Virgin Voyages Business Model Analysis

This assignment requires a detailed analysis of Virgin Voyages' business model. Students need to examine key elements such as the company's value proposition, target customer segments, key activities, resources, partners, and revenue streams. The focus should be on understanding how these components contribute to Virgin Voyages' unique offering in the cruise industry.

Running head: ENTREPRENEURSHIP
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Name of the student
Name of the university
Author note

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Table of Contents
First entry.........................................................................................................................................2
Third entry.......................................................................................................................................7
Fourth entry.....................................................................................................................................8
Fifth entry......................................................................................................................................11
References......................................................................................................................................13
Appendix........................................................................................................................................17
Appendice 1...................................................................................................................................17
Appendice 2...................................................................................................................................22
Appendice 3...................................................................................................................................25

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First entry
The five driving force for undertaking the effective entrepreneurship business is based on
the self correctional methods through which the lacks can be identified and controlled according
to the requirements of the organization. I have enumerated certain weaknesses by undertaking
the personality test that is required to be arranged in order to make significant progress in the
process of the business. The most important consideration that I observed during the test is based
on the habits and outlook that I possess determines the driving force for the organization. The
test portrayed that there are issues in certain approaches that might affect the productivity of the
organization. The issues are being arranged according to the findings for the better understanding
of the modifications hat are required to be brought.
Issue questionnaire Solutions
How is autonomy important?? Autonomy helps in the proper management of the
functions of the enterprise. Therefore, every
entrepreneur makes use of the autonomy in order to
take the correct decisions for the organization
(Morris, 2015).
How to improve the achievement quotient? The achievement quotient of the organization can
be improved through the improvements in the
decision-making and the correct form of goal and
the implementation of the strategies.
Is risk taking an important factor? Risk taking is an important factor as it helps the
organization in exploring new horizons and
cultures, which helps in the progress of the

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organization (Santos, 2012).
How controlling skills can be enhanced? Controlling the skills can be enhanced through the
methods of proper monitoring over the skills and
the services that are being provided.
How can creativity help in the progress? Creativity helps in bringing in innovations.
Innovations helps the organization to stand out to
be unique in its approach.
Based on the report that is being formulated, the personality trait that I have received lags
on the need for autonomy to a greater extent (refer to appendice 1). Need for autonomy helps the
entrepreneur in maintaining the organizational standards depending on the requirements of the
organization. it helps the entrepreneur in taking the decisions for the organization freely. A lower
rate of the autonomy, as I have received in the test, portrays that I depend on the external sources
to take the organizational decisions that might affect the progress of the organization. On the
other hand, the risk taking and the controlling factors that forms an integral part of the job is
being affected due to the lack of autonomous control over the organization. Therefore, in order to
make significant progress, I must modify the outlook and possibly try to take decisions not
depending on the external sources. Creativity is again another factor on which I have received
high points. Creativity will help in bringing in innovation in the organization and thereby make
the significant progress.
The scored personality type, which I have received, is the Thinker based on the
assessment of the creativity. Creativity helps in bringing about innovation in the business and
therefore it is an important aspect that must be considered by the entrepreneur. Creativity helps

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the business in innovating the new trends and the technologies and thereby helps in sustaining
the enterprise largely. The personality will be helping me in making considerable advancements
in the business because of my idealism and the new approaches that I would be able to forecast.
The personality that I have received through the test correlates to the characteristics of my inbuilt
personality. It has helped me in taking up ideas and making them useful depending on the needs
of the business I am into.
I am the Hipster of the team as I can not only motivate the team through my activities but
also make use of the ideas in order to make the processes simpler for my people to work on. The
thinker always helps the team with the new possibilities and the traits. Therefore, the most
important consideration I undertake is to motivate my team through the ideas of improvement in
the processes and by simplifying the work of my team.
Second entry
The most important consideration that is being undertaken in order to make use of the
person who have influenced me the most is the life and the achievements of Sir Richard Charles
Nicholas Branson. Richard is a business magnate, an entrepreneur who founded the Virgin group
of companies. It is through the hard work and the entrepreneurial management that the person
has secured such high position in the market. The most important determinant of his success is
based on his vision (Fayolle, 2013). The person was having a vision from his early age of
becoming an entrepreneur himself and therefore it is the prime target since his boyhood days.
Effective leadership and management of the ideas is an important consideration that determines
the abilities of the management system they are into (Kelley, Singer & Herrington, 2012).

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The most significant factors that affect the business of this man is based on the principles
of entrepreneurship. The business is the sole motive of the man and the only thing that is
considered to be living is the autonomous culture of the industry and the management of the
functions (Fisher, 2012). The main objective of Sir Richard, according to himself, is to set
himself in the highest position of the business. The proper integration of the activities and the
functions of management and the risks that the entrepreneur took to rise is an important
consideration that must be undertaken while discussing on him (Schaper et al., 2014). The major
aspect that helps in the process of the undertaking effective management is based on the criteria
of the success that is being enjoyed by the man (Gedajlovic et al., 2013). The main philosophy of
the business that the man has inherited is based on the sustenance of the business he is into and
thereby it is important in signifying the needs of the business.
Davidson’s
model
MoneyMentorship Mindset
Market
Management
Mechanism

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Figure 1: Davidson’s model
(Source: Chaston, 2017)
The mindset of the entrepreneur largely affects the business as the mindset helps in
setting the goals and the objectives of the firm and thereby makes probable success in achieving
the common goal of the firms (Carland & Carland, 2015). On the other hand, the market and the
other factors helps in determining the availability of the organization. it helps ion making a
significant ,progress in the processes. According to the Davidson’s model proper integration of
the factors helps in determining the effectiveness of the entrepreneurship that the person
undertakes.
I have chosen this entrepreneur, as my inspiration as the entrepreneurship skills that is
being administered by the person is more sufficing. The most important consideration that is
being undertaken by the person is based on the goals that the person have set in order to make
significant progress in his organizations and the group of companies that falls under his owned
system. The autonomous design of his decision-making has been the most compelling of the
inspirations that justifies the cause as to why I did choose him. According to me, the leadership
styles that have been portrayed by this personality is more influencing in order to bring about
significant changes in my organizational structure and the autonomous decision-making.

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Third entry
The ships that are being manufactured by the entrepreneur Sir Richard is the mostly
important consideration on which I would like to focus as of now. It seems to be the most
interesting part of the discussion as this new launch has made the entrepreneur even more
famous (Burrows, 2015). His line of cruises named Virgin Voyages has made significant
promotions in the market, which have helped the company in attaining the attention of the mass
consumers. The most important consideration relating to the topic is based on the innate features
o the cruise and the facilities that the cruise offers (Madhok & Keyhani, 2012). The cruise is
made for the adults and there are no other specifications made as per the services that shall be
provided within the cruise. It can be simply a promotional way through which the entrepreneur
seeks to invite the consumers worldwide to come and enjoy the comfort of the cruise (Bosma et
al., 2012). It is a measure that helps in the making of the promotion more effectively depending
on the requirements of the services that are being provided by the cruise. The mission and the
vision of making the ship available to all is based on the vision of making the service available to
all the desiring and potential consumers. The company offers a strong competition to its
competitors by making use of the processes to the fullest possible ways (Onetti et al., 2012).
The employee retention rate of the company is based on the remuneration that the
company provides to its workforce (Drucker, 2014). Therefore, retention in the rate of the
employees might help in the understanding of the company’s situation. The company and the
return on the investments that the company earns base the rate of retention of the employees on
the revenue that is being created. Therefore, in order to determine the rate of retention of the
employees the company must make use of the resources and make considerable returns on the
investment (Bhachu, 2017). The concerned company for this discussion has a higher rate of

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retention of the employees, which states that the company is making a good place in the market.
The market structure of the company and the competitors that the company faces is an important
consideration that must be undertaken by the company in order to progress. The concerned
company have designed the product and restrained the services in order to make the market more
competitive.
I chose this company and this enterprise because according to me, the situation of the
company is based on the decisions that are being taken by the entrepreneur of the company
(Kuratko, 2016). The most important aspect of taking this company is based on the criteria of the
critical success factors that are being faced by the organization. the autonomous control of the
organization and the integration between the internal and the external departments helps in
determining the limits of the company in making its progress in the market (Landström, Harirchi
& Åström, 2012). The owner of the company is the reason why I chose this company. the owner
is an experienced person with exceptional insight and the ability to forecast the future (Abu-
Saifan, 2012). Forecasting the future of any organization helps in making the significant progress
through the involvement of the goals that are to be achieved through the proper integration of the
internal and the external departments. I feel that the ideas can be incorporated in my company in
order to make the significant progress. Therefore, I chose this company in order to refer to the
success factors and the tendencies taken by the company in order to sustain themselves in the
market (Baum, Frese & Baron, 2014).
Fourth entry
The business model canvas of the company helps in determining the market condition of
the company and at the same time determines the customer expectations and the stakeholder’s

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approach of the company. It helps in not only understanding the company’s SWOT but also to
identify the suppliers and the benefactors of the company. The most important consideration
undertaken by the company is based on the requirements of the consumers and the company’s
actions based on the requirements therein (Barringer, 2012). I have enumerated a business model
canvas for the company I have chosen as my inspiration, Virgin Voyage. The canvas shall justify
the reason as to why I am so much enchanted with the company’s progress.
The progress of the company is based on the several factors that the company undertakes
in order to retain the employees and the consumers at the same time (Refer to appendix 2). The
steps taken by the company is based on the requirements of the clients and therefore adhering to
the requirements, the company formulated the services (Bridge & O'Neill, 2012). The suppliers
of the company are mainly based on the company’s requirements of the raw materials and the
foods and beverages that the company requires during the production and the execution process
of their services. The company aims at retaining the consumers and thereby retains the consumer
loyalty towards the organization (Audretsch, 2012). On the other hand, the services that are
being provided by the company is based on the requirements of the consumers and therefore
customer satisfaction is the basic objective of the company in this context. the service orientation
of the company helps he company in retaining the consumers of the company and therefore helps
in retaining the market of the company (Moroz & Hindle, 2012). The cost structure of the
company is again based on the subjective nature of the costs that are being undertaken by the
company in order to render the services that both retains and satisfies the consumers of their
demand.
The section of the discussion will also uphold the SWOT analysis of the company in
order to make considerable advancements in the competitive market. It determines the situation

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of the company in the present day market structure therefore it helps ion instilling an insight of
the company’s weaknesses or discusses the opportunities of its growth at the same time (refer to
appendice 3). The strengths of the company can be enumerated as the satisfaction of the
consumers through the services that are being provided by the organization. The most important
criteria that helps the organization in its progress is the customer oriented approach that the
company holds. The approach helps in retaining the consumers and making considerable
progress in the field of their expertise. The unique kind of cruise manufactured by the company
that provides the consumers with the expected comfort is again an important consideration. The
competitive pricing strategy of the organization helps the organization to prosper outnumbering
the competitors in the market.
The weaknesses of the company can be enumerated as the one major factor that restricts
the use of the services by a certain section of the society. the cruise, according to the
management of the organization is to be used by the adults only (Acs, Autio & Szerb, 2014). The
clause have restricted the use of the services to a certain section which might affect the consumer
retention (Miller et al., 2012). The target consumers for the services are being enumerated as the
elite class of people looking for a ride on the sea. The problem lies in the fact that the consumers
or the couples bearing a child cannot take the services that are being offered by the organization.
Therefore, it restricts the product or the service offering to a limited range of people. It can be
taken as one of the major weaknesses that the company might face, as the competitors in the
market, who have not narrowed the scope might get hold of the market that the concerned
company might lose (Martin, McNally & Kay, 2013).
Opportunities that the company has got is the expansion of its services beyond the
restricted boundaries of the nation. Breaking the borders help the company in finding consumers

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that are looking for just the services that the company is rendering. The most important
consideration that the company must undertake in order to make use of the resources is based on
the criteria of the service that the company is aiming at providing to the people. The threats
faced by the company are based on the competition that the company faces in the market. The
quality of the services that are being provided by the company is an important consideration that
the company undertakes in order to understand the important aspects of the retention of the
consumers (Naudé, 2013). Monitoring over the quality and the quantity of the services that are
being provided to the clients helps the company in making the significant progress in the market
(Kirzner, 2015).
According to the Blue Ocean strategies that are being undertaken in order to understand
the necessary steps the company is required to take steps in order to differentiate the products
and the services delivered by them and their competitors (Kiss, Danis & Cavusgil, 2012). The
Blue Ocean strategies denote that the company differentiates between the products and the prices
at which they are available between the companies in order to determine the best option that is
being taken by the consumers (Koellinger & Roy Thurik, 2012). The most important
consideration undertaken by the concerned company is the competitive pricing strategy it has. It
assures the company with a competitive advantage over the other companies in the market.
Fifth entry
The study of the situation of the company and the example of the famous entrepreneur in
the discussion has helped me in understanding the roles played by the entrepreneur in managing
the operations of the organization (Storey, 2016). Creativity and intellect plays a major role in
the process, but the most used criteria of the entrepreneurship is based on the autonomous control

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over the organization. The correct forms of decision that is being taken by the organizations help
in making the significant progress depending on the requirements of the organization and its
target consumers (McKenzie & Woodruff, 2013). The most important criteria that facilitates the
kind of strategic planning is the intellect and therefore I have received a lot through the study of
the operations of the selected organization, and I look forward to implement the modifications in
order to undertake enhancements in the organization level. The organizational behavior that is
being portrayed in the study and the organization’s success based on the principles of motivation
and management of the entrepreneurs is an important consideration, which I have observed.
The changes that I have observed in the days is being based on the study that was
undertaken so long. It is to make sure that the decisions of the organization, I am into, is been
taken autonomously. The discretion in the risk taking factors that I previously used to avoid is no
more an issue that restricts my decisions. The changes have been huge as the entrepreneur, his
struggle to become the entrepreneur since his boyhood days influenced me, and now I feel I too
can take some decisions in order to make the processes more simplified and engaged.

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References
Abu-Saifan, S. (2012). Social entrepreneurship: definition and boundaries. Technology
Innovation Management Review, 2(2).
Acs, Z. J., Autio, E., & Szerb, L. (2014). National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy, 43(3), 476-494.
Audretsch, D. (2012). Entrepreneurship research. Management Decision, 50(5), 755-764.
Barringer, B. (2012). Entrepreneurship: Successfully Launching New Ventures, (2012).
Baum, J. R., Frese, M., & Baron, R. A. (Eds.). (2014). The psychology of entrepreneurship.
Psychology Press.
Bhachu, P. (Ed.). (2017). Immigration and entrepreneurship: culture, capital, and ethnic
networks. Routledge.
Bosma, N., Hessels, J., Schutjens, V., Van Praag, M., & Verheul, I. (2012). Entrepreneurship and
role models. Journal of Economic Psychology, 33(2), 410-424.
Bridge, S., & O'Neill, K. (2012). Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Burrows, R. (Ed.). (2015). Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Carland, J. W., & Carland, J. C. (2015). A model of potential entrepreneurship: Profiles and
educational implications. Journal of Small Business Strategy, 8(1), 1-14.

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Chaston, I. (2017). Entrepreneurship. In Technological Entrepreneurship (pp. 1-24). Springer
International Publishing.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Fayolle, A. (2013). Personal views on the future of entrepreneurship
education. Entrepreneurship & Regional Development, 25(7-8), 692-701.
Fisher, G. (2012). Effectuation, causation, and bricolage: A behavioral comparison of emerging
theories in entrepreneurship research. Entrepreneurship theory and practice, 36(5), 1019-
1051.
Gedajlovic, E., Honig, B., Moore, C. B., Payne, G. T., & Wright, M. (2013). Social capital and
entrepreneurship: A schema and research agenda. Entrepreneurship Theory and
Practice, 37(3), 455-478.
Kelley, D. J., Singer, S., & Herrington, M. (2012). The global entrepreneurship monitor. 2011
Global Report, GEM 2011, 7.
Kirzner, I. M. (2015). Competition and entrepreneurship. University of Chicago press.
Kiss, A. N., Danis, W. M., & Cavusgil, S. T. (2012). International entrepreneurship research in
emerging economies: A critical review and research agenda. Journal of Business
Venturing, 27(2), 266-290.
Koellinger, P. D., & Roy Thurik, A. (2012). Entrepreneurship and the business cycle. Review of
Economics and Statistics, 94(4), 1143-1156.
Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. Cengage Learning.

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Landström, H., Harirchi, G., & Åström, F. (2012). Entrepreneurship: Exploring the knowledge
base. Research Policy, 41(7), 1154-1181.
Madhok, A., & Keyhani, M. (2012). Acquisitions as entrepreneurship: asymmetries,
opportunities, and the internationalization of multinationals from emerging
economies. Global Strategy Journal, 2(1), 26-40.
Martin, B. C., McNally, J. J., & Kay, M. J. (2013). Examining the formation of human capital in
entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of
Business Venturing, 28(2), 211-224.
McKenzie, D., & Woodruff, C. (2013). What are we learning from business training and
entrepreneurship evaluations around the developing world?. The World Bank Research
Observer, 29(1), 48-82.
Miller, T. L., Grimes, M. G., McMullen, J. S., & Vogus, T. J. (2012). Venturing for others with
heart and head: How compassion encourages social entrepreneurship. Academy of
management review, 37(4), 616-640.
Moroz, P. W., & Hindle, K. (2012). Entrepreneurship as a process: Toward harmonizing multiple
perspectives. Entrepreneurship Theory and Practice, 36(4), 781-818.
Morris, M. H. (2015). Entrepreneurship as Experience. Wiley Encyclopedia of Management.
Naudé, W. (2013). Entrepreneurship and economic development: Theory, evidence and
policy. Browser Download This Paper.

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Onetti, A., Zucchella, A., Jones, M. V., & McDougall-Covin, P. P. (2012). Internationalization,
innovation and entrepreneurship: business models for new technology-based
firms. Journal of Management & Governance, 16(3), 337-368.
Santos, F. M. (2012). A positive theory of social entrepreneurship. Journal of business
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Appendix
Appendice 1

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Appendice 2
Key Partners
There are no key
partners in this
organization. The only
entrepreneur is Sir
Richard.
The key suppliers are:
Caribbean Food
Service,Inc
Virgin raw materials
The key resources that
the company is
acquiring are based on
the requirements of the
company’s
manufacturing and
executing team. the key
resources are the raw
materials and the semi
Key
Activities
The activities
undertaken by
the company
is based on
the services
that the
company
provides to
the people at
large and
therefore
makes use of
the services
to create
revenue.
Value
Proposition
The services
are being
enumerated in
order to
address the
needs of the
consumers of
an elite ride
over the sea.
In order to
make it
exclusive, the
management
of the
company has
restricted the
cruise to be
used by the
kids. It is
Customer
Relationships
The consumer
relation with
the company
can be
determined
through the
reputation
that the
company
holds in the
market. the
customer
relationship is
based on the
factors of the
service
provided,
therefore the
company
Customer Segments
The customers who are
willing to get on an elite
ride is considered to be
the market of the
company. The target
market is the adults as
the company has
specified the usage of
the cruise to the limited
segment of the
consumers.

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finished goods, the foods
and beverages, the staff
members and the
workforce.
meant to
render its
services to the
adult
members of
the society.
the service
that the cruise
aims at
delivering is
based on the
requirements
of the clients
and the client
satisfaction is
perhaps the
major
objective of
the company.
holds good
customer
relation.
Key
Resources
The key
resources that
the company
requires are
based on the
requirements
of the
production of
the cruise and
the
management
of the
services that
are being
provided.
Human
resource and
the raw
Channels
The channels
are not
applicable for
the services
delivered by
this company

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materials are
the required
resources to
meet the goal
of the
organization.
Cost Structure
The most important costs without which the
factors of production of the cruise and the
rendering of the services could not be undertaken
is based on the human resource of the company
that the company tries to retrain through the
proper remittance and the norms of the company.
Revenue Streams
The customers are satisfied with the services that
are being provided to them. the main constraint
that the company is facing is based on the limiting
factor of the cruise to the adults. The people
carrying their infants therefore are not eligible for
taking a ride on the cruise. It creates a discretion.
The consumers are willing to pay in their debit
cards but the cruise does not facilitate the use of
the debit cards, and that again is a problem in the
cruise.

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Appendice 3

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