RICHARD BRANSON. “The best advice I could give anyone is to spend your time working on whatever you are passionate about in life” “My philosophy in life.

Richard Branson

Richard Branson The best advice I could give anyone is to spend your time working on whatever you are passionate about in life

My philosophy in life is that you only live once. Live life to its fullest. Its a lot more fun. Dont say no. Thats the way people always approach things. As one of my book title says screw it, lets do it

My definition of success? The more youre actively and practically engaged, the more successful you will feel

Richard Branson

From student magazine (1968)TO

summarySir Richard Charles Nicholas Branson; also named as the Lord. The "Sir" at the beginning of Branson's name is there because in 1999 he was formally knighted for his service to entrepreneurship Youth: educational background and parents roleFirst business: Student MagazineThe growing process of Virgin GroupKeys to success

Biography.com, 20144YouthBorn in 1950, Surrey, England.His father, Edward, was a barrister; his mother, Eve, a flight attendant.Diagnosed with dyslexia.Branson always academically struggled and dropped out school at the age of 16.Educational backgroundDespite the difficulties in learning and attending school, Branson always demonstrated passion and enthusiasm in anything he got involved in.Branson's parents instilled the values of putting people first and the importance of teamwork (Finkle, 2011).Independence: Eve challenged Branson several times, making him walking or cycling several miles to home when he was small. Creativity: his parents prohibited television, which was seen as a waste of time.Finkle, 20116First business: Student magazineLaunched in 1968Target audience: 16-25 years old, which Branson considered as an underserved category at that time.First run of 50,000 copies was disseminated for free The magazine reached its highest circulation with one- hundred thousand issues.He finally ended up being part of a television documentary by the age of 20 only.

Finkle, 2011The Biography.com, 201471972: he enters the market with Virgin Records.Collaboration with Nick Powell, who enriched the company with competence and updated strategies.Virgin records launched artists such as Sex Pistols, The Rolling Stones and Peter Gabriel.

1970: Branson closed Student Magazine and moved to London to aspire to something bigger and greater1971: Branson opened record store in Oxford Street, London. Finkle, 2011Biography.com, 20148The success and affirmation of Virgin Records in the business market triggered a endless growing process of Virgin Group.Today Richard Bransons Virgin Group includes 200 different companies in 30 different countries, with a wide range of categories.

http://www.virgin.com/time-machine9What has made Branson and virgin group so successful?1. Risk, FailureAs it has been said in class, failure is necessary for successBy now, Branson failed with 13 companies: Virgin Drinks, Virgin Student, Virgin Brides, Virgin Vie, Virgin Clothing, Virgin Cars, Virginware, Virgin Megastore, Virgin Flowers, Virgin Pulse and Virgin Digital, Virgin Express and Virgin Charter.

"My mother taught me that I should not focus on past regrets, so with regards to business I dont. My teams and I do not allow mistakes or failures to deter us. In fact, even when something goes wrong, we continue to search for new opportunities

Richard Branson

Finkle, 2011http://www.globalstrategicinnovation.com/index.php?option=com_content&view=article&id=549%3Arichard-branson&catid=3%3Anewsflash&Itemid=196&lang=en

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..And OpportunitiesVirgin AtlanticHow did Branson come up with the idea of Virgin Atlantic?Opportunity Recognition:His flight got cancelled. He was obviously pretty annoyed as he really needed to get at the destination that night.He decided to charter a plane, even though he could not entirely afford it.Once he found the charter, he wrote on a blackboard Virgin Airlines $29, sold the rest of the seats and used the money to finally buy the chartered plane.Recognition of failure and ability to take risks:

In 1992 Branson sold Virgin Records for $1 billion. Thanks to this strategy, he managed to save Virgin Atlantic and the whole Virgin Group itself. "We wouldn't be building spaceships today if it hadn't been for that sale so it was the right decision. (Branson, 2014)

Flinke (2011)http://www.forbes.com/sites/johngreathouse/2013/09/03/why-richard-branson-started-virgin-airlines-the-girl-and-the-cancelled-flight/http://www.entrepreneur.com/article/22961012

2. Main objective: make peoples life better Virgin Groups customers service is one of the highest ranked in the world: Branson makes decisions relying on self and social awareness. He personally experiences situations and brings the issue to his staff, evaluating problems and solutions.Branson places at the top quality over quantity, which sees the product for its great value for money and looks to be the best in the market place (BBC Radio, 2012).

E.g. Virgin Atlantic was the first company providing the flyers with seatback videos and therapists, which, even though at first cost billions of investments, has been fundamental in the growing of the company.

3. Passion, enthusiasm and engagement

4.Family-like companyRewarding the team. Motivating and rewarding the team is essential for keeping the staff happy, satisfied and well considered. Each member becomes fundamental for the brand image. For instance, Branson has recently announced unlimited vacation for his whole staff.Freedom. Allow employees to be creative. The company should act as a springboard for ambitious employees, not a set of shackles.Foresight. Plan and study in advance employees goals and prospects in order to create collaboration and team work.Do not panic. Ambitious and keen employees, who want do move on with the career, are good opportunities to grow the company together and get different perspectives.

Preston (2013) http://www.virgin.com/entrepreneur/richard-branson-three-ways-keep-employees-happy 155. Innovation and updating

From Virgin.com Multiplatform tool from where to book either a flight, a holiday, pop up your mobile and even manage your money, all from the same company.Flinke, 2011Crane, 2014165. Innovation and updatingVirgin Group persists in embracing new challenges, creating new businesses and acquiring existing groups, with no specific diversified strategy.Branson is good at identifying gaps and niche markets, no matter what kind of category, from tourism to finance and from money to health, is the key of his success.Virgin Galactic projectInvolved in social and global issues

2009-2014 projectA skilled team is working on the first commercial spaceships in New Mexico to make people fly 60 miles high to the edge of space (Crane, 2014). By April 2013, more than 500 people had bought their tickets for Virgin Galactic's voyages.

Flinke, 2011Crane, 2014http://www.biography.com/people/richard-branson-9224520. 18

Virgin Galactic Promotional VideoSocial issues involvement Branson cares about social issues, stating that being a rich man allows him to give and donate more to needy people.As mentioned in the interview for Global Conversation in 2014, his intent is to make peoples life better, coming up with new ideas and making a difference. He also recently pledged to commit $3 billion, all profits from his travel firms over the next ten years, to the reduction of global warming

Ted Conference 2012Flinke, 201120Throughout his career, Branson has supported 30 charities:

https://www.looktothestars.org/celebrity/richard-branson

21Branson also opened two centres of school of entrepreneurship in the Caribbean and in South Africa, to promote and assist young entrepreneurs in their fist steps in the business world.

http://afkinsider.com/63744/branson-centre-of-entrepreneurship-backs-youth-business/ 22

Richard Branson demonstrated entrepreneurial and leadership skills since his first businesses.

By now, he became an icon and a guide for future young entrepreneurs.

Certainly, a future struggle for Virgin Group will be finding the right person able to successfully replace his great role.bibliographyhttp://go.galegroup.com/ps/i.do?id=GALE%7CA265195358&v=2.1&u=uiuc_uc&it=r&p=AONE&sw=w&asid=79d2c388fc01e2f52b82060a84be2669 http://go.galegroup.com/ps/i.do?id=GALE%7CA265195358&v=2.1&u=uiuc_uc&it=r&p=AONE&sw=w&asid=79d2c388fc01e2f52b82060a84be2669 http://www.biography.com/people/richard-branson-9224520. http://www.fastcompany.com/57466/enlightenment-richard-bransonhttp://www.forbes.com/sites/zackomalleygreenburg/2011/09/19/billionaire-richard-branson-on-being-a-rock-star-businessman/http://www.cnn.com/2014/06/13/tech/virgin-galactic-space-tourism-update/ http://www.virgin.com/time-machinehttp://www.globalstrategicinnovation.com/index.php?option=com_content&view=article&id=549%3Arichard-branson&catid=3%3Anewsflash&Itemid=196&lang=enhttp://www.entrepreneur.com/article/229610http://www.forbes.com/sites/johngreathouse/2013/09/03/why-richard-branson-started-virgin-airlines-the-girl-and-the-cancelled-flight/http://www.virgin.com/entrepreneur/richard-branson-three-ways-keep-employees-happy http://www.biography.com/people/richard-branson-9224520https://www.looktothestars.org/celebrity/richard-bransonhttp://afkinsider.com/63744/branson-centre-of-entrepreneurship-backs-youth-business/ http://time.com/3431284/business-magnate-richard-branson-gives-his-staff-unlimited-vacation/https://www.youtube.com/watch?v=yVlh8HDKIEAhttps://www.youtube.com/watch?v=DudfBIxw6do

Greta MagistrelliADV 490 Media EntrepreneurshipFall 2014