Entrepreneurship Report: Virgin Company Analysis, Tasks and Findings

This report provides an in-depth analysis of the Virgin company, founded by Richard Branson, from an entrepreneurship perspective. It explores the personality traits of successful entrepreneurs, highlighting Branson's adaptability, communication skills, and focus on customer needs. The report examines the role of innovation in Virgin's diverse range of products and services, emphasizing its commitment to quality and customer satisfaction. It further delves into how entrepreneurs build effective teams and foster leadership, examining Branson's approach to employee empowerment and decision-making. The report also addresses the company's contributions to the economy and society, as well as the challenges it faces. Finally, it offers recommendations for continued success, emphasizing the importance of understanding customer needs and adapting to market changes.

Entrepreneurship
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Table of Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
The personality traits of the entrepreneurs...............................................................................................3
Entrepreneurs make the chance...............................................................................................................4
The innovative products and services of the organization.......................................................................5
TASK 2.......................................................................................................................................................5
The entrepreneur build the entrepreneurial team.....................................................................................5
The entrepreneur can become a successful leader....................................................................................6
Entrepreneur grow the business...............................................................................................................6
TASK3........................................................................................................................................................7
Contribution to economy and society......................................................................................................7
The survival issues..................................................................................................................................9
CONCLUSION & RECOMMENDATION..............................................................................................10
REFERENCES..........................................................................................................................................11
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INTRODUCTION
The business is the cycle of the individuals who will have the business and needs to make
it effective by giving great items to clients. The individuals who have aptitudes and need to do
various innovation in its business is term as entrepreneur (Hsieh and Wu, 2019). The
organization are established by individuals who have the information and they need to give
products and services to clients or potential customers. The business person will have the
benefits and worker individuals to work and encourages them in improving execution.
Individuals have abilities and they will give work to other people that is provide employment
opportunities. The company should provide great services or products to clients and they will
help in improving execution. The workers are inspired when they have business visionaries
which will help them in contributing towards growth and development of the organization. The
entrepreneurs in their business come to comprehend the requirements of workers and they ought
to get what they need. The organization chosen for the report is Virgin which was established by
Richard Branson in year 1970. Richard Branson is an entrepreneur and is able to provide quality
services to its potential customers across the globe. They are operating in various countries and
the association is having representatives which are assisting them with improving the exhibition.
The topics covered in the report are personality traits and entrepreneur, role of innovation in the
success of organization, role of entrepreneur to grow the business, issues faced in the
organization and recommendations.
TASK 1
The personality traits of the entrepreneurs
The company is fruitful when they have great business people. Richard Branson is the organizer
of Virgin and he had started his professional life journey by offering magazines to youngsters
(Ratten and Jones, 2018). The magazine business was in loses. The virgin was established and
run by Richard Branson and he has personality traits which contributed in making the business
successful. The company able to achieve success because it has entrepreneur who is adaptable to
the requirements of the workers. Richard Branson is understanding the need of the clients and he
has made the association as per them since he needs to be the best in the business world. He was
successful in achieving its objective of having great association with the workers. The clients are
significant for the association and he was assembling acceptable relationship. The business
visionary needs to have the picture of the association for clients not the products and ventures.
He needed to advance the items and pulled in clients and the individuals who are keen on the
association. The main factor for the achievement of the associations was that he has great
association with representatives.
The association is fruitful in light of the fact that their main focus is on the necessities of clients
and to fulfill them. The business person of Virgin went through less cash in advancements and
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pulled in clients with the items and administrations. The company provide quality services and
products to its potential customers in order to stand on their preferences. The entrepreneurs ought
to comprehend the issue of representatives and he will give them what they need. Richard
Branson is focusing on Corporate social duty and he was giving acceptable items to the
individuals. He is giving the best to the clients and the quality is the main factor for the
association. The association ought to have great representatives which will help the business
visionary in giving quality. He is having aptitudes which are significant like he is a decent
communicator and he will help the workers in listening the necessities. He is dedicated and needs
to give better products. The association is having numerous elements and the business person
ought to break down them to improve the quality (Ács, Szerb and Autio, 2016).
Entrepreneurs make the chance
The company are zeroing in on expanding the quality by providing great services. The business
person investigations the exhibition of the association and helps in creation the items that are
significant for drawing in the requirements of clients. In case you are not a trademark business
visionary, chances are that you would want to be working in your current work environment than
trying something absolutely new. Likewise, chances are that if you are looking for another
position, you will be searching for the best positions open, and not going for the ones that fit
your aptitudes. The clarification behind this is that when one pick a work, they are looking for a
business that best suits their capacities. The association ought to have workers that will help
them in giving great quality and they will help in accomplishing benefits. Richard Branson has
made the chance and he was helping the workers in the association. He is lessening the danger of
the association. The virgin has confronted difficulties since they had the income issue and they
need to improve execution. The business person has examined the danger and he was helping the
representatives. He has persuaded the representatives to give great items and the money was
overseen by the association. The association ought to have business visionaries who are
adaptable to the requirements of the individuals. There are numerous individuals influenced by
the association and he ought to investigate the exhibition of the association. The clients are
significant and he ought to comprehend the requirements and encourages them in improving the
exhibition. Richard Branson is adaptable to the necessities and he is helping the workers of the
association. The business person has numerous abilities and he is causing the representatives to
improve the nature of the work (Acs, Szerb and Autio, 2017 ).
The company will be effective when they are able to improve its execution and they will
help the representatives. Richard Branson has the receptive outlook and he is having the quality
which makes him a decent business visionary. He is roused to work and causes the
representatives to feel they are significant. He is improving the abilities of the workers and
giving them great compensation. The workers are significant for the associations since they are
associated with clients. The clients are pulled in to the association and he is giving them better
items which is making them expanding the abilities of the representatives. The virgin is the
company which employees are working independently and providing quality services to its
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customers and have the right to take decisions in business where it is essential and to provide
suggestion in the decision making process of the company.
The innovative products and services of the organization
The virgin is the company established by Richard Branson and having numerous services and
administrations. There are numerous results of Virgin a they are focusing in on various
necessities of clients. The company is focusing in on numerous components giving great client
care, providing great quality, creative and innovative products and upper hand to its potential
customers or clients. The company is giving the best items which is assisting the workers with
interfacing with clients (Bruton, Ahlstrom and Si, 2015). The virgin is expanding the exhibition
in light of the fact that the entrepreneur is causing the representatives to make progress. There
are numerous results of the company and they are in Virgin Airlines, Virgin portable, account,
railways, lodgings, retail and beverages. The company is in numerous areas and they are
effective in light of the fact that they are giving acceptable administrations. The clients get what
they need and the quality is the main factor for the accomplishment of the association. The
association is focusing on improving its services and they are having talented representatives
who are associated with clients to give them great experience (Morozova, Popkova and
Litvinova, 2019). The representatives will help the company in improving the administrations
and they will help in accomplishing the quality items.
The company will draw in clients since they need to accomplish success and achievements in its
business . The main factor for the company is that they are having numerous associations and
they need to decrease the expense. The workers are helping the association and they need to give
them great items. The Virgin is pulling in clients who are significant for the company. Richard
Branson is the business person who is roused to improve the presentation of the workers. The
company have workers who are talented and they are encouraging them in expanding the
exhibition. The association is having items who are drawing in clients and they are the
association who helped the clients in getting what they need. The clients are significant for the
association and they are causing them to improve the presentation. The company should focus
on the requirements and they will give them quality which is the main factor for making progress
(Mitra, 2019).
TASK 2
The entrepreneur build the entrepreneurial team
The company have representatives which help them in making progress. They are the main
factor for the company since they will help in improving the exhibition. The Virgin is the
company who is persuading the representatives to settle on the choices. The representatives are
working in various groups and they need to make the progress and the association should help in
getting great products and services. Richard Branson is making the company improving the
quality and he is assisting the workers with improving merchandise. The entrepreneur is making
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the methodologies and assisting the workers by conveying. The association ought to have great
correspondence with workers since they will give better quality services and products. The
workers of the company have numerous rights and they should help in getting what they need.
The representatives have various necessities and they will work when they feel that they are
significant.
Richard Branson inspired the workers to diminish the expense. The company has numerous
representatives and they have various requirements. The business person ought to break down
the presentation of workers and assist them with improving on the grounds that they will make
the association increment the quality. The clients of the association are pulled in when they have
great representatives attempting to make progress (Kraus and et.al., 2018).
The entrepreneur can become a successful leader
The companies have entrepreneurs who are working for the benefit of the organization that is to
helps employees to improve their performance and by providing right direction to them. The
leader is one who is responsible to effect the business operations as they are capable of
influencing employees of the organization. The entrepreneur are quite skilled and capable as they
analyses and identify the needs of customers so that they would be able to focus on improving
the products and services of the company. The organization must focus on improving and
developing the skills and capabilities of employees as it is quite important for the growth and
development of the company (Walter and Block, 2016).
The workforce in the company must be able to identify and analyses the needs and
desires of customers so that they would be able to take corrective measures in order to maintain
its position and brand name in the marketplace. The leaders should be able to motivate and
provide the right direction to employees so that they would be able to carry their job role in the
most effective and desirable manner. The leaders are responsible to formulate the effective
business strategy which helps the business organization to work in the most effective and
desirable manner in order to accomplish its goals and objectives. In context of Richard Branson
he has become the success leader become he has the willing to learn something new in life by
focusing on the latest trends with the motive to accomplish higher outcomes. Moreover he is
passionate and has vision regarding what he want to achieve which act as motivating factor in his
life and helped him in becoming successful in life.
Entrepreneur grow the business
Entrepreneurs focus on adopting various ways in which they would be able to grow their
business that is with the use of creativity and innovation they would be able to accomplish their
desire results (Brush and et.al., 2019). By function in the systematic and most appropriate way
the entrepreneurs would be able to grow their business that is firstly they have proper vision
regarding what they want to do and want they want to achieve in life. After that there focus is to
arrange the fund either from family members or by outside investors. This is possible when one
has proper understanding of the market and have conducted proper research on needs and desires
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of customers. Moreover by providing the necessary or desirable product or service with the
motive to provide benefit to customers one would able to successfully grow their business.
In context of Richard Branson has worked very hard from the very beginning and able to become
one of the most successful entrepreneur across the globe. This is possible as from the very
beginning of his career and the time when he come to understand the importance of money he
has a decided vision in his life that is to become successful and richest person in his life. In the
beginning when he was just 16 year old he decided to drop his studies and to start working with
the motive to earn money (Staniewski, 2016). He started his professional career by taking
interviews of celebrities. He then formulate it in magazine from and staring selling it but would
be able to become successful in this business. He didn’t felt demotivated and later on come up
with the business Virgin Mail Order Records in year 1972 along with his friend as he is having
shortage of money. This business is able to gain success in the marketplace and later he has
extended his business in various field after success of Virgin Mail order records. Virgin has
become top sixth record organization across globe. With the success of the business he has able
to owned 50 companies all because of his capabilities.
TASK3
Contribution to economy and society
Entrepreneurs plays an important role in order to Spark the economic development with the help
of starting new business and also leads to create job by effectively contributing towards the
development in several key goals considering living standard GDP community development and
many more (Cooper and Folta, 2017). In regard of this there are several contributions which are
done by Richard Branson in terms of contributing towards the growth of economy and Society
which are discussed as underneath:
 Wealth creation and sharing: By effectively developing the business venture and entity
entrepreneurs need to prominently invest their resources and capabilities in terms of
attracting capital which is in the form of equity and many more from the side of lenders
and investors. It effectively depicts the public wealth and also format individuals in terms
of benefiting from the growth of entrepreneurs in terms of growing their businesses. In
relation with this Richard Branson leads to create wealth creation by considering the
pooled capital that results for the wealth creation and distribution as it is the primary goal
for the economic development.
 Job creation: Entrepreneurs are effectively undertaken as the job creators as the launch
their own business organization and leads to create effective job opportunities for the job
seekers that significantly leads to develop economy. By considering the business venture
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of Richard Branson he leads to Run large business organization and also create several
job opportunities for the job seekers. This type of job creation depicts the existing and
new businesses which is one of the prominent objectives of economic development.
Therefore, entrepreneurs prominently create employment opportunities in both indirect
and direct manner. New business comes to employ labor that straightforwardly makes
better opening for work through which better economy networks through better
expanding through better personal satisfaction and increment generally speaking way of
life and more to which have constructive outcome towards financial or society
foundation. Directly in terms of self employment by becoming an entrepreneur that offer
significant method for the independent life. Indirectly in terms of developing large and
small scale business units by providing effective job opportunities to millions of people.
 Improvement in living standard: Entrepreneurs are those individuals who set up suitable
sector and Industries that leads to eliminate scarcity for dis important products and launch
new product in the market (Gaddefors and Anderson, 2017). In regard of this the
production of prominent commodities considering the large level and manufacture the
handicrafts is undertaken as the small sector business that helpful to enhance the
standards of life for the individual. In terms of Richard Branson he also Run several
small-scale ventures by offering effective products at the lower cost in order to increase
variety for the consumption.
 Economic independence: Entrepreneurs plays an important role regarding the self-
Reliance at the international level and for this, industrialists are useful in terms of
developing effective substitute to the imported products by eliminating dependence on
the foreign countries (Youssef, Boubaker and Omri, 2018). In regard of this the suitable
entrepreneurs and Richard Branson effectively export products and services at the large
level and also earn the scares for the foreign exchange of nation. In regard of this please
import substitution and export promotion effectively helpful for the economic
independence from the side of entrepreneurs of the nation without any sort of political
independence.
 Commence Economic and regional economic integration: Through moving toward
tremendous innovation that upgrade better nature of conceivable entrepreneurs which
makes more imaginative size of extend provincial that improve better worldwide market
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that forestalls greater tip sends out for merchandise and administration that profitability
and procuring. By securing this training increment towards income fortify as an economy
and advances that general makes better economy populace. By political aside, captivating
through better worldwide exchange which improve to more readily advance global local
venture which brings more fortifies for better monetary development. Despite the fact
that, with respect to United Kingdom or United States are nation in which it makes
greater weakness as along for a few assessment in better and viable manner.
 Environmental factors: It isn't guarantee that development would better improve with
regards to tending to noticeable climate difficulties to re starting point turning around
climatic changes (Kyrö, 2015). Through these continues on where battling climatic
changes through upgrade better climatic changes that forestalls admittance to viable
advancement which comes to better sure wellbeing offices gives. As without water there
is no endurance correspondingly as absence of innovation, power, and distinctive
metropolitan framework expands profitability that upgrades greater advancement in
financial.
 Advancement in technology: The monetary development as for the most part improve
talking more determined information inside better mechanical offices as it their
application on imaginative base character. On the premise time frame which is commonly
talking according to on premise of solid monetary development inside better soundness.
The upgrade of development creation inside inventive item and administration suggests
the requires arrangement where taught and aptitudes individuals is more fundamental for
work attribution towards attempts adequately (Daskalaki, Hjorth and Mair, 2015).
The survival issues
There are various challenges which are to be faced by the organization in carrying its
business operations due to various external and internal factors. The most difficult and
complicated issue which is been faced by the business organization is the Covid pandemic issue.
This factor permits more creative approach to speculation right discernment towards more
downturn and financial base of emergencies get included which empowers towards improve
accomplishment of income in fruitful way (Anderson and Gaddefors, 2016). Due to less number
of suppliers and decreasing in the demand the business organizations are facing problem that is
people are spending their money only on essential commodities. Client contribution and absence
of venture with not transportation and takeoff offices get to shut through lockdown to control
infection as just online new companies and business get effectively dynamic and they get
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palatable benefit to move toward exceptional yield in better and get more upper hands.
Disconnected business not get legitimate business accomplishment arranged that improve more
adaptability in long towards time.
CONCLUSION & RECOMMENDATION
From above report it has been concluded that where it portrays about more inventive and
imaginative idea of business through diagram about various character about entrepreneur with
having receptive outlook, outgoing person and more certainty types. Business people are high
important that makes more business related item which permits high capability of positive
results. To be a productive entrepreneur, an individual prerequisites to use the open entryways
presented in the market through organizing, assignment of the resources and through turn of
events. There are certain things that a business visionary necessities to recall. One insinuates the
chance of progress to the entrepreneur. The other thing is developing a good association with the
cash administrator having comparable circumstance just as the ones who have gained ground
starting at now and can control the new business. It is above talked about that item imaginative
assumes a significant job that pull in individuals' desire in simpler way that begin in better
methodology way. By contributing business related vision, mission and advancement that
improve to long haul foundation that upgrade more separate. Through moving toward
contributing position creation abundance new profitable development, new innovation assumes a
fundamental part towards approach high paces of advantages in better way to pick up better
certain results.
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REFERENCES
Books & Journals
Hsieh, Y.J. and Wu, Y.J., 2019. Entrepreneurship through the platform strategy in the digital era:
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Ratten, V. and Jones, P., 2018. Bringing Africa into entrepreneurship research. In African
entrepreneurship (pp. 9-27). Palgrave Macmillan, Cham.
Ács, Z.J., Szerb, L. and Autio, E., 2016. Global entrepreneurship and development index 2015.
Springer International Publishing.
Acs, Z.J., Szerb, L. and Autio, E., 2017. Global entrepreneurship and development index 2011.
Springer International Publishing.
Bruton, G.D., Ahlstrom, D. and Si, S., 2015. Entrepreneurship, poverty, and Asia: Moving
beyond subsistence entrepreneurship. Asia Pacific Journal of Management. 32(1). pp.1-
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Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
Kraus, S. and et.al., 2018. Digital entrepreneurship: a research agenda on new business models
for the twenty-first century. International Journal of Entrepreneurial Behavior &
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Walter, S.G. and Block, J.H., 2016. Outcomes of entrepreneurship education: An institutional
perspective. Journal of Business venturing. 31(2). pp.216-233.
Staniewski, M.W., 2016. The contribution of business experience and knowledge to successful
entrepreneurship. Journal of Business Research. 69(11). pp.5147-5152.
Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship, pp.348-367.
Gaddefors, J. and Anderson, A.R., 2017. Entrepreneursheep and context: when entrepreneurship
is greater than entrepreneurs. International journal of entrepreneurial behavior &
research.
Youssef, A.B., Boubaker, S. and Omri, A., 2018. Entrepreneurship and sustainability: The need
for innovative and institutional solutions. Technological Forecasting and Social
Change, 129, pp.232-241.
Kyrö, P., 2015. To grow or not to grow? Entrepreneurship and sustainable development.
In Handbook of Entrepreneurship and Sustainable Development Research. Edward Elgar
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Daskalaki, M., Hjorth, D. and Mair, J., 2015. Are entrepreneurship, communities, and social
transformation related?. Journal of Management Inquiry. 24(4). pp.419-423.
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business. 28(4). pp.504-518.
Brush, C. and et.al., 2019. A gendered look at entrepreneurship ecosystems. Small Business
Economics. 53(2). pp.393-408.
Morozova, I.A., Popkova, E.G. and Litvinova, T.N., 2019. Sustainable development of global
entrepreneurship: infrastructure and perspectives. International Entrepreneurship and
Management Journal. 15(2). pp.589-597.
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