Entrepreneurship refers to the end result of progression of several of several stages being design, launch and run. All these processes end up into a running business that is entrepreneurship. Entrepreneurship is about adding innovations to what the business currently does or innovating with a completely new business idea. The main requirement for any entrepreneurship to take breathe is an entrepreneur, i.e. the person who shall be the owner of the business and shall be engaged in the management of business undertaking all the risks (Drucker, 2014).
Entrepreneurship’s quality is highly impacted by the background and experience of the entrepreneur. The background and the experience can both hinder or foster the entrepreneurship. If the case study of Sir Richard Branson of Virgin Group is observed the same is evident. Richard Branson background shows that he have spent his life on streets and never got any sort of formal education. All he knows about business is from his learning on those streets in the real world. His background made him learn things like taking actions towards new business ideas, undertaking experiments, and adapting to the circumstances. To fight with uncertainty and contradictions is the direct knowledge he gained from his background (Grichnik, 2017).
As far as experience is concerned, Richard Branson has always considered conducting business in a natural manner, i.e. in a manner that is the natural style of the entrepreneur. One must learn from the experiences and carry on business in a learned and experienced process. From experience comes learning and that learning can help in taking a step ahead of the competitors and thrive for real success in the challenging environment (Read, Sarasvathy, Dew, and Wiltbank, 2016).
There are several theories that strengthen the entrepreneurship business idea. The background of the entrepreneurs guides them and goes a long way in determining what the entrepreneurs do. The demographic conditions and the life experiences in which the entrepreneurs have sustained is an important factor that says a lot about how the entrepreneurs behave. The family background from which the person has raised his roots determine many a times how the business shall be conducted. The capital infusion also depends upon what the entrepreneur has seen in the family background situations. More capital spending and less capital spending both can hinder or foster the business depending upon the situation of the case (Bae, Qian,Miao, and Fiet, 2014).
If the experience of the person has a lot of risk taking evidences, the entrepreneurs are not risk averse and that can foster the business. This is so because the larger the risk, more the profit is. However, if the experiences are full of bad situations arising on taking risks, the business can hinder at the place it is positioned since beginning. The risk taking capacity surely does a lot in developing horizons where business can grow. As also seen in the case study above, Richard Branson’s experiences and background have let him foster his business at the heights it is now (Matthews, and Brueggemann, 2015).
Bae, T. J., Qian, S., Miao, C., and Fiet, J. O. (2014). The Relationship between Entrepreneurship Education and Entrepreneurial Intentions: A Meta–Analytic Review. Entrepreneurship theory and practice, 38(2), 217-254.
Drucker, P. (2014). Innovation and entrepreneurship.UK: Routledge.
Grichnik, D. (2017). Entrepreneurial Living: 7 Steps to Independence (English Edition).
Matthews, C. H., and Brueggemann, R. (2015). Innovation and entrepreneurship: A competency framework.UK: Routledge.
Read, S., Sarasvathy, S., Dew, N., and Wiltbank, R. (2016). Effectual entrepreneurship. Australia: Routledge.