Entrepreneurship Report: Theories, Case Study and Background Analysis

This report delves into the multifaceted world of entrepreneurship, commencing with a foundational definition and an exploration of its core components: design, launch, and operational phases that culminate in a running business. It highlights the significance of innovation, both in terms of introducing novel business concepts and enhancing existing ones. The report emphasizes the pivotal role of the entrepreneur, the individual who not only owns the business but also assumes all associated risks and responsibilities. The quality of entrepreneurship is substantially influenced by the entrepreneur's background and experience, as exemplified by the case of Sir Richard Branson of the Virgin Group. Branson's unconventional background, devoid of formal education, coupled with his street-smart business acumen, has equipped him with the ability to embrace new ideas, experiment, and adapt to uncertainty. The report also examines various theories underpinning entrepreneurship, underscoring the impact of demographic factors, family background, and risk-taking experiences on entrepreneurial behavior. The report provides insights into how entrepreneurs navigate the complexities of business management, capital infusion, and the role of experience in shaping their approach. References to key academic sources are included.

Entrepreneurship and small business management.
Entrepreneurship and small business management.

Entrepreneurship refers to the end result of progression of several of several stages
being design, launch and run. All these processes end up into a running business that is
entrepreneurship. Entrepreneurship is about adding innovations to what the business currently
does or innovating with a completely new business idea. The main requirement for any
entrepreneurship to take breathe is an entrepreneur, i.e. the person who shall be the owner of
the business and shall be engaged in the management of business undertaking all the risks
(Drucker, 2014).
Entrepreneurship’s quality is highly impacted by the background and experience of
the entrepreneur. The background and the experience can both hinder or foster the
entrepreneurship. If the case study of Sir Richard Branson of Virgin Group is observed the
same is evident. Richard Branson background shows that he have spent his life on streets and
never got any sort of formal education. All he knows about business is from his learning on
those streets in the real world. His background made him learn things like taking actions
towards new business ideas, undertaking experiments, and adapting to the circumstances. To
fight with uncertainty and contradictions is the direct knowledge he gained from his
background (Grichnik, 2017).
As far as experience is concerned, Richard Branson has always considered conducting
business in a natural manner, i.e. in a manner that is the natural style of the entrepreneur. One
must learn from the experiences and carry on business in a learned and experienced process.
From experience comes learning and that learning can help in taking a step ahead of the
competitors and thrive for real success in the challenging environment (Read, Sarasvathy,
Dew, and Wiltbank, 2016).
There are several theories that strengthen the entrepreneurship business idea. The background
of the entrepreneurs guides them and goes a long way in determining what the entrepreneurs
do. The demographic conditions and the life experiences in which the entrepreneurs have
sustained is an important factor that says a lot about how the entrepreneurs behave. The
family background from which the person has raised his roots determine many a times how
the business shall be conducted. The capital infusion also depends upon what the
entrepreneur has seen in the family background situations. More capital spending and less
capital spending both can hinder or foster the business depending upon the situation of the
case (Bae, Qian,Miao, and Fiet, 2014).

If the experience of the person has a lot of risk taking evidences, the entrepreneurs are
not risk averse and that can foster the business. This is so because the larger the risk, more the
profit is. However, if the experiences are full of bad situations arising on taking risks, the
business can hinder at the place it is positioned since beginning. The risk taking capacity
surely does a lot in developing horizons where business can grow. As also seen in the case
study above, Richard Branson’s experiences and background have let him foster his business
at the heights it is now (Matthews, and Brueggemann, 2015).

References
Bae, T. J., Qian, S., Miao, C., and Fiet, J. O. (2014). The Relationship between
Entrepreneurship Education and Entrepreneurial Intentions: A Meta–Analytic
Review. Entrepreneurship theory and practice, 38(2), 217-254.
Drucker, P. (2014). Innovation and entrepreneurship.UK: Routledge.
Grichnik, D. (2017). Entrepreneurial Living: 7 Steps to Independence (English Edition).
Matthews, C. H., and Brueggemann, R. (2015). Innovation and entrepreneurship: A
competency framework.UK: Routledge.
Read, S., Sarasvathy, S., Dew, N., and Wiltbank, R. (2016). Effectual entrepreneurship.
Australia: Routledge.