Our submission of this report discusses the profile of an international successful entrepreneur and how the person succeeds in the world of entrepreneurship and entrepreneurial management. As the stated objectives on the assessment sheet given, it helps us to understand or master the ideas of entrepreneurial importance in this century of technology, to consider the entrepreneurs role as ‘a force of good to society’ and indirectly provides us experiences to develop team-working, research, communication and presentation skills. As for this assessment, we introduce the owner of the Virgin Group; Sir Richard Branson, as an example of the successful international entrepreneur. The issues that we will show and discuss are an introduction and his back-ground profile, the history of his prior and current business, his leadership and management style, the characteristics and traits for him to succeed, and his contributions in the context of economy and society. To overview, we will analyse all of the theories and issues, and conclude, of Sir Richard Branson. Introduction and Sir Richard Branson’s Profile.
To our point of view, an entrepreneur is someone who implements unique, innovative and creative ideas, and being acquainted to leadership style and characteristics. As there is an existence of barriers to be successful, an entrepreneur will overcome those barriers and problems with any possible solutions. Regarding our research of Sir Richard Branson’s background, he was born on July 18th 1950 in Surrey, England. Sir Richard Branson struggled with dyslexia, has a hard time with educational institutions. He nearly failed out of the all-boys Scaitcliffe School, which he attended until the age of 13. He was then transferred to Stowe School, a boarding school in Stowe, Buckinghamshire, England. He struggled in a school and dropped out at the age of 16. The decision to drop out of school might have been initiated by his seemingly troublesome period in his elementary school. But this was to start a youth culture magazine, and that was the decision that genuinely led to the creation of Virgin Records. History of the business.
In 1969, Sir Richard Branson started a mail-order business and later a record label. Two years later the business was expanded with record stores named Virgin Records. The company performed modestly, but it was enough to expand his business venture, adding a record shop in Oxford Street, London. With the success of the record shop, Sir Richard Branson was able to build a recording studio in 1972 in Oxfordshire, England. His entrepreneurial projects started in the music industry and then it expanded into other sectors. As the Virgin Brand grew during the 1980s and 90s, Sir Richard Branson ventured into airlines (Virgin Atlantic Airways) and also started a Virgin Record label in America. In 2005, Sir Richard Branson started Virgin Galactic, a space tourism company, where the intention is to eventually reach orbital trips around the globe as well as going to the moon. Today, the Virgin Brand has over 200 different businesses. However, in the early 1990s, there was a tension dispute between Virgin Atlantic and his rival, British Airways, as Virgin Group accused the rival company for hacking their computer system, poaching their passengers and even made leaking stories to the press with negative statements. To settle the case, the British Airways gave and paid Sir Richard Branson an amount of $500,000, $110,000 to his Virgin Atlantic and $3 million for the legal fees. In 2007, Sir Richard Branson announced that he bought a 20 percent stake in Malaysia's new long haul model airline, AirAsia X, which costs him approximately US$7.2 million. According to his speech regarding the long haul model airline, he is thrilled to support Malaysia’s airline and although there are no decisions made on global investments, he sees the potential, amenities and opportunities for the low budget airline to grow and expand in the...
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