proactive orientation to change and innovation: is the skill that encourages the entrepreneurs to develop new products and implement new technologies ahead of the competition.
3. Ability to plan, organize tasks and communicate decisions: is a skill that every entrepreneur must have. This particular skill will help the entrepreneur, on a long term, to successfully manage any entrepreneurial venture.
4. Risk assessment with regard to opportunities: is one of the most important entrepreneurial skills that an entrepreneur should and must acquire. Opportunities should not be wasted or ignored but the entrepreneur must understand and asses the risks that come with every opportunity. Let’s assume an entrepreneur has identified the opportunity to develop an innovative mobile phone case. In this case the entrepreneur must assess the risks that come along with the opportunities e.g.: is there a demand for mobile phone cases and how strong is the competition.
5. Team building skills: are necessary because the entrepreneur alone will not be able to complete an entrepreneurial venture on his own. The entrepreneur must gather around him the right kind of people and the skilled employees needed accordingly. Linking the team building skills to the above mobile phone case example, the entrepreneur must be able to motivate, inspire and share its enthusiasm and drive.

Individuals who found their own firms view the world and its challenges differently than most others (Fisher & Koch, 2008). Personal entrepreneurial tendency is used to determine whether a person can be an entrepreneur or not.

The entrepreneurial tendency consists of personal traits, qualities and reasoning that differentiate the entrepreneur from the rest i.e.:

• Have a strong desire to achieve.
• Likes being in charge.
• Identify opportunities and use available resources to achieve.
• Willingness to take risks.

Types of entrepreneurial personality

The Improver: is the type of entrepreneur that undertakes an entrepreneurial venture aiming to improve the world. The improver is characterized by high morals and ethics and also high level of integrity.

The Advisor: is a hand on type of entrepreneur that provides higher levels of advice and assistance in comparison to other entrepreneur personalities. Customer focused companies are built by this type of entrepreneurial personality. Tony Robbins is a good example of an entrepreneur that falls in this category as he worked as an advisor to leaders for over 30 years.

The Superstar: is at the center of the entrepreneurial venture. The superstar possesses charisma and high levels of energy but it can also be workaholic and to competitive. Gary Vaynerchuk is known as a very charismatic entrepreneur that has a high number of followers on the social media.  

The Artist: is the entrepreneur with highly creative capacities and is usually involved in ventures that are based on creativity, like: advert agencies.

The Visionary: will conduct an entrepreneurial venture based on personal future vision and thoughts. The visionary develops contingency plans for future possible threats/incursions. One such visionary entrepreneur is Elon Musk.

Entrepreneurship has not been able to give an answer to one very difficult question: are entrepreneurs born or are they made? An entrepreneur must have certain character traits that are essential in entrepreneurship. Shefsky (2011) has reached to the conclusion that everyone has dreams but entrepreneurs` dreams are different. Because of sheer human nature all individuals are different and are born with different character traits. Some of the must have character traits of an individual in order to be an entrepreneur are the following: creativity, vision, determination, drive, motivation, perseverance, flexibility, risk tolerance and being open minded. Individuals that are born with the above enumerated traits in an innate way are most likely to be successful entrepreneurs. Taking in consideration this argument one could conclude that entrepreneurship has a natural occurrence and is not taught. Tony Hsieh of Zappos is considered to be a born entrepreneur; he began his entrepreneurial ventures at the age of nine years old.  The reality is that not one single individual has all the character traits necessary to be an entrepreneur. It is possible that an individual will poses some entrepreneurial character traits but not all them. So how come individuals with only a few entrepreneurial character traits are successful? One argument is that entrepreneurship can be learned by adopting characteristics and developing entrepreneurial skills. Taking this in consideration everyone should be an entrepreneur but the economic reality proves this is not true. One other point of view is that an individual can become an entrepreneur by learning and at the same time possessing a minimum basis of entrepreneurial character traits. One possible answer to the initial question is that: some individuals are indeed born entrepreneurs and other individuals become entrepreneurs by simply learning the lacking knowledge that they did not inherit naturally. Vera Wang became a famous wedding gown designer (former Olympic figure-skater) by learning more and faster and by always carrying knowledge with her.

Entrepreneurial development of an individual can be influenced by certain external factors like family upbringing and, lifestyle and cultural specifics. There are as well several internal factors that can affect and mould entrepreneurship e.g.: personal drive and personal motivation. All these factors can either encourage and foster entrepreneurship or hinder it. An individual with good family upbringing and wealthy background will take risks easier compared to an individual with an underprivileged background. Personal motivation and drive have contributed to the success of Keith Wyler who is now a serial entrepreneur. He grew up in a poor family with no higher education degree but in spite of this negative personal context he has managed to become a successful entrepreneur.

Entrepreneurship is under the influence of several factors i.e.: background education, national culture, economic circumstances and character traits. According to their nature these factors can have positive effects, like fostering and encouraging entrepreneurship, or negative effects like hindering of entrepreneurship. No matter the type of influencing factors over entrepreneurship, the character traits of an individual will play a major role in any entrepreneurial ventures of that particular individual.

Personal background and education are two factors that affect the business start-up decision making. A higher level of education can be a positive factor because it provides the specific knowledge and knowhow needed by a successful entrepreneur. An individual with a low level of education has less chances of becoming an entrepreneur. An entrepreneur can be successful even though he had low level of education if he possesses high quality entrepreneurial character traits, i.e.: the founder of Twitter, the successful Jack Dorsey, has never obtained his undergraduate degree. Kakouris and Fulford (2013) concluded that graduate entrepreneurs are able to develop their business skill and self-confidence through work. Personal background like: being raised within an entrepreneurial family or in an entrepreneurial environment will increase the chances of an individual to become an entrepreneur. Personal background characterised by poverty and underprivileged conditions will hinder the decision of starting up a business. Disadvantageous personal background can diminish and erode the character traits lf an individual.

Economic circumstances can either hinder or foster entrepreneurship. Economies going thru struggles or crisis are less attractive for entrepreneurs because they present higher risks and uncertainties. There have been cases when economic crises that did not stop a skilled entrepreneur to make himself noticed, e.g.: Steve Jobs developed and introduced the very expensive iPod at that time, during high economic speculation and instability.  Economies characterised by sustainability and growth are more likely to determine entrepreneurs to start up a business because the risks are smaller.

Strong character traits can empower an individual to start up a business in economies that present high risks and are not so attractive. Regardless of nationality and culture the character traits of entrepreneurs remain the same. The link between culture and economics has generally not been very well studied (Brown&Ulijin, 2004). Different national cultures will affect the way entrepreneurs achieve their entrepreneurial ventures in different ways. In some cultures entrepreneurs have more respect and recognition while in other cultures entrepreneurs must be more prudent and attentive. Specific national values also affect entrepreneurs in their decision to start up a business.

The truth is that unfortunately not all entrepreneurs are successful; this is a statement by Mirjam van Praag (2005) following her research. The link between entrepreneurial characteristics and the influence of personal background and experience on entrepreneurship can be analysed by taking a closer look at some of the most successful entrepreneurs today.

Peter Jones (born 1966) is a successful entrepreneur currently worth over £367 million. Peter`s personal background has had a great influence in his personal entrepreneurial development.  He was brought up in an entrepreneurial environment, his father owned a business, and by the age of 8 years old Peter was already filling driven. As a teenager he presented strong entrepreneurial inclinations and he wanted to be the best he could. Peter Jones`s first entrepreneurial venture was a tennis coaching school that he founded. In his twenties he developed and failed with three more entrepreneurial ventures. At the age of 28 Peter didn’t have a job, car or home but in spite of the dire situation he was in he never gave up. Due to his strong character traits and experience (gained thru failures as well) hi kept pushing forward. In 1998 he founded his first successful company: Phones International Group and two years later he sold a second company for millions of pounds. Peter Jones was awarded the title of: Emerging Entrepreneur of the Year 2002 and in 2009 he established the Peter Jones Enterprise Academy. Currently Peter Jones has more than 1000 employees and he has personal investments in over 40 businesses in a variety of markets which produce sales of over £250 million.

One other example of a successful entrepreneur and e commerce pioneer is Jeff Bezos, born in New Mexico in 1964.

His personal background did not have anything in common with entrepreneurship until high school, matter of fact when he was just 4 years old he was being raised by his young mother and his new 15 years old foster father. Despite his hindering personal background regarding entrepreneurship Jeff Bezos`s strong character traits started to emerge when he tuned his parents garage into an electronic laboratory. During high school he developed his first business: Dream Institute (a summer camp for young children).In 1986 Jeff graduated in computer science and electrical engineering from Princeton University. Following graduation Jeff Bezos had several jobs on the Wall Street and in 1990 he became the youngest vice president of the company he was working for. The year 1994 was pivotal for Bezos`s future and his entrepreneurial journey that followed. Having gained experience and felling the need to achieve Peter quits his job and moves to Seattle. Here he takes a huge risk in the pursuit of an internet market opportunity and he establishes an online bookstore named: Amazon. In the year 2000 he founded the successful aerospace company entitled: Blue Origin. Jeff Bezos bought the Washington Post paper for £250 million in 2013 and in 2017 he became the world’s wealthiest person. Currently Jeff Bezos has launched a health care entrepreneurial venture and he is working on new developments in Amazon.

Conclusion

As a conclusion one could say that: entrepreneurs are essential and imperative for the growth of any economy. Thru their drive and innovation entrepreneurs affect the business environment by creating new business entities and jobs. Lately the concept of entrepreneurship has been introduced in the public sector as well but with limitations regarding risk taking and identification of new entrepreneurial opportunities. A wider variety and range of entrepreneurial ventures is desirable and beneficial because it will generate benefits to individuals coming from different personal backgrounds and with different levels of education. Successful entrepreneurs, either born as one or self-developed, that invest or startup businesses are seen as source of inspiration and mentorship for the next generations of entrepreneurs.

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https://ec.europa.eu

https://www.experian.co.uk

https://www.vistaprint.co.uk

https://www.statista.com

https://www.biography.com