Entrepreneurship Report: Theories, Motivation, and Branson's Example

This report provides an in-depth exploration of entrepreneurship, covering key theories, motivational factors, and essential characteristics. It begins with a definition of entrepreneurship and its role in creating employment opportunities and driving economic development. The report then delves into various entrepreneurship theories, including innovation theory, need for achievement theory, and the theory of leadership, illustrating these concepts with examples. The discussion extends to entrepreneurial motivation, examining how individuals develop the drive to become successful business leaders. A significant portion of the report is dedicated to entrepreneurial characteristics, such as risk-taking abilities, innovation, open-mindedness, and flexibility, using Richard Branson as a case study to exemplify these traits. The report concludes by summarizing the key aspects of entrepreneurship and its significance in the business world. The report references key academic sources to support its arguments.

ENTREPRENEURSHIP

TABLE OF CONTENT
• Introduction
• Entrepreneurship theories
• Entrepreneurship Motivation
• Entrepreneurship Characteristics
• Conclusion

INTRODUCTION
• Entrepreneurship is define as the ability of individual or group
of people to establish and run a business and carry out
operations after considering all the situations in order to
make profits (Herrington and et.al., 2010). They are the one
who create employment opportunities that is provide entry
level jobs to the freshers.

ENTREPRENEURSHIP THEORIES
• An entrepreneur is one who is responsible for carrying
business operations together with many other factors and
take the risk in its business in order to earn profits and grow
the business. The entrepreneurship play a crucial role in the
economy and helps in the development of economy (Klein
and et.al., 2010).

CONT…
• Innovation theory- Entrepreneur is one who are innovators
that is established business by introducing new combinations
of products and services. Basically they are one who introduce
new methods and techniques in goods and services. In
context of Richard Branson, he is dealing in different type of
businesses which are totally new and innovative. He develops
new products according to the market condition

CONT…
• Need for Achievement Theory- The entrepreneur is more
focused to develop and grow the business and it is possible
with the need for achievement. Basically it determines the
desire to do well in order to obtain the desire results and not
just for social recognition but for sake of own good or for
personal accomplishment (Siegel and Wright, 2015). The
actions of the entrepreneur determine their achievements and
also guide them to accomplish what they want.

CONT…
• Theory of leadership- Entrepreneurship is defined as the
role of managerial and leadership skills where an
entrepreneur show his ability to manage and lead. In context
of Richard Branson, he has shown his abilities and leadership
styles in early age of 16. He dropped his school education
and start working on youth-oriented magazine.

ENTREPRENEURIAL MOTIVATION
• Entrepreneurial motivation is the process where an ordinary
individual has capabilities to become powerful businessman
that is create opportunities for its own growth and
contributes on wealth maximization and economic
development. In order to become successful entrepreneur
one should identify various factors prevailing the
environment and analyse the strength and opportunity
accordingly (Berglann and et.al., 2011).

CONT..
• In context of Richard Branson, he has the desire to do something
big in his life that is to achieve big. From the young age he want
to do something new and different in order to create positive
impact on the society (Etzkowitz and Zhou, 2017). He want to
become independent in his life and for that he started working at
the age of 16. He is among top ten entrepreneurs who take
decisions on their own and always have winning attitude. He
starting working very hard in order to achieve want he want.

CONT…
• Furthermore Richard Branson with his own business group contributing
in the growth and development of economy. The main motive behind
moving in airways business is he want to provide easy and comfort to
customers. The customers should not suffer due the difficulties and
problems of management and its operations. Virgin group is providing
full support to government and functions according to the rules and
policies of government. Richard Branson is a self motive person and he
motivates his employees so that they work hard and achieve their
needs and desires (Nambisan, 2017).

ENTREPRENEURIAL CHARACTERISTICS
• Being an entrepreneur requires a certain set of skills and
characteristics that is by understanding the essential
qualities one can grow as successful business leader. The
entrepreneur characteristics are the qualities which
contributes in the success of business and helps in achieving
the business goals and objectives. Here are some
characteristics of Richard Branson which make him
successful entrepreneur (Pines, Lerner and Schwartz, 2010).

CONT…
• Risk taking abilities- He has the ability to take risk in life and has taken
risk in the initial stage by dropping his school education. He at the age of
16 left his school and starting working on magazine (Frese and Gielnik,
2014). Basically no one knowns the outcome of the efforts they are
making in particular activity before performing it and taking risk in the life.
• Innovation- Richard Branson is highly innovative in generating new ideas
and function accordingly in order to establishes himself as the brand name
and earn profits (Mason and Brown, 2014). He is the founder of Virgin
group and covers 400 companies under it.

CONT…
• Open-minded- In the world of business, every situation may act as opportunity
and can be benefited for the growth of business. He has analysed the situation of
banking sector and has recognised the need for better services and facilities for
customers (Estrin, Mickiewicz and Stephan, 2013).
• Flexible- He is flexible and open to change and take corrective actions according
to the privileging situation. He is among top 10 entrepreneurs in UK because of
his capabilities and understand the need of market and equip changes in its
products and services according to the need and preferences of customers. One
of the most challenging situation is to understand the current trends and
behaviour of customers.

CONCLUSION
• From this report, it can be elucidated that creating new
business and bearing risks for that creation so as to receive
rewards in return is often termed as entrepreneurship. The
person initiating this process is known as entrepreneur often
called as innovator for bringing something new in goods or
services.

REFERENCES
• Herrington, M. and et.al., 2010. Tracking entrepreneurship in South Africa: A
GEM perspective (pp. 1-174). South Africa: Graduate School of Business,
University of Cape Town.
• Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University
Press.
• Delgado, M., Porter, M.E. and Stern, S., 2010. Clusters and entrepreneurship.
Journal of economic geography. 10(4). pp.495-518.
• Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and
ways forward. Entrepreneurship theory and Practice. 35(1). pp.165-184.

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