Ventures and Entrepreneurial Mindset: A Comparative Analysis Report

This report provides an in-depth analysis of the entrepreneurial mindset, focusing on the ventures and characteristics of successful entrepreneurs, specifically Richard Branson and Thomas Burberry. The report begins with an introduction to entrepreneurship and defines its key aspects. The main body delves into the features that distinguish successful entrepreneurs from business managers, highlighting visionary leadership, product knowledge, and business acumen. The OCEAN model of personality is applied to understand the personalities of Branson and Burberry, examining traits like openness and conscientiousness. The report explores the backgrounds and experiences that fostered the business success of both entrepreneurs, including Branson's early ventures and Burberry's expertise in fashion. The conclusion summarizes the key findings, emphasizing the unique skills and knowledge of entrepreneurs, their focus on opportunities, and the role of personality in their success. The report references relevant academic sources to support its analysis.

Ventures and Entrepreneurial
Mindset

Table of Content
•Introduction
•Main Body
•Features of successful entrepreneurs and the difference from business managers
•OCEAN model of personality of entrepreneurs.
•Background and experience which help to foster business of mentioned
entrepreneurs
•Conclusion
•References

Introduction
Entrepreneur is the person who starts their own business with some innovative
ideas of perusing a business and grows well. The business of entrepreneur, idea
of business, operational and many other functions all together is called
entrepreneurship. Richard Branson is a famous entrepreneur of UK who is the
founder of Virgin Group in the year 1970 which is controlling over 400
companies in all over the world. Another entrepreneur is Thomas Burberry is the
founder of British popular clothing brand Burberry. He also known by inventor of
Gabardine which is a fabric which is used to make suits, trousers, uniforms and
many other outfits.

Features of successful entrepreneurs and the
difference from business managers
Richard Branson
Sir Richard Nicholas Charles is one of the most successful British entrepreneur and founder of the Virgin group.
The skills and features of Sir Richard Branson which differentiate him from business managers are provided below:
Features of Sir Richard Branson
Visionary: Sir Richard Branson created the Virgin record labels and studios which helped him become a billionaire
at just the age of 23. Sir Richard Branson did not stop at this milestone and focused on building global empire. This
visionary feature has led to creation of international Virgin group spread across different industries including
hospitality and airline. This feature is absent from numeral managers whish stops them from making future plans
and continuously focusing on attaining higher successes.

Continue..
Thomas Burberry
Thomas Burberry is a British fashion entrepreneur who launched the clothing label Burberry in the year 1856. The
brand gained success due to the entrepreneurial capabilities of Thomas Burberry and is still a globally renowned
fashion brand (THE BURBERRY TRENCH COAT: HISTORY OF AN ICONIC STAPLE, 2017). Features and skills
which separate Thomas Burberry from business managers are provided below;
Features of Thomas Burberry
Product knowledge: Profound expertise in area of fashion is a feature of Thomas Burberry. He gained this expertise
from apprenticeship at draper’s shop and experience as small cloth shop owner. This expertise helped him develop
revolutionary gabardine fabric which is now a symbol of the brand. Business managers do not have this feature which
separates them and entrepreneurs like Thomas Burberry as they have limited product knowledge and business acumen
and make decisions on the basis managerial capabilities.

OCEAN model of personality of entrepreneur
OCEAN model is used to determine the personality of mentioned entrepreneurs and the ocean model states that there
are only five main components of personality. These five components are explained below-
Openness- It is the feature of having high imagination power and insight which help to generate new and innovative
ideas in individual minds. It is an essential trait in an entrepreneur. In context of Richard and Thomas they both has an
great ideas about their business and they both always wanted to try something new and innovative in their business
and that’s why they reached at this level today. They both always focused to tackle the new challenges.
Conscientiousness- This is the human trait where an individual must have thoughtful mind, goal oriented behaviour
and few more. It is essential for entrepreneurs to focus on achieving their goal on time with full thoughtful mind. In
context of Richard and Thomas, they both are focused to complete their goals on time.

Background and experience which help to foster
business of mentioned entrepreneurs
Richard Branson is a famous British entrepreneur and author. He was born on 18 July 1950 in London, England. He
is the founder of Virgin Group. He decided that he wanted to become an entrepreneur from his young age and at the
age of 16 he started his magazine store called Student. He setup a record stores chain called Virgin Records in the
year 1970. He changed the name of his stores and set as Virgin Megastores in the year 1972. The peak of his business
arrives in 1980s where he has many opportunities to grow and he never missed a single opportunity. He started Virgin
Atlantic airlines and from 1980s till now he is operating in many business lines such as retailing, airlines, CDs, books
and many others.

Continue…
Thomas Burberry was a famous British entrepreneur known for his famous clothing brand Burberry. He
was born on 27 August 1835 in England. He died at the age of 90 in the year 1926. Burberry is famous
brand for its quality and it is founded in 1856. It has 421 stores in across the world. He shares the ideas of
his clothing designs to others and his family members. The designs are always impressive and he gets
appreciated by others for his new designs of cloths. He develops a new idea to produce waterproof cloths
which will help the people in rainy days. He develops many clothing types. He is famous for his invention
of gabardine and hence called the inventor of gabardine. It is a fabric used to prepare suits and trousers for
men. His business gets good level of growth in the year 1900s and he employed many workers at his
factory.

Conclusion
From the above information it is concluded that there are some special skills and knowledge of
entrepreneurs which make them different from others. They are too focused to their aims and they always
grab the opportunities. There are different type of personality in every entrepreneur. OCEAN model is used
to identify the personality of entrepreneurs. The experience and background of entrepreneurs help them to
learn more. Analyzing their background helps in knowing how they become entrepreneurs and what factors
help them for their success.

References
Fernandes, A. R., 2017. Stories in the making: Celebrating people and places. Journal of Global Scholars of
Marketing Science, 27(4). pp.312-318.
João, I.M. and Silva, J.M., 2018, April. Exploring students entrepreneurial mindset: Insights to foster
entrepreneurship in engineering education. In 2018 IEEE Global Engineering Education Conference
(EDUCON) (pp. 530-537). IEEE.
Kaffka, G. and Krueger, N., 2018. The entrepreneurial ‘mindset’: Entrepreneurial intentions from the
entrepreneurial event to neuroentrepreneurship. In Foundational research in entrepreneurship studies (pp.
203-224). Palgrave Macmillan, Cham.

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