Entrepreneurship and Small Business Management: Branson & Graff Report

This report provides an analysis of entrepreneurship and small business management, focusing on the characteristics, traits, and motivational drivers of successful entrepreneurs Richard Branson and Laurence Graff. It explores Branson's role as the founder of Virgin Group and Graff's establishment of Graff Diamonds, highlighting their respective approaches to business growth, confidence, creativity, vision, and adaptability. The report critically evaluates the positive and negative impacts of their backgrounds and experiences on their entrepreneurial journeys, concluding that entrepreneurs possess the ability to generate innovative ideas and launch successful businesses. It refers to Kelley, Singer, and Herrington's Global Entrepreneurship Monitor and Kirzner's work on competition and entrepreneurship to support its analysis.

Cover Content
 Introduction
 Characteristic of successful entrepreneurs
 Richard Branson
 Motivational drivers
 Traits
 Laurence Graff
Positive and Negative impact (Richard Branson)
 Positive and Negative impact (Laurence Graff)
 Conclusion
 References

Introduction
 Entrepreneurship is described as the capacity and willingness to
develop, organize and manage a business venture taking all the risk
and profits alone by a single individual.
 It is therefore described as the process of creating and generating new
innovative ideas, launching and running a business accordingly.

Richard Branson
 He is an successful English business
entrepreneur and is CEO and founder of virgin
groups, which is one of the leading mobile
industry in the world.

Characteristic of
successful entrepreneurs
 In order to run business smoothly and to be a successful entrepreneur
various skills and traits are required in order to run their enterprises
smoothly.
 Richard Branson is one of the most popular entrepreneur in modern
business era.

Motivational drivers
 Passionate- Richard Branson is very much passionate person towards
the work of him. This help him in giving his best to business.
 Sense of control- Richard have quality of sense of control, and is
make him very successful entrepreneur.

Traits
 Conduct business for higher growth- Richard Branson is a person who
is very much passionate for their business and for growth of it.
 Confident about the product and team- Richard Branson is an
entrepreneur, who is highly confident towards its work and
conducts business activities successfully.

Laurence Graff
 He is an entrepreneur who founded world's
famous diamond jewellery, founder of Graff
diamonds a well known brand with more than
35 stores throughout the world.

Characteristic
 Confidence- He has a great confidence in his work as because of the
proper knowledge regarding jewellery.
 Creativity- It is the most important characteristic, to think something
new and innovative which allows business to succeed in the world.

Traits
 Vision- Laurence set a vision for himself to become a successful
entrepreneur of diamond jewellery
 Flexibility- Laurence is very flexible as he can easily accept challenges
and changes from the outside world.

Motivational drivers
 lack of dependency/ Interdependence- Laurence started working in a
jewellery shop to fulfil their dreams.
 Self esteem- Laurence have a high self esteem towards his work which
motivated him to achieve high goals.

Critically evaluation
 Background and the experience of the entrepreneur can affect the
entrepreneurship in both positive and negative way.
 Entrepreneurs having the same experience and background from its
members it assist in carrying the business successfully

Positive and
Negative impact (Richard Branson)
 Positive impact- Family background and experience of Richard
Branson is very much different, as his father was a solider and mother
was pubic servant
 Negative impact- Due to different family background, Richard
Branson was not able to gain proper knowledge and experience of
business from their birth.