Starting and Developing a New Venture Essay Example | Topics and Well Written Essays - 2000 words

Starting and Developing a New Venture - Essay Example They have endured a lot and gone through many hurdles but their success is worth the risk they took. Their experiences in their different ventures are very vital for those aspiring to be in entrepreneurship. Although the two entrepreneurs have invested in different field, they have common entrepreneurial traits are attributed to them I regard to their line of work and which may have helped them become insiders and business mogul. All entrepreneurs have many things in common, but every one of them has a unique characteristic (Kaushik, & Bhatnagar, 2009, p.84). Stelios Haji Ioannou a self labeled serial entrepreneur studied Economics and later Shipping, Trade and Finance. He started working for his father and later set up his own shipping company with the capital he was given by his father. Haji started Easy jet in 1995 some years later after being acquitted by courts on charges of poor maintenance, manslaughter, intimidation and attempting to bribe witnesses. Haji held one of his serv ing crew responsible for the accident. On the other hand Richard Branson ventured into business at a tender age of 16. Though Branson had dyslexia and poor academic performance as a student, he later discovered his ability to connect with others. Entrepreneurial characteristics of Richard Branson and Haji Stelios Locus of Control The locus of control is the power in the principle that one can formulate and implement things. Most entrepreneurs have a high locus but in most cases they are poor in delegating duties. They are upbeat when it comes to venturing into business. They tend to be more practical and positive about their business ventures. In 1993, Branson took what most people thought was a very risky: the railway business. This is a good signal that he could do the impossible and make it happen in the practical world. Entering into the railway business for Branson was no weak point on his person but was by far and thick a measure of his ability to make things happen. For Haji taking on his business and making his firm the biggest budget airline corporation in Europe is not a small thing. By engaging in such a big venture against all odds Haji was taking the path often taken by very few people. Locus of control goes beyond setting up a venture and consists of such things like formulation, control and implementation. Branson and Haji are in that breed of entrepreneur who have managed to set themselves up and avail that consistent locus of control. Creativity and Innovation Necessity is the mother of invention. Most entrepreneurs rely on the necessity of a certain group of people. Curiosity and creativity is the quintessence of entrepreneurism. New products, new solutions and new ways are the core of creativity and in general entrepreneurism. It is about willing to think of all possibilities and opening one’s mind to creative things through being inquisitive of what is going on in the world and quite often generating a gimmick of stuff that suggests one’s ability to create new products that other people are afraid of thinking. Branson has been termed as one of the new generation of the creative world. He took products that were already in existence and made them look original. He has revolutionized the airline business by integrating it with other business ventures like the Virgin Fuels and Space tourism. Virgin Fuels was designed to respond to global warming and exploit the insistence spikes in