This assignment clearly focuses on the detailed aspects of the entrepreneurship and its’ various ups and down in context to business and market point of view. Entrepreneurship is the term to implement something new business ventures in the market completely out of the box. They have the ability to take a risk in the market both financially and market competition point of view. As stated by Hughes et al. (2015), for an entrepreneur or be an entrepreneur, it is essential to have the ability to future forecast and to identify market trends, changes with decent accuracy and justification.
Researcher, in this assignment, chooses Ricard Branson, who established himself as a successful entrepreneur by setting up Virgin Group which itself is a business conglomerate (Galindo & Méndez, 2014). Further researcher focuses on the information of industry that Virgin Group is based on. This assignment also focuses on the market trend, competitor analysis with respect to Virgin Group. Lastly, researcher depicts detailed business venture of selected organisation with a proper conclusion with key learnings from this whole research process as well as the outcome.
Virgin Group that founded by Ricard Branson and Nik Powell is a British Multinational corporation venture capital conglomerate. It’s date of incorporation, and it was implemented in the year 1989. The net and overall worth of the Virgin Group is estimated at £5 to £5.5 billion as said by Garcia, Leles & Romano (2017). Various small and big industries and sectors are coming under this conglomerate business body, and some of the popular subsidiaries are Virgin Atlantic Airways Limited, Virgin Mobile, Virgin Festival, Virgin Holidays, Virgin Hotels, etc.
Among all these business ventures and bodies, Virgin Atlantic is a leader player in Richard Branson’s Virgin Group. Based on the research and the information that collected for primary and secondary data collection process, Virgin Atlantic Airline serves about 30 destinations all over the world with total 40 aircraft under its grip.
As stated by Chatterji, Glaeser & Kerr (2014), in order to move and strengthen in business process, management decides to make a deal to extend a network via code-sharing with carriers like All Nippon, Singapore Airlines, US Airways. Moreover, other than this, airlines’ cargo unit used to contribute service from 60 offices worldwide. Based on the business ventures and worth of shares involved are 51% of Virgin Atlantic and 49% stake is acquired by Delta Airlines.
All the operations that are played by Virgin Group are taken from the headquarters, and it set up in The Battle Ship Building in the Paddington District from the city of Westminster.
The market trend of Virgin Mobile remains excellent regarding its growth and the main reason for such trend in the effective brandishing strategies. As opined by, Virgin Groups’ prime focus is to be the customer centric and therefore has a huge customer base and brand loyalty. The same reason also exists for the Virgin Atlantic which creates a whole new milestone as a successful entrepreneur.
Another reason for a steady market growth is due to the market savvy and exceptionally well in utilising public relation as well as mass media as stated by Nambisan & Baron (2013).
However, Virgin Group has to face serious competition in the way to achieve huge success, and some of the main players that deliver a huge competition in the market are
British Airway’s PLC
RTL Group SA
Richard Branson was born on 18th July 1950. On very young age, he has developed his desire to be an entrepreneur. On right step towards entrepreneurship, that is at the age of 16 his first business venture was a magazine named Student. In the year 1972, he also set up a mail-order record business and the by the year 1972; he set up a chain of record stores. His stores later termed as Virgin Records which afterwards popularly known as Virgin Megastores as stated by Nuvolari, Toninelli & Vasta (2016).
In the year 2000, March he was knighted at Buckingham Palace for the “services to entrepreneurship”. Due to his contribution in the sector of retail, music, and transport and also due to social services, he has become one of the prominent figures in British Culture.
He has also got his name listed in Forbes and identified with a net worth at $5.2 billion Cornelissen (2013).
Few leadership characteristics that Richard Branson imbibe within are as follows
Ability to think differently
An eye or focus for talent
Implementing positive company culture
The ability to delegate effectively and efficiently
Having the patience to listen and learn from subordinates
Having a great leadership skill with effective hands-on approach
Incorporate necessary decisions and learning from mistakes
Paid attention to every minute details for business growth perspective
Passion for the job
Sir Richard Branson, therefore, is not only a mere entrepreneur; he also possesses effective leadership skills, vision to create future changes and innovation that market demands (Leutner, et al. 2015).
Ricard Branson has entered into various new ventures which are very opportunistic and on the other hand, very risk-taking as well as challenging.
His first successful entry that he made was during a trip to Puerto Rico. According to Zhang & Zhang (2016), at that very moment the flight was cancelled, and he has to manage the whole trip with his flight. He also offers a ride to other stranded passengers with a small fee to cover up the cost.
In 1993, Ricard Branson took another riskier step to enter into the railway business. Thus in the process, Virgin Trains own a franchise for British Rail.
Virgin also acquired European short-airlines that named under the Euro Belgian Airlines and run the business in a new way in 1996 under the flagship Virgin Express.
Around the year 2004, September 25th, Branson planned to sign a new deal with a space tourism company and named it as Virgin Galactic. Thus the Virgin Galactic which was fully owned by Virgin group planned to make the flights available for the public and the price that was set per ticket was US$2,00,000.
As opined by Ekeberg et al. (2014), Richard Branson entered into another new venture with the Virgin Group as Virgin Fuels. While taking this venture is focus point is on increasing fuel price as well as global warming.
Not only that, but he also opened a new venture in the entertainment industry and thus in the year 2006, he landed Virgin Comics and Virgin Animation. His main focus or challenge is to create new stories and characters for global audiences.
Conclusion
After going through this research, the researcher tries to conclude on various aspects that covered during the whole research process. From the above data that collected from primary and secondary research process, portrays about the risk taking the ability of Richard Branson on its way to being one of the successful entrepreneurs. The researcher also comes to experience his ability to understand the market and to forecast probable implementation that needs to undertake. Another noticeable aspect is the efficiency in branding and media activity that helps in developing the mass popularity in the market.
The venture that Branson incorporate time to time clearly reflects its way to handle the market and to maintain its functionality as well as productivity in the market.
References
Ekeberg, J., Flanagan, J., Golembeck, T., & Ha, K. 2014. An environmental scan of early stage social entrepreneurship in developing contexts: Analysis for D-Prize.
Zhang, H., & Zhang, M. 2016. The Corporate Social Entrepreneur: From Concept to Practice. Global Business and Organizational Excellence, 35(2), 50-59.
Cornelissen, J. P. 2013. Portrait of an entrepreneur: Vincent van Gogh, Steve Jobs, and the entrepreneurial imagination.
Nuvolari, A., Toninelli, P. A., & Vasta, M. 2016. What Makes a Successful Entrepreneur? Historical Evidence from Italy (XIX-XX Centuries) (No. 727). 758-800
Chatterji, A., Glaeser, E., & Kerr, W. 2014. Clusters of entrepreneurship and innovation. Innovation Policy and the Economy, 14(1), 129-166.
Garcia, D. H., Leles, A. D., & Romano, R. R. 2017. Program Entrepreneurship and Innovation: Education as the Core of Innovation. In Advances in The Human Side of Service Engineering (pp. 235-244). Springer International Publishing.
Galindo, M. Á., & Méndez, M. T. 2014. Entrepreneurship, economic growth, and innovation: Are feedback effects at work?. Journal of Business Research, 67(5), 825-829.
Hughes, M., Hughes, P., Morgan, R. E., & Hodgkinson, I. R. 2015. Organizing strategic entrepreneurship to enable product innovation in new and young technology-based firms.
Nambisan, S., & Baron, R. A. 2013. Entrepreneurship in Innovation Ecosystems: Entrepreneurs’ Self?Regulatory Processes and Their Implications for New Venture Success. Entrepreneurship Theory and Practice, 37(5), 1071-1097.
Leutner, F., Ahmetoglu, G., Akhtar, R., & Chamorro-Premuzic, T. 2014. The relationship between the entrepreneurial personality and the Big Five personality traits. Personality and individual differences, 63, 58-63.
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