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Sir Richard Bramson and the Virgin Group of Companies - Essay Example

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Sir Richard Branson and the Virgin Group of Companies Executive Summary This is a business case study of the Virgin Group of Companies, which is managed and owned by one of the most famous world entrepreneurs, Sir Richard Branson. Assessment of the entrepreneurship skills of Sir Richard Branson will contribute in the application of these skills in business and marketing strategies…
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Sir Richard Bramson and the Virgin Group of Companies
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Download file to see previous pages The success of his prestigious group of companies is a confirmation of his ability to apply the necessary management skills and strategies required for successful businesses. Sir Richard Branson had no initial intentions of becoming an entrepreneur although this did not prevent him from building his status as one of the most successful entrepreneurs globally. Having launched a student magazine at the age of sixteen and managed a student advisory centre, Branson had a background in business establishment and management i.e. habitual entrepreneur (Branson, 2011; Shavinina, 2008: 9-15). However, the success and expansion of the Virgin Group led to incorporation of other business ventures making him a portfolio entrepreneur. Some of the personal entrepreneurial characteristics that have enabled Branson to emerge as an exemplary entrepreneur include his high level of motivation, high levels of self confidence, abundant energy levels and the ability to sustain the entrepreneurial approaches in long term (Branson, 2011). Additionally, he has exhibited his worth as a risk-taker, the ability to set achievable goals, innovation and a problem solver (Bolton and Thompson, 2000). He variably contributed to the entrepreneurial sector through the establishment of a brand image and identity of the Virgin Company in the global markets. The company’s marketing strategies prioritises on the customers; improving loyalty. His management skills have led to the growth of the company to international standards. The employee commitment that the company exhibits indicates that Sir Richard Branson possesses effective employee management skills that keep employees always motivated. The dedicated and united employee team has utilised the business and marketing strategies associated with the business to constantly enable the business improve performance. Application of these strategies in all marketing segments has enhanced the application of innovation in all marketing segments. Analysis of the Virgin Group of companies exemplifies the entrepreneurial characteristics of Branson. Entrepreneurship can be defined as a process whereby individuals or group of individuals apply organised efforts in the pursuance of opportunities (Kuratko and Hodgetts, 2004). An entrepreneur should target to create value and growth through innovation and maintenance of uniqueness. This has been the main factors that have enabled Virgin Group of companies to be successful since its establishment. According to Shavinina (2008), the formation and management of the affiliate companies of the Virgin Group exhibits adherence to the entrepreneurial process. The initial stage of the process involves the exploration of the entrepreneurial context. For instance, the establishment of Virgin Airlines was Branson’s attempt to offer reasonable freight charges for transatlantic flights. The second stage involves identification of the possible opportunities that guarantees competitive advantage. The venture is then established once the opportunities are identified paving way to management once all its structures are in place. According to Carmichael (2006), Branson’s skills portrays him as a transformational entrepreneur due to his insistence on maintaining Virgin Group of companies as an organisation characterised by informality and ...Download file to see next pagesRead More
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