Whether you’re an entrepreneur, investor, or a fan of the Virgin brand, it’s hard not to be impressed by Richard Branson. Over the past four decades, he’s built a business empire that spans multiple industries and continents. But what is it that makes Branson so successful? Is it his risk-taking attitude, his innate understanding of consumer needs, or his ability to spot trends? In this blog post, we’ll take a deep dive into the life and career of Richard Branson to uncover just what makes him so successful.
You might have wondered why the Virgin Group Founder is so successful even in this day and age of hard work and perseverance. Well, there’s one key factor and that is his approach to one word – FEAR.
As we all know, Virgin is one of the most famous companies in the world. It holds a monopoly in many industries and it’s only going to expand from here. How does Richard manage to do this? He doesn’t allow fear to get in his way.
When he started Virgin Airlines, people said it would be a disaster. It’s now one of the most popular airlines in the world. When he launched Virgin Radio, again, people said he was crazy. Well, once again, he proved them wrong. Not only did he succeed but he also made lots of money along the way.
His wealth proves one thing – if you don’t let fear control you, then you can achieve success and riches. But how does he do it? How does he overcome fear? Let’s find out…
How did Richard Branson get rich?
Born into wealth, Richard Branson grew up with a big advantage: his father, Edward, had started several successful businesses and had a big influence on young Richard. He started several businesses himself and was very successful in various industries such as magazines, mail delivery, and an airline, among others.
As a young man, Branson picked up on his father’s entrepreneurial spirit and started several businesses of his own. One of his first was a youth magazine called “Student” which he started with two partners. With no experience in the media industry, the three of them pooled their resources and eventually made a success out of the business. They went on to launch several other magazines including “Boy” and “Rapid.”
One thing that Branson learned early on was that risk equals reward. The more he risked, the more he seemed to gain. In 1976, he embarked on his most risky venture yet – a new airline. At the time, the British government held a monopoly on airlines and they weren’t too happy about Branson’s Virgin Atlantic idea.
It took them four years to give him the go-ahead but once they did, it was game on. Not only did they compete with BOAC and British Caledonian, but they became one of the most popular airlines in the world. Not only did it make lots of money but it also garnered a lot of attention and soon expanded its services to include flights to the US as well as other parts of the world including Australia and Japan.
Another risky venture that paid off for Branson was when he entered the record business. Not only did he compete with established players such as Columbia and Warner Bros., but he did so without paying any royalties for music used in albums.