Entrepreneurship Case Study: Branson and Sugar's Business Strategies

Desklib provides past papers and solved assignments for students. This report analyzes Richard Branson and Alan Sugar's entrepreneurial journeys.

Entrepreneurship and small
businesses
Task II

Introduction
 There are many success stories that unravel the practices and character traits of supreme
entrepreneurs
 Entrepreneurship in the contemporary environment is considered as the vibrant process
 Successful entrepreneurs help other people to get motivated as well as inspire to perform
well in the business world (Cooper and Folta, 2017)
 Two selected entrepreneurs are Richard Branson and Alan Sugar

1. Characteristic traits of Richard Branson
 British business magnate and is the founder of Virgin Group
 Controls more than 400 subsidiaries
 Capability to transform, progress and application of new business concepts
 Self-motivated and absorbing personality (Audretsch, D., 2017)
 Richard is a man of his words and a firm supporter of mentorship

Skills possessed by Richard Branson
 Influential personality and possesses firm commitments of ideas and vision
 Richard is energetic, and put thoughts into action
 Utterly passionate about his business (Bytyçi, 2015)
 Can draw a line between success and failure
 Helps to inspire people and make them part of his dream

Motivational Drivers
 He was inspired mostly by the non-fiction books through which he gathered knowledge
about the world
 His greatest motivational drivers was Nelson Mandela
 The craving of bringing innovation is an intriguing driver of motivation
 He believes that money can be made where there is innovation (Caliendo et al. 2014)
 Extrinsic personality has made this entrepreneur from the rest of the crowd

Characteristic traits of Alan Sugar
 He is a media personality and politician as well as political advisor
 Fascinating personality where his creativity is a bonus
 Alan is extremely emotional and weak at times
 He has a well-planned mindset when it comes to business (Chepurenko, 2017)
 Alan is a thinker and is a long-term planner

Skills possessed by Alan Sugar
 Alan is practical and down to earth
 His creative thinking skills help him to work in an artistic way
 He is a strong believer of self-growth and values time
 Natural ability to save time (Curran and Storey, 2016)
 It has also been identified that he trusts his instincts

Motivational Drivers
 He built his personal wealth portfolio on the basis of his dreams
 He spotted every market opportunity available
 To gain ultimate business success has been the prominent motivation driver
 To earn and afford luxury was another motivational driver
 Hard work and support has helped him a lot (Drucker, 2014)

2. Critically evaluating the background and
experience
 Alan Sugar started with no financial support and started at a council flat on East London
Estate
 This experience and hard work have helped him positively to achieve the most of success
(Edwards-Schachter et al. 2015)
 Alan Sugar experienced a value fail of the company where they lost the reputation by
selling a low-performance Seagate PC
 It has been a negative factor in his business practices

Continued..
 Branson was convicted and was behind bars for tax evasion
 It can be said that this situation can have a potentially negative impact on his great
business
 Branson has received several accolades (Kirzner, I.M., 2015)
 It significantly boosted up the morale of Richard

References
 Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell handbook of entrepreneurship,
pp.348-367.
 Audretsch, D., 2017. Entrepreneurship in Germany. The Blackwell Handbook of Entrepreneurship, pp.107-127.
 Bytyçi, I., 2015. Enterpreneurship and Inovative SME’S as a key of Economic Development–Kosovo case. European Journal
of Business Economics and Acountancy, 2015 (14-21).
 Caliendo, M., Fossen, F. and Kritikos, A.S., 2014. Personality characteristics and the decisions to become and stay self-
employed. Small Business Economics, 42(4), pp.787-814.
 Chepurenko, A., 2017. Innovation Enterpreneurship in Transition Economies: Problems and Outlook. Форсайт, 11(3 (eng)).
 Curran, J. and Storey, D.J., 2016. Small firms in urban and rural locations. Routledge.
 Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
 Edwards-Schachter, M., García-Granero, A., Sánchez-Barrioluengo, M., Quesada-Pineda, H. and Amara, N., 2015.
Disentangling competences: Interrelationships on creativity, innovation and entrepreneurship. Thinking Skills and
Creativity, 16, pp.27-39.
 Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago Press.