Entrepreneurship: Traits, Opportunities, and Innovations

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
A. About the Entrepreneur (or group of entrepreneurs) who was Behind the Organisation- ........3
Critically discuss the personality traits of the entrepreneurs..................................................3
How did the entrepreneur recognise the opportunity or did the entrepreneur create the
opportunity? ...........................................................................................................................4
What are the innovative products/services introduced in the market? ..................................5
Discuss why innovation is important for an organisation......................................................8
Entrepreneurial build the entrepreneurial team......................................................................9
Entrepreneur as a leader and become successful entrepreneur............................................10
How did the entrepreneur grow their organisation...............................................................12
Entrepreneur and their contribution to economy..................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES .............................................................................................................................16

INTRODUCTION
Entrepreneurship is the creation of value that is described as the process of launching
and Successful entrepreneurs of UK running of a newly established business that is generally
stated as a small business with a willingness and the capacity to organize, develop and manage
the business venture to assume all the associated risks to earn higher profitability. The people
who are created the business are regarded as entrepreneurs, entrepreneurship is focussing on
running and launching of the business (Nambisan, 2017). Entrepreneur has to recognize the
potential of invention and further organize the talent, successful entrepreneurs of UK capital and
other resources so that invention can be turned into a commercial viable innovation. The term
entrepreneur is also capturing the innovative activities that is part of established firms addition
to other similar activities on part of starting of a new business so that there can be creation of a
higher economic value.
Virgin group is the business that is based on Branson family and is operating according
to its core values of development & nurture of the Valuable virgin business so that there is
aspiration of business for good. Virgin group of a global and a growth investor business that is
spanning across multiple sectors that is leisure, travel, wellness, health, music entrainment,
financial services. It was stated in year 1967 by the Richard Branson launched a student
magazine at the age of 15 years. Presently the report is based on the evaluation of key
entrepreneurial traits and the way entrepreneur are recognize the different attractive opportunities
in the market so that there can be launch of new innovations in the market in order to gain a
competitive advantage.
A. About the Entrepreneur (or group of entrepreneurs) who was Behind the
Organisation-
Critically discuss the personality traits of the entrepreneurs
Virgin group success is based on the corporate parenting strategy. Every new business
that is entering the entrepreneurship industry has used virgin group name according to the way
management style and value has been inherited in this organisation.

There are certain key personality traits of Richard Branson that has lead to growth of
Virgin group to its present position in the market. Some of his traits are mentioned below:
Stability to think differently: Branson has the ability that there is requirement of leadership skill
to think differently where they have focussed on democratic and the collaborative style of using
the autocratic style of management (Zahra, 2020).
An eye for talent: Richard Branson is believing that it is critical for business leaders to focus on
ability to get most from employees. Leadership of Richard Branson has lead to establishment of
a good cultural fit for business.
Positive organisational culture: Richard Branson is believing that there has to be directing to the
staff members according to strong leadership skills. As he believed that best candidates are
taking their roles seriously that is leading to a situation in front.
Delegation ability: all the successful business leader's have mastered the delegation art that has
lead to reduction of the workload and opportunities to ambitious employees that is going
freedom of encouragement.
Willingness to learn and listen: According to Richard Branson has always posses the trait of
listening. As a leader he belied that listening is as important as speaking as success is achieve
from learning and working with most inspired and inspiring people.
Passion: AS a successful entrepreneur Branson believed that leaders have to be passionate
enough to make all the strategic decisions that can lead to building of the teams and motivation
to the overall workforce. It will lead to identification of market gaps and then creation of
products that can lead to real difference in peoples lives.
How did the entrepreneur recognise the opportunity or did the entrepreneur create the
opportunity?
In year 1971 Branson established the most successful and the high profile ventures with
the virgin Atlantic airline where they took over the British airways that was one of the biggest
corporate rivalries. In 1986 Branson broke the world record by fastest crossing of the Atlantic
speedboat. In year 1993 Virgin radio hits the airwaves in UK that has been sold for four years
later. In this way the opportunity was identified by Branson.
In 1998 Virgin mobile was launched and it succeed massively after it was taken over by
the cable group NTL to form the virgin media in year 2006. Branson has achieved a annual

market of 8.5 million pounds with use of virgin brand. In year 2004, Virgin galactic is a airline
that operated in space with their first flight.
What are the innovative products/services introduced in the market?
The virgin group investment portfolio has diversified in many different areas across
multiple asset classes and different geographers with minority of investment that are part of
listed companies, venture capital, private companies and the real estate that are part of both
virgin brand and the non branded companies.

(Source: The Virgin Group is a global, growth investor founded by Richard Branson., 2020)
There have been many key innovations that has been launched by virgin group. As in
January 2020 Richard Branson has a view that virgin orbit will launch satellites in space as 747
airplay to virgin hotels that will lead to each and everything with higher personalisation a part of
the stay (Nambisan, Wright and Feldman, 2019). Virgin hyperloop is another innovation that has
created most eco friendly mass transportation system that can cut the overall travel time from
hours to minutes. Virgin group is working towards improvement of customer experience. Some
if the key aspects that has been focussed by Richard Branson includes focussing on the problem
then surrounding with the passionate people, embracing the innovative and diverse view points
& thoughts, listening to everybody ideas and then further simplification of the overall idea.