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The Importance of Entrepreneurship in the UK

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Today’s finest entrepreneurs are categorized by five specific attributes: Innovation, leadership, willingness to accept risk (both short-term and long-term), social and community contributions, and that of a goal-oriented, self-motivated business professional. Successful entrepreneurs often maintain at least one or several of these characteristics. and in differing degrees. However, there is a relatively common theme regarding today’s entrepreneurs which suggests that these listed attributes are the most primary elements of success. both in social enterprises and in modern business. Each of these entrepreneurial characteristics will be defined rather in-depth in the pursuit of justifying why this judge considers that these specific traits should be considered as primary criteria for winning this prestigious award.Virtually every professional agrees that innovation is a primary key to long-term success for today’s entrepreneurs. The exploration and development of new technologies and new ways of doing things are vital to the future viability of an organization (Gomez-Mejia et al, 2005: 350). With this statement in mind, it is important to illustrate what innovation means in a contemporary context.Whether the particular industry involves conducting business transactions or is a social enterprise, the concept of innovation is to accomplish what no other organisation has managed to establish. For instance, a company which manufactures physical products geared toward any number of consumers would identify innovation as a redesign to an existing product or a radically new consumer good which satisfies a growing need in the buying community. In a very similar respect, a social enterprise, perhaps an organisation which provides health and human services to low-income families, might define innovation as an internally-driven set of changes to policies and procedures which creates a better, more competent organisation.