Development and Growth of Sir Richard Branson - Case Study Example

Student’s Name Instructor’s Name Course Date Entrepreneurs- Sir Richard Branson Introduction Entrepreneurs are very crucial to the economic development of the society and the global business community at large. Entrepreneurs are people with skills and initiatives that are not only good for the market but with right decisions and steps, these ideas become profitable and create millions of opportunities in the world. Entrepreneurs take risks that eventually turn to economic profits for them and other players, including the government (Mintrom and Luetjens, p.423). The essay takes an assessment of Sir Richard Branson as an entrepreneur that has succeeded in many ways. The history, Development and growth of Sir Richard Branson that led to his success Branson was born in 1950, in Surrey England to Edward Branson, a practicing barrister, and Eve Branson, a flight attendant. Richard did not have the best of time with his education, partly because of his dyslexia condition (Boje and Smith, p. 308). The condition almost cost him his education at Scaitcliffe School. He would later on join Stowe School in Buckinghamshire but three years down the line, he dropped out completely. It can be stated that Sir Branson’s growth and success was influenced by his innovative nature. Indeed Branson is a leading business innovator and leader in different areas, a fit that has earned him immense influence in the global business world and placed him way in a different perspective (Boje and Smith, p.307). Sir Branson is said to have created his business empire right from the scratch at the tender age of thirteen years, after dropping out of school. The entrepreneur, who at one time in his early life had an experience with dyslexia, proved that innovation is important when one decides to venture into business. Today, Sir Branson boasts of more than 350 ventures since he started business in 1970 (Boje and Smith, p. 310). His business empire runs into billions of dollars spanning from music production, magazine printing, and airline industry all under the massive Virgin Atlantic brand. Branson also developed leadership skills at a young age (Parker p. 880). Right from school, he was the captain of the cricket and football teams. As he began his business ventures, he become a transformational leader who identifies necessary changes, creates a vision to guide the change and devices a plan to execute the change while remaining committed to the people around him to achieve incredible success. He also become a leader who likes the participation of all employees or members of his team. Delegating responsibilities and nurturing an innovative spirit among his members have been strong attributes driving his business ventures. Through this, he inspires and motivates his team and therefore creating results that are splendid (Feloni, p1). To many of his employees and other budding entrepreneurs, Branson is a role model because of his leadership style. Resilience and not giving up are entrepreneurship attributes that have supported Branson’s growth and success over the years. A case in point is when he began his student magazine, he was arrested for disrespecting regulations that were set between the year 1889 and 1917. This was basically due to his publication on remedies for veneral illnesses. Branson was however able to avoid prison due to the assistance provided by his lawyers. Also during the initial years of the establishment of the Virgin records his business experienced numerous challenges in terms of cash flows, he did not however give up (Vinnedge, p1). The business strategies that have been adopted by Branson over the years have also facilitated his success as an entrepreneur. Business operating strategies are crucial for any entrepreneur in their business ventures (Parker, p. 883). Sir Branson’s business operations strategies revolve around time management where he spends the time on troubleshooting, developing new projects and promoting and talking about the companies he has innovated. He spends a good amount of time developing and planning his businesses. He remains supportive of his employees and believes that delegating roles is the best way to encourage the employees to be innovative and to deliver even when he is not there. Richard believes that his executives can run his businesses as their own because of the trust he has built. His management style allows him to challenge his followers to take greater responsibilities for their actions. A good entrepreneur must ensure that he understands the weaknesses and strengths of his followers so as to align them with tasks that will enhance their performance (Mintrom, Chris & Luetjens p.427). When such leaders understand this aspect, they can build companies that operate without their presence, and succession planning becomes very efficient. The essence of such style is that businesses or organizations must grow beyond the leader. These strategies have enabled businesses under the Virgin Group to not only succeed and be a market leaders in their respective industries. For instance, the Virgin Atlantic Airways is a leader in the aviation industry flying to more than one hundred destinations in the world (Piehler, Stephan & Christoph, p.52). The Role of Family and Social Cultural Background in Richard Branson’s Entrepreneurial success Richard Branson was brought up in a family that greatly supported in entrepreneurship visions. His family gave him a sense of independence which instigated confidence that he can actually make it on his own. His parents still supported him even after dropping out of school to start his magazine venture (Vinnedge, p1). Additionally, his parents greatly motivated and supported him even during difficult times. For instance when he is arrested during his teen years for publishing a magazine with unlawful content, his parents hire lawyers for him and also see him through the trial (Vinnedge, p1). Branson also admits to the fact that his networks of interpersonal relations have also influenced his success in the business world. He acknowledges that his close friends and family have been helpful in providing both financial and non-financial help when he launches his many ventures. According to Branson, it is essential for an entrepreneur to surround himself or herself with the right people (Champroux, p14). Branson was also used to a social cultural environment that was accustomed to taking risks. From an early age, his parents involved him in various physical challenges. Additionally, his parents allowed him to try out entrepreneurship ventures even at an early age. For instance; at the age 13 he planted over 400 Christmas trees as a business venture for the season. His aunt Claire also practiced parachuting and biplane flying with influenced his risk taking behavior (Champroux, p10). The British social cultural environment has over the years influenced Branson’s entrepreneurial success. For instance during the 1980 Virgins business flourished due to the Thatcherism regime which encouraged the introduction of innovation, competition and business creation. Branson took advantage of what was taking place socially to expand his business venture to the hospitality and retail industry (Branson, 1998). Richard Brandon Businesses and the competitive advantage of the business compared to other entrepreneurs Richard started a youth- culture magazine called ‘Student’ at the age of sixteen years. The magazine did so well with record sales in advertising space. He produced more than fifty thousand copies that were distributed free as he was able to cover of costs with advertising. Richard went on to start a mail-order firm called Virgin Group so as to enable him to fund the magazine. The Virgin label made some modest returns and enabled him to expand the business by opening a record shop in London’s Oxford Street. The shop did well, and Richard built a recording studio in Oxfordshire in 1972 (Boje and Smith p. 309). Today the Virgin Group is one of the top ranked companies in the world. This basically implies that Richard Branson has maintained a competitive advantage over other entrepreneurs. Future suggestions for the entrepreneur and the different types of businesses or avenues Sir Branson continues to expand his business all under the umbrella of Virgin Group. With over three hundred and fifty companies, the Virgin Group remains one of the most diversified groups in the enterprise world. However, there is a need for the group to consider new grounds like renewable energy, especially in frontier economies like in Africa, Asia, and South America. Another area where the company can find opportunities is in the education sector where they can open model schools so as to integrate the various companies with the brand. A school with a bias to training high-quality media personnel for the international market may propel the group to new heights, especially in China. Sir Branson demonstrates that diversification is good for business, especially where many customers identify a strong brand in the market. Entrepreneurs like Branson understand the essence of a good brand and how management and business strategies can propel a business entity to the next level (Mintrom, Chris & Luetjens p.429). Conclusion Entrepreneurship remains the core of creating employment, growth and opportunities for many in the world. Entrepreneurs like Sir Richard Branson, demonstrate that business can grow their bottom line, create a market, and expand their horizon when they create solutions that meet market demands. Entrepreneurs can succeed when they understand their environment, nurture charismatic and transformational leadership, and zeal to achieve. Works Cited Boje, David, and Robert, Smith. "Re‐storying and visualizing the changing entrepreneurial identities of Bill Gates and Richard Branson." Culture and Organization 16.4, pp 307-331.London, Taylor & Francis, 2010. Print. Branson, Richard . Losing my Virginity: The Autobiography. London, Virgin Books, 1998, 2007. Champroux, Nathalie. Richard Branson, Virgin’s Embedded Entrepreneur. World biographies. 2014. Feloni, Richard. Why Richard Branson is so successful. The Insider. 2005. Mintrom, Michael, Chris Salisbury, and Joannah, Luetjens. "Policy entrepreneurs and promotion of Australian state knowledge economies." Australian Journal of Political Science 49.3, pp. 423-438. London, Taylor & Francis, 2014. Print Parker, Simon C. "Who become serial and portfolio entrepreneurs?." Small Business Economics 43.4, pp. 887-898. Berlin, Springer International Publishing, 2014. Print Piehler, Rico, Stephan Hanisch, and Christoph, Burmann. "Internal Branding—Relevance, Management and Challenges." Marketing Review St. Gallen 32.1, pp. 52-61. Berlin, Springer, 2015. Print Vinnedge, Mary. Richard Branson: Virgin Entrepreneur. Success. 2009 Read More