When we were asked to blog about a company which we felt to be entrepreneurial, a company recently discussed in my OB class popped into my head. The Virgin Group. Virgin was founded in 1970 by Richard Branson as Virgin Records, a record label in Britain. From there, it expanded to more companies than anyone ever expected it to. Virgin extended its power over airlines, soft drinks and even radio and mobile phone service. I think that for one company to own an enormous empire of various sub-companies like Virgin is extremely impressive and an excellent example of an entrepreneurial company.
The characteristics that associate entrepreneurship with the Virgin Group and Richard Branson himself are risk and innovation. In spreading the Virgin brand to different types of businesses, Branson must face incredibly high risks. There has been no previous successful attempt to create a business model like Virgin’s and no indication that Branson’s idea would be profitable at all, but without enduring these high risks, Branson would not have seen the high returns that define Virgin today. The innovative ideas that Branson introduced are much beyond what any small businesses would try to carry out.
I think that ultimately entrepreneurship is about creating a business that stands out because of its risk-taking nature and use of innovative ideas and Virgin is a good example of these qualities.
Check out these links on entrepreneurship!