MS Entrepreneurship

HISTORY Richard Branson was born on July 18, 1950 in Shamley Green, Surrey, England. He struggled throughout his school life due to an as of yet undiagnosed problem of dyslexia. He excelled in sports, serving as the caption of both his school’s football and cricket teams, but it was in business that he found his true calling. His two ventures—growing Christmas trees and raising Australian parrots—were not successful. But the experience he had gained at that age (16) helped him to launch Student Magazine followed by Virgin mail order, which did see relatively more success. NET WORTH Branson started with a simple record store, and built Virgin into an absolute powerhouse, turning him into one of the richest men in Britain. Richard Branson’s net worth is estimated at $5 billion as of 2020. EARLY LEADERSHIP LESSONS Branson’s leadership qualities is the most significant reason behind the success of 350 very different companies. Branson believe that his leaders

\ Effective business planning can determine the success of your business. A business plan can help you secure finance, priorities your efforts and evaluate opportunities . The benefits of effective business plan pay off in the long-term. It may initially seem like a lot of work but it can save your time and money. WHAT SHOULD YOUR BUSINESS PLAN INCLUDES? There is no rule regarding what contents should be the part of your business plan. However in majority of the business plan following contents are at least covered: 1.      Vision, mission and goals 2.      Market research 3.      Operational strategy 4.      Product or product portfolio 5.      Marketing plan 6.      Financial strategy       7.      Business profile                     10 THINGS YOU MUST NEED TO KNOW BEFORE PLANNING A PROFITABLE BUSINESS 1) Complete your research thoroughly before you start any business in order to determine that there is adequa

Entrepreneur is someone who take financial risks of starting and managing a new venture. For instance, Levi Root –famous for Reggae Reggae Sauce- appeared on Dragon Den show to persuade wealthy business man for investment of $100000. He took financial risk and his idea was so good that he had no problem of getting the finance for his unique idea.   A successful entrepreneur is well aware of all the factors that contribute to the success and adversely impact the survival of the business. Being aware of the market in which the business is operating is a continuous process. Therefore entrepreneur must take into account changes happening in the market and must be adaptable to change. For instance, Henry Ford, founder of Ford, who was when monopolistic in American market had only cars of white color. But as the competition increases he was forced to manufacture different color of cars in order to stay competitive in the market. EXAMPLES OF SUCCESSFUL ENTREPRENEUR 1) E