DIVERSITY
AS ONE OF THE MOST SUCCESSFUL
ENTREPRENEURS IN THE WORLD, SIR RICHARD BRANSON CERTAINLY KNOWS HIS ONIONS. HIS PUBLIC PERSONA AS A FRIENDLY AND APPROACHABLE MAN SEEMS IN SHARP CONTRAST TO THE HIGHLY COMPETITIVE, WORKAHOLIC WHO CONSIDERS HIMSELF A TOUGH NEGOTIATOR IN BUSINESS DEALINGS. AND WHILE MANY
ENTREPRENEURS MAKE THEIR FORTUNES BY FOCUSING ON DOING ONE THING EXTREMELY WELL,
BRANSON’S SUCCESS CAN BE CREDITED TO HIS ABILITY TO DIVERSIFY HIS BUSINESS.
His Virgin brand, which started life as a Virgin Records, now comprises over 360 companies. From holidays and mobile phone networks to trains and cola, Branson runs one of the largest, most diversified global brands.
His latest venture, Virgin Galactic, which is aimed at breaking into the space tourism market, shows that there is no limit to Branson’s serial entrepreneurial streak. His estimated net worth of £4.4 billion makes him the 236th richest person in the world. And while creating a product for an entirely new market is the highest risk method of diversification, it can also offer the biggest rewards. David Watt, executive director of the Institute of Scotland, said: ‘It is never a
bad time to consider diversification and certainly right now I think that businesses have to look at all the options.
‘The benefit is doing something that is new, giving more strings to your bow. But if you do something that is too far away from your core, you probably don’t have the expertise so it becomes virtually a new business and that’s when it becomes dangerous and difficult.
‘Scottish Power, as well as generating electricity, was selling electrical appliances on the high street but that wasn’t their core business. They are good at generating power and finding different and innovative ways of doing that. It’s a risk to take your eye off the ball.’
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