Personality Study – Sir Richard Branson

PERSONALITY STUDY – SIR RICHARD BRANSON

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. "My interest in life comes from setting myself huge, apparently unachievable challenges and trying to rise above them ... from the perspective of wanting to live life to the full, I felt that I had to attempt it." - Sir Richard Branson.

Sources: Wikipedia, Book: The Richard Branson Way (Des Dearlove)

Aim: To study the Personality, Intelligence Quotient, Motivation, Attitude and Culture of Sir Richard Branson.

Introduction

1.   Brief Background.  Sir Richard Charles Nicholas Branson (born 18 July 1950) is an English business magnate, investor, author and philanthropist. He founded the Virgin Group, which controls more than 400 companies. His first business venture, at the age of 16, was a magazine called Student. In 1970, he set up a mail-order record business. He opened a chain of record stores, Virgin Records—later known as Virgin Megastores—in 1972. Branson's Virgin brand grew rapidly during the 1980s, as he set up Virgin Atlantic airline and expanded the Virgin Records music label. In March 2000, Branson was knighted at Buckingham Palace for "services to entrepreneurship". For his work in retail, music and transport (with interests in land, air, sea and space travel), his taste for adventure, and for his humanitarian work, he became a prominent figure. In 2002, he was named in the BBC's poll of the 100 Greatest Britons. In 2004, he founded spaceflight corporation Virgin Galactic, based at Mojave Air and Space Port, noted for the Space-Ship-One and Space-Ship-Two projects. Branson's estimated net worth as listed by Forbes is at US$5.1 billion

1. His father was a barrister and mother an air hostess. Branson has dyslexia and had poor academic performance; on his last day at school, his headmaster, told him he would either end up in prison or become a millionaire. Branson's parents were supportive of his endeavours from an early age. The name "Virgin" (of his company) was suggested by one of Branson's early employees because they were all new at business. This indicated that he believed in inclusive leadership and respected his employees. Branson eventually started a record shop in Oxford Street in London. In 1971, he was questioned in connection with the selling of records in Virgin stores that had been declared export stock. The matter was never brought before a court because Branson agreed to repay any unpaid VAT of 33% and a £70,000 fine. This shows that he was a shrewd business man and didn’t mind cutting few corners to earn money. To promote its music business Virgin signed such controversial bands as the Sex Pistols, which other companies were reluctant to sign. This indicates his high-risk appetite which is seen as a prerequisite for rapidly growing corporates. Entry into the railway business also reinforces this trait of his.

1. In 1982, Virgin purchased the gay nightclub Heaven again reflecting Branson’s adventurous demeanour. In 1992, to keep his airline company afloat, Branson sold the Virgin label to EMI for £500 million. Branson said that he wept when the sale was completed because the record business had been the very start of the Virgin empire. This incident reflected his emotional personality and his passion towards his work. He created V2 Records in 1996 in order to re-enter the music business, owning 5% himself displaying his never give up attitude. In 1990S, a passenger poaching litigation was filed by Branson on British Airways which later settled the case, giving £500,000 to Branson, a further £110,000 to his airline, and had to pay legal fees of up to £3 million. Branson distributed his compensation (the so-called "BA bonus") among his staff indicating his concern for his employees. His Space tourism project highlights the fact that he aimed high and worked hard to fulfil his dream.

1. Branson's next venture with the Virgin group was Virgin Fuels, which was set up to respond to global warming and exploit the recent spike in fuel costs by offering a revolutionary, cheaper fuel for automobiles and, in the near future, aircraft. Branson has stated that he was formerly a global warming sceptic and was influenced in his decision by a breakfast meeting with Al Gore. This endeavour is indicative of his concern for the greater good of mankind and alignment with his purpose in life.

1. Investing in the Grand Prix and hospitality sector is another indicator of Branson’s larger than life image promotion. He proved that he was a man of his words when after loosing the bet  in a F1 season, he served his duty as a stewardess on an Air Asia flight between Perth and Kuala Lumpur on 12 May 2013. He always depicted his rebel side by never dressing up in formals for any major events.

1. Branson the Adventurer. Branson made several world record-breaking attempts. His first attempt in the "Virgin Atlantic Challenger" led to the boat capsizing in British waters and a rescue by RAF helicopter, which received wide media coverage. A year later his hot air balloon "Virgin Atlantic Flyer" crossed the Atlantic again reinforcing his risk taking and fighting spirit.  

1. Learning from his Mistakes.  Branson has been involved in many failed business ventures, such as Virgin Cola, Virgin Cars, Virgin Publishing, Virgin Clothing and Virgin Brides and he has always maintained that he always learnt from his mistakes.

1. Branson the Star.   Unlike other celebrities in the public eye he has also managed to protect his privacy. We only see Branson when he wants us to. He is almost as adept at avoiding bad publicity as he is at creating positive coverage. Branson has guest starred, usually playing himself, on several movies, television shows, including Friends, Baywatch and Tripping Over thus highlighting is self-confidence.  

1. Humanitarian initiatives.   In 1999, Branson became a founding sponsor of the  ("ICMEC"), the goal of which is to help find missing children, and to stop the exploitation of children, as his mother Eve became a founding member of ICMEC's Board of Directors. Through the Carbon War Room, founded in 2009, the entrepreneur sought solutions for global warming, climate change and the energy crisis. "We all have a part to play, but I believe entrepreneurs will have a really significant role to play in bringing investment and commercial skills to help develop the new technologies needed to grow a post-carbon economy", he said in his interview with Vision. These initiatives prove that Branson is a caring and responsible human being.

1. Awards and Honours. Branson has received numerous honours and awards including Knighthood bestowed upon by Prince Charles.

1. Allegations.   Like most of the celebrity businessmen Branson also has his share of allegations against him. This includes charges of Tax evasion, Sexual Assault allegations.

1. Dual Personality. Here, too, there is paradox. The public Branson is instantly recognizable to millions of people. His is the affable and caring face of business. The man who has made a career out of taking on big business and winning; the man who prefers brightly coloured sweaters to the conventional corporate suit and tie. But the private Branson is much less well known. Indeed, it has been suggested that there are two Richard Bransons: the people’s champion known to millions and the deal maker known only to his business partners. His second self holds secret to his matchless business intellect.

1. Conclusion.    In the modern world of business, Richard Branson is an anomaly. In an era dominated by strategists, he is an opportunist. Through his company the Virgin Group, he has created a unique business phenomenon. Never before has a single brand been so successfully deployed across such a diverse range of goods and services. Branson is more than just a businessman, he is a popular public figure – admired by parents and young people alike. One of a generation of business leaders who grew up in the 1960s, he has been described as a “hippy capitalist.” Few of his commercial mis-adventures have almost bankrupted the company on several occasions. Notwithstanding, they have earned him a special place in the affections of first the British public and now the world. “A ruthlessly ambitious workaholic,” is how one biographer described him. The quip is typical of a man who has lived his whole life like some big adventure. An outspoken critic of business schools and management theory, Branson likes to portray himself as the ordinary man on the street (despite his comfortable middle-class origins). He is the small guy who outsmarts the big guys.