Your task requires you to identify a business owner of your decision in cases like this Richard Branson.
The assignment offers a profile quick of the individual Richard Branson you have preferred to review as a business owner and describe why you have preferred him in cases like this as my choice of study.
Using principles and models study from component BUS 6360, explain why your choice of person can be classed as a business owner.
Critically examine what you feel has been the entrepreneurial strategy that your chosen subject has deployed to achieve recognition as a business owner by you.
Richard Branson Profile
Richard Branson began life as a dyslexic schoolboy who have terribly on the typical IQ test but acquired an amazing capacity to energise the ambition of others. His abilities surfaced in the past due 1960s when he started his own pupil newspaper that focused on students from lots of schools but not the colleges themselves. This business was began with a Ј4 donation from his mom. In 1970, the federal government abolished the retail price maintenance agreement but none of them of the big stores marked down records. Branson saw the possibility to sell details cheaply to students by jogging adverts in his newspaper. The purchases flooded set for both details and membership to the mag. Richard round up the staff of "College student", leased a vintage shoe shop and opened their first record shop called "Virgin". From these small beginnings Richard Branson is currently head of around 400 companies that take the Virgin name. Branson does not have any giant head office, very few mother board meetings, and continues his enterprise small and relies 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 flight, Virgin Broadband. The group employees over 50 000 people across the world and had is well respectable brand on earth.
According to the 2010 Forbes set of billionaires, Richard Branson is positioned on the list of 212th richest person in the world with a world wide web worthy of of around $4 billion USD. He's known for having changed his record company into a rail, telecommunication, health care, travel, Entertainment Empire. Richard Branson has revolutionised business through creating great worker culture and working his business predicated on great consumers service. He's known for his skill in making the workplace a wonderful place for the labor force, and managed to catch the attention of great employees to work with corporation.
Entrepreneur I admire
I admire Richard Branson for his potential to motivate people and make the best performance from his employees.
Branson had written 'having a personality of caring about people is generally important. You cannot be a good leader if you don't generally like people, that is how you draw out the best in them (Branson 2008) such an essential command quality - possessing interpersonal skills, is not really a common trait in leaders. As the CEO, he would approach travellers in the financial category of Virgin Airlines, remain beside them, play with the youngster and gather feedbacks.
Richard Branson offers several personality features, namely his stamina for failures adding to persistence, being truly a risk taker, having emotional intelligence as well as developing a drive and success motive.
In the world of business, Richard Branson has experienced the equation of success and has experienced his shares of failures. The Virgin group controlled a sizable amount of business and almost all of them have been sold or closed down or lost most. Despite them Richard Branson 'always assumed in the defy of learning and striving to accomplish something much better than in the recent' (Henry et. al 2003). This truly outlines his admirable quality of persistence.
Branson consider if someone is aware one business which means persons recognizes any business. In addition he also described 'if can run an flight, you can run a standard bank. If can run an archive company, you can a soft drink company'. Branson has truly proven without personal debt to be a real risk taker. (Dearlove 2007)
One of the aspects I admire from Branson's character
He is self-regulated; he considers that anger promotes counterproductive thus he will try to remain quiet on a regular basis. "Branson think that his employees should be give top priority", therefore he spends the majority of this time motivating people (Morgan 2009).
Branson embodies this is of being drive and achievements motivated, he possesses a solid need to accomplish goals he has arranged for himself and it is willing to take risks, because he feels a feeling of joy after its completion. Branson said, "I always opt for myself up and try again. I put together myself to get another stab at things with the data I've gained from the previous failing" (Dearlove 2007).
He strongly is convinced that a setback is never a negative experience; it is just a learning curve. This ability to take chances and having an opportunistic mentality gives him a strategic orientation and makes him proactive in his strong desire to attain (Henry 2001).
'Entrepreneurship is the procedure of creating something different with value by devoting the necessary time and effort, assuming the associated financial, psychic and social risks, and getting the resultant rewards of financial 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 relationships.
Personal characteristics, such as having an innovative and determined mother nature, being outfitted with an external focus and being truly a team innovator.
The possession by the entrepreneur 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 provide the direction essential to allocate the resources of the organization in a unique and feasible way, taking into account internal strengths and weaknesses and also external opportunities and threats. (Stokes, 1998)
Richard Branson demonstrates individualised consideration giving personal focus on his staff and develops on their needs. He offered his staff opportunities even if indeed they lacked experience and training as a result created the impression that folks proved helpful in Virgin for the fun and excitement. For instance, when Virgin Airlines made a pit stop at Sydney, he'd stay at the hotel with his 200 cabin crew, and talk to them and discover about their thoughts and concerns about their work (Branson 2008).
Branson would also walk the floor; write words indicating his home address and home phone number to every worker permitting them to tone out problems, recommendations and ideas (Manfred & Kets de Vries 1996). In addition
Richard Branson is charismatic and this is one of the main element features in transformational market leaders. "His charisma originates from personal ambiance and obvious liking for folks" (Manfred & Kets 1999). Many would admire his courage in risk taking thus heightens his charisma. Apart from his charisma, he's considered an inspirational innovator. His potential to converse his perspective of "Pick someone bigger than you" have been cultivated into his people thus permitting them to achieve what they thought was impossible
Entrepreneurs must have a eyesight of where in fact the company will be in the future. Furthermore, "you must be able to communicate your vision so as to motivate employees, investors, and associates to help you achieve that eyesight" (Landrum 2004).
Entrepreneurs are known for their bold attitude, towards taking risks. Branson has proven amount of time in time that he is indeed one striking risk taker his actions have
Shown that he is not afraid to accomplish his personal and business (Rifkin 2009 For instance, when Branson was exited and thinking about the prospect of owning a Trans-Atlantic airline, all of those other Virgin Group directors were not tried to dissuade him. However, being truly a risk-taking entrepreneur with an eyes to a good marketing opportunity, Richard Branson went ahead (Lancaster & Reynolds 2002).
Enthusiasm, being another essential mannerism, contributes to the leader's drive to attain and succeed. This in turn, influences and motivates their followers to want to excel in their domains as well. Such leaders see the bigger picture and tend to be very ambitious. Entrepreneurs established essential goals for themselves and stay focused on obtaining them despite of the obstructions that get in the way
The aim of Branson towards Virgin was to make a fun working atmosphere where people enjoy working in to the organisation rather than looking as a destination to work to be able to make it through. "Branson has been called a visionary, a sage, a guru even" (Dearlove 2007). Branson has become a visionary whose management style and beliefs offers crucial lessons for his supporters.
Richard Branson is focused towards open communication and feels this is the key to a more powerful infrastructure where everyone is devoted to the entire performance of the company (Bower 2000). This validated by the actual fact that every month a letter dealt with to his employees is given where the future programs of Virgin is provided, in addition with his phone number and home address for any recommendations, ideas or problem that may occur.
Branson rewards his manager by permitting them to be stockholders in Virgin's new business, trusting them with full power, and is pleased to acquire produced new millionaires from his own organisation.
Critically evaluate what you feel has been the entrepreneurial strategy that your selected subject has deployed to attain recognition as an entrepreneur by you.
Richard Branson has generated and developed Virgin Group through developing a diversity of companies in various sector and associating into one brand name.
The name Virgin comes from the theory, representing that every business entering the marketplace is seen as a virgin. The Virgin group does not exist as one section/firm, but a number of businesses. The Virgin group is made up of a variety of different forms of businesses, with having businesses in a variety of guidelines. The Virgin group is diversified in about 200 businesses, with each division dropping under the Virgin group.
As illustrated in Fig 1, the virgin group is split into different business varieties which are all linked 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 expand to the virgin brand name further at an inexpensive: where stature could be relied on to reduce some obstacles to entry into static markets"(Virgin corporate strategy, 2002). Virgin sought the task in providing a much better service/product than its competitors, by entering market that continues to be at its growing period.
In the research study it is stated that, Virgin set out to identify itself by offering progressive services. Virgin's projection of corporate and business rationale is merely on Sir Richard Branson's 'own personal school of thought'. The emphasis is placed on innovation and differentiation, to provide more goods/services for less.
Sir Richard Branson referred to the Virgin group as 'a branded capital raising house' which is investing in a series of ventures and brands to extend at the expense of income. The Virgin Group is "strategically targeted towards a five pillar system", where Branson desires to start five companies from damage and sell five companies every year.
As illustrated in Fig 1, all projects 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 company, with the brand being well advertised and promoted. The Virgin brand name is categorised and is becoming synonymous with Sir Richard Branson's name. With each endeavor holding the Virgin name, it delivers out a message to the buyer that the venture belongs under the Virgin group and posesses respectively good brand name.
All businesses that starts off with the name Virgin can immediately be determined to the roots of the Virgin Group, and as Sir Richard Branson's own. The endeavors within the Virgin group are determined as it has created a brand for itself through marketing and promotion of the brand name. All ventures within the Virgin Empire as illustrated in Fig 1, "sacrificed short-term profits to gain permanent development and uses an autonomous business level decision making method"(Virgin corporate strategy, 2002).
Virgin has a strong brand as can be concluded from the case study where there is various joint projects that have produced together with Virgin. These lenders that formed together with Virgin are businesses such as; AMP and Win Corporation which joined with Virgin
· Understanding of markets
Virgin's management recognizes and gives complacency in a market, with its technique to add value by offering more for less.
· Overcoming obstacles to entry
Consumers choose Virgin as its brand name is much respected within the British public, and serves as market leader.
· Limiting risk
Any business that is within a joint venture with the Virgin group gets the benefit of restricting the chance of inability within the market place.
· No management restrictions
"The flat operating composition helps promote technology, allow overall flexibility and promotes values of shared possession and responsibility"(Virgin corporate strategy, 2002).
Virgin acquires like-minded individuals and companions that match the ability to form joint ventures and to have the ability to use each one's capacity to innovate and differentiate.
According to the case study Branson used his own private design of management, priding himself on positively concerning employees and seeking the needs ideas on means of further adding value to the customers.
In realization, it is noticeable Richard Branson have proven through time his effective control skills have allowed him to succeed and also opt for himself up after failures. We have learnt that a leader shouldn't only rely upon specialized skills but also be flexible and be flexible to today's powerful world which is ever before changing.
The ability to grab opportunities once it arises is important because available industry, there's a higher degree of competitiveness, in case a head were to oversee such a chance; they face the potential of losing thousands.
, if one of the clients has an awful experience on Virgin trains, they could have different views for all of those other Virgin brands. Majority of customers know that every of the Virgin sections are managed different and are significantly diversified into different products and services. Therefore each of the business units will have their own proper plans according to their target market and hopefully this will convince the customers to continue to use their products and services.
The important issues come up in the future if it is time for Branson to go from Virgin, this could mean the finish of the Virgin Group. To solve this potential problem, new management, marketing and promotional styles can be used that aren't related to Branson's techniques to see whether they are successful.
Therefore, Virgin is a successful company that can be applied their own strategies according to their target market under the route of Richard Branson. Virgin are able to diversify into new markets mainly through joint projects, thus in a position to increase their market stocks in respective marketplaces. However, the question develops if it is time for Richard Branson to Part Company with the Virgin Group, how will they cope and if they can maintain a competitive advantage in the marketplaces they are rivalling in.
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