An Entrepreneurial Study: The Virgin Group's Contribution to Society

This report provides an in-depth analysis of the Virgin Group, examining its entrepreneurial approach, leadership, and contributions to the economy and society. It explores the key personality traits of entrepreneur Sir Richard Branson, highlighting his passion, optimism, and creativity in driving innovation. The report delves into the Virgin Group's organizational structure, team-building strategies, and the Tuckman team development theory. Furthermore, it analyzes the organization's diversification strategies, innovative products, and services, and their impact on market trends and profitability. The report also discusses the role of leadership within the group, emphasizing the importance of team dynamics and the leader's role as a family member. Overall, this report offers a comprehensive understanding of the Virgin Group's entrepreneurial success and its impact on the business landscape.

Entrepreneurship

Table of Contents
INTRODUCTION......................................................................................................................3
MAIN BODY.............................................................................................................................3
About the Entrepreneur..........................................................................................................3
About the Entrepreneurial Organisation- about 800 words...................................................5
Contribution to the Economy and Society- about 1,200 words.............................................6
CONCLUSION AND RECOMMENDATIONS.......................................................................8
REFERENCES...........................................................................................................................9
Books and journals.................................................................................................................9

INTRODUCTION
Entrepreneurship can be defined as a process which is related to identification of
different changes within the economy and as using these changes and order to process a
design launching a new business or initiating a small business which is based on some
innovation risk and anticipating the profitability (Monitor, 2016). In context of the present
report it is based on the study of virgin group. It is a British multinational venture capital
metre which was founded by entrepreneur sir Richard Branson and nick Powell. Organisation
is operating its business since 1989 where company is holding its position within the market
at stronger value full stop the net worth of virgin group in the current time is estimated more
than 5.5 billion according to the data provided by organisation in 2014. At the current time
the total revenue of organisation crossed 16.6 billion in end of 2016. The major products of
organisation are banking books commercial aviation commercial space fight firms healthcare
internet jewellery mobile phones music radio rail transportation retail and travel.
Organisation is operating at large 11 which consist of number of factors in relation to the
current business environment. It is following appropriate structure which is helpful to the
organisation and managing its function and achieving business objectives. In context of the
current arise it include discussion about entrepreneur where virgin group is a brain focus
organisation there is also discussion about entrepreneur organisation where different features
of entrepreneurship will be discussed (Schaper, 2016). Along with this there is also a
discussion about contribution to the economy and society made in by the enterprises in order
to improve the functions.
MAIN BODY
About the Entrepreneur
Entrepreneurship includes factors and quality of an individual which is related to
identification of different factors within the market and performing the function according to
these factors. Entrepreneur is a person who always believe on bringing innovation within the
product as well as managing the function in order to bring productivity out of different
functions and performing the function according to the needs and requirements for all staff
entrepreneur always include number of personality traits which are related to ooh
achievement of business objectives as well as performing their roles and responsibilities
within the organisation in which they are working. Entrepreneur always work in accordance
with the resources available within the market as well as perform the function in an optimistic
way. This can also analysed from the behaviour of Sir Richard Branson where the always
being passionate toward the work (Parker, 2018). This is the first personality trait which can
be observed within an entrepreneur where always seeks for passion. Money is a motive which
help entrepreneur to perform in a direction of its objective but passion is the thing which
motivate them to work and accordance with the profitability. It is analysed that sir Richard
Branson always work hard in order to focus on their dreams and vision. They always chase
challenges functions and perform their responsibilities in order to achieve them. One more
personality trait which can be observed in an entrepreneur is related to being optimistic.

Optimisation is a prime function which is performed by an entrepreneur where the always
being optimistic while performing their jobs. The major thought of each entrepreneur such as
sir Branson is that vision is an art of setting the things invisible. This is an vision of every
entrepreneur which helped them being optimistic while performing their functions. It is also
identified that creativity is also and function as well as personality trait which can be seen
under the guidance of sir Branson (Kerr and Kerr, 2016). This is because they always think
creatively while performing their job within the enterprises which help them in developing
the organisation and becoming a wealthy person with an UK. They always think different
ways in order to achieve the objective where big and small ideas are combined together and
order to mention the organisational function and use the approval resources according to the
requirements.
Entrepreneurship is the function of creating number of opportunities in order to begin
the process of profitability. These are included under this and developing number of
opportunities to grab the attention of customers within the market. it can be seen from the
functioning of Richard Branson where the always focus on achieving the objectives of
organisation by creating number of opportunities within the market for staff brands always
focus on increasing the market of organisation by performing the functions related to
diversification of products and services (Aldrich, 2017). This function is always helpful to the
third branch in improving their functioning and achieving better results. Diversification is an
appropriate strategy which is adopted by the grandson in order to creating number of
opportunities as well as business for the organisation. Here, virgin group can easily explore
the market by adopting various kinds of functions and diversify its products and services in a
regular manner full stop this benefit to the organisation in managing its function and
achieving results in an appropriate way. There are a number of innovative products and
services which are offered by the virgin group in recent times which include innovative
airline services appropriate management broadcast system and TV and many other which are
helpful to the firm in improving its function as well as maintaining a significant level for
innovation within the industry (Cooper and Folta, 2017).
Innovation is a basic function which helps an entrepreneur Ariel venture to improve
its function and maintain profitability level while working within the industry. In context to
this organisation can easily motivate the employees by providing innovative products and
services to the customer and increasing the sales where employees can feel worthy while
working within the organisation. Innovation is helpful to entrepreneur venture in changing
the trends within the market and achieving a competitive edge over its competitor as it can
provide a newly invented product to the customers so that they can maintain appropriate level
of profitability and perform the functions in an efficient way (Burns, 2016). This is helpful to
the organisation in managing the functions and achieving these functions in an appropriate
way. In context to this organisation can also use management tools and techniques which will
promote efficient learning and help the firm in maintaining a separate competitive level. In
context of virgin group it is identified that using innovation within the production services is
helpful to the organisation in boosting the profitability as it attracts a large number of
customer toward the products and services of the organisation because of new and innovative

ideas which are used by the firm. This will help the organisation in increasing the sales of
product and generating revenue which with impact on profitability level. By using innovative
product organisation can also build a market image as innovative product provide sufficient
working space to the organisation where it can easily improve its product brand image and
perform its function in accordance with it (Belz and Binder, 2017).
This can be evaluated from the above mentioned information that it is important for
an entrepreneur real venture to use appropriate system which will help it in boosting
innovation as well as promoting the functions according to the needs and requirements full
stop this is because there are various kind of innovation within the product which help the
organisation and boosting the profitability level and productivity of the firm. In context of the
present business situation there are a number of opportunities which will provided to the
organisation in context of innovation which helped it in achieving business objectives and
performing its function in an appropriate way (Meyer, Neck and Meeks, 2017).
About the Entrepreneurial Organisation- about 800 words
Team building act as effective system for the organisation which is essential for the
firm in order to meet the requirements and perform the function in an appropriate way. It is
identified that building an effective team is essential for every entrepreneur in order to
achieve the objectives and perform the function so that they can manage their roles within the
organisation and divide the responsible according to the needs and requirements
(Chowdhury,, Audretsch and Belitski, 2019). In relation to this, it always focuses on building
effective teams. Building effective team is an essential part of every organisation where
vision group is also used to build and use appropriate system to manage the teams and
responsibilities in accordance with the profitability and goals of the organisation. It is
evaluated that in the current situation the tuck man team development theory is a best role
model which can be used by the organisation to develop the teams and perform the function
in an appropriate way. In context of the current business environment it is evaluated that
these team development theory is helpful to the organisation which include different stages
such as forming norming storming performing and adjoining. In context of the prime stage
which is forming of the group full stop under this stage there is identification of different
individuals within the organisation which will be used in order to formulate the team full
stuff these individuals are identified according to the roles and responsibilities which they
have to played in the team in order to make it is active and functional. Storming stage is that
stage under which organisation used to provide relationships to different individuals in
accordance with their work within the team (Kuratko, 2016). This is a beginning stage of
relationship under which different individuals has to measure each and every individual in
accordance with their personality and functions within the organisation. After fulfilment of
this stage there is use of norming stage where people start noticing and addressing each other
according to their strength within the group. In this stage everyone is contributing and
working as a comment unit so that organisation can perform its function in an appropriate to a
full stop performing stage is this check 4th stage in this process under which each and every
individual has to perform according to the role task and work assigned to them by their
superior. Adjourning stage is the last stage in this process where different individual will be

at john after completion of the task and achievement of the goals and objectives of that
particular task. These are the stages which are used by the virgin group in order to fulfil the
requirements of team and formulation of effective teams that can work according to the needs
and requirement of organisation and perform the function in an appropriate way.
Entrepreneurship is a concept which is related to leading different individual in a
single way so that organisation can achieve its objectives as well as enterprise can become a
leading business entity. In order to this and they has to play the role of leader within the
organisation but taking number of responsibilities in accordance with matching the
differences within the team. In context to this sir Richard Branson always player role of
leader within their organisation where the lead different individuals in the direction of
business objectives full star in context of this they also perform their role as a family member
and bridges the gap between gender differences. A role of family member is that part of
leadership where the leader act as a member of the family in which organisation is working.
Near organisation is treated as a family where the different individuals are working together
in order to achieve the common objectives which is related to profitability and productivity
within the organisation. This is mandatory function which helps in managing different
individuals where the leader guide different individuals about their roles and responsibilities
and worked as a family member so that they can get favourable to the job and achieve the
objectives which organisation is performing in an appropriate way (Nambisan, 2017).
Contribution to the Economy and Society- about 1,200 words
Entrepreneurship is a global function which includes number of systems which has to
be performed by the organisation as well as manager in order to achieve the business
objectives. It is identified that there are a number of systems which are included under this
function and must be followed in accordance with the current needs and requirements of
organisational functions. In context to this it is essential for the manager to use appropriate
system within an entrepreneurship feature so that they can perform their function according
to the needs and requirements. Entrepreneurship is always acting as a core part of economic
stability within and country as well as helps the society in boosting their resources and
achieving functions in an appropriate manner. There are a number of benefits of using
appropriate entrepreneurship opportunities within the economy which help in economic
development as well as creating a market where economic and boost it. Entrepreneurship can
be defined as that feature within the market which is helpful to the society and economy in a
direct way. The first benefit which can be availed by the economy and society together from
the entrepreneurship is related to job creation (Burns and Dewhurst, 2016). Job creation is a
prime a sense of entrepreneurship within the economy which helps in developing the
economic conditions as well as providing adequate functions to the society so that it can
easily achieve its objectives. It is identified that there are a number of functions which are
performed by an entrepreneur which include creating number of job opportunities within the
market. This is because entrepreneurship includes identification of an innovative idea and
process which help in growing a product full stop these products are directly related to the
organisational performance and help the firm in managing its function according to the needs
and requirements. Under this organisation require to fulfil its objective by performing the

function in an appropriate way and managing these functions in accordance with the
organisational objectives (Fayolle, 2018). There is different kind of functions which has to be
used in order to maintaining a system which also involve job creation. Entrepreneur will
perform its function in accordance with the current system where there are a number of job
opportunities which can be availed by the individuals which will benefit the economy in
reducing the unemployment rate as well as help the society in providing employment to the
different individuals and increasing their standard of living. This is helpful in boosting the
standard of living within the society this is because employment opportunity to different
individual will work as an efficiency booster where different individuals can earn money by
working within different jobs. By these jobs they can easily increase their living standards as
they will earn the money and spend it on increasing their living system (Hitt and Duane
Ireland, 2017).
Entrepreneurship act as an essential part of both economy and society as help in
producing new and innovative products within the market which are helpful in achieving the
objective and performing the function in an appropriate manner. New and innovative
products are that part of economy which is helpful in achieving the business objectives and
performing the function and an appropriate way. Innovation within the products and services
is the main function of entrepreneurship which helps the organisation in boosting the
performance and managing it in accordance with the requirement of current objectives. It is
identified that entrepreneurship help in producing the products and services as well as
maintaining appropriate environment according to the needs and requirement of organisation.
in it is identified that sir Richard Branson always focus on increasing the contribution
towards the economy by developing various kind of products and services which act as a new
and innovative things fall stop in official always help economy in boosting the performance
as well as utilising different kind of resources which are available to the society and can be
utilised according to the needs and requirements for environment (Etzkowitz and Zhou,
2017).
Innovation help the organisation as well as economy in bringing a better working
culture within the society as innovative products help in fulfilling the needs and requirement
of different individual as well as solving the old problems which are faced by different
individual while using appropriate product within the market fall stop it is also identified that
entrepreneurship is that concept which is directly linked to the wealth creation for stop this is
because in accordance with the current business environment wealth creation is a beach apart
of entrepreneurship which can be seen from the example of sir Richard and many other
entrepreneurs who are becoming a wealthy person from a middle class man. This is only
because the use and appropriate idea of entrepreneurship where they are performing different
functions in accordance with the needs and requirements of the current type. This is also
helpful to the economy as increasing in a wealth of an individual will impact on the economy
in a positive manner will stop as in order to increase the wealth of an individual has to
perform number of business functions which are related to economic development and will
boost the functioning of different economic pillars which are essential in order to achieve the
objectives. This is also helpful to the society in increasing the standard of living as well as

providing number of opportunity to growth and expands so that society can achieve its
objective as well as manage its function in accordance with the entrepreneurship features
(Scarborough, 2016).
In context of the present business situation it is identified that there are a number of
factors which are impacting on the functioning of different business organisation this is due
to impact of covid-19 pandemic. This point make is directly impacting on the business
functions of various entrepreneurship ventures as well as decreasing their opportunities
within the market which impacting on the functions as well as leading to changes in the
strategies of entrepreneur ventures. This makes it essential for each and every entrepreneur to
use appropriate ideas and findings so that they can perform the functions according to the
needs and requirements (Pollman and Barry, 2016). In context of the present business
scenario there are a number of functions which has to be performed by the manager to meet
the requirements of organisation and use the functions of current business error according to
the performance abilities. In order to survive within this covid-19 situation entrepreneurs are
using appropriate system and strategies which help them in surviving their business from the
pending work situations. This pandemic directly impacted on the business functions of
entrepreneurs where due to masses pride of covid-19 organisation has to shut their operations
because of mass lockdowns and closure in operation of different organisational functions.
This is essential for the organisation to use appropriate measures in order to survive within
the market by using the situations and performing its function in an appropriate manner by
managing different resources. This is also required that entrepreneur should use appropriate
policy which provide guidance about the current debate to the employees as well as other
supporting members so that organisation can easily improve its function and manage
productivity in accordance with the current business environment (Storey, 2016).
CONCLUSION AND RECOMMENDATIONS
It can be concluded from the above mentioned information that there are various
functions which has to be performed by the organisation to achieve the business objectives as
well as maintain in environment in order to perform the functions according to the needs and
requirement. It is also identified that entrepreneurship is in appropriate function which help in
various kind of development and it is directly associated with the capacity of an individual to
lead the different individuals. It is also identified that weeds in group is operating at global
level where the entrepreneur sir Richard Branson is using appropriate tools and techniques in
order to manage the working of enterprises as well as becoming and famous entrepreneur. It
can also concluded that in order to achieve the personal objectives and performing the
function individual required number of trades which will guide the according to the
requirements of the current business scenario and performing these functions in appropriate
way. In context to this there are some recommendations which has to be followed by the
organisation and helpful to the firm in managing the functions in an appropriate way.

REFERENCES
Books and journals
Monitor, G.E., 2016. Global entrepreneurship monitor. Empreendedorismo no Brasil
(Relatório Nacional). Curitiba: Instituto Brasileiro de Qualidade e Produtividade,
Paraná.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Nelson Education.
Nambisan, S., 2017. Digital entrepreneurship: Toward a digital technology perspective of
entrepreneurship. Entrepreneurship Theory and Practice, 41(6), pp.1029-1055.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Fayolle, A., 2018. Personal views on the future of entrepreneurship education. In A research
agenda for entrepreneurship education. Edward Elgar Publishing.
Etzkowitz, H. and Zhou, C., 2017. The triple helix: University–industry–government
innovation and entrepreneurship. Routledge.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Storey, D.J. ed., 2016. Entrepreneurship and New Firm: Theory and Policy. Routledge.
Pollman, E. and Barry, J.M., 2016. Regulatory entrepreneurship. S. Cal. L. Rev., 90, p.383.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Chowdhury, F., Audretsch, D.B. and Belitski, M., 2019. Institutions and entrepreneurship
quality. Entrepreneurship Theory and Practice, 43(1), pp.51-81.
Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship‐strategic
management interface. Strategic entrepreneurship: Creating a new mindset, pp.17-
44.
Belz, F.M. and Binder, J.K., 2017. Sustainable entrepreneurship: A convergent process
model. Business Strategy and the Environment, 26(1), pp.1-17.
Aldrich, H., 2017. Learning together: National differences in entrepreneurship research. The
Blackwell handbook of entrepreneurship, pp.5-25.
Kerr, S.P. and Kerr, W.R., 2016. Immigrant entrepreneurship. In Measuring entrepreneurial
businesses: Current knowledge and challenges (pp. 187-249). University of Chicago
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Schaper, M. ed., 2016. Making ecopreneurs: Developing sustainable entrepreneurship. CRC
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Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The
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