A Comprehensive Report on Entrepreneurship: Virgin Group's Success

This report delves into the entrepreneurial journey of the Virgin Group, examining its foundation by Richard Branson and its evolution as a British multinational venture capital organization. The report explores key aspects of entrepreneurship, including the personality traits of successful entrepreneurs, such as motivation, creativity, vision, and flexibility. It investigates how Branson recognized and created opportunities, emphasizing the role of innovation in introducing new products and services, and the impact on profitability and productivity. The analysis further examines how the entrepreneurial team was built, focusing on the application of Tuckman's team development theory and the leadership roles played by Branson, including providing vision and inspiring the team. The report also covers Virgin Group's contribution to the economy and society, highlighting its influence on the business landscape. The content includes references to academic sources like journals and books to support the arguments and findings.

Entrepreneurship

Table of Contents
INTRODUCTION......................................................................................................................3
MAIN BODY.............................................................................................................................3
A. About the Entrepreneur (or group of entrepreneurs) who was Behind the Organisation. 3
B. About the Entrepreneurial Organisation- about 8,00 words..............................................5
C. About Contribution to the Economy and Society..............................................................7
CONCLUSION..........................................................................................................................8
REFERENCES.........................................................................................................................10
Books and journals...............................................................................................................10

INTRODUCTION
Entrepreneurship can be defined as a function which is related to creation of extension
value which is related to entrepreneurship functions for entrepreneurship can be defined as a
capability of an individual which include the process of designing launching and running a
new business venture (Hasan, Khan and Nabi, 2017). It include all those functions which
cover the capacity and willingness to develop organise and manage your business venture by
undertaking different risk and profits. The persons who perform all this function are known
as entrepreneurs. In context of the current report it is based on study of virgin group.it is a
British multinational venture capital organisation which was founded by Richard Branson
and nick Powell. Organisation was incorporated in 1989 and performing its function within
United Kingdom. The current estimated turnover of organisation is around 19 billion. Virgin
group has headquartered at Guntur District city of West minister.in context of current
business environment virgin group of company have a complex structure that contain
elements of generic system. The current headquarter of organisation is situated in London
England. There are number of products and services which are offered by vision group in the
current market. It includes banking books commercial aviation commercial space white
consumer electronics films healthcare internet jewellery and many other.in context of the
present report there is this question about entrepreneurship where appropriate structure is
followed. In the beginning there is discussion about personality traits of an entrepreneur as
well as how did entrepreneur recognise the opportunity in order to create a possibility. There
is also discussion about antimalarial organisation. Along with this contribution of
entrepreneurship in the economy and society will also be discussed.
MAIN BODY
A. About the Entrepreneur (or group of entrepreneurs) who was Behind the Organisation
Critically discuss the personality traits of the entrepreneurs
In order to become a successful entrepreneur there are a number of trades and which
has to be included by the individual in its personality. It is identified that there are different
kind of functions which are required to be performed and in order to achieve better results. In
context to virgin group entrepreneur Richard bran son always used to follow number of
personality traits which they include in their personality in order to become successful
business entrepreneur of. Some of these traits are discussed below:
Motivation: Primary trait which is included in the behaviour of entrepreneur in order
to achieve the successful business operation as well as perform different business activities.
Hard working business owner always use incredible motivation to succeed. In context of
Richard Branson it is identified that they always used to demonstrate the motivation to in
their employees while performing the functions within the organisation. This helps them in
maintaining a positive attitude as well as increasing the employee satisfaction by providing
them appropriate passion for work (Sitdikova and Starodumova, 2019).

Creativity: It is also identified that one more trade which is included in the
personality of Richard Branson is creativity for stock creativity is essential element for every
entrepreneur in order to develop their skills as well as achieve the business objectives while
performing the activity of entrepreneurship. In context of Richard branson it is identified that
the always want it they can adopt creative ideas so that functioning can be managed in an
efficient way by increasing the job opportunities and functioning of organisation. This help
them in maintaining appropriate environment and improving the learning process within
employees so that they can gain maximum from organisation and functioning.
Directed vision: One more important aspect of the entrepreneurial trade is related to
directed vision. It is identified from the functioning of entrepreneur that appropriate vision is
essential in order to clear the image and achieve the goals and objectives in an appropriate
manner. In context of Richard Branson, it is identified that they are performing their function
with a clear vision. This helped them in developing an entrepreneur real quality where they
can success their business in an appropriate manner (Kurowska-Pysz, 2016). Here and in
your used to create a vision about the strategic planning where they can perform different
function according to it and manage the resources in an appropriate way.
Flexibility: It also acts as an important factor within an individual which helped them
in developing their personality in accordance with the entrepreneur royal opportunities. It is
identified that there are a number of functions which they performed by an entrepreneur
within the organisation which need flexibility in the working. In context of Richard Branson,
the always used to follow functions which helped them in bringing flexibility in their working
and promoting the functions in accordance with the opinions ideas and open-minded
approaches for stop this help them being better entrepreneur and performing the function
according to the requirements of current environment.
As stated above that there are entrepreneur personality traits which can be used by the
organisation in order to achieve the objectives and performing the function according to the
requirements. This includes number of functions which can be managed in accordance with
the business environment and performing appropriate approach to achieve business
objectives.
How did the entrepreneur recognise the opportunity or did the entrepreneur create the
opportunity?
Entrepreneur is a person who always seeks for different opportunities within the
market so that they can easily recognise them and perform their function in accordance with
entrepreneur Ariel opportunities. It is identified that entrepreneur opportunities are and
expectations are those functions which help them in gaining sustained attention within
entrepreneur real function entrepreneur opportunity give much importance by the
entrepreneur in order to improve their functions as well as achieving appropriate system so
that they can perform according to the requirements of current business environment.
Entrepreneurs are always seeks to create opportunities for business environment where the
use different factors such as innovation creativity flexibility and various other trades which
can be included in order to create the opportunity and perform the business idea (Morselli,

2018). This can be seen from the example of Sir Richard Branson where they always used to
create a person it is by bringing flexible working environment. Richardson follow an
appropriate approach where the used to build a new business venture with diversification
strategy and then changed their objectives after development of the particular idea. They
always used to switch and adopt a transformational leadership style so that they can easily
lead the individuals by taking their consideration and performing the function in an
appropriate direction. This provide the opportunity it is to bring entrepreneur real idea within
the economy and improve their own wealth as well as development of virgin group.
What are the innovative products/services introduced in the market?
In context of virgin group there are a number of innovative products which are
adopted by the organisation and launched in the current business scenario. Continuously
developing its function in order to generate number of functions which can help in managing
business idea as well as improving organisational profitability. Here organisation always
focus on developing customer services by entering in a diversification strategy for stop this
help vision group in maintaining appropriate system as well as using the technology and
innovation together so that business objectives can be achieved by targeting specific
customer. Organisation innovation is important aspect which opens number of doors to the
firm in order to get better opportunities (Quagrainie, Mensah and Adom, 2018). Some of the
main importance of innovation in context of wage and group are discussed below:
Impact on profitability: Important concept which help the organisation in improving
its profitability level in the market where it is trading this is identified that innovation help a
business venture in motivating different employees so that they can work in accordance with
organisational requirements and perform their function according to the needs.
Manage productivity: It is an innovative system which has the organisation in
managing productivity as well as improving organisational function in accordance with the
current needs and requirements. This is because there are a number of employment
opportunities which will be generated and help the organisation in performing its function
according to the needs and requirements. This is a major factor of innovation which help
organisation in dealing with current business environment and maintaining a flexibility so
that it can achieve its objectives (Aftab and Naveed, 2018).
B. About the Entrepreneurial Organisation- about 8,00 words
How did the entrepreneur build the entrepreneurial team?
It is essential for every entrepreneur to develop an effective team which can perform
different functions. Effective team include defining of roles and responsibilities in an
efficient manner so that the goals and objectives can be achieved in a time leave a full stop in
context of this sir Richard Branson always use Tuckman team development theory in order to
formulate effective teams and perform the function. This theory includes different stages in
order to develop and effective team which are discussed below:

Forming stage: Under the stage it is highly dependent on the leader guideline and
direction where different individuals are collected in order to perform the function within the
team. And ward number of individuals which are selected in accordance with their needs and
requirements within the team.
Storming: This is the second stage and this process which is related to formulation of
effective relationships between different individuals who are going to work within the team.
In this is there is different type of agreement between different individuals so that they can
perform on the particular job and achieve their objectives by combining their efforts (Acs,
Szerb and Autio, 2017).
Norming: Norming is the third stage in this process which is related to agreement and
conscious largely form upon the team. It include assigning the roles and responsibilities to
different individuals as a acceptance of these roles and responsibilities by the individual
which will be work within the team will stop under this stage commitment of these individual
should also be described in accordance with organisational functions.
Performing: Performing is the last stage in this process where different individual has
to perform according to the task assigned to them. This stage is based on the function where
each and every individual has to perform according to the needs and requirement of task.
These are different stages which are used by the entrepreneur sir Richard Branson in
order to perform the function and achieve the objectives of formulating effective team. these
will help in managing functions and achieving better results.
The entrepreneur’s role as leader
It is identified that there are a number of roles and responsibilities which are played
by an entrepreneur as a leader within the organisation. A leader is a person who guide and
motivate different individuals to work in an effective manner so that the goals and objectives
of a particular team can be achieved while working within the firm. In order to this there are a
number of functions which are performed by sir Richard Branson as a leader which are
discussed below:
Provide vision: using and visionary approach is a major role which is played by the
leader within the organisation full in context of virgin group it is identified that Richard
Branson always played the role of leader within the organisation where they provide vision
by clear aiming to the objective. This helps the Richard Branson in developing appropriate
approach and achieving the desired outcome in appropriate time (Ogamba, 2019).
Inspire and motivate: displayed by the leader and the organisation is related to
inspiring the individuals as well as motivating them to perform in an effective manner. In
context of Sir Richard Branson it is included in their trait where they play the role of
inspiring different individual and motivate them according to the requirement of situation. In
context to this sir Richard Branson always follow an approach where they used to motivate
different individuals in accordance with the needs and requirements for staff they always

motivate them with the help of both monetary and non-monetary incentive so that
organisational goals can be achieved in a meantime (Naudé, Siegel and Marchand, 2017)
Delegate authority: One more role which is played by the leader in the organisation
is related to delegation of authority under this role sir Richard Branson always use to delegate
authority in contacts of junior management team. They always used to follow a
transformational as a democratic leadership style which helps in changing the functions as
well as using concerns of different employees while taking decisions. This help in managing
functions and achieving better results according to the requirements (Davari and
Farokhmanesh, 2017).
In context of present business scenario it is identified that there are a number of
functions which has to be performed by the management in order to achieve the objectives.
Using appropriate leadership style and fulfilling the roles and responsibilities of the leader is
an essential for entrepreneur to develop better opportunities and promote the function in
accordance with the current requirement of business. This also formulates an effective system
which can be used in accordance to needs and requirements.
C. About Contribution to the Economy and Society
Discuss and evaluate the contribution to the economy
It is identified that entrepreneurship is essential element in context of both economy
and social perspective this is because there are a number of roles and responsibilities which
are played by entrepreneurship and entrepreneur real ventures in accordance with the
economy and society. These functions are helpful to both society and economy in achieving
better results as well as performing functions in accordance with current needs and
requirements. Some of these roles and importance of entrepreneurship in context of economy
and society are discussed below:
Innovation: Innovation is a basic structure of every entrepreneur as well as business
organisation where the used to perform the function in order to bring the innovation within
the society. This innovation is directly benefited to the society as well as economy as by the
continuous innovation economy can develop different resources as well as use the resources
in an appropriate manner in context of increasing wealth and of nation. This will also build to
help the society in providing number of opportunities where they can easily grab the
opportunities and use the resources in accordance with the development of society and
increasing the standard of living. Richard branson also bring innovation with the society by
providing number of benefits in their vision group as well as help the society and economy in
surviving (Achakpa and Radović-Marković, 2018).
Creation of wealth: It also factor which is considered by entrepreneurship in their
main function. Every entrepreneur has a clear motive to increase their wealth as well as
improve profitability by undertaking different kind of dress. This will impact positively on
the standard of living within the society as well as healthy society in acquiring number of

assets in accordance with the current requirements. It is also identified that it will help the
economy in boosting its function where better wealth creation 10 boost the economy and help
in increasing gdp rate. This will also bring overall economic development and more than the
function of economy.
Job creation: This also lead to creating number of jobs in the society which help in
improving the function as well as achieving the survival level. It is identified that
entrepreneurship will include number of enterprises which will work in accordance with the
organisational objectives. These will use to create number of job opportunities for different
individuals who are unemployed in the current time. Entrepreneurship also involve number of
individual to work with the organisation and earn money for their livelihood. This will bring
better functions and achieve results in an appropriate manner (Kungwansupaphan and
Leihaothabam, 2016).
Balancing regional development: entrepreneurship is an essential element which
also helps in developing new business as well as setting up industries in an appropriate
manner. It also help in developing different regions and localities by using appropriate areas
of working. This is because entrepreneurship provides number of opportunities to the
individual working within the areas and establishing units in the backward areas of the
economy. This will help in growing industry as well as to industrialisation which impact on
infrastructure improvement for stop this will lead to better roads and transportation as well as
ensure effective supply of water and electricity. By continuous increment within the
opportunities of business there is growth of different areas where the business organisation
are situated. This also brings focus of government due to impact of profitability and
increasing business opportunities.
Increase in standard of living: one more benefit of using this system in an
organisation is related to increasing the standard of living within the community where
organisations working. It is identified that entrepreneurship brings different kind of economic
goal as a development toward the areas where it impact on the society by increasing its
standard of living. This is because it create number of job opportunities and develop
functions by enabling innovation. This help in improving quality of the employees customers
and stakeholders where community can expand its business and bring automation in order to
improve the functioning. This also reduce production cost and enable faster production which
make the business more productive and help the organisation in developing its functions.
Export: Benefit of using appropriate entrepreneurship opportunities within the
economy to the growth of economy and society is related to increasing opportunities of
exporting the products and services for stop this is because entrepreneurship bring innovative
ideas where they sell different kind of products which can be used to export in foreign
countries. This will bring number of opportunities in front of organisation where it can use
the cutting edge technology to improve its functions as well as build appropriate system with
an economy. This also help in developing the foreign market by using the products and
services of the organisation and selling it to the foreign markets. This concept help in

developing exports of the country as well as contribute toward the organisational
development because of higher export.
It is evaluated from the above-mentioned information that there are various functions
which are performed by the entrepreneurship in context of organisation economy and society.
These all are essential for the firm to manage its function and achieve the business objectives
while working.
Evaluate the survival issues
It is identified the are number of survival issues which are faced by the entrepreneur
real ventures in the current time because of the impact of covid-19 pandemic falstaff covid-19
impacted on the number of entrepreneur real opportunities as well as decrease the chances for
entrepreneur to become a successful organisation. Identify that some of these challenges
faced by various and adventures are discussed below:
Issues related to working: Coronavirus impact negatively on the working of
different organisation. This is because due to mass spread of covid-19 government has to shut
the operation of the entire organisation and impose a mass lockdown which impacted
negatively on the working of different organisations. This also reduced the entrepreneurship
opportunities within the market due to mass spread of covid-19. This act as a biggest survival
issue for every entrepreneur organisation (Sussan and Obamuyi, 2018).
Money management: It is also essential factor which impacting the survival issue of
the business. This is because there are a number of factors which are impacting on the
organisation in context of covid-19 pandemic. It is identified that there are factors such as
changes in functioning as well as various other which impacting on the money management
for staff it is essential for the organisation to manage functions and acquire money so that it
can survive. In context of current business environment covid-19 impact on the choice of
investor where organisation need to build an better functioning and structure so that it can
easily implement it strategies and achieve functioning according to the requirements
(Dhaliwal, 2016).
CONCLUSION
It can be concluded from the above mentioned information that entrepreneurship is a
concept which is related to functioning of organisation within the market where there is a
number of risks in association with profitability. Also identified that needs to develop skills
and abilities which can be used in accordance with the business environment and perform the
function in effective way for stop this will lead two achievement of goals and objectives and
managing function. Along with this it can also concluded that there is various impact of
current situation of covid-19 which impacted organisations negatively as well as reduced the
entrepreneurship opportunities within the market which is the main concern for various
entrepreneurs and has to be analysed in accordance with organisational functioning.

REFERENCES
Books and journals
Hasan, S.M., Khan, E.A. and Nabi, M.N.U., 2017. Entrepreneurial education at university
level and entrepreneurship development. Education+ Training.
Sitdikova, L.B. and Starodumova, S.J., 2019. Corporate agreement as a means of providing
security in the course of entrepreneurship development. Entrepreneurship and
Sustainability Issues, 7(1), pp.324-335.
Kurowska-Pysz, J., 2016. Opportunities for cross-border entrepreneurship development in a
cluster model exemplified by the Polish–Czech border region. Sustainability, 8(3),
p.230.
Morselli, D., 2018. How do Italian vocational teachers educate for a sense of initiative and
entrepreneurship? Development and initial application of the SIE
questionnaire. Education+ Training.
Quagrainie, F.A., Mensah, A.O. and Adom, A.Y., 2018. Christian entrepreneurial activities
and micro women entrepreneurship development. Journal of Enterprising
Communities: People and Places in the Global Economy.
Aftab, M. and Naveed, T.A., 2018. Role of microfinance institutions in entrepreneurship
development in district Gujrat, Pakistan. Stud, 7(1).
Acs, Z.J., Szerb, L. and Autio, E., 2017. Global entrepreneurship and development index
2011. Springer International Publishing.
Ogamba, I.K., 2019. Millennials empowerment: youth entrepreneurship for sustainable
development. World Journal of Entrepreneurship, Management and Sustainable
Development.
Davari, A. and Farokhmanesh, T., 2017. Impact of entrepreneurship policies on opportunity
to startup. Management Science Letters, 7(9), pp.431-438.
Achakpa, P. and Radović-Marković, M., 2018. Employment Women Through
Entrepreneurship Development and Education in Developing Countries. Journal of
Women's Entrepreneurship and Education, (1/2), pp.17-30.
Kungwansupaphan, C. and Leihaothabam, J.K.S., 2016. Capital factors and rural women
entrepreneurship development. Gender in Management: An International Journal.
Sussan, M.U. and Obamuyi, T., 2018. The Impact of Microfinance Bank on Entrepreneurship
Development in Nigeria. Journal of Business and Economic Development, 3(2),
pp.51-61.

Dhaliwal, A., 2016. Role of entrepreneurship in economic development. International
Journal of scientific research and management, 4(6).
Naudé, W., Siegel, M. and Marchand, K., 2017. Migration, entrepreneurship and
development: critical questions. IZA Journal of Migration, 6(1), pp.1-16.