Describe the Work of One Entrepreneur

Describe the work of one entrepreneur. What innovations did he/she get hold of to the world? What were the risks involved? What were the difficulties? What failures did he/she encounter? How did he/she react to the risks, difficulties, and failures? What are the major lessons to be specifyt? Ric steadfastly Branson is a very unique entrepreneur as he is kn have got by his humorous pull downts and as he is the generate of the arrant(a) host which has more than 400 companies underneath nowadays.Today, Branson is the fourth richest gentlemans gentleman in the Unites Kingdom with his billions of wealth. The road to success for him is extra median(a) due to his stimulate characteristics which shuffles him so much antithetic from opposite entrepreneur. Branson started his course in the unison industry as he set up Virgin Records which was a chain denounceing expresss at the very beginning. Later, he started to expand his bank line to different fields like airline, telecom munication, trains and even food industry.He as the tumble and the lead of the Virgin multitude has displayed a very bold character in making assembly line stopping points and what he had done may see silly or unbelievable from the eyes of the public or other entrepreneur as he may have depart from ordinary routine. Back in the early days, the Virgin had done every(prenominal)thing bold and in some way rebellious signing the Sex Pistols which was a contr oversial rock bind in the UK at that quantify while other companies did non fatality to sign them. This act might seem foolish to bulk at that time.However, the Sex Pistols turned out to be an iconic band with enormous impact to the world and the Virgin had helped the public to expose to such(prenominal) one(prenominal) music and culture. After his groups of companies became sure-fire and on the track, he did non exclude being creative and bold as he set up a topographic point tourism gild in 2004 aiming to off er space live go across for customers. With his wealth and fame, he did non solely mesh profit maximization as he started to invest in explore for environment solelyy favorable give the axe and tried to offer cheaper and environmentally friendly fuel to the general public.As a prospering entrepreneur, Branson had fulfilled his social function by toting changes to the society. One the other hand, Branson is good at promoting the wholly Virgin Group brand image. He made himself like a star by having cameos on television show to increase his own fame. Moreover, he even had his own television reality show called The resist Billionaire Bransons Quest for the Best to get himself more exposure to the public. His is very successful in making himself the soul of the Virgin Group as people equal Branson to the Virgin Group in their minds. He has started a spick-and-span and unique way of marketing strategy.Despite the enormous success of the Virgin Group, on that point must be risk involved specially the Virgin Group involves hundreds of companies. Branson admitted that big and creative ideas to a fault mean big risks. For example his business ventures in train industry and space travel industry includes huge risks. However, he is very bold and is ordaining to rejoinder risk because he believes that you can gain nonhing if you dont venture. With all these risks includes in his ventures which may bring him millions dollars of lost, he is still very bold in taking risk nowadays despite his failures in the past.Of course he has failed a lot in the past as the Virgin Group has attempted in entering almost all industry in the world, and some may not work out. In a share-out academic term, Branson recalled that his subordinates panicked after knowing that he wanted to enter the airline industry as the Virgin Group was only a record label at that time. However, To be a true entrepreneur youve got to take bold risk throughout your life he said during the s ession which explains his frequent attempts in expanding his business in different fields.But, of course, he did not blindly take any risk and lost million dollars as he added But youve got to make sure you protect the downside. As a risk taker, Branson is also a risk manager as he has set 300 separated limited companies as firewalls between companies in the group to prevent catastrophic consequence if one of the companies has problem. Thus, he has honest system within the groups of companies to prevent a company with disaster to bring down other companies.He suggested that people have to prepare for failure to begin with taking risk and also learn from mistakes made otherwise it leave alone be insane to do the similar thing over and over again and expect something different. He sees making mistakes as an important yard leading to success as he can learn things from them. Thus, failures did not stop him from venturing but help him build up success instead. In addition, Branson may sometimes engage in some challenges that seems to be unachievable. This is because he believes that there may be a chance for achieving it if he strives to spend his own limit.He gives every risk he takes a meaning so that he said Every risk is worth taking as long as its for a good cause, and contributes to a good life. In the early days of Virgin Airline, there was a hard time for Branson to keep this airline company to survive in the market as there were many obstacles and difficulties waiting for him to tackle. At the very beginning, he undeniable to fight against the British Airways which was already the market leader at that time which was a very keen, difficult, long and salutely competition.Unfortunately, there was an incident happened during the presidency certification flight as there was a bird agile into an engine which led to explosion. This incident had got the airline into financial crisis as the repairing cost was very high. In the meantime, growing fuel p rice and economic downturn had made it even harsher for Virgin Airline to survive. As a result, Branson had to sell the Virgin Music Group in exchange for the survival of the Virgin Airline to get through the hard time.Branson as the chairman of the company had shown the conceptual in-sight of a successful entrepreneur to make the right decision in the face of difficulties and adversities. Not only did he face difficulties onward being successful, but also after his success. In an interview, Branson mentioned that he tried to bring business leaders in the world to think of not just profit maximization but also social responsibilities. He thinks they can use their power to help solve different problems in the world other than the business field ones in order to make a better world.He is more and more concerned about problems mishap in the world and is trying to help tackle them. He is especially concerned about global warming as he had even hosted a meeting concerning global warmi ng at his own island. He gathered world leaders and celebrities including Tony Blair, the former Prime Minister of the UK, unitedly to discuss the matter. He tried to bring the issue under cotton up to arouse peoples awareness on this matter. However, he has encountered some difficulties while doing this. He is criticized by people saying that he is imitative on his environmental awareness and care as he is run an irline business which is the most pollution-producing industry. Yet, he stated that the company is using every profit to invest in query of environmental-friendly and clean fuel and the explore is in full swing. If the research is successful, more people would love to travel by Virgin Airline and the aviation industry can experience a revolutionary change by using clean fuel and emitting less and even no greenhouse gases. In this case, this would be a win-win solution for the company and the general public.Richard Branson as the legendary founder and chairman of the Virgin Group displays what is a good and successful entrepreneur. His success is not coincidence but his constant endeavor and learning over years. And he is go outing to share his way to success and inspire many people. He advocates people to break the rules and think out of the box which make a person different by dare to think and do something different from others by using creativity. One of his beliefs that inspire me the most is that you have to be bold to take risk and get something done other than session there all day and just think due to the solicitude of failing.And his love of his work is also another great inspiration as people should be passionate about what they are doing to be successful which is applicable to works in all fields. At the end of the essay, I would like to end with one of his most inspiring quote of Branson You dont learn to walk by following rules. You learn by doing, and by locomote over. abduce Richard Branson Knight of Big Ideas Disaster Big Ideas Also intend Big Risks http//www. inc. com/leigh-buchanan-and-andrew-maclean/richard-branson-risk. hypertext markup language James Thomson. Richard Branson on risk. Entrepreneur Watch. July 8, 2011. http//www. smartcompany. com. u/entrepreneur-watch/20110708-richard-branson-on-risk. html Jeremy Hobson. Sir Richard Branson on solving the worlds tough problems. Marketplace Morning Report for Friday. April 27, 2012. http//www. marketplace. org/topics/business/sir-richard-branson-solving-worlds-tough-problems-0 Mary Vinnedge. Richard Branson Virgin Entrepreneur. SUCCESS magazine. 2009. http//www. success. com/articles/712-richard-branson-virgin-entrepreneur The Chinese University of Hong Kong Academic Honesty resolve Statement submission Details Student touch NG, Yan Yee (s1155033748) Year and termination 2012-2013 Term 2 Course GEYS-1010 Entrepreneurial Spirit and Social accountability subsidisation Marker Professor KWONG Kai Sun Sunny Submitted File Name Describe the work of one entrepreneur. docx Submission Type Individual Assignment Number 1 Due Date ( put forwardd by student) 2013-03-15 Submission Reference Number 667298 Submission Time 2013-03-14 173906 Agreement and proclamation on Students guide Submitted to Veri play VeriGuide is intended to help the University to assure that works submitted by students as part of course requirement are superior, and that students receive the right(a) recognition and grades for doing so.The student, in submitting his/her work (this tame) to VeriGuide, warrants that he/she is the lawful possessor of the copyright of this seduce. 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