Entrepreneurship and Small Business Management - Virgin Group

Added on - 21 Jul 2020

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Entrepreneurship andsmall businessmanagement
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................11.1 Types of entrepreneur venture and their relation with typology...........................................11.2 Similarities and differences between entrepreneurial ventures.............................................2Task 2...............................................................................................................................................22.1 Impact of micro and small business on the economy...........................................................22.2 Importance of small businesses and business start-ups in the growth of the social economy.....................................................................................................................................................3Task 3...............................................................................................................................................43.1 Characteristic traits and skills of successful entrepreneurs..................................................43.2 Entrepreneurial personality of Richard Branson...................................................................6Task 4...............................................................................................................................................74.1 Role of background and experience in hindering and fostering the entrepreneurship..........7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONEntrepreneurship is the process of setting up a new business in which each business isstarted as a small organisation. It can be defined as “the desire to develop and manage thebusiness industry along with any risks to make benefits”. Virgin group is a multinationalcorporation firm which is founded by Sir Richard Branson in the year 1970.The overall growthof Virgin Group was estimated at £5–5.5 billion in the year 2014 (Burns, 2011).In this report,the focus is to describe entrepreneurial ventures and their relationship with typology ofentrepreneurship. Secondly differences and similarities between entrepreneurial ventures aredetermined. Further, impact of start ups and medium size organisation on the economy and theimportance of small business and start-ups to the growth of social economy are studied.Moreover, the characteristics of successful entrepreneur and the study of how background andexperience hinder in entrepreneurship.Task 11.1 Types of entrepreneur venture and their relation with typologyThe entrepreneur works without taking any stress. Sir Richard Branson who was thefounder of Virgin group has started its organisation by finding the mail order record companyand after three years he succeed in selling the mail order records which led to the opening of arecord shop on Oxford Street in London. He became the most prominent figure after hiscontribution in retail, music, transport and humanitarian work.Peter Jones achieved his dream of becoming the owner of multi-million pound companyand now he is the chairman and CEO of several businesses (Burns, 2016).He is a Britishbusinessman who specializes in selling mobile phones, television, computers and property.Initially he started by setting up the computer business where he made the computers of his ownbrand. After this, he started the cocktail bar in which he gets profit. But he has lost everythingafter selling this cocktail bar. Next, he joined a British computer business of Siemens Nixford.Then he founded his own telecom business and gained the profit of 14 million pounds which roseto 44 million on the next year.Michael Marks was the co-founder of British retail chain Marks and Spencer. Marksopened his business in partnership who helped him in expanding his market profits (Carter andJones-Evans, 2012). Marks handle the business of market stalls and Spencer managed the officeand warehouse work. Both worked together and opened many stores in UK.1
The typology of Richard Branson is due to progress in entrepreneurial attitudes andabilities. He has invented innovative risk proof ideas to develop his business. He also learnedlesson from his mistake and able to develop successful business. Peter Jones has started itsbusiness by taking the inspiration from others and got success in becoming the millionaire in themarket. However, all businessman starts their business lonely but Marks and Spencer involvedthe partners for exploring their business (Down, 2010).1.2 Similarities and differences between entrepreneurial venturesThe similarities between the three ventures is that all of them started their businesses bymaking the business and financial goals and objectives. They have begun their journey withstrong belief to get successful at any cost. The similarity between the three organisation is thattheir primary concern was to give the best services to the customer rather than to earn profits fortheir industries. Making money and profits is their second priority (Bennett, 2014.). Marks andSpencer are social entrepreneur who have found the solution of the problems which are beyondthe rich of market.The difference between the entrepreneur ventures are based on their growth and successrates. The mission of Marks and Spencer is aimed to increase the profit market. Mission ofRichard Branson company is to create the value product and make a difference from others. SirRichard Branson has argued on the government policies for failing to promote the economicgrowth (Griffiths and Wall, 2011). All the three businessmen are specialized in different areaslike Virgin group runs different business, David Jones is specialized in dealing with television,mobile phones etc. While Marks and Spencer are handling the retail business. Next difference isof their economic growth. The overall economic growth of Richards company is 5 billion whilethat of David Jhones is $168 million. On the other hand, Marks and Spencer is making the profitbetween ($32M - $24M) / $32M = 25 percent. The mission of Marks and Spencer is aimed toincrease the profit market. Mission of Richard Branson company is to create the value productand make a difference from others.Task 22.1 Impact of micro and small business on the economyMicro and small business contribution is very essential as they open new market, drivesthe growth and creating jobs. They are the backbone of the UK economy. The small businessimpacts the UK economy because they are the lifeblood of the UK economy. Large impact on2
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