Richard Branson's Profile and Entrepreneurial Skills (Case Study Sample)

PROFILE OF VIRGIN GROUP
Abstract
This paper illustrates the development and growth of Virgin Group since its inception. It outlines the profile of its renowned CEO, Richard Branson, and the entrepreneurial skills that he manifested into the organization, which led to the realization of feted success across the globe. In addition, the paper analyzes the various marketing strategies that the CEO used in the process of transforming the organization from small scale enterprise to a multi-national corporation. The various organizational cultures that shape and define the activities of the enterprise are highlighted with emphasis being on the aggressiveness of the workforce. Finally, employees’ ways of motivation are highlighted, and the future trend of Virgin Group is also incorporated into this paper.
Table of Contents
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Abstract  PAGEREF _Toc340019368 \h
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1.0 Introduction  PAGEREF _Toc340019369 \h
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2.0 Richard Branson’s Profile and Entrepreneurial Skills  PAGEREF _Toc340019370 \h
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3.0 Marketing Strategies  PAGEREF _Toc340019371 \h
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4.0 Organizational Culture  PAGEREF _Toc340019372 \h
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5.0 Employees’ Motivation  PAGEREF _Toc340019373 \h
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6.0 Conclusion  PAGEREF _Toc340019374 \h
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References  PAGEREF _Toc340019375 \h
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Introduction
Virgin Group is one of the leading organizations in UK. The company provides a dizzying range of commodities and services throughout its numerous business units. Indeed, from a small business operation to a multi-national organization that operates across the world, Branson and the executive committee have undertaken realistic and effective transformation in the company’s operations. Currently, the organization is involved in various operations including nightclubs, food and drinks services, record label, among others. With such immense operations, Branson has focused on planning as a core factor that necessitates smooth flow of operations across the organization (Jones, 2004). The company is undertaking strategies, either marketing or production, that will enable it to conquer the economy in the next three or four decades.
Richard Branson’s Profile and Entrepreneurial Skills
Richard Branson is a renowned entrepreneur who initiated the operations of Virgin Group to a world class level. Born in 1950, he attended Stowe School where he incorporated a school magazine at the tender age of 16. Towards the end of 1970, Branson founded a retailer of mail order record known as Virgin. His entrepreneurial skills were manifested in every activity and operation he undertook and, two years later, he built a recording studio that was situated in Oxfordshire. With the signing of Sex Pistols, Virgin commemorated the greatest achievement that marked the start of the organization’s success. He signed numerous household names to be included in the Rolling Stones, majorly from Culture Club, thereby enabling Virgin Music to be recognized as the best operating companies in the industry. Currently, the Virgin Group incorporates more than 200 companies across the globe, and its expansion has been attributed to the skills and dedication of one Richard Branson. The operations of the company include travel, mobile, tourism, health, finance, leisure, radio, broadband, TV, and Music festivals (Jaray, 2006).
Kitchen and Proctor (2001) posits that the success of Virgin Group has been achieved through dedication of its CEO and the managerial team. As a non-profit making organization, the focus is to harness entrepreneurial skills on its members in an attempt to realize strategic goals. Some of these skills that were fostered by Branson include Vision and leadership in the workplace, focus and execution of services, persistence and passion in doing chores, technical skills, and flexibility. In the case of vision and leadership, Branson has visualized where Virgin Group would be in the next few decades. In realizing the organization’s vision, Branson ensured that the vision statement is clearly communicate to the employees, as they are the pillars for the company’s success (Strauss, 2010). Secondly, the CEO ensured that his team was focused and executed its services at the required timeframe. The company made sure that customers’ satisfaction is realized, goals are attained at the right time, and motivation of employees is undertaken by the superiors. Thirdly, the success was realized due to passion and persistence that characterized the managerial team. Being led by hardworking and reliable CEO, the staff demonstrated their passion through accomplishing their tasks and, in turn, the management rewarded them for their activities. Fourth, the technical skills portrayed by the firm ensured the overall success of the enterprise. Though not the whole managerial team is technically skilled, the management needs to have a fervent foundation on technical skills in order to make well-versed decisions. Finally, flexibility denoted the success of Virgin Group. With the changes in the economic endowment, flexibility in the operations of the management ensures that it can undertake activities in diversified economic conditions.
Marketing Strategies
While the diversity of Virgin’s group business interests have always been questioned by business analysts, Branson has maintained that the company will articulate to its core values and marketing strategies in the economy. The name Virgin was selected in order to symbolize the idea that the organization is virgin whenever it enters into any form of operation. However, before undertaking any operation in new markets, the management scanned the new environment in an attempt to ascertain the relevancy of Virgin Group’s operations, and to understand whether the company will offer a different product and service to the new market. The objective of the marketing strategy is to extend the organization’s brand name at a much reduced price in the areas or regions where the market is relatively static (Isik-Vanelli, 2004). Virgin Group analyzes the nature of the project, and whether it challenges the authority, it is innovative, offers monetary value, good quality, and enhances growth in the operations of the organization.
Branson’s strategy revolved around these four crucial elements. Virgin brand is the vital asset of the company, as it sales the image of the other chains of the organizations. Based on the company’s set values and attributes, the intention is to make the company the champion for its consumers. However, this was derailed by the company’s marketing skills and public relations skills; the company understanding of the various opportunities prevailing in the economy as institutionalized markets; and the organization’s experience in new markets (Hoskisson, 2008). The Company perceived that institutionalized markets were dominated by small group of competitors, therefore, quality was not observed when delivering services to its customers. Using well-established marketing strategies, the company has established its industry from one form of company to another with the aim of realizing competitive advantage over its rival companies in the industry.
Organizational Culture
In most of the organizations across the globe, diversity and culture have shaped the operations of the organizations, and virgin Group is no exception. The success of Virgin Group is also attributed to their modern culture of undertaking operations. Its success is being driven by people’s aggressiveness, orientation, risk taking, and innovative culture. In the case of aggressiveness culture of employees, the organization ensures that its performance is superior to the operations of other rival companies in the organization and markets the brand under the name of Virgins. Aggressiveness implies the degree in which the workforce is characterized by competitiveness and aggressive nature rather than cooperating with rival companies. The aggressiveness was demonstrated by the employees of Virgin Blue, which is an airline of Australia, when it expanded its operations to New Zealand, United States and, finally, to South Africa. Its main objective was to realize its strategic goal and competitiveness in the economy. In addition, Virgin Active, one of the health club chains of Virgin Group, was rescued in South Africa after it had undergone a financial crisis, and, currently, South Africa has more than 100 health clubs (Adair, 2007).
Employee’s orientation is another culture demonstrated by Virgin Group in its operation. By employee orientation it means the degree in which the decisions of the management are put in practice in order to effect the operation of the employees. One of the key strategies that Richard Branson was using was employee motivation where he emphasized on the need to have cordial relationship with the workforce in order to realize success. The management set up parties that ensured there was bonding in all levels of employees in the organization. Such events ensured that employees build cordial relationship with each other; thereby, sharing opinions that are relevant to the competitiveness of the organization (Henry, 2008). Finally, risk taking and innovative culture ensures that employees are allowed to take certain level of risks and to be creative when undertaking thei...