The paper “ Entrepreneurship and New Venture Management” is an outstanding example of the essay on management. Entrepreneurship can be defined as the capability, together with the readiness of establishing, managing, and running a business enterprise together with any of the risks that accompany it so as to make a profit (Dollinger, 2003). There are several successful entrepreneurs all over the world today; the list is endless. Richard Branson and Warren Buffet are amidst the most thriving entrepreneurs in the world. This paper shall focus on the two entrepreneurs and various things like their entrepreneurial characteristics and the type of entrepreneurs they shall be discussed. Richard BransonSir Richard Charles Nicholas Branson is a British industrialist, born on the 18th of July 1950, famous for his Virgin brand in more than 360 corporations (Branson, 2011).
According to the Forbes 2009 list, he was ranked as the 216th wealthiest individual in the world with an approximated net worth of £ 2.6 billion. Sir Richard Branson is now considered an icon of entrepreneurship all over the world; however, he believes it all began as a mistake.
Branson dropped out of high school at the age of fifteen and his very first business endeavor was at the age of sixteen when he published a magazine called Student. In 1970, Branson turned the magazine into a mail-order record store. He opened his first record store in 1971 and a recording studio in 1972. By 1973, he started his own record label. Even before turning twenty-four, the Virgin business empire had already started. The Virgin Group is currently an international company of approximately 360 companies, branching into the travel, mobile, and entertainment industries (Branson, 2011). There are various types of entrepreneurs and Richard Branson falls in the adventurer category (Branson, 2014).
He is in it for the means, just as much as the ends. He without a doubt loves money, but it is just an enabler and a means of keeping score. For Richard Branson, it is actually the excitement of implementation that gets his blood running; and in the case that this is not enough, he endangers his life in other ways, like balloon rides. This type of entrepreneur (adventurer) is basically an adrenalin junky who would not pay to give up his/her ‘ fix. ’ Their major strengths are energy, bravery, and have ‘ work hard/play hard’ culture (Branson, 2014).
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