Entrepreneurship Report: Richard Branson and Virgin's Success

This report provides a comprehensive analysis of Virgin, examining the entrepreneurial journey and success of the company founded by Richard Branson. The report delves into the personality traits of successful entrepreneurs, using Branson as a prime example, and explores how entrepreneurs create opportunities and foster innovation within their organizations. It highlights the importance of building strong entrepreneurial teams and the characteristics of effective leadership. The report further investigates the company's innovative products and services, evaluating their contribution to the economy and addressing potential survival issues. Through this analysis, the report offers insights into the key factors that have driven Virgin's success in various sectors, emphasizing the role of entrepreneurial skills, strategic decision-making, and a customer-centric approach.

Entrepreneurship
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
The personality traits of the entrepreneurs.............................................................................3
The entrepreneur create the opportunity.................................................................................4
The innovative products and services of the organisation......................................................5
TASK 2............................................................................................................................................6
The entrepreneur build the entrepreneurial team....................................................................6
The entrepreneur can become a successful leader..................................................................6
The entrepreneur is grow business.........................................................................................8
Task 3...............................................................................................................................................9
Evaluate to contribute to the economy ..................................................................................9
Evaluate the survival issues:.................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13
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INTRODUCTION
The entrepreneurship is the process of the people who will have the business and wants to
make it successful in giving good products to customers. The people who have skills and want to
do different things in business is a entrepreneur. The organisations are formed by people who
have the knowledge and they want to give good products to customer. The entrepreneur will
have the profits and employee people to work and helps them in improving performance. The
people have skills and they will give employment in the countries. The organisations are
successful because they have good entrepreneurs. The organisation should have good
communication between the people and the entrepreneurs because they will help in improving
performance (Kirzner, 2015). The organisations will have to give good products to customers
and they will help in improving performance. The employees are motivated when they have
entrepreneurs which will help them in giving the rights in the organisation. The entrepreneurs
should understand the needs of employees and they should get what they want. The organisation
chosen for the report is Virgin which was founded in 1970 in UK. Richard Branson is a
entrepreneur and has made the organisation one of the largest services providers in the world.
They are in many countries and the organisation is having employees which are helping them to
improve the performance. The report includes the Entrepreneur and the personality traits,
innovation is important for an organisation, the entrepreneur grow the business, issues in the
organisation and recommendations.
TASK 1
The personality traits of the entrepreneurs
The organisation is successful when they have good entrepreneurs. Richard Branson is
the founder of Virgin and he had the business of selling magazines to young people. The
business was in loses. The virgin was the business of Richard Branson and he was having
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personality traits which made the organisation a success (Morris, 2015). The organisations
should have a entrepreneur who is flexible to the needs of the employees. Richard Branson is
understanding the need of the customers and he has made the organisation according to them
because he wants to be the best in the organisations he is working. He was focusing on having
good connection with the employees. The customers are important for the organisation and he
was building good relationship. The entrepreneur wants to have the image of the organisation for
customers not the goods and services. He wanted to promote the products and attracted
customers and the people who are interested in the organisation. The most important factor for
the success of the organisations was that he has good connection with employees.
The organisation is successful because they were focusing on the needs of customers
(Berger and et.al., 2019). The entrepreneur of Virgin spent less money in promotions and
attracted customers with the products and services. The organisation should focus on quality and
quantity and giving good products. The entrepreneurs should understand the problem of
employees and he will give them what they want. Richard Branson is focusing on Corporate
social responsibility and he was giving good products to the people. He is giving the best to the
customers and the quality is the most important factor for the organisation. The organisation
should have good employees which will help the entrepreneur in giving quality. He is having
skills which are important like he is a good communicator and he will help the employees in
listening the needs. He is hard working and wants to give better goods. The organisation is
having many factors and the entrepreneur should analyse them to improve the quality.
The entrepreneur create the opportunity
The organisations are focusing on increasing the quality by giving good products. The
entrepreneur analyses the performance of the organisation and helps in making the products that
are important for attracting the needs of customers. The organisation should have employees that
will help them in giving good quality and they will help in achieving profits. Richard Branson
has created the opportunity and he was helping the employees in the organisation. He is reducing
the risk of the organisation. The virgin has faced challenges because they had the cash flow issue
and they want to improve performance (Castaño, Méndez and Galindo, 2015). The entrepreneur
has analysed the risk and he was helping the employees. He has motivated the employees to give
good products and the cash was managed by the organisation. The organisation should have
entrepreneurs who are flexible to the needs of the people. There are many people affected by the
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organisation and he should analyse the performance of the organisation. The customers are
important and he should understand the needs and helps them in improving the performance.
Richard Branson is flexible to the needs and he is helping the employees of the organisation. The
entrepreneur has many skills and he is making the employees improve the quality of the work.
The organisations will be successful when they given better performance and they will
help the employees. Richard Branson has the open mind and he is having the quality which
makes him a good entrepreneur. He is motivated to work and makes the employees feel they are
important (Julien, 2018). He is improving the skills of the employees and giving them good
salary. The employees are important for the organisations because they are connected with
customers. The customers are attracted to the organisation and he is giving them better products
which is making them increasing the skills of the employees. The virgin is the organisation
which is making the employees getting good services and they have the rights to take decisions.
The innovative products and services of the organisation
The virgin is the organisation founded by Richard Branson and having many products
and services. There are many products of Virgin a they are focusing on different needs of
customers. The organisation is focusing on many factors giving good customer service, getting
good quality, innovative products and competitive advantage. The organisation is giving the best
products which is helping the employees to connect with customers. The virgin is increasing the
performance because the entrepreneur is making the employees achieve success. There are many
products of the organisation and they are in Virgin Airlines, Virgin mobile, finance, railway,
hotels, retail and drinks. The organisation is in many sectors and they are successful because they
are giving good services. The customers get what they want and the quality is the most important
factor for the success of the organisation. The organisation is focusing on the products and the
they are having skilled employees who are connected with customers to give them good
experience. The employees will help the organisation in improving the services and they will
help in achieving the quality products.
The organisation will attract customers because they want to increase success (Fritsch
and Wyrwich, 2017). The most important factor for the organisation is that they are having many
organisations and they have to reduce the cost. The employees are helping the organisation and
they have to give them good products. There are many departments in the organisation and they
should coordinate the work of the employees. The Virgin is attracting customers who are
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important for the organisation. Richard Branson is the entrepreneur who is motivated to improve
the performance of the employees. The organisation have employees who are skilled and they
are helping them in increasing the performance. The organisation is having products who are
attracting customers and they are the organisation who helped the customers in getting what they
want. The customers are important for the organisation and they are making them improve the
performance. The organisation should focus on the needs and they will give them quality which
is the most important factor for achieving success.
TASK 2
The entrepreneur build the entrepreneurial team
The organisation have employees which help them in achieving success. They are the
most important factor for the organisation because they will help in improving the performance
(Kyrö, 2018). The Virgin is the organisation who is motivating the employees to make the
decisions. The employees are working in different teams and they want to achieve the success
and the organisation should help in getting good products. Richard Branson is making the
organisation improving the quality and he is helping the employees to get better goods. The
entrepreneur is making the strategies and helping the employees to communicate. The
organisation should have good communication with employees because they will give better
products. The employees of the organisation have many rights and they should help in getting
what they want. The employees have different needs and they will work when they feel that they
are important.
The organisations should have entrepreneur who helps the employees to reduce risk.
Richard Branson motivated the employees to reduce the cost. The organisations has many
employees and they have different needs (Parker, 2018). The entrepreneur should analyse the
performance of employees and help them to improve because they will make the organisation
increase the quality. The customers of the organization are attracted when they have good
employees working to achieve success.
The entrepreneur can become a successful leader
The organisations have entrepreneurs who are making the employees work to improve
the performance. The leader is the one who is influencing the behaviour of others in the
organisation. The entrepreneurs are giving good products to customers and they are having skills
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which are important for helping the employees (Venkataraman, 2019). The organisation have
entrepreneurs who are having employees who understands the needs of customers. The
employees skills should be improved by the entrepreneurs because they are important for the
organisation.
The organisations should have employees that will help in getting good quality and
attracting the needs of customers. The leaders should help the employees in understanding the
needs of the organisations (Anderson, Wennberg and McMullen, 2019). They will help the
organisation to perform and they will have employees and they will give good products to
customers. Apart from it some skills and other attributes plays an important role to help to get
recognized by the people as well as it can helps to the business for better growth that enhance
towards gaining successful objective and aims that helps them to attain in effective manner(
Bosma, Sanders and Stam., 2018). For Example: Richard Branson who is a successful business
entrepreneur where he also becomes a influence leader that makes him increase it proficiency
along with his behaviour and attributes makes him to become more successful.
Some of Characteristics, traits and skills for successful entrepreneur that helps to accomplish
success in being entrepreneurship.
Characteristics:
 Motivation: According to this characteristics helps to owners to better increase better
motivated succeed which helps to being more excellence employer as well as leader
which incurred a positive attitude for making other attract and inspire. Similarly Richard
Branson is having high tech of motivation that helps to gain productive type of goal
attainment along with he is one great influence business personality where his attitude
and other entrepreneurial behaviour matters to make him become more successful.
 Creativity: It is only having when there is something where they get to creativity that
allows more innovation possible that generates innovation factor effectively.
Entrepreneurial are tend to usually which is having pin down that knock lots of ideas or
various creative thoughts optimise which expand to increase the ability for achieve any
objective. In Richard Branson perspective he is one of most creative personality that
makes him generate effective creation of company which he made called Virgin that
become more succeed in business sector.
Traits:
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 Passion: As within entrepreneur point of view which is effectively consider more
considered about money and wealth (Chowdhury, Audretsch, and Belitsk., 2019). But
this trait passion is derive individual task which person involve to getting it, accomplish it
in such a manner that it becomes more innovative and more flexible which gets to
amount on hours matters. As in Richard Branson he is one of passion towards becoming
an entrepreneur through scrutinizing himself form better accountability which creates
overall problem easier to solve in efficient way.
 Vision: Through getting an optimum entrepreneur is gaining opportunity that enhance
better way to innovates where innovators get to develop through looking out either
develop new visionary idea that becomes through existing product or service (Wiklund
and et. al ., 2019). To being a successful personality specially in entrepreneurship it must
require a vision to set the targets. As Richard Branson is also approach for measuring
target for better accomplish goals and objective in effective way.
Skills:
 Willingness to learn: As some people is having is having to learning that stops which is
needed to earn education which is earn to shows about ability that helps to get acquire
more objectivity for accomplish goals effectively . In perspective of Richard Branson
always to get focuses and tend to willingness towards adapt to get highest outcomes in
appropriate manner.
The entrepreneur is grow business.
By making the business to grow through different ways by entrepreneurs as it always to
accommodate creativity or innovation along with certain aspect which is needed to better
accomplish business oriented target (Urbano, Aparicio and Audretsch., 2019). There is
process in which entrepreneurs can grow their business through First they must proper
vision about what type of business they are seeking for and second that they are entire to
looking forward capitalism that helps to gain more business in better form to maintain in
successfully establish business venture. Some of the way which proper provide solution that
helps to grow perfectly business in effective way that is following below:
 To better connect with customer.
 By offering optimum benefits to customer.
 Assorting of Social media to promote and acquire client in effective.
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 Host Events, seminar, webinar that helps to gain more attention through peoples.
 Effective Service provide to existing customer and enhance to look new opportunities.
Effective skills of manpower is one factor which is need to entrepreneur for making evolve
in effective manner. Proper business plan can execute in better way to scrutinize overall
objective that can enhance productive manner (Saebi,., Foss. and Linder, 2019). The most
important aspect its contribution which individual business personality enters to implies
through it effectively that creates more further long time goals can matters to attain in
successful manner.
As by taking business example Richard Branson is a successful entrepreneur who
has developed his own business that is Telecom base background like Virgin Group private
limited that enhance better goal expand which creates high turnover as in business sector. It
is because Richard Branson has not only contribute its financial aspect but also he spend his
innovation, objectives along with setting criteria to which they can approach optimum
outcomes that enhance to get over for better accomplish goals which increase wealth and
development of business.
Task 3.
Evaluate to contribute to the economy .
The entrepreneurship is having contribution towards economy where it generates more
goodwill that attracts the business and wealth to gain more customer and business developed
as well as external benefits to development such in different manner:
Job Creation: Through entrepreneurship it generates many positive outcomes it enhance
better wealth and establish small positive growth where employment is one of the factpr
where it allows moderate to large types of various jo opportunity that enhance excellence
improvised specific country GDP and other economic stability stronger. For example, In
United Kingdom there are many small and start up venture which is needed to creates better
option for employment opportunity that makes effective facilities of major job enhancement
that occurs in effective manner. New business comes to hire manpower that directly creates
better job opportunity through which better economy communities through better increasing
through better quality of life and increase overall standard of living and more to which make
positive impact towards economic or society background.
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Commence Economic and regional economic integration: Through approaching vast
technology that enhance better quality of possible entrepreneur which makes more
innovative scale of expand regional that enhance better global market that prevents more
gratuity exports for goods and service that productivity and earning. By acquiring this
practice increase towards revenue strengthen as an economy and promotes that overall
creates better economy population. By political aside, engaging through better international
trade which enhance to better promote international regional investment which brings more
strengthens for better economic growth (Rippa and Secund, 2019). Even though, as for
United Kingdom or United States are country in which it creates more vulnerability as along
for several estimation in better and effective way.
New promotes of Technology: As per competencies gets to customised different ideas that
prevents more new product and service that people need in front of product and services that
prefers that people needs in front of prosperity to enhance excellence development country.
The economic growth as generally enhance speaking more driven knowledge within better
technological facilities as it their application on creative base identity. On the basis period
which is generally speaking as per on basis of strong economic growth within better
stability. The enhancement of growth creation within innovative product and service implies
the requires solution where educated and skills people is more essential for work attribution
towards undertakes effectively.
Major Environmental challenges: It is not assure that innovation would better enhance
when it comes to addressing prominent environment challenges to re origin about facing
climatic changes. Through these perseveres where combating climatic changes through
enhance better climatic changes that prevents access to effective innovation which comes to
better positive safety facilities provides. As without water there is no survival similarly as
lack of technology, electricity, and different urban infrastructure increases productivity that
enhances more development in economic.
Wealth and creation: As it is important to having better wealth creation it mainly
commence about individual business personality that having direct impact on their wealth
and creation of long sustainability.
New product Innovation: Through Start up or any entrepreneur business is getting more
enhanced when there is high ability to turns when new productive product get introduced in
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effective manner as well as many other specification approach high rate of return by
demanding of people through assuring about proper better growth in valuable way to
proactive in nature.
Evaluate the survival issues:
By taking an example of pandemic issue which tends to creates more challenging and barrier
through which entrepreneurial business and other venture get facing more downfall in terms
of inflation, recession through COVID-19. This factor allows more innovative way to
thinking right perception towards more recession and economic base of crises get involved
which enables towards get wider and not better attainment of revenue in successful manner.
Due to holding of less suppliers and buyer many business product and service is get not
appropriate attained by or not sustain for long time purposes where other type of
consequence get occurs in higher profession for negative implication that creates business
revenue not succeed. Customer involvement and lack of investment with not transportation
and departure facilities get to closed through lockdown to control virus as only online start
ups and business get easily active and they get satisfactory profit to approach high return in
better and get more competitive advantages. Offline business not get proper business
achievement oriented that enhance mor flexibility in long towards time.
CONCLUSION
From above report of Entrepreneurship where it describes about more innovative and
creative concept of entrepreneurship through overview about different personality about
entrepreneurs with having open mind, extrovert, introvert and more confidence types.
Entrepreneurs are high valuable that makes more business related product which allows high
proficiency of positive outcomes. It is above discussed that product innovative plays an
important role that attract people’s expectation in easier way that commence in better approach
way. Through different leadership skills adaptability, communication skills, critical thinking
entrepreneur can easily build their team. By contributing business related vision, mission and
innovation that enhance to long term establishment that enhance more differentiate. Through
approaching contributing job creation wealth new productive innovation, new technology plays
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an vital role towards approach high rates of benefits in better manner to gain better positive
outcomes.
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