Starting and Developing a New Venture Essay Example | Topics and Well Written Essays - 2000 words - 1

Starting and Developing a New Venture - Essay Example In the case of Haji he started Easy jet airliners after leaving Stelmar Tankers, his own shipping company by persuading Lucas to lend him ?5 million. He started Easy jet a low cost budget airline using two rented 737s and ?29 one-way fares to Glasgow. By starting Easy jet Haji was not bowing to the pressures of risk but took an imperative measure even though he had been charged earlier with counts of poor maintenance of his vessels and manslaughter. Moreover he started Easy jet by borrowing money. It is a known fact that borrowed money attracts interest and the principal money has to be paid and therefore it becomes, quite impossible to get promising returns in the first years of business. In his autobiography Richard Branson reckons that his passion in doing business is motivated by setting huge goals that are apparently unachievable, and staying focused to rise above them. This shows that Branson was aware of the risks involved in a huge venture when he set up Virgin Atlantics. Bes ides in 1993, Branson took the greatest risk by venturing into the railway business. This project was very costly and most people though he would not make it. It goes without taking that Branson and Haji took a partial path when it came to risks and only took the initiative of such ventures when they deemed them worthwhile in the long run. 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:... 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 globe 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 fuel expenditures by offering a revolutionary, less costly fuel for machines and, in the near future, aircraft fuel. Branson stated that he was formerly a global skeptic and his decision was influenced by Al Gore.