branson feature final edits opt

7/21/2019 Branson Feature Final Edits Opt

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The youngentrepreneur’sguide to success

according to

r a n s o n

.

UCCESS

TORY



f there is one man who has defined entrepreneurialsuccess for a generation of young and ambitiousbusiness hopefuls, it’s Sir Richard Branson. Poster-boy for the anti-establishment and underdog turnedbenchmark-of-accomplishment, his sincere smile

and candid approach to business are wonderfullyalluring. He also evokes an every-man quality that

says, “hey, if I can do this, you can too”, and since Foundr Magazine isfounded on many of the values and driving forces that Branson is famousfor, we thought he would be an absolute goldmine of advice for those ofus who are starting out on our own entrepreneurial journeys. He’s also abit of a rock star of the business world, so we were a little bit star-struck

by his offer to answer some of our questions in an exclusive interview.

Does the world’sgreatest mentorhave a mentor of hisown?

Something that many peopledefine as critical to their successis identifying great mentors.For most of us, that meansfinding someone who can helpyou develop your business andleadership skills, or coach and

guide you through specific challenges. Andwhen you’re starting out, it might seem likethere is the potential for mentoring from lotsof the people you meet. But what about whenyou’re at the top of your game – is having agreat mentor still important? Branson claimsthat it is, but when you’re already at the top,who is it you can look to for guidance?

“In the past, I’ve had some wonderful mentors.Outside my friends, family and staff [there hasbeen] Freddie Laker, Nelson Mandela, DesmondTutu, Peter Gabriel, the late, great Mo Mowlamand the aviation genius Burt Rutan [have] allgiven me some great guidance and inspiration.”

Branson offers a stellar list of heavy hitters tosay the least.

But he also recognises the potential for a kindof mentoring from those he works with on aday-to-day basis:

“With all my employees,

I listen to them, trust inthem, believe in them,respect them and letthem have a go. I neverbelieve I know better thanthey do and have beenfortunate over the years

to build up a very strongmanagement team whomI can trust and takeadvice from.”It’s this respect for each individual person that alot of people find so irresistible about Branson’sleadership style. Regardless of status or title, hehas an uncanny ability to distinguish the valuein a person’s ideas and their contribution to his

business.

I



When it comes to facing setbacks and dealing withfailure, Branson has had his fair share of experi-ence:

“I’ve had many challenges

every entrepreneur does.It’s the nature of the beast.”

But what it is about the way that he deals withthese challenges that sets him apart from the restof us? How is he able to consistently turn failureinto success?

Everyone’sfavourite

underdog

“It can be a challenge not tolet failure, or negativity fromothers, prevent you from goingafter what you believe in, andwhat in your gut you know canwork. However, it’s important toface these challenges head onand give them a go – and im-portantly, don’t beat yourself upif you fail. Just pick yourself up,learn as much as you can fromthe experience and get on withthe next challenge.”

Photo by:Mark Greenber



Virgin Atlantic Challenger attempted fastest Atlantic

Ocean crossing, however theboat capsized and rescued by

RAF helicopter

1986Virgin Atlantic

Challenger II with sailing

expert DanielMcCarthy beatthe record by

2 hours

2004Setting up (the nonprofit foundation ofthe virgin Group)Virgin Unite

2005Launch of BransonSchool of

Entrepreneurshipin South Africa19851985

Crossed the Pacific fromJapan to the Arctic

Canada, 6,700 mi., in aballoon of 2,600,000 cu.ft.. Broke a record with a

speed of 245 miph

1991

Carbon W

Room wasestablishe

2009

Formation of the Elders, anindependent group of globalleaders who work togetherfor peace and human rights.They were brought together

by Nelson Mandela

2007

Hot air balloon VirginAtlantic Flyer was thefirst hot air ballooncrossing the Atlantic

1987

1992Virgin Records is

sold to Thorn EMI

1966Branson launches his firstbusiness by making

student mags and books

2000Virgin launchesVirgin Energy

2007Virgin launcheVirgin Media

Virgin Atlantic Airways andVirgin Cargo are launched

1971Opens his first record

shop on Oxford Street

2004Virgin launches

Virgin Galactic

1985Branson starts

Virgin Holidays

1999

Virgin Mobile

launches Virgin's firsttelecoms venture

Virgin Active

launches first gym

1973Launches Virgin

Records record label

2006Virgin announces

Virgin Fuel, a newcompany to

produce a cleanfuel in the future

1994Launch of Virgin

Vodka and Virgin Cola1987

Launches Virgin

Airship & Balloon Co

1997Virgin Radio is

acquired by

Chris Evans

1997Virgin Trains

is launched

19841984 Virgin Radio hitsthe airwaves with

Virgin 1215AM

19931993

Sells Virgin

Megastore inthe UK andIreland

2009Virgin lauVirgin Mon

Giving

Set a record bytravelling from Doverto Calais in GibbsAquada, 1h 40m, the

fastest in crossingthe English Channelin amphibiousvehicle



2011Branson Centre inJamaica launched

Published Screw

Business as Usual

Served on the Global

Commission on Drug Policy with former political andcultural leaders of LatinAmerica and elsewhere, "in a

bid to boost the effort toachieve more humane andrational drug laws”

2011

Formation of the B Team aglobal nonprofit initiativeco-founded by Sir RichardBranson and Jochen Zeitz thatbrings together internationalCEOs and business leaders to"make business work better”

Virgin Money

was launched

2012

2012Virgin Galactic announces the developmentof orbital space launch system LauncherOne

2012Assura Medical becomesVirgin Care

2012Virgin Money acquiresNorthern Rock

2010Virgin launches Virgin Produced, afilm and television development,packaging and production companybased in Los Angeles, California

Virgin launchesVirgin Racing, a

Formula One teampreviously knownas Manor Grand Prix

20102010

Unless you dre

am, you’re not

going to achieve anything.

www.keytosuccessmag.com

Business

Business as a force for good



D

r e a m

s .

D

e t e r m

i n a t i o

n

SUCCESS

STORY



“I like challenges in life andpushing myself out of my comfortzone… I was very impressed, and

must say a little jealous, of FelixBaumgartner’s recent record forthe highest and fastest everskydive jump from space.”

he reality is,that could

very well havebeen Branson

jumping fromthe deck downto Earth – hehas set himself

a precedent for this kind of fearlessactivity, and we probably wouldn’t havebeen that shocked if it was Branson inthe space suit. It’s what we’ve come toexpect from him. So what’s next?

“I am yet to decidewhat my next bigchallenge will be, butwatch this space…”

We absolutely will Sir Richard!

Improver to innovator

Until the creation of Virgin Galactic,Branson’s businesses within theVirgin group were largely pitched asalternatives sent into an establishedsector to act as an activist brand.Branson purposely pursued the bestperformers in stable categories:British Airways, British Rail, BritishTelecom – he even chased down CocaCola and Pepsi. And what stood outto many people (and was likely a

contributing factor to his immensepopularity and success) was the

remarkable and endearing panachewith which he launched each venture.

However, coming at an existingcategory from the angle of disruptorto the status quo, is very differentfrom what he is now attempting to dowith Galactic: that is, to become theinnovator. Does it require a differentapproach when switching fromimprover to innovator?

“Not really. The core principles are the

same,” was Branson’s response. “Ibelieve that a great company, whetherimproving a sector or creating anew one, needs to have an excellentproduct or service at its core, needsstrong management to execute theplan and [needs] a good brand to giveit the edge over its competitors.” – allof the qualities that the Virgin Groupare known and respected for.

And it’s more than just theoretical

principles: “providing quality service,combined with value for money[achieved] in an innovative wayensures you offer real value.” Bransonis also very passionate about, “beingresponsible to society and the planet.”

SUCCESS

STORY

T

So what if he were to start fromscratch, or had his time over again.Which project or business would hechoose to work on if he could

only pick one?



“It’s difficult to pick just one, as wehave had many successes to be proudof over the years! For me, the triumphsthat stand out the most are when, despitea lot of doubt and criticism, Virgin has

entered a sector and truly turned it on itshead in a positive way.”

Branson’ssatisfac-tion in dis-proving thehypothesisis one of his

most endearing char-acteristics. In a mar-

ketplace where Virginbrands are quite oftenthe underdog when go-ing head to head against

the category leaders,the reward of success ismore than just profit:

“Watching my staff’sfaces, whether thatbe at Virgin Atlanticwhen we first launched

in 1984 or at VirginTrains in 1997, whenthe doubters and thecritics – who said we’d

never do it, we’d neverturn an industry around,we’d fall flat on ourbacksides – were beingproved wrong. There’sno better satisfactionthan watching the peo-ple around you, who

have worked day andnight to get somethingright, realising thatdream.”

Advice for youngentrepreneurs of todayThe opportunity to tap Bran-son’s brain for insights intobeing a young entrepreneur atthe start of their career gaveus the chance to ask him whathe would do if he were a start-up with no money today:

“First and foremost, asuccessful businessmust have a soundknowledge of its mar-ket, and work on how itsproduct or service willbe different, stand outand improve people’slives. If you can ensure

it responds to a realneed out there in themarketplace, yourbusiness can punchwell above its weight.”

That’s encouraging advice forthe majority of us who havevery little to leverage finan-cially. As long as your marketresearch is accurate and thor-

ough, and you’ve identified theneed for your product, a suc-cessful business is possible.

What about the internet? Backwhen Branson created StudentMagazine and Virgin Records,the lay of the land was verydifferent, especially in terms ofpublishing and marketing. Weasked if he thought that the in-

ternet had levelled the playingfield for young entrepreneurs:Photo by : Bing Norton

Photo by : Burt Rutan



SUCCESSSTORY

“I am yet todecide whatmy next bigchallenge

will be, butwatch thisspace…”

Photo by : Hardo Mülle



So essentially yes, the internet hascreated a more level playing fieldin terms of finding your opportu-nities and getting your messageout there, but ultimately, you still

need to be focused on refining thatcore idea that drives your business.After all, without exacting researchand planning, no business will suc-ceed on internet exposure alone.

When it comes to deciding whichof your ideas to focus on fully de-veloping, Branson says there’s nowinning formula to help decidewhich ideas will work and which

won’t:

“I definitely go on gut instinct, butit has always had the back up ofresearch and information. Never…be frightened of taking risks, andalways follow your instincts! Don’tbe afraid to take that leap into theunknown.”

The wonderful thing about Bran-son is, he could be meaning that

quite literally.

“I’ve taken many knocks over theyears, but it has only made mestronger and more determined tosucceed. I always say: the bravemay not live forever, but the cau-tious do not live at all!”

And if fortune favours the bold,Branson’s personal wealth is sure-

ly testament to the fact that helives by his statement.

On

leadershipStudying the qualities that arepresent in successful leaders isthe fastest way to nurture your ownfledgling potential. Determining thestrengths you admire in others, aswell as identifying areas for per-sonal development, can help youbecome a successful leader in yourown business and projects. Bran-son offers perspective on his own

approach:

“I believe a good leaderbrings out the best in peo-ple by listening to them,trusting them, believingin them, respecting themand letting them havea go.”

A

Photo by : Jedimentat44

with access to an incredible wealthof information. This has changedthe way we see the world and isalso a great source of innovationand entrepreneurial opportunities.

ll in all,the In-ternet isa forcefor good,provid-ing youngentre-

preneurs



Mentorship is key to unlockingeach of our entrepreneurial spirits.The Virgin Group operates anumber of entrepreneurialprogrammes around the world.

ore spe-cifically:“when em-ployees tellyou abouttheir good

ideas for the business,don’t limit your responseto asking questions, tak-ing notes and followingup. If you can, ask thosepeople to lead their proj-ects and take respon-sibility for them. Fromthose experiences, theywill then have built upthe confidence to take onmore, and you can take a

further step back.”

This is quality coachingin action. If this is theautonomous ideal thathe subscribes to, it’s nowonder that Branson’sstaff are as captivated byhim as the public is. Andit really works; the moreyou encourage people

to take the initiative, themore they will deliver.

Branson’s businesses areproof of this.

On future generationsBoth our current andfuture generations are

likely to look up to Bran-son as one of the mostinspirational entrepre-neurs of all time, and hisinfluence will no doubtstretch beyond the nextgeneration of leaders. It’sa legacy that he is ex-tremely proud of:

“If young people do seeme as an example (I’m

very flattered if they do!),I hope it is as someonewho will go out there andlive life to the full.”

So how can he ensure

this legacy has a positive

impact on future genera-

tions?

“I have always believed

that business should bea force for good, and The

B Team – an organisationincubated by Virgin Unite(the not-for-profit arm ofthe Virgin Group) – hasstarted to frame a newapproach to business,

where people and planetare business prioritiesalongside profit.”

Branson also believesit goes back to the ideaof positive mentoring tohelp develop the nextgeneration:

“Mentorship is key tounlocking each of our

entrepreneurial spirits.The Virgin Group oper-

ates a number of entre-preneurial programmesaround the world. TheBranson Centres forEntrepreneurship providementoring to young en-

trepreneurs in Jamaicaand South Africa, VirginMedia Pioneers connectsentrepreneurs [to eachother] so that they canshare their ideas and getfeedback from other as-piring innovators, and ourwork with Start Up Loansis providing UK entrepre-neurs with mentorshipand a loan to help them

get on their feet.”

SUCCESS STORY

M

“If young people do see me asan example (I’m very flatteredif they do!), I hope it is as

someone who will go out thereand live life to the full.”



Providing this crucialdevelopment for thenext generation ofleaders means that

Branson is able to ensurehe has a positive impact,even after his own entre-preneurial days are over. Bycoaching and empoweringyoung entrepreneurs, he isnot only gifting them witha head start in terms ofknowledge, but also in termsof networks. Branson rec-ognises that it is the rela-tionships that you form withyour peers that are criticalto success: bouncing ideasaround, getting constructive

feedback, picking holes ineach other’s plans in orderto make them better, this iswhat turns a great idea intoa brilliant idea, and inevita-bly helps you achieve yourdream.

So what would his advice

be to a young version of

himself if he could speak to

him from the other side of

success? What would be the

question that a young Bran-

son would have valued the

answer to the most?

“That’s a very difficult ques-tion, as I have learnt somuch over my forty years ofbusiness which would havebeen valuable to me when Iwas younger. Maybe: is it ok

to take big risks?”

Judging by his own prece-dent, the answer is yes – aslong as the risks are miti-gated as far as possible (ashe states previously, marketresearch and an accurateassessment of the public de-sire or need for your productand service helps to answer

this question).

Branson’s key to success?For a man who has broughtmany ideas to fruition overthe years, clearly there mustbe some consistent process-es or definitive steps to de-livery. Branson summarisessome of his keys to success:

“First we develop a soundknowledge of the marketusing many different chan-nels including social me-dia, and then we work onhow our product or servicewill be different, stand outand improve people’s livescompared to other existingones.”

“Our brand appreciateswhat the customer wantsand is always delivering anextremely high standard ofproduct and service. Ourstaff believes in what theysell and would buy the prod-uct themselves. We wouldneed to ensure that ourbrand is not at risk of dis-repute and would adopt itto local cultures whilst stillstaying true to the core ofwhat the brand stands for, atVirgin that is: quality, valuefor money, innovation, com-petitive challenge and fun.”

“I am a great believer thatyou need passion and energyto create a truly successfulbusiness. Remember, many

new businesses do not makeit and running a businesswill be a tough experience,involving long hours andmany hard decisions – ithelps to have that passion tokeep you going.”

And there you have it, theFoundr Magazines gospelaccording to an entrepre-

neur of the highest order –Sir Richard Branson.

Lucy Piper is a freelance writerspecialising in sport, travel, health &wellbeing, and motivation. A monthlycolumnist in Triathlon & MultisportMagazine, she’s on track to be triathlon’s

Search out good mentors bothon a peer level and a more

senior level than your own

Mistakes are inevitable – it’s howyou use them to your advantagethat defines your path tosuccess.

Set goals, and then pursuethem fearlessly and withdetermination.

Lots of people will tell you thatsomething isn’t going to work.It’s your choice whether youlisten to them, or prove them

wrong.

Research meticulously. Mitigateas much risk as you can sothat as soon as you’re readyto launch, you know that yourproduct and service will be indemand.

Build a reliable, enthusiastic andenergetic team, and trust themto develop and lead projects.

Branson’sKeys to Success

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