Report about Entrepreneurship 2022

Running head: ENTREPRENEURSHIP
Entrepreneurship
Name of the student
Name of the University
Author note

ENTREPRENEURSHIP1
Table of Contents
Introduction................................................................................................................................2
Background of Richard Branson................................................................................................2
Entrepreneurial Traits.................................................................................................................3
Opportunity recognition and idea development.........................................................................4
Competitive Advantage..............................................................................................................5
Recommendations......................................................................................................................5
Conclusion..................................................................................................................................6
References..................................................................................................................................7

ENTREPRENEURSHIP2
Introduction
Entrepreneurship refers to ability of an individual of developing and running the
business enterprise so that he can make the profit. Entrepreneurial vision can be defined by
the ability of discovery along with risk-taking that can help a company in getting success
within the framework of the competitive landscape. The entrepreneur acts as the source of the
new ideas that can help in bringing new ideas within the market by replacing the old ideas
that were prevent in the market (Parker, 2018, p. 12). Richard Branson was born within
Surrey, England and his innovative projects started within the music industry which later
expanded to various other sectors. This report throws light on the background of the
entrepreneur and his characteristics that have helped him in evolving as a successful
individual. This report discusses about idea development process of the entrepreneur and the
competitive advantage that have been enjoyed his company in relation to the other companies
in the market. This report talks about the future strategies that can be undertaken by the
entrepreneur that can help him in retaining his prominent position in the world.
Background of Richard Branson
Richard Branson was born in the year 1950 and his father used to work as the
barrister. His mother was an adventurous person and it helped in the career advancement of
Richard Branson. Richard had to struggle with problem of dyslexia in his childhood and he
had to face difficulties within the framework of the educational institutions. He almost failed
in all-boys Scaitcliffe School and later on he got transferred to the Stow School which was a
boarding school in Buckinghamshire, England. He started the youth-culture magazine
“Student” after dropping out of school which helped in setting the stage for his
entrepreneurial success. The publication used to run with the help of the students and it sold
around $ 8000 worth of the advertising in the first edition which was launched in the year
1966 (Entrepreneur.com, 2020). He was living within the London commune and he was all
the time surrounded by British music which had a great effect on him. It helped him in
getting the idea of mail-order record company which was known as Virgin which helped in
funding the magazine efforts (Cnbc.com, 2020). The company was able to perform modestly
but it helped him in expanding the business venture and he built the record shop within
Oxford Street in London. The success of the new store helped in the development of his
entrepreneurial passion that helped him in embarking on a successful career at a later time in
life.