The Importance of Entrepreneurship and Enterprise in the UK Essay - 1

The Importance of Entrepreneurship and Enterprise in the UK - Essay Example ameters which tend to change continuously, however when all appropriate preparation has been made, entrepreneurship can lead to a significant development of the commercial market involved. However, in order to ensure the success of their efforts, entrepreneurs should try to follow strictly the principles of the commercial market avoiding risk in cases that there are no limits for the achievement of a particular plan. The existence of alternative plan of action has to be considered as necessary in order for the entrepreneurship to survive on a long term basis. Entrepreneurship should be considered as a fundamental activity that helps the market to be developed. However, in order for this activity to lead to positive outcomes it is necessary that the participants (entrepreneurs) follow a specific plan of action which has to be characterized by the thorough analysis of the market, the appropriate design of strategic plan and the rapid reaction to the opportunities appeared. Of course in any case the existence of risk creates a series of uncertainties for any potential entrepreneurship. But if all appropriate steps of action are followed they are little chances for the entrepreneurship to end up to a failure. This paper examines the characteristics of entrepreneurship as a unique commercial activity and tries to identify all the appropriate ‘qualities’ of a good entrepreneur as they can be observed both in the field of theory but also in practice. For this reason, the relevant literature review has been followed with a few examp les of successful entrepreneurs in UK as they have been evaluated and awarded in a relevant awarding scheme involving entrepreneurial activities in UK. Entrepreneurship has been defined through a variety of terms in order to respond to the needs of the market as they have been observed by theorists throughout years. At a first level, Thornton (1999, 19) refers to entrepreneurship as ‘the creation of new organizations which occurs as a