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Entrepreneurship
Entrepreneurship
Topic – ENTREPRENEURSHIP
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Contents
Introduction    3
Background    3
Early Life    4
Pete Waterman's guidance    4
Pop Music Entrepreneur    5
Characteristics of an entrepreneur    5
Opportunity recognition and idea development    7
Personal Life    8
Legacy    8
Competitive advantage    9
Recommendations    10
Conclusion    11
References    12
Introduction
Entrepreneurship is a multi-faceted phenomenon, distributed in many business areas and might be very difficult to describe. According to Schaper et al. (2014, page 5), entrepreneurship is described as the procedure of identifying innovative opportunities brought by individuals and translating them into marketable products or services. Entrepreneurs are considered people who profit from new business and are therefore regarded as economic assets. Through different studies, it has also been found that an entrepreneur has a few general characteristics and can play some special roles as entrepreneurs. Entrepreneurs have made great contributions to a country's economy by increasing GDP, taxes, increasing domestic employment, and reducing the poverty line (Brown and Hackley, 2012). Since entrepreneurs have multiple contributions to the economy, each country’s government has some responsibility for empowering entrepreneurs. Therefore, the government should implement favorable policies for enterprises to attract more entrepreneurs to start businesses and other responsibilities. From the perspective of Syco Entertainment's very successful entrepreneur Simon Cowell, this specific paper will focus on the different characteristics and roles of entrepreneurs moreover their contribution to the British economy. Besides, the contribution of the British government to British entrepreneurs will also be the subject of this article.
Background
Simon Cowell may be known for his brutal honesty during the popular TV show "American Idol" (and most recently during his tenure with the X-Factor), he is a music director moreover TV Producer. Cowell starts working in the mailroom of EMI Music Publishing Business, whose father worked for the company. Simon managed to get promoted gradually until he finally broke away and set up his record company E & S Music. After a great success on "American Idol", Kewell now owns a new record business called Syco and its sister TV production company SycoTV.
According to reports, Simon’s several TV and music careers earned him 95 million dollars a year (Eddleston, 2018).
Simon Cowell (born Simon October 7, 1959) is a British television and pop music entrepreneur. He is a talented judge. He is identified for his rough and aggressive style, sharp comments, making direct, and sometimes insulting contestants. Cowell signed a lot of future pop singers and became their first record contract (Grimm, 2011).
Pete Waterman's guidance
At EMI, Cowell is committed to the work of record producers. He met Pete Waterman, a third of the production team of legendary Aitken Waterman, in 1984 (Johnson, Freeman and Staudenmaier, 2015). Simon Cowell co-founded the record company Fanfare Records with Ian Burton in 1985, and the two of them won ten popular songs with their singer Sinitta.
Pop Music Entrepreneur
By 1989, the music group BMG provided Cowell with an A & R consultant position. In this position, he signed contracts, for example, Westlife, which ultimately brought more than 25 million album sales to his record company S Record. In 2002, Cowell established record signed successful new record laws, for example, Il Divo and "Pop Idol" players Gareth Gates and Will Young (Lamb, 2018). According to reports, he sold company Syco Records and his stake in S Records in 2003 for $ 42 million.
Characteristics of an entrepreneur
As individual entrepreneurs, and more specifically businessmen, they have the following common characteristics:
Innovativeness: The general characteristic of entrepreneurs is that individuals need to have a high evaluation ability to innovate. Similarly, if we considered Syco Entertainment, founded by Cowell Simon, we will see the sense of modernism these entrepreneurs bring, and these entrepreneurs will not be there before they bring innovation.
Passion for achievement: Entrepreneurs should have a passion for attainment in their surroundings (Levy, 2013). Entrepreneurs must also be passionate about success. Entrepreneur Simon Cowell is eager to achieve...