Your assignment requires you to identify an entrepreneur of your decision in cases like this Richard Branson. The task provides a profile quick of the person Richard Branson you have preferred to review as an entrepreneur and describe why you have determined him in cases like this as my selection of study.
Using principles and models study from module BUS 6360, clarify why your choice of person can be classed as an entrepreneur.
Critically assess what you feel has been the entrepreneurial strategy that your chosen subject matter has deployed to achieve recognition as a business owner by you.
Richard Branson Profile
Richard Branson started out life as a dyslexic schoolboy who have terribly on the standard IQ test but got an amazing capability to energise the ambition of others. His abilities surfaced in the late 1960s when he started out his own student newspaper that centered on students from lots of schools however, not the universities themselves. This business was started out with a 4 donation from his mother. In 1970, the federal government abolished the retail price maintenance contract but nothing of the big stores discounted records. Branson observed the chance to sell details cheaply to students by operating adverts in his magazine. The purchases flooded in for both data and membership to the mag. Richard rounded up the staff of "Scholar", leased a vintage footwear shop and exposed their first record shop known as "Virgin". From these small beginnings Richard Branson is now mind of around 400 companies that take the Virgin name. Branson has no giant hq, very few plank meetings, and helps to keep his enterprise small and depends on empowering people's ideas to fuel success
Nowadays the Virgin group is known for the variety of products and services it offers, such as Virgin money, Virgin Hotel, Virgin Galactic, Virgin air travel, Virgin Broadband. The group employees over 50 000 people across the world and had is well well known brand in the world.
According to the 2010 Forbes set of billionaires, Richard Branson is rated among the list of 212th richest person in the world with a world wide web worthy of of around $4 billion USD. He is known for having turned his record company into a rail, telecommunication, healthcare, travel, Entertainment Empire. Richard Branson has revolutionised business through creating great staff culture and jogging his business predicated on great consumers service. He's known for his talent to make the workplace a stylish place for the labor force, and managed to get great employees to work for corporation.
Entrepreneur I admire
I admire Richard Branson for his capacity to stimulate people and make the best performance from his employees.
Branson published 'having a personality of nurturing about people is normally important. You cannot be a good head if you don't generally like people, that is the way you bring out the best in them (Branson 2008) such an essential authority quality - possessing cultural skills, is not really a common trait in market leaders. As the CEO, he would approach people in the financial class of Virgin Airlines, stay beside them, play with the youngster and accumulate feedbacks.
Richard Branson owns several personality characteristics, namely his endurance for failures adding to persistence, being a risk taker, having emotional intelligence as well as using a drive and achievement motive.
In the world of business, Richard Branson has experienced the formula of success and has experienced his stocks of failures. The Virgin group managed a large amount of business and almost all of them have been sold or shut down or lost most. Despite them Richard Branson 'always thought in the defy of learning and striving to perform something much better than in the history' (Henry et. al 2003). This truly outlines his admirable quality of persistence.
Branson imagine if someone is aware one business which means persons has learned any business. Furthermore he also stated 'if can run an airline, you can run a loan company. If can run a record company, you can a soda company'. Branson has truly proven without arrears to be always a real risk taker. (Dearlove 2007)
One of the aspects I admire from Branson's character
He is self-regulated; he thinks that anger promotes counterproductive thus he will try to remain quiet all the time. "Branson believe that his employees should be give top priority", therefore he spends the majority of this time around motivating people (Morgan 2009).
Branson embodies the definition of being drive and accomplishment motivated, he has a solid need to accomplish goals he has established for himself and it is willing to take risks, because he seems a sense of joy upon its conclusion. Branson said, "I usually decide on myself up and try again. I prepare myself to possess another stab at things with the knowledge I've gained from the prior inability" (Dearlove 2007).
He strongly thinks a setback is never a bad experience; it is merely a learning curve. This potential to take risks and having an opportunistic mentality provides him a proper orientation and makes him proactive in his strong desire to attain (Henry 2001).
'Entrepreneurship is the process of creating different things with value by devoting the required commitment, assuming the associated financial, psychic and public risks, and receiving the resultant rewards of economic and personal satisfaction. '
Technical skills, encompassing service or product knowledge and an understanding of the marketplace.
Management competencies, encompassing the regions of marketing, funding and human relations.
Personal characteristics, such as having an innovative and determined mother nature, being outfitted with an exterior focus and being a team leader.
The ownership by the businessperson of the skills and characteristics can aid him when turning his perspective into strategy. With small companies and new projects at risky of failure, implementing a strategic approach will improve its chances of survival. An effective strategy should supply the direction necessary to allocate the sources of the business in a distinctive and feasible way, considering internal strengths and weaknesses and also exterior opportunities and dangers. (Stokes, 1998)
Richard Branson demonstrates individualised consideration by giving personal focus on his staff and develops on the needs. He offered his personnel opportunities even if indeed they lacked experience and training as a result created the impression that individuals worked in Virgin for the fun and exhilaration. For example, when Virgin Airlines made a pit visit Sydney, he would stay at the hotel along with his 200 cabin team, and communicate with them and discover about their viewpoints and concerns about their work (Branson 2008).
Branson would also walk the floor; write letters indicating his home address and home telephone number to every worker permitting them to words out problems, ideas and ideas (Manfred & Kets de Vries 1996). In addition
Richard Branson is charismatic and this is one of the main element attributes in transformational market leaders. "His charisma originates from personal warmth and obvious preference for folks" (Manfred & Kets 1999). Many would admire his courage in risk taking thus increases his charisma. Aside from his charisma, he is considered an inspirational innovator. His ability to converse his vision of "Pick someone bigger than you" have been cultivated into his people thus allowing them to achieve what they thought was impossible
Entrepreneurs must have a eye-sight of where in fact the company will maintain the future. In addition, "you must have the ability to communicate your perspective in order to motivate employees, investors, and companions to help you achieve that vision" (Landrum 2004).
Entrepreneurs are recognized for their bold attitude, towards taking chances. Branson has proven amount of time in time that he is indeed one daring risk taker his activities have
Shown that he's not afraid to achieve his personal and business (Rifkin 2009 For instance, when Branson was exited and enthusiastic about the prospect of running a Trans-Atlantic airline, all of those other Virgin Group directors weren't tried to dissuade him. However, being a risk-taking entrepreneur with an eyes to a good marketing opportunity, Richard Branson gone forward (Lancaster & Reynolds 2002).
Enthusiasm, being another essential mannerism, plays a part in the leader's drive to achieve and succeed. Therefore, influences and motivates their enthusiasts to want to stand out in their domains as well. Such market leaders see the dilemna and tend to be very ambitious. Entrepreneurs establish essential goals for themselves and stay dedicated to achieving them despite of the road blocks that enter the way
The goal of Branson towards Virgin was to make a fun working atmosphere where people enjoy working in to the organisation instead of looking as a place to work in order to endure. "Branson has been called a visionary, a sage, a master even" (Dearlove 2007). Branson has turned into a visionary whose management style and beliefs offers crucial lessons for his fans.
Richard Branson is oriented towards open up communication and feels that is the key to a more powerful infrastructure where many people are devoted to the overall performance of the company (Bower 2000). This confirmed by the actual fact that each month a letter addressed to his employees is given where the future plans of Virgin is provided, in addition along with his telephone number and home address for just about any ideas, ideas or problem that may occur.
Branson rewards his administrator by permitting them to be stockholders in Virgin's new opportunity, trusting them with full expert, and is happy to own produced new millionaires from his own company.
Critically assess what you are feeling has been the entrepreneurial strategy that your selected subject matter has deployed to accomplish recognition as an entrepreneur by you.
Richard Branson has created and developed Virgin Group through developing a variety of companies in several sector and associating into one brand.
The name Virgin comes from the theory, representing that each business entering the market sometimes appears as a virgin. The Virgin group will not exist as one section/firm, but a variety of businesses. The Virgin group is comprised of a number of different varieties of businesses, with having businesses in a variety of guidelines. The Virgin group is varied in about 200 businesses, with each department slipping under the Virgin group.
As illustrated in Fig 1, the virgin group is divided into different business varieties which are all connected to the virgin brand name. All these divisions form area of the Virgin group. "Virgin group's rationale is to diversify into as many markets feasible, with lengthen to the virgin brand name further at a low cost: where stature could be relied on to reduce some obstacles to entry into static markets"(Virgin commercial strategy, 2002). Virgin searched for the task in providing a much better service/product than its rivals, by entering market that continues to be at its growing phase.
In the case study it is stated that, Virgin set out to identify itself by offering ground breaking services. Virgin's projection of corporate and business rationale is only on Sir Richard Branson's 'own personal beliefs'. The emphasis is situated on creativity and differentiation, to offer more goods/services for less.
Sir Richard Branson detailed the Virgin group as 'a top quality venture capital house' which is investing in a series of projects and brands to extend at the expense of profits. The Virgin Group is "strategically targeted towards a five pillar system", where Branson wants to get started on five companies from scratch and sell five companies each year.
As illustrated in Fig 1, all endeavors has its name starting with Virgin, whether its Virgin travel or Virgin rail. This is due to Virgin name this is the 'single most important asset of the business, with the brand name being well advertised and marketed. The Virgin brand is classified and is becoming synonymous with Sir Richard Branson's name. With each endeavor holding the Virgin name, it transmits out a message to the consumer that the endeavor belongs under the Virgin group and carries a respectively good brand name.
All businesses that starts off with the name Virgin can immediately be discovered to the origins of the Virgin Group, so when Sir Richard Branson's own. The projects within the Virgin group are determined as it has created a brand name for itself through marketing and advertising of the brand. All ventures within the Virgin Empire as illustrated in Fig 1, "sacrificed short-term income to gain long term development and uses an autonomous business level decision making method"(Virgin corporate and business strategy, 2002).
Virgin has a solid brand as can be concluded from the research study where there is various joint projects that have shaped as well as Virgin. These businesses that formed as well as Virgin are businesses such as; AMP and Success Corporation which signed up with with Virgin
· Knowledge of markets
Virgin's management recognizes and gives complacency in a market, with its technique to add value by offering more for less.
· Overcoming barriers to entry
Consumers choose Virgin as its brand name is much reputed within the British public, and serves as market leader.
· Restricting risk
Any business that is a jv with the Virgin group has the benefit of limiting the chance of failing within the market place.
· No management restrictions
"The flat running structure helps promote creativity, allow flexibility and promotes beliefs of shared possession and responsibility"(Virgin commercial strategy, 2002).
Virgin acquires like-minded individuals and lovers that match the capability to form joint ventures and to be able to use each one's capability to innovate and differentiate.
According to the case study Branson followed his own private style of management, priding himself on positively concerning employees and seeking the needs ideas on means of further adding value to the customers.
In bottom line, it is noticeable Richard Branson have proven through time his effective management skills have allowed him to succeed and also pick himself up after failures. We've learnt that a leader should not only depend on technical skills but also be flexible and be adaptable to today's vibrant world which is ever before changing.
The ability to seize opportunities once it occurs is important because available industry, there's a higher degree of competitiveness, if a innovator were to oversee such the opportunity; they face the probable of sacrificing millions.
, if one of the customers has an undesirable experience on Virgin trains, they might have different views for the rest of the Virgin brands. Most customers know that every of the Virgin sections are monitored different and are significantly diversified into different products and services. Therefore each one of the business units will have their own proper plans according to their marketplace and hopefully this will convince the customers to continue to utilize their products and services.
The important issues come up in the foreseeable future when it's time for Branson to go from Virgin, this may mean the end of the Virgin Group. To solve this potential problem, new management, marketing and promotional styles can be utilized that are not related to Branson's techniques and find out whether these are successful.
Therefore, Virgin is a successful company that applies their own strategies according to their target market under the course of Richard Branson. Virgin are able to diversify into new market segments mainly through joint endeavors, thus in a position to increase their market shares in respective market segments. However, the question develops when it's time for Richard Branson to Part Company with the Virgin Group, how will they cope and whether they can maintain a competitive edge in the market segments that they are fighting in.
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