Entrepreneurship: Theories, Motivation, and Characteristics

Entrepreneurship
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Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Entrepreneurship theories............................................................................................................3
Entrepreneurial motivation..........................................................................................................4
Entrepreneurial Characteristics...................................................................................................5
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7
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INTRODUCTION
Entrepreneurship is define as the ability of individual or group of people to establish and
run a business and carry out operations after considering all the situations in order to make
profits (Herrington and et.al., 2010). They are the one who create employment opportunities that
is provide entry level jobs to the freshers. Entrepreneurs establish new business with innovation
in it that is provide new products and services bases on latest technology which helps in
increasing the living standards of people (Bruton, Ketchen Jr and Ireland, 2013). The report is
bases on Richard Branson who is English business tycoon and the founder of Virgin group. He is
among top ten entrepreneurs of UK and his group has 400 companies. The topics covered in the
report are entrepreneurial theory, motivations and characteristics of the entrepreneur.
MAIN BODY
Entrepreneurship theories
An entrepreneur is one who is responsible for carrying business operations together with
many other factors and take the risk in its business in order to earn profits and grow the business.
The entrepreneurship play a crucial role in the economy and helps in the development of
economy (Klein and et.al., 2010). An entrepreneur is one who I known for its risk taking
capabilities and functions under uncertainty. There are different set of approaches and theories
adopted by different entrepreneurs in their businesses in order to attain success. There is no
systematic theory of entrepreneurship and here are theories which are adopted by Richard
Branson (Bacigalupo and et.al., 2016).
Innovation theory- Entrepreneur is one who are innovators that is established business
by introducing new combinations of products and services. Basically they are one who introduce
new methods and techniques in goods and services. In context of Richard Branson, he is dealing
in different type of businesses which are totally new and innovative. He develops new products
according to the market condition. The virgin group is dealing in banking sector where the
branches of bank look like living room (Parker, 2018). The motive behind this new innovative
business is to provide easy and comfort to the customers. Virgin Money is the name of bank
which is operating in Britain and has Wi-Fi facilities, comfortable seating area and has various
magazines and newspaper for its customers.
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