terrylee

In my mind, Richard Branson and Virgin persist as one of the most entrepreneurial person and company.  Not only are they unafraid to take risks, venturing into such competitive markets of mobile phones and airlines, but they are able to overcome the risks and become successful in their risky ventures.  One of the ways Virgin distinguished itself in the airline and mobile phone industry is by recognizing the poor customer services in the industries, and then providing a new, more innovative way to provide the service, such as simple more leg room.

Furthermore, by offering such innovative services as Virgin Galactic, Virgin tapped into a very small, but also very profitable target market of the wealthiest, by offering consumers a chance to venture into space.  Since Virgin is the only company offering space tourism, and space tourism is such a unique service with an incredibly low supply, Virgin holds monopoly over the space tourism industry, and is able to charge at incredibly high prices and generate great profits.

Virgin holds true to the definition of entrepreneurship, venturing into risky territory, and succeeding into the territory by providing innovative ways to do provide the service better, gaining tremendous wealth rapidly.