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The entrepreneurs as the need of the time for making a difference in the global business world - Essay Example

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This essay first traces the entrepreneurs as the need of the time for making a difference in the global business world. Different entrepreneurial firms evolve to generate new interest in the business. Innovation and risk taking ability distinguishes entrepreneurs from others. …
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The entrepreneurs as the need of the time for making a difference in the global business world
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Download file to see previous pages This research will begin with the definition of entrepreneurship as the word which describes the true accomplishments of an entrepreneur. Over the years researchers have given several definitions for entrepreneurship. Entrepreneurship according to many is a method which keeps evolving rather than being stagnant. Entrepreneurship can be related to personification of entrepreneurs and accommodates features such as novelty, systematisation, responsibility handling, resource allotment and finance acuity. The world has seen many entrepreneurial firms beginning their journey from scratch and rising to the top position. These firms have focussed on innovation and change in their process of doing business. Entrepreneurial firms are of umpteen numbers in the world but very few have reached the zenith. One such entrepreneurial firm is Virgin Group. Virgin Group of companies was founded by Richard Branson in the year 1970 as Virgin Mailing Order. Later, the company expanded to various sectors, which includes airlines, mobile phone, music label records, etc. At present the Virgin Group is a conglomerate of 400 companies. Virgin Group is referred to as the entrepreneurial firm of innovation and new thinking. It has considerably changed the old methods of doing business. It believes in freshness, something different and thinking out of the box to deliver a changed product, a better product, an innovative product to the large customer base. (Virgin, 2012). Entrepreneur An Entrepreneur is the architect who creates new opportunities through business process by presenting existing or recent product with a different attribute. Entrepreneurs are opportunist and courageously accept the risks prevailing in the entrepreneurship. Entrepreneurs possess distinguishing characteristics which enables them to develop unique skills for accomplishing great success in the world of business (Finance in the classroom.org, 2004). Entrepreneurs are just not creative in developing new and innovative ideas but are much more than that. They are the torch bearers in the complex world of business with tremendous potential to accept challenges and provide the best solution. Further, entrepreneurs can be said to be the personality who possess certain qualities such as: a. Entrepreneurs analyse the needs and wants, and simultaneously solves the problems faced by the customers. b. Any opportunity is converted into the strength for the firm. c. Innovative ideas are laid down for the best business plan. d. Risks in expansion or new venture are analysed beforehand. e. Entrepreneurs never hold on to a single idea as change is the demand of time. f. Utilise the resources in the best possible way to succeed in the business ventures. g. Learns from the mistakes and failures to attain success in the near future. These qualities stand out as unique and distinctive approach of entrepreneurs in shaping the world and providing the best solution to the arising problems (Mvp.cfee.org, n.d). Entrepreneurs are the force behind the venturing of business. They give the business a new look, different form their counterparts and this is what makes them leaders. Virgin Group over the years has undergone a lot of modification and changes in its approach towards business objectives. It will be wrong not to mention its founder and owner Sir Richard Branson’s name as the success story of Virgin Group was written & executed by him. Richard Branson since the early stages of founding Virgin Group has had different approach unlike his ...Download file to see next pagesRead More
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