Describe the Work of One Entrepreneur Essay Example

that time.

Despite initial doubts, the Sex Pistols ultimately became a legendary band, greatly influencing the world. Virgin played a crucial role in exposing the public to their groundbreaking music and culture. Even after achieving success with his companies, Richard Branson's creativity and boldness did not wane. In 2004, he founded a space tourism company with the aim of providing extraordinary travel experiences. His wealth and fame did not solely drive him to maximize profits; he also invested in environmentally friendly fuel research and sought to offer affordable and eco-friendly options to the public.

Branson, as a successful entrepreneur, has fulfilled his social responsibility by implementing changes in society. Additionally, he is well-versed in promoting the overall brand image of the Virgin Group. This is evident through his appearances on television shows and his own reality show, The Rebel Billionaire: Branson's Quest for the Best, which aims to increase his personal fame and public exposure. Branson's success lies in being considered the essence of the Virgin Group, as people associate him directly with the company. He has introduced a fresh and distinctive marketing strategy.

Despite the participation of numerous companies, the Virgin Group has undoubtedly faced risks in achieving significant success. Richard Branson himself recognizes that substantial risks are inherent in big and innovative ideas. This is evident in his endeavors within the train and space travel sectors, which entail considerable risk-taking. Nevertheless, Branson's audacity and willingness to take risks originate from his conviction that without taking chances, one cannot attain anything. Even when confronted with previous failures and possible financial losses, he remains undaunted in his risk-taking.

The Virgin Group

has experienced numerous failures while attempting to enter various industries. Richard Branson, the founder of the Virgin Group, recounted an incident where his subordinates were worried when he expressed interest in entering the airline industry since the company started as a record label. However, Branson believes that true entrepreneurs must continuously take daring risks and therefore persistently ventures into different sectors to expand his business.

Richard Branson, however, was careful not to take any reckless risks that could lead to significant financial losses. His focus was on ensuring protection against unfavorable outcomes and efficiently managing risks. In order to safeguard his businesses, he created 300 separate limited companies as barriers between the different entities within his group. This proactive measure ensures that if one company faces difficulties, it will not have a catastrophic impact on the others. Consequently, Branson has established a robust system within his group of companies to prevent the failure of one entity from causing the downfall of others.

According to him, it is important for individuals to anticipate failure and learn from mistakes before taking risks. Repeating the same actions and expecting different outcomes would be illogical. He believes that mistakes provide valuable opportunities for growth and learning, rather than being discouraged by failure, he sees it as an advantage for achieving success. Additionally, Branson is willing to accept seemingly impossible challenges because he believes that surpassing personal limitations can lead to accomplishment.

According to Richard Branson, every risk has a purpose and contributes value to individuals' lives if it is undertaken for a worthwhile reason. In the initial phases of Virgin Airline, Branson encountered multiple challenges and

hardships in his quest for success. One major hurdle was the intense competition posed by British Airways, which enjoyed a strong market position during that period. This rivalry proved to be arduous, protracted, and expensive.

During a government certification flight, a bird entered an engine, resulting in an explosion. This incident led to a major financial crisis for the airline due to the costly repairs needed. Additionally, Virgin Airline faced further challenges with increasing fuel prices and an economic downturn. To secure the survival of Virgin Airline during this difficult period, Branson had to sell the Virgin Music Group.

Branson, as the chairman of the company, demonstrated the visionary perspective of a successful entrepreneur in making crucial decisions during challenging and adverse situations. He encountered difficulties not only before attaining success but also after achieving it. In an interview, Branson emphasized the importance of business leaders considering social responsibilities alongside profit maximization. He believed that utilizing their influence, they could contribute to solving various global issues beyond the scope of business, aiming to create a better world.

The individual is growing increasingly worried about global issues and actively striving to address them. Their main focus is on global warming, which they tackled by organizing a meeting on their personal island. This gathering brought together world leaders and celebrities, such as Tony Blair, the former Prime Minister of the UK, to discuss the issue and raise awareness. However, some criticize their environmental commitment due to their involvement in the airline industry known for its high pollution levels. Nonetheless, they claim that all profits from their company are being utilized for research into environmentally-friendly

and clean fuel. Currently, this research is ongoing and successful outcomes could revolutionize the aviation sector by significantly reducing or even eliminating greenhouse gas emissions. Ultimately, this would prove advantageous for both the company and the general public.

Richard Branson, the esteemed founder and chairman of the Virgin Group, embodies the characteristics of a prosperous and admirable entrepreneur. His achievements are not coincidental but rather derive from his consistent efforts and commitment to learning throughout his career. Branson's willingness to share his journey to success serves as motivation for many individuals. He encourages people to question conventions and think unconventionally in order to distinguish themselves. By embracing creativity, individuals can set themselves apart by daring to think and behave differently. One principle advocated by Branson that strongly resonates with me is the significance of taking risks and not succumbing to fear of failure. Instead of merely contemplating ideas all day, one must have the bravery to step outside their comfort zone and take action in order to accomplish their objectives.

Richard Branson is an inspiring figure who believes that passion is crucial for success in any field. He once said, "You don't learn to walk by following rules. You learn by doing, and by falling over." (Reference: Richard Branson: Knight of Big Ideas - Disaster: Big Ideas Also Mean Big Risks) If you want to learn more about his perspectives, you can refer to the following sources:
1. James Thomson. Richard Branson on risk. Entrepreneur Watch. July 8, 2011.
2. Jeremy Hobson. Sir Richard Branson on solving the world's tough problems. Marketplace Morning Report for Friday. April 27, 2012.
3. Mary Vinnedge.Richard Branson: Virgin Entrepreneur.SUCCESS magazine.

2009.
To uphold academic integrity, I, NG Yan Yee (s1155033748), confirm that this submission is my own work.
Submission Details:
Year and Term: 2012-2013 Term 2

Course: GEYS-1010 - Entrepreneurial Spirit and Social Responsibility
Assignment Marker: Professor KWONG Kai Sun Sunny
Submitted File Name: Describe the work of one entrepreneur.docx
Submission Type: Individual
Assignment Number: 1
Due Date (provided by student): 2013-03-15
Submission Reference Number: 667298
Submission Time: 2013-03-14 17:39:06
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