The Success of Richard Branson and His Influence on Management Shanele Windsor MGT 301 VA Fort Hays State University September 12, 2010 The Success of Richard Branson and His Influence on Management Richard Branson was a young entrepreneur, who became a billionaire. Branson success was achieved through personal goals. His personal goals lead him to business goals.
He obtained his business goals, by using his everyday experiences among interaction with people to his organizations.Richard used management skills, management challenges, and the management process, (planning, organizing, leading, and controlling) everyday to insure his accomplishments. Management skills consist of three skills: technical skills, human skills, and conceptual skills. Technical skills are the ability to performance at tasks with expertise. Human skills are the ability to work well with others.
A conceptual skill is the ability to think analytically and solve complex problems.Managerial competency is skill-based capability for high performance in a management job using communication, teamwork, self-management, leadership, critical thinking, and professionalism. Branson was successful because he understood the management principles and took full advantage of lifelong learning in all aspects of our daily experience and job opportunities, as he has shown by Student magazine, Virgin-discount music, Virgin Records, Virgin Airlines a. k. a. Virgin Atlantic, and Virgin Group Ltd.
Richard Branson’s management skills and managerial competencies have enabled him to his collection of companies under the brand “Virgins. Branson management skills influenced his businesses; one example is the Virgin Group’s main focus was to provide services rather than producing products, this lead to customer appreciation and good business publicity. In the 1990’s in Branson’s career, he decided involve Virgin Atlantic with Internet access. The Internet allowed Virgin Atlantic to earn nine percent of each ticket sold. Richard Branson made a wise decision to incorporate the Internet access into his business. After the outcome of Virgin Airline reservation system online, Virgin decides to seek the public for business proposals using the Internet.Virgin researched and analyzed the Internet proposals with the outcome of advantages and disadvantages. Advantages would be fresh new ideas, improvement for the companies, fun, different, good values and services, and public interactions.
Disadvantages lead to the same or similar ideas were posted multipliable times or the ideas were already developed internally, An advantage to the disadvantages is that the customers are looking for the same idea the business is developing and the ideas that are already internally developed would be well developed, have huge potential, and implement quickly.Virgin executives don’t only face the growing diversity as a management challenge, they also faces globalization, technology, ethics, intellectual capital, and careers. Management challenges are presented as intellectual capital, globalization, technology, diversity, ethics, and careers. Intellectual capital is collective brainpower or shared knowledge in the workforce. Globalization, which is the worldwide interdependence of resource flows, product market, and business competition. Ethics are set moral standards of what is good and right in one’s behavior.
Diversity describes difference among workers in age, race, gender, ethnicity, religion, and sexual orientation. As Virgin brands begin to grow increasingly diverse, the strategy of Virgin will continue to be successful if Virgin executives have knowledge workers who seek personal achievements. Stay in touch with the new economy though news, travel, lifestyles, and use current available technology for organization and communication. A diverse workforce creates opportunity and performance gains resulting in an asset for Virgins.Staffing a group of individuals who respect development, protection of natural environment, and protection of human rights in all aspects of society, in employment leads Virgin to careers.
Career skills are created through new economies and challenges. Virgins’ strategy of providing services rather than producing products will succeed with process of management. Branson used the management process, managerial skills, and management challenges to enable his success over the years. Branson success can be classified as, Virgins Group Ltd. has created more than 200 new businesses, more than 25,000 employees, and revenue exceeds $7.
2 billion annually. Virgin brand was so well-know in the United States, but many people were surprised to find out the Virgin only does 10% of its business here. In conclusion, Richard Branson is a well achieved individual, who has set many examples of management principles to be successful. References Schermerhorn, J. , R. , JR. , (2008). Management 9e (pp 4-27).
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