Case Study “If someone offers you an amazing opportunity and you’re not sure you can do it, say yes - then learn how to do it later.” – Richard Branson RICHARD BRANSON Image By User:David Shankbone [CC BY 3.0 (http:// creativecommons.org/licenses/by/3.0)], via Wikimedia Commons Overview Sir Richard Charles Nicholas Branson (born 18 July 1950) is an English business magnate, investor, and philanthropist. He is best known as the founder of Virgin Group, which comprises more than 400 companies. Branson expressed his desire to become an Entrepreneur at a young age. At the age of sixteen his first business venture was a magazine called Student. In 1970, he set up a mail-order record business. In 1972, he opened a chain of record stores, Virgin Records, later known as Virgin Megastores. Branson's Virgin brand grew rapidly during the 1980s, as he set up Virgin Atlantic and expanded the Virgin Records music label. In March 2000, Branson was knighted at Buckingham Palace for "services to Entrepreneurship”. In July 2015, Forbes listed Branson's estimated net worth at US $5.2 billion. Career “There’s no magic formula for great Branson formed Virgin Atlantic £500,000 to Branson, a further company culture. The Airways in 1984, launched Virgin £110,000 to his airline, and had key is just to treat your Mobile in 1999, and Virgin Blue to pay legal fees of up to £3 staff how you would in Australia (now named Virgin million. Branson distributed his Australia) in 2000. He was ninth in compensation (the so-called like to be treated.” the Sunday Times Rich List 2006 of “BA bonus”) among his staff. the wealthiest people or families – Richard Branson On 25 September 2004, in the UK, worth slightly more than Branson announced the £3 billion. Branson wrote in his signing of a deal under which a autobiography of the decision to new space tourism company, start an airline. Virgin Galactic, will license the In 1993, Branson took what many technology behind Spaceship saw as being one of his riskier One. Virgin Galactic (wholly owned In July 2007, Branson purchased his business exploits by entering into the by Virgin Group) plans to make flights Australian home, Makepeace Island, railway business - Virgin Trains. available to the public with tickets in Noosa. priced at US$200,000 using Scaled Virgin acquired European short-haul On 10 January 2008, Branson’s Composites White Knight Two. airline Euro Belgian Airlines in 1996 Virgin Healthcare announced that and renamed it Virgin Express. It also Branson’s next venture with the it would open a chain of health started a national airline based in Virgin group is Virgin Fuels, which care clinics that would offer Nigeria, called Virgin Nigeria. Another is set to respond to global warming conventional medical care alongside airline, Virgin America, began flying and exploit the recent spike in fuel homoeopathic and complementary out of San Francisco International costs by offering a revolutionary, therapies. Airport in August 2007. cheaper fuel for automobiles and, in In September 2014, Branson the near future, aircraft. Branson has also developed a Virgin announced his investment in drone Cola brand and even a Virgin Vodka In 2006, Branson formed Virgin company 3D Robotics stating, brand, which has not been a very Comics and Virgin Animation, an “It’s amazing to see what a little successful enterprise. entertainment company focused on flying object with a GoPro attached creating new stories and characters can do. Before they came along A series of disputes in the early for a global audience. The company the alternative was an expensive 1990s caused tension between was founded with author Deepak helicopter and crew. I’m really excited Virgin Atlantic and British Airways, Chopra, filmmaker Shekhar Kapur, about the potential 3D Robotics which viewed Virgin as an emerging and Entrepreneurs Sharad Devarajan sees in drones. They can do a lot of competitor. Virgin subsequently and Gotham Chopra. good in the world, and I hope this accused British Airways of affordable technology will give many poaching its passengers, hacking Branson also launched the more people the chance to see our its computers, and leaking stories Virgin Health Bank on 1 February beautiful planet from such a powerful to the press that portrayed Virgin 2007, offering parents-to-be the perspective.” negatively. After the so-called opportunity to store their baby’s campaign of “dirty tricks”, British umbilical cord blood stem cells in Airways settled the case, giving private and public stem-cell banks. creating great leaders Early Life Branson was born in Blackheath, London, the eldest of Branson has dyslexia and had poor academic three children of Eve Branson a former ballet dancer performance as a student, and on his last day at school, and air hostess, and Edward James Branson a barrister. his headmaster, Robert Drayson, told him he would either Branson has two younger sisters. end up in prison or become a millionaire. Branson was educated at Scaitcliffe School, a prep school Branson's parents were supportive of his endeavours in Berkshire, before briefly attending Cliff View House from an early age. School in Sussex. Watch The 1960s in London, was known as the ‘swinging sixties’ and Branson admits he was living the life of a hippy, in a London commune – a large shared house, surrounded by the music and drugs of the age. However, although he may have been a hippie, Branson also had a keen business sense, and he set up a Richard Branson appearing Richard Branson’s advice for mail order record company, called Virgin on TED.com Entrepreneurs to complement the student magazine. Link: http://www.ted.com/ Link: https://www.youtube. Virgin was suggested by one of Branson’s talks/richard_branson_s_life_ com/watch?v=VH35Iz9veM0 workers – who suggested the name at_30_000_feet because they were all new at business. Branson later said he got into business out of accident – not to make money, but out of frustration things weren’t better. With modest profits from his magazine and mail order business, he was able to get a record shop on Oxford Street, London. Undercutting other High Street Full Richard Branson Richard Branson in Prison retailers, Virgin experienced good growth. documentary on TED.com Though, on one occasion, due to an unpaid tax bill, Branson’s mother Eve Link: https://www.youtube. Link: https://www.youtube. had to re-mortgage her house to help com/watch?v=ky0S230WV9o com/watch?v=F2dFiK3wkRA Branson stay afloat. As the record business expanded, Branson created his own record label, with Nik Powell – Virgin Music in 1972. Within a year, Branson had a great stroke of luck. His first artist, Mike Oldfield, recorded the album ‘Tubular Bells’ and this proved a smash hit, staying in the “Train people well enough so they charts for over four years. This high profile and earnings, helped Branson to can leave, treat them well enough sign up some of the top bands of the so they don’t want to.” era, including Culture Club, the Rolling Stones, Genesis, and controversial bands – Richard Branson such as the Sex Pistols. creating great leaders Branson developed the trait of being an independent man which largely contributed to his Entrepreneurial mindset. While driving home one day when Branson was just four years old, his mother made him get out of the car, miles before getting to their grandparents house and made young Richard find his way there. Branson got lost, but it was a lesson he would never forget. This skill benefited Branson in the business world because he has a strong sense of faith and trust in his own instinct on every business idea he comes across. Even though he’s created over a hundred businesses and many have failed, he knows he can depend on himself to push passed the failures. Read Branson has stated in a number of Some insights into Richard interviews that he has been much Branson’s mindset influenced by non-fiction books. Link: http://blog.iqmatrix. He most commonly mentions Nelson com/richard-branson Mandela’s autobiography, Long Walk to Freedom, explaining that Mandela was “one of the most inspiring men I have ever met and had the honour to call my friend.” Listen Owing to his interest in humanitarian and ecological issues, Branson also lists Al Gore’s best-selling book, An Inconvenient Truth, and The Revenge of Gaia by James Lovelock amongst his favourites. According to Branson’s book, Screw It, Let’s do It. Lessons in Life, he is also a huge fan of works by Jung Chang. Richard Branson’s interview Richard Branson’s interview about his earlier years and on his book ‘Like a Virgin’ In fiction, Branson has long admired growth Link: http://www.npr. the character Peter Pan, and in 2006 Link: http://www.bbc.co.uk/ org/2012/10/10/162587389/ he founded Virgin Comics LLC, stating programmes/b01jppw6 virgins-richard-branson- that Virgin Comics will give “a whole bares-his-business-secrets generation of young, creative thinkers a voice.” “You don’t learn to walk by following rules. You learn by doing, and by falling over.” – Richard Branson creating great leaders.