Richard Branson

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The Decision Making Process

Published February 6, 2015 by Mayrbear's Lair

decision-making

(Reposted from May 15, 2013)

Introduction

Decision making is an essential part of entrepreneurship that affects numerous elements in operating a business. It is in an entrepreneur’s best interests to possess the skills to help them reach the best decisions available to insure the soundest opportunity for success. Low (2010) contends entrepreneurs play an important role in the economy with three major components that affect their decision making process: (a) the vision and operation of the venture; (b) the uncertainty and risks they confront; and (c) the innovation process or reallocation of resources (Low, 2010, p. 5). In addition, incorporating the necessary business acumen can: 1) influence political agendas; 2) help avoid violation of legal and regulatory issues that can yield outcomes with extreme consequences; 3) play an important role in cultural perceptions; 4) influence the demographic diversity of an industry; and 5) have a huge impact on the financial resources that affects the operation of a business.

diversity-demographics

Demographic Diversity

A proprietor’s decision making process can also effect the demographic diversity of an organization. For example, when Virgin Company’s entrepreneurial giant, Sir Richard Branson (2012) was contemplating whether Virgin branch out to launch a new airline, he was advised to avoid certain competitors due to costs and for fear of going up against industry giants. He realized he was up against goliaths with sizable fleets, experienced staff, and strengths from holding huge portions of market share.  Branson’s intuition however, and personal grievances from traveling, kept focused on competitor complacency. He was passionate about creating a better flying experience and knew others felt the same.  With this energy and tunnel vision, Virgin Atlantic was introduced and made their mark in history (Branson, 2012).

images (4)

Legal and Regulatory Issues

Each year the US Supreme Court issues actions that constitute new litigation due to failed businesses because of gaps in legal insight in the decision-making process by leaders (Bardwell, 2009). For example, during my employment at Capitol Records, the organization expanded into the music video production market and created a new division called Picture Music International (PMI). This event constituted the rearrangement of senior executives in key positions who were disbursed in helm positions within the structural organization. The changes occurred quickly in an attempt to create a smooth transition while maintaining operations. As a result, important components were overlooked and errors were made due to communication barriers from the rapid transit.  In the process, a contractual renewal date for an important artist went undetected. The new senior executive did not negotiate the original contract and was therefore not cognizant of the issue. The artist’s legal representatives allowed the contract to expire and the artist signed to a competitive label. Because of the gap in legal insight, the oversight resulted in the forfeiture of a major industry player, and in the eyes of the shareholders, perceived as an embarrassing loss.

images (5)

Political Agendas and Cultural Perceptions

Steyaert (2000) purports the role of entrepreneurship in the modern era is far larger than previously considered and is closely involved with economics.  Entrepreneurship is viewed as an economic phenomenon, with innovative power that extends beyond its own economic ambitions and requires the examination of its political and ethical effects (Steyaert, 2000). For example, when a firm is exposed for polluting, activists use this opportunity to pursue political agendas.  In the meantime, scholars explore factors that determine how entrepreneurs help economies grow as a result of psychological approaches to an enterprise (Thornton, Robeiro-Soriano, & Urbano, 2011). Take for example the culture Starbucks created. Prior to its genesis, Americans were used to having coffee in diners or restaurants for under a dollar.  Starbucks vision focused on drinking coffee as a reason to socialize. In doing so they created a culture where consumers are happy to pay premium prices to partake in the Starbucks experience. This culture translates into enormous profits and a worldwide phenomenon that includes a Starbuckian dialect.

dollars

Financial Resources

Financial advisors understand that cash flow is also an important component business owners require to make sound financial decisions to ensure growth and survival. A company with solid liquidity is not only able to meet short term financial obligations, but also has accumulated enough equity to take advantage of alluring business strategies as they expand (Cory, Envick, & Patton, 2011). For example, with each success Capitol Records enjoyed from an extensive catalog that includes the Beatles, Neil Diamond, Tina Turner, David Bowie and Kenny Rogers, UK based parent company, Thorn-EMI continued to incur huge revenues that allowed them to expand into other fields. However, for every successful venture, there are also ventures that fail and become corporate tax write-offs. In this aspect, the decision making process can result in failure and loss of revenue.

richard-branson

Conclusion

Sir Richard offers the following tips that have helped in his decision making: (a) trust your instincts, (b) focus on your customers, not your critics, (c) always support your team, and (d) know when to say goodbye (Branson, 2012). In conclusion, the most important reason decision making is an essential skill for entrepreneurship, is that a wrong choice can become the game changer that makes or breaks an organization.

That’s a wrap for this week! Until next time … Keep organizing your systems!

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Most of us are going through life without interrogating whether our decision-making processes are fit for purpose. And that’s something we need to change – especially when the stakes are high and the decisions are of real import. – Noreena Hertz

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References

Bardwell, S. (2009, January 1). Legal insight decision making for small business and entrepreneurs: A judicious approach. Retrieved February 28, 2013, from Freepatentsonline: http://www.freepatentsonline.com/article/Entrepreneurial-Executive/219010996.html

Branson, R. (2012, February 7). Richard Branson on decision-making for entrepreneurs. Retrieved February 28, 2013, from Entrepreneur.com: http://www.entrepreneur.com/article/222739

Cory, S., Envick, B., & Patton, E. (2011, January 1). Sound financial decision making for entrepreneurs: can the GAAP cash flow statement mislead? Entrepreneurial executive. US: The DreamCatchers Group, LLC. Retrieved February 28, 2013, from http://www.freepatentsonline.com/article/Entrepreneurial-Executive/263157521.html

Low, S. (2010). Defining and measuring entrepreneurship for regional research: A new approach. ProQuest dissertations and theses; 2009; ProQuest entrepreneurship. Urbana, IL, USA: ProQuest LLC. Retrieved February 28, 2013

Steyaert, C. (2000, June 18). Creating worlds: Political agendas of entrepreneurship. Nordic conference on small business research. Aarhus, Denmark: ProQuest, LLC. Retrieved February 28 2013, 2013

Thornton, P., Robeiro-Soriano, D., & Urbano, D. (2011). Socio-cultural factors and entrepreneurial activity: An overview. International small business journal. Barcelona, Spain: Sage. Retrieved February 28, 2013

Corporate Image and Brand Name

Published October 4, 2013 by Mayrbear's Lair

 

companyProfileMain

There are many components that define a corporate image to help it stand apart from a corporate brand name. For example, in the past, many international travelers jokingly referred to the BA acronym of British Airways to mean Bloody Awful. This was a reflection of the negative corporate image they developed due to the onslaught of consumer complaints that surfaced with respect to the incompetent manner in which the airlines operated and treated their customers. This research provides a brief analysis on the topics of corporate images, their brand names, and the significant components that differentiate them. In addition, the study will disclose how they are related and provide further examples to help illustrate these concepts. The findings of this research will conclude that even though brands names are assigned to goods or services, there are many components that make them stand apart from a corporate image and that ultimately, the unification of these two components, serve to effectively communicate what the company represents to help shape the attitude of their shareholders.

business-taglines

Corporate Image

One of the most significant components of a corporate image is that it communicates the benefits of a company’s goods and services that appeal to consumer emotions. Ross (2010) explains that a corporate image should represent the following three components: (a) the company’s story, (b) their core purpose, and (c) the promises they make to consumers. In short, a corporate image reflects the organization’s reputation that will ultimately live on in the memories of consumers. To put it another way, a corporate image is what consumers say about a company, not about what a company says about themselves. In addition, a corporate image can help shape and influence the decisions consumers make and the actions they take (Ross, 2010). For instance, when many individuals think of a company like Denny’s, images immediately flood their head including tasty food, a welcoming atmosphere, and heartwarming family gatherings. These images reflect positive experiences with the restaurant chain. Positive emotions translate to feelings of joy and comfort which in turn produces loyal consumers. Successful companies like Denny’s, Honda, and Nike provide excellent illustrations of companies that have established strong corporate images. In fact, they have experienced unprecedented success because they all incorporate a mission as part of their corporate image. These identify what the company stands for and are usually revealed in the tag lines of their ads to support the company image or brand.

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Simply explained, a corporate image summarizes what the company stands for and the feelings they emote from their customers. In addition, Vincent (2012) purports that equally important to a company’s image or brand, is that they keep the promises they make and deliver a powerful experience (Vincent, 2012). For example, when people think of the Disney Company, many images and feelings are evoked depending on a person’s experience with the company or their family offshoots, like the Disney theme parks, or the many Disney movies that may have had a profound impact on them. This is yet another example of how a memorable experience with an organization can influence consumer emotions in both positive and negative ways. What an individual feels after their experience interacting with a company, whether happy, more confident, or embarrassment and defeat, are all components that help shape a company’s corporate image. Companies that display consistent behavior, communicate clear messages, and keep their promises, can guide investments and grow substantially regardless of budget constraints or time crunches whether they are a startup, a nonprofit, or a big conglomerate like a Nike or Disney.

British_Airways_Logo

The negative feelings many people had about British Airlines, for instance, mentioned at the beginning of this research, presents another excellent case of the impact a tarnished corporate image can have on an organization as well as create new opportunities. For example, this situational challenge in the airline industry was the catalyst that motivated The Virgin Company’s entrepreneurial giant, Richard Branson, to take action. Out of frustration from his own travel experiences and banking on the stellar corporate image of the Virgin brand, Branson developed an offshoot company and launched Virgin Airlines. He was able to recognize a problem that existed that many airlines did not want to address at the time: quality service. Driven by fierce determination to tackle these issues, Virgin Airlines went on to become a huge success in the aviation industry. In the meantime, Hatch and Schultz (2008) explain that British Airways used the negative publicity as incentive to make changes and by the 1990s, BA’s conditions improved significantly. With the strategic help of marketing experts they were able to change those negative perceptions to reposition BA and turn their reputation around. One of the strategies incorporated to achieve this goal was the development of a new tagline that focused on positive concepts that professed the company had become “the world’s favorite airline.”  Emphasizing the word favorite helped them devise a new corporate image and created a symbol that attracted consumers which helped put BA back in a dominant position in their industry (Hatch & Schultz, 2008). By developing a new strategy BA was effectively able to communicate a new attitude that won back trust from consumers.

brand-name

Brand Name

Many people are often confused by the term brand and the differences that constitute a brand and a brand name. While a corporate image or brand summarizes what a company stands for, the brand name, on the other hand, consists of the company name and the symbols that are incorporated to clearly communicate what an organization stands for. Baack and Clow (2012) explain that a company’s logo identifies brand names and embodies the symbols that distinguish the company, its products, and their services. A logo therefore, represents the emblem that adds an additional aspect to a corporation’s image that supports the organization’s name and mission (Baack & Clow, 2012). For example, because the mind processes images faster than it does words, logo identification occurs in the following two ways: (a) a memory recall or recognition of the logo and (b) an emotional recall of that individual’s experience with the company. Nike’s swoosh logo for instance, is merely the graphic representation of the company symbol that together with the brand name evokes various emotions, memories, and ideas.

apple-logo1

The design of the logo is a significant feature because in many cases, the company’s brand name will include a number of products under one family name. The Apple Corporation, for example, provides many quality electronic products for consumers, including computers, smartphones, music devices, and tablets. Their corporate brand name is one of the most recognizable symbols in the global marketplace because they continue to deliver innovative quality products and keep their promises. In fact, consumers are so passionate and loyal about their merchandise, they are sought after in an unparalleled fashion witnessed by the long lines at Apple outlets stores each time a new product is launched. In short, a company’s brand name represents the company’s image and is designed to support a positive reputation by keeping the promises they make to their shareholders. Virgin Airlines for instance, provided quality service but was supported and backed by the stellar reputation of the Virgin brand name. This is one of the most effective ways to launch a new product or company.  An established giant like Virgin or Apple can provide many components to help a new offshoot achieve success. This is how brand names and corporate images support each other.

Conclusion

Virgin_logo-300x257

Brand names represent the symbols assigned to goods or services that in turn help shape and define a corporate image. Fombrun (1996) reminds us that the world has grown to worship greatness. People in modern society value aptitude, celebrate talent, exalt brilliance, and revere genius. Contemporary athletes, for instance, that compete in the Olympic Games are not paid a salary. For them, receiving a medal is a far more valuable asset due to one significant tenet: a reputation as a top performer. This provides the foundation that helps them develop an image they can use to build their brand name. The rise of mass marketing makes it possible to achieve greater levels of prestige and wealth whether as an athlete, politician, artist, or organization, because the competition for a stellar reputation is fierce. Many people in fact, wallow in the radiance of their heroes and often elevate them to near mythological status expecting perfection in return (Fombrun, 1996). A majority have the same expectations of the companies they support, the products they purchase, and often assign corporations similar iconic positions. Not only are people shaped and influenced by a company’s decisions and innovations, they are content to support these giants on their high altars of fame. The findings of this research conclude that there are many components that differentiate a corporate image from a corporate brand name. The keys to building an effective positive corporate image include a clear communication of: (a) the benefits a company’s goods and services they provide, (b) a mission that is part of their corporate message, and (c) keeping their promises. The combination of these components help effectively communicate what the company represents that helps shape the attitude of their shareholders which in turn motivates them to offer their loyalty and support.

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References

Baack, D., & Clow, K. (2012). Integrated advertising, promotion, and marketing communications (Fifth ed.). Upper Saddle River, NY: Pearson Education, Inc.

Fombrun, C. (1996). Reputation: Realizing value from the corporate image. Boston, MA: Harvard Business Review Press.

Hatch, M., & Schultz, M. (2008). Taking brand initiative. San Francisco, CA: Jossey-Bass Publishing.

Ross, M. (2010). Branding basics for small business: How to create an irresistible brand on any budget. Bedford, IN, USA: NorLightsPress.com.

Entrepreneurial Decision Making

Published March 15, 2013 by Mayrbear's Lair

decision-making

Introduction

Decision making is an essential part of entrepreneurship that affects numerous elements in operating a business. It is in an entrepreneur’s best interests to possess the skills to help them reach the best decisions available to insure the soundest opportunity for success. Low (2010) contends entrepreneurs play an important role in the economy with three major components that affect their decision making process: (a) the vision and operation of the venture; (b) the uncertainty and risks they confront; and (c) the innovation process or reallocation of resources (Low, 2010, p. 5). In addition, incorporating the necessary business acumen can: 1) influence political agendas; 2) help avoid violation of legal and regulatory issues that can yield outcomes with extreme consequences; 3) play an important role in cultural perceptions; 4) influence the demographic diversity of an industry; and 5) have a huge impact on the financial resources that affects the operation of a business.

diversity-demographics

Demographic Diversity

A proprietor’s decision making process can also effect the demographic diversity of an organization. For example, when Virgin Company’s entrepreneurial giant, Sir Richard Branson (2012) was contemplating whether Virgin branch out to launch a new airline, he was advised to avoid certain competitors due to costs and for fear of going up against industry giants. He realized he was up against goliaths with sizable fleets, experienced staff, and strengths from holding huge portions of market share.  Branson’s intuition however, and personal grievances from traveling, kept focused on competitor complacency. He was passionate about creating a better flying experience and knew others felt the same.  With this energy and tunnel vision, Virgin Atlantic was introduced and made their mark in history (Branson, 2012).

images (4)

Legal and Regulatory Issues

Each year the US Supreme Court issues actions that constitute new litigation due to failed businesses because of gaps in legal insight in the decision-making process by leaders (Bardwell, 2009). For example, during my employment at Capitol Records, the organization expanded into the music video production market and created a new division called Picture Music International (PMI). This event constituted the rearrangement of senior executives in key positions who were disbursed in helm positions within the structural organization. The changes occurred quickly in an attempt to create a smooth transition while maintaining operations. As a result, important components were overlooked and errors were made due to communication barriers from the rapid transit.  In the process, a contractual renewal date for an important artist went undetected. The new senior executive did not negotiate the original contract and was therefore not cognizant of the issue. The artist’s legal representatives allowed the contract to expire and the artist signed to a competitive label. Because of the gap in legal insight, the oversight resulted in the forfeiture of a major industry player, and in the eyes of the shareholders, perceived as an embarrassing loss.

images (5)

Political Agendas and Cultural Perceptions

Steyaert (2000) purports the role of entrepreneurship in the modern era is far larger than previously considered and is closely involved with economics.  Entrepreneurship is viewed as an economic phenomenon, with innovative power that extends beyond its own economic ambitions and requires the examination of its political and ethical effects (Steyaert, 2000). For example, when a firm is exposed for polluting, activists use this opportunity to pursue political agendas.  In the meantime, scholars explore factors that determine how entrepreneurs help economies grow as a result of psychological approaches to an enterprise (Thornton, Robeiro-Soriano, & Urbano, 2011). Take for example the culture Starbucks created. Prior to its genesis, Americans were used to having coffee in diners or restaurants for under a dollar.  Starbucks vision focused on drinking coffee as a reason to socialize. In doing so they created a culture where consumers are happy to pay premium prices to partake in the Starbucks experience. This culture translates into enormous profits and a worldwide phenomenon that includes a Starbuckian dialect.

dollars

Financial Resources

Financial advisors understand that cash flow is also an important component business owners require to make sound financial decisions to ensure growth and survival. A company with solid liquidity is not only able to meet short term financial obligations, but also has accumulated enough equity to take advantage of alluring business strategies as they expand (Cory, Envick, & Patton, 2011). For example, with each success Capitol Records enjoyed from an extensive catalog that includes the Beatles, Neil Diamond, Tina Turner, David Bowie and Kenny Rogers, UK based parent company, Thorn-EMI continued to incur huge revenues that allowed them to expand into other fields. However, for every successful venture, there are also ventures that fail and become corporate tax write-offs. In this aspect, the decision making process can result in failure and loss of revenue.

richard-branson

Conclusion

Sir Richard offers the following tips that have helped in his decision making: (a) trust your instincts, (b) focus on your customers, not your critics, (c) always support your team, and (d) know when to say goodbye (Branson, 2012). In conclusion, the most important reason decision making is an essential skill for entrepreneurship, is that a wrong choice can become the game changer that makes or breaks an organization.

********

References

Bardwell, S. (2009, January 1). Legal insight decision making for small business and entrepreneurs: A judicious approach. Retrieved February 28, 2013, from Freepatentsonline: http://www.freepatentsonline.com/article/Entrepreneurial-Executive/219010996.html

Branson, R. (2012, February 7). Richard Branson on decision-making for entrepreneurs. Retrieved February 28, 2013, from Entrepreneur.com: http://www.entrepreneur.com/article/222739

Cory, S., Envick, B., & Patton, E. (2011, January 1). Sound financial decision making for entrepreneurs: can the GAAP cash flow statement mislead? Entrepreneurial executive. US: The DreamCatchers Group, LLC. Retrieved February 28, 2013, from http://www.freepatentsonline.com/article/Entrepreneurial-Executive/263157521.html

Low, S. (2010). Defining and measuring entrepreneurship for regional research: A new approach. ProQuest dissertations and theses; 2009; ProQuest entrepreneurship. Urbana, IL, USA: ProQuest LLC. Retrieved February 28, 2013

Steyaert, C. (2000, June 18). Creating worlds: Political agendas of entrepreneurship. Nordic conference on small business research. Aarhus, Denmark: ProQuest, LLC. Retrieved February 28 2013, 2013

Thornton, P., Robeiro-Soriano, D., & Urbano, D. (2011). Socio-cultural factors and entrepreneurial activity: An overview. International small business journal. Barcelona, Spain: Sage. Retrieved February 28, 2013

Intrapreneurship Analysis

Published March 6, 2013 by Mayrbear's Lair

13779218-dark-chalkboard-with-the-word-entrepreneur-illustration

Entrepreneurial leaders are visionaries that possess a variety of characteristics and skills needed to be successful. Some of these talents include a deep passion to develop and articulate a vision, the ability to create a sound plan that include strategies to maintain and goals to achieve.  In addition, an entrepreneur must have a comprehension of the organization’s culture, structure, and procedures to understand how to navigate productively in a rapidly growing entrepreneurial organization. For example, an effective entrepreneurial leader requires the ability to adapt and manage change efficiently to stay ahead of competitors with aspirations to dominate the market. Risk taking is another important element for an entrepreneur.  Businessman Richard Branson (2011) has a simple philosophy, “Screw it, just do it” (Branson, 2011). This displays an unwavering tenacity to continue moving forward with goals regardless of the risks involved.

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In addition, entrepreneurs must face and answer certain questions before embarking on an entrepreneurial venture to insure the best chances of success. For example, do they possess or have access to enough capital for their investment; is their family supportive; is there a need for this product or service?  Furthermore, they must ask themselves is there a sense of urgency to embark on this venture. In other words, what is the intent or driving force behind the enterprise? It is also essential that an entrepreneur identify their strengths and weaknesses to ascertain where they require support in areas like marketing, accounting, sales and administration (Inc The Staff of Entrepreneur Media, 2010).

 richard-branson

Branson shares four simple principles he follows that have been instrumental in overcoming failures and achieving extraordinary levels of success as an entrepreneur. They are: 1) live in the moment; 2) become a good steward by helping others; 3) have fun; and 4) never give up (What I learned about entrepreneurship from Richard Branson, 2011). Another important component is to not lose sight of the vision and keep focused on opportunities, or challenges that present new opportunities. Finally, a successful entrepreneur should have a keen eye on trends and fluctuations in the market to help give them a better edge on the competition and what changes are required to help keep them on track to achieve their goals.

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References:

What I learned about entrepreneurship from Richard Branson. (2011, November 22). Retrieved February 14, 2013, from ProQuest Central: http://search.proquest.com.proxy-library.ashford.edu/docview/1030937503?accountid=32521

Branson, R. (2011). Losing my virginity: How I survived, had fun, and made a fortune doing business my way (Updated ed.). London, UK: Crown Publishing Group.

Inc The Staff of Entrepreneur Media. (2010). Start your own business (5th ed.). Canada: Entrepreneur press.

Sir Richard Branson: An Entrepreneurial Knight

Published March 1, 2013 by Mayrbear's Lair

20120921081512Sir-Richard-Branson27596

Introduction

When one hears the term entrepreneur, an image emerges of an individual who organizes and operates a business that involves certain risks.  One of the most successful examples of entrepreneurs in the modern age is Sir Richard Branson.  This charismatic visionary makes running a business seem effortless and fun.  In addition, he displays a disciplined work ethic that is focus-driven, illustrates an adventurous spirit, and demonstrates a passionate devotion to business that is unwavering.  Although he takes many risks that can fail, Sir Richard Branson is recognized as one of the highest achievers in the world of entrepreneurs.

what-is-entrepreneurship

Entrepreneurship

Today’s successful entrepreneurs require more than just luck and diligence.  They require an ability to create in a demanding environment of high uncertainty and risk that necessitates flexibility and the capability of learning from failure.  Furthermore, an entrepreneur brings to the arena a host of components that include resources, labor, and other various skills and materials.  The most renowned entrepreneurs, like Sir Richard, Steve Jobs and Bill Gates, are driven by an internal force with an inherent need to make a difference in the world while escaping the confinements of bureaucracy (Ries, 2011).

Entrepreneurship is the process of creating something new of value by devoting time and effort in the venture.  Entrepreneurs pursue their business endeavors with passion and enthusiasm.  This drives the engine that attracts success and monetary rewards.  Four behavioral characteristics identify the entrepreneurial spirit: 1) creating a vision; 2) organizing and steering economic structures and social networks; 3) combining resources in innovative ways; and 4) accelerating with the acceptance of uncertainty, setbacks, and failure (Ries, 2011).

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Sir Richard Branson

Sir Richard Branson is an exemplary illustration of an entrepreneur and an esteemed business leader.  He is also a humanitarian that is proactive in politics.  His innovative and groundbreaking ventures demonstrate a fearless maverick style that supports risk taking.  His many successful achievements include founding the Virgin Group Company with branches that extend into the media; airlines and rail; wine and mobile phone services; and a trustee of several charities including the Virgin Healthcare Foundation and Virgin Unite.  In December of 1999, The Queen of England honored him with a knighthood for his services to entrepreneurship.  Not afraid of adventure or failure, this internationally renowned explorer has been involved in numerous world record breaking attempts, including the first hot-air balloon to cross the Atlantic.  Consistent with his lively ambitious and expansionist attitude, Sir Richard’s latest enterprise is Virgin Galactic, a space tourism company that will take passengers into suborbital space (Entrepreneur, adventurer and businessman Richard Branson challenges financial profesionals to have a ‘planetary point of view’, 2006).

Virgin Galactic

Virgin Galactic

The Branson Philosophy

Sir Richard is also one of the most respected entrepreneurs in the world.  His philosophy, “Oh, screw it, let’s do it” (Branson, 2011, p. 14), drives his ambitious spirit as the locomotive to his success.  He recommends four simple principles that can help us achieve higher levels of success:

  1. Live in the moment – In the world of business, quick decisive actions can have big pay offs.
  2. Have fun – Chances for success is much greater when you do what you love and are joyful doing it.
  3. Give back – Show good stewardship and help others even if it is minimal and do so with gratitude and appreciation.
  4. Never give up – The word defeat is anathema in any endeavor (What I learned about entrepreneurship from Richard Branson, 2011).

branson1

The Branson Centre

Recently Sir Richard opened the Branson Centre, a facility in the Caribbean committed to developing entrepreneurship.  The Centre offers a mentorship program to help budding entrepreneurs with networking and exposure, and assists with the coaching and financing aspects of their needs.  Jamaicans lack technical support, adhere to a complicated tax structure, and are in need of additional capital.  The Centre offers an arena to launch new entrepreneurial businesses to stimulate job creation and provide opportunities for locals to improve their communities and fuel their economy (Branson Centre, 2011).

Seascape-Caribbean

Conclusion

Sir Richard’s humanitarian endeavors and his concerns for environmental impact are inspirational leadership qualities in an entrepreneur.  For example, one company called Seascape Caribbean is focused on the restoration of the coral reefs in the coastal region and another, Leanne Talbot of Island Cycle, is dedicated to recycling waste into usable products.  (Branson Centre, 2011).  Sir Richard’s innovative ideas and contributions help enable economic freedom for the employers of the future and support the creation of new jobs.   In conclusion, as the founder of many successful business ventures that continue to create opportunities with environmental consciousness, Sir Richard Branson remains one of the most commendable visionary entrepreneurs and humanitarians of the modern era.

References

Entrepreneur, adventurer and businessman Richard Branson challenges financial profesionals to have a ‘planetary point of view’. (2006, October 15). Retrieved February 14, 2013, from ProQuest: http://search.proquest.com.proxy-library.ashford.edu/docview/447141732?accountid=32521

Branson Centre. (2011, September 13). Retrieved February 14, 2013, from ProQuest Central: http://search.proquest.com.proxy-library.ashford.edu/docview/888611281?accountid=32521

What I learned about entrepreneurship from Richard Branson. (2011, November 22). Retrieved February 14, 2013, from ProQuest Central: http://search.proquest.com.proxy-library.ashford.edu/docview/1030937503?accountid=32521

Branson, R. (2011). Losing my virginity: How I survived, had fun, and made a fortune doing business my way (Updated ed., p. 14). London, UK: Crown Publishing Group.

Ries, E. (2011). The lean startup: How today’s entrepreneurs use continuous innovation to create radically successful businesses. New York, NY: Random House, Inc.