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ENTREPRENEURSHIP
Table of Contents
Introduction    3
Background of the Entrepreneur    3
History    3
Family    3
Development    4
Theories    4
Entrepreneurial Traits and Characteristics    4
Passion and Vision:    4
Authenticity:    5
Innovator:    5
Opportunity Recognition and Idea Development Process    5
Learning about the idea of business:    6
Thorough evaluation:    6
Business plan:    6
Finding resources:    6
Framing the management structure:    6
Planning the future:    6
Competitive Advantage    6
Recommendations    7
References    9
Introduction
Entrepreneurship refers to the ability of an individual to set up a new venture and is ready to take risks that add value to the world. Entrepreneurs are stated as the individual who brings the creative and innovative ideas for developing a new business and expand it to the next level. Entrepreneurship is the capability and readiness to organise, develop and run a business enterprise along with all the uncertainties that come along a way. The report will seek address to the case of Sir Richard Branson who introduced a virgin brand that consists of more than 360 companies. It will outline the background of Richard Branson in including his history, family and development. Furthermore, the characteristics and traits of entrepreneur as well as recognising opportunity and process of idea development will be explained. Finally, it will outline the competitive advantage of business developed by an entrepreneur. Lastly, recommendations will be carried out with the reference of entrepreneur.
Background of the Entrepreneur
Richard Branson is a businessperson and entrepreneur who founded the Virgin Group of more than 400 companies. The company was founded on 1972 that grew up to be small record shop. It has become a primary multinational organisation comprising of media, entertainment and transport. The character of Richard Branson is flamboyant such as sailing across the Atlantic and taking part in around the world with hot air balloon journeys (Johnsen and Sorensen, 2017).
History
Sir Richard Branson was born and brought up in Blackheath London July 18 1950. He was suffering from dyslexia and due to this; he did not excel into his studies effectively. Apart from this, he was more likely to be interested in extracurricular activities for instance, football and cricket. When he was 15, he had started his own first business venture that involved raising budgerigars and growing trees. After being expelled from school, he started to write his own story in the magazine called as The Student (Harris, 2020). Richard has a keen sense of business apart from the entire hippie he did in London. According to the statement of Branson, it is stated that he did not enter into the business for making money but for making the frustrated things better for him.
Family
Richard Branson’s father was Edward James Branson and mother was Eve Branson who supported him in every situation. There are certainly two types of family possessed by the entrepreneurial success (Branson, 2020). However, the family of Richard Branson was open-minded and they tried to expose the talent of young entrepreneur towards inventing something new in the existing market. This inspires the individual and leads their performance towards the growth of business. The key role is played by the family members in motivating workers and reaches their innovative thoughts towards the establishment of something new.
Development
Based on the fact, Richard Branson appeals to the ignition is because of his flamboyant performance and the fact that he does to take a risk no matter what the situation is. He was ready to enter the market where others would rather stay when take on established companies Richard Branson has the ability to jump on a boat if the Mega pattern arises somewhere. He believes that the most important thing about a company is the employees or workers who tend to work there. It tries to continue to inspire them and motivate them ensuring that they know how to get the best out of themselves. This is the true development of an entrepreneur.
Theories
The theories that were followed by Richard Branson were social change theory and innovation theory. In social change theory the development and emergence of entrepreneur depends on the system of ethical value of society (Welch and Yates, 2018). Richard Branson believes that he is of the view that religion, in which the values and faiths are accepted, sustainability that affects the life of business. On the other hand, in innovation theory he...