Branson Richard - Virgin Rebel: Richard Branson In His Own Words

Richard Branson In His Own Words

EDITED BY DANIELLE McLIMORE

AN AGATE IMPRINT

CHICAGO

Copyright 2013 by Agate Publishing, Inc.

All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without express written permission from the publisher.

Virgin Rebel is in no way authorized, prepared, approved, or endorsed by Richard Branson and is not affiliated with or endorsed by any of his past or present organizations.

Library of Congress Cataloging-in-Publication Data

Branson, Richard.

Virgin rebel : Richard Branson in his own words / edited by Danielle McLimore.

pages cm. -- (In their own words)

Summary: "A collection of direct quotes from Richard Branson on topics related to business, entrepreneurship, the Virgin Group, philanthropy, and life"--Provided by publisher"-- Provided by publisher.

Includes bibliographical references and index.

ISBN 978-1-57284-725-5 (ebook)

1. Branson, Richard--Quotations. 2. Businesspeople--Great Britain-Quotations. 3. Entrepreneurship--Quotations, maxims, etc. 4. Management--Quotations, maxims, etc. I. McLimore, Danielle. II. Title.

HC252.5.B73A25 2013

082--dc23

2013016978

B2 is an imprint of Agate Publishing. Agate books are available in bulk at discount prices. For more information, go to agatepublishing.com.

Whatever we want to be, whatever we want to do, we can do it. Go ahead, take that first stepjust do it. The best of luck to you, and have fun along the way.

RICHARD BRANSON

TABLE OF CONTENTS

QUOTATIONS BY RICHARD BRANSON

D o what you love, and the money will followno person better exemplifies this adage than multibillionaire Richard Branson, who has earned his fortune simply by pursuing his personal interests. His seamless transitions from journalist to record executive to space-travel pioneer have all begun with a natural curiosity and passion, coupled with a well-honed instinct for turning anything into a business.

As you look through Virgin Groups widely varied list of companies (p. 109), youll be struck by the diversity of businesses. It would seem that they all began with Branson, probably in the bath (he speaks frequently about taking baths), just pondering what he likes to do and how he can make money doing it. Virgin Galactic is a perfect example: Branson wanted to travel to space, and figured he wasnt the only one. Rather than fund the research for consumer space travel entirely out of his own pocket, he created Virgin Galactic; and now, for $200,000, anyone can purchase a trip into suborbital space (whenever the technology is ready).

Branson also knows when to cut his lossesthat doing so is just as important as knowing how and when to start a company. When a business or product isnt doing well, rather than hang on in the hopes of a turnaround, he will often just pack it in and move on. Virgin Pulse (a line of electronics), Virgin Brides (a wedding dress retailer), and Virgin Cola (an attempt to take down Coke and Pepsi) were all shut down due to poor sales well before they risked bankruptcy.

Acumen aside, Branson has also had his share of luck. The first album he produced was Mike Oldfields Tubular Bells, which went multiplatinum in the UK and became the theme song for The Exorcist. He then sold Virgin Records in 1992 for $1 billion to fund his fledgling airlinea move that seemed completely insane at the time, but looked downright visionary seven years later, as CD sales plummeted and the record industry fought the transition to digital. Branson might still be worth billions of dollars today if not for good fortune such as that, but theres no arguing that these two strokes of luck didnt greatly influence Virgins health and success.

And what does Branson do with all that money? Aside from buying an island in the Caribbean (which he promptly turned into a luxury resort in addition to his familys personal getawaysee, making money yet again), he is dedicated to philanthropy. Virgin Unite, the nonprofit arm of Virgin Group, funds a range of initiatives, from reducing carbon emissions to improving healthcare in Africa. With Nelson Mandela and Peter Gabriel, Branson founded the Elders, a group of established global leaders concerned with human rights issues worldwide. Members include Kofi Annan, Jimmy Carter, and Archbishop Desmond Tutu. Branson also founded the Branson Centre of Entrepreneurship, a networking and training program located in South Africa and Jamaica.

Branson isnt afraid to fail, and he knows that in order to succeed, he must find and cultivate talented people. Hes never followed the money, but the money has certainly followed himand above everything, his focus remains squarely on having fun.

Bransons unique style of business is captured in this book. Its an enlightening collection of quotes directly from the man himself. Have fun with ithe certainly would.

I think entrepreneurship is our natural statea big adult word that probably boils down to something much more obvious like playfulness.

Business Stripped Bare,

Somebody else laughed Why not Virgin? Were all virginshysterical laughter all around. And I suddenly thought, I am a virgin of business, I might be a virgin of other things as well, and why not Virgin?

Bloomberg Game Changers, May 10, 2011

We worked out that there was no need for shops to be charging the amount they were for records, so we started a mail-order company that would sell any record, from any record manufacturer, for 10 percent to 25 percent less than their commercial price. For instance, we could buy a record from EMI for 31 shillings, which a shop would sell at 40 shillings. Instead, we sell it for 35 shillings. Virgin Records is helping hundreds and hundreds of young people throughout the country to get records at about 6 shillings cheaperor 6 to 8 shillings cheaperthan they would anywhere else. At the same time, its also starting up new groups who have been scorned by some of the big companies. And were listening to their records and giving them a chance to get going themselves.

Unnamed documentary, 1971

I have no secret. There are no rules to follow in business. I just work hard and, as I always have done, believe I can do it.

Screw It, Lets Do It,

Speaking on his self-professed ignorance of the music industry (articles words): I know when I like a record and when I dont like a record.

New York Times, June 3, 1984

Virgin would not be the company it is today if we had not taken risks along the way. You really do have to believe in what you are doing.

Like a Virgin,

Regarding the failure of Virgin Brides, a wedding-dress shop: We couldnt find any customers.

TED Talks, March 2007

Regarding starting Virgin Atlantic