Richard Branson went from academic under-performer to being the first serial entrepreneur to create eight $8 billion businesses (and many other successful ventures too). He is an adventurer, a risk taker, and a visionary. Above all, he is a business person who sees business as a means to an end or, in his case,many ends. But despite the galactic scale performance of his business mind, there are many lessons we can learn from him, that apply equally to the day-to-day business and management practices of Pocketblog readers.
Many acres of newsprint (and Branson’s own autobiographies) have documented the life story of one of the world’s favourite entrepreneurs, so here it is in brief.
Richard Branson was born in 1950 in South London, to a comfortable professional middle-class family, which was able to send him to a privileged private school, Stowe. However, Branson was not academically strong, due to dyslexia, despite being evidently highly intelligent, so he left the education system at 16, only to return for a number of honourary degrees in later life.
His first business, so named because he and his staff felt themselves to be business virgins, was a mail order business selling records below store prices, which he set up in 1970. This allowed him to enter the high street in 1972. In the same year, he created Manor Studios where his first recording artist was Mike Oldfield. The Tubular Bells album became (and continues, 30 years later, to be) a massive seller for the new Virgin Records label.
Branson’s achievements span far more than his business ventures, but we’ll leave it to the glossy magazines to cover his record-breaking, kite-surfing, books, island buying and publicity-seeking activities, and simply list a selection from his business ventures.
1973 – Virgin Records record label
1979 – Buys the gay nightclub Heaven1983
1984 – Virgin Atlantic Airways and Virgin cargo
1985 – Virgin Holidays
1987 – Virgin Records to the United States
1987 – The Virgin Group, along with Granada, Anglia and Pearson, founds BSB (British Satellite Broadcasting)
1987 – Virgin Airship & Balloon Company.
1987 – Mates condoms
1988 – Virgin Broadcasting
1991 – Virgin Publishing (Virgin Books)
1993 – Virgin Radio
1994 – Virgin Vodka and Virgin Cola
1995 – Virgin Direct Personal Financial Services
1995 – Virgin Express (a European low cost Airline)
1996 – Virgin Brides (indeed!)
1997 – Virgin Trains
1997 – Virgin Cosmetics
1999 – Virgin Mobile
2000 – Virgin Energy
2000 – Virgin Cars
2004 – Virgin Galactic
2006 – Virgin Fuel, to produce a clean fuel in the future
2007 – Virgin Media
2008 – Virgin Healthcare
2009 – Virgin Money Giving
2010 – Virgin Racing, a Formula One team
2010 – Virgin Gaming, for people to play competitively on popular Video Games
2012 – Virgin Money buys Northern Rock
2012 – Virgin Galactic announces the development of orbital space launch system LauncherOne.
Five Management and Business Lessons from Richard Branson
Lesson 1: Have Fun
It is easy to look at a multi-billionnaire and say ‘of course he has fun; he is rich and can leave other people to run his businesses’. The fact is though, that Branson remains fully engaged with the strategic aspects of his business, and that he prioritises having fun and spending time with his family. There are plenty of comparably wealthy people who do neither. If he can make these choices, so can you.
Lesson 2: Get Things Done
To make these choices, Branson is ruthlessly efficient at making lists and getting things done. He disparages those who write off To Do lists as a waste of time and is a compulsive note-taker and list maker.
Lesson 3: Persevere and Fight Back
Branson’s ventures have often faced opposition from incumbent market leaders and sometimes political figures. Branson has deployed every form of response he can to fight off this contention and see his ventures succeed. His battles with British Airways (on behalf of Virgin Atlantic) and, more recently, with the UK Department of Transport (supporting Virgin Trains) are notable successes.
Lesson 4: Master Public Relations
Brand and public perception are a vital, and maybe central component of Branson’s business strategy. Very few of his ventures have eschewed the Virgin brand. Branson is a charismatic figure who has been adept at using his own personal brand to gain media attention, which of course has assisted in his public battles on behalf of his corporate brands.
Lesson 5: Be an inspirational leader
The central holding business of Virgin is tiny (much like Berkshire Hathaway’s) and there Branson leads, rather than bosses – recently setting highly innovative and permissive HR policies in place, which truly demonstrate exceptional levels of trust in his staff. When Virgin Atlantic won a legal case against British Airways and both he and the company received significant sums in compensation, he distributed this to the staff as a ‘BA Bonus’.
Richard Branson in his Own Words
Here is Richard Branson speaking at TED 2007.