IntroductionAs a factor of production, entrepreneurship seeks to combine the other three factors of production namely land, labour and capital. Through the combination of these factors, individual entrepreneurs establish organizations through which they pursue wealth generation and income (Bruin & Dupuis, 2003). In the process, they increase the national output by reducing unemployment and utilising the available resources efficiently. For the purpose of this report, entrepreneurs are defined as individuals that have realised a market opportunity that they have grasped by providing unique commodities aimed at exploiting the opportunity.
This is unlike intrapreneurship whereby individual entrepreneurs advance a previous business idea through innovation and creativity. Entrepreneurship involves the development of a new idea and taking the necessary actions towards exercising the ideas in pursuit of wealth generation. This report seeks to discuss renowned entrepreneurs by looking at their behaviours, motivators, personalities, their individual backgrounds and its influence on their entrepreneurial activities. In this discussion, entrepreneurial theories will be utilised in order to point out the applicability of these theories towards entrepreneurship. Virgin Group (Branson)Dell Inc. (Michael Dell)BehaviorsRisk Taking, Action-based, creative and motivated. Independent, risk-taker, motivated and flexible. NeedsAchievement and affiliationAchievement, power and affiliationMotivatorThe need to achieve and assist others to achieve their dreams. The need to achieve by setting achievable goals. Decision processesLeaves the decision making process entirely to the professionals and the business idea owners. Makes the final decision as the chairman of the company’s board. Entrepreneurial Essence To empower people by enabling them to realize their dreams Increase consumer’s accessibility to technological devices such as computers.
Richard BransonHaving started his successful business venture in 1966 at the age of 16, British entrepreneur Sir Richard Branson has built his virgin empire on a global platform.
His virgin brand comprises of over 360 organizations all engaged in commercial activities. Being the eldest in a family of three, Branson performed poorly in academic circles but was good in physical and extra-curricular activities (Shepler, 2009). This is because he suffered from dyslexia and therefore his IQ was limited although this did not apply in his passion for outdoor activities. Towards compensating on his weakness, Branson strived towards connecting with people by energizing their dreams as well as his own. Through this ability to interact with people, Branson has built an empire that comprises of more than 150 companies with a net worth of over 2.5 billion dollars.
Richard Branson began his entrepreneurial activities with the publishing of a magazine and later on he opened a mail-order business before establishing a series of record stores. Since then, Branson has established his businesses in the transport, telecommunications and sports sectors (Shepler, 2009). Sir Richard’s entrepreneurial behaviour arises from his ability to identify with the needs of other people and attempt to satisfy them with an easy commercial touch.
This way, Branson is able to identify unexploited market opportunities and develop creative and innovative strategies to tap its potential. Notable of his entrepreneurial activities, every business field is permissible as long as one has a clear plan on how to exploit the market. Owing to this attitude, the entrepreneur is always searching for new and interesting business venture to establish. Goal pursuance has been the entrepreneur’s sole objective in life that has been expanded by the need to achieve success. According to the physiological theory, entrepreneurial behaviour sprouts from highly motivated emotions that these individuals bear.
Macllelands (1965) links entrepreneurial behaviour to the motivation of individuals within the society. Motivation arises from three basic needs namely; achievement, power and affiliation (Carsrud & Brannback, 2007). These three basic needs are evident in Branson as he seeks to make the fullest out of his life. His need for achievement is evident in his attempts to break travel records.