B
orn in 1950 in Surrey, England, Richard Branson struggled with dyslexia and dropped out of school at 16 to start a
youth-culture magazine called Student. In 1969, living in a London commune and surrounded by British music, he had the idea to begin a mail- order record company called Virgin (suggested by an early employee because they knew nothing about business). Branson spun that record company into a record shop and then into a recording studio, and by the 1970s, Virgin Music was one of the top six record companies in the world.
Branson expanded the Virgin empire with a
number of successful ventures, including the travel company Voyager Group in 1980, the airline Virgin Atlantic in 1984, and a series of Virgin megastores. By 1992, however, the airline was in dire financial straits. To shore up Virgin Atlantic, Branson reluc- tantly sold Virgin Music for $1 billion. The titles of his books, Screw It, Let’s Do It:
Lessons in Life and Business and Screw Business as Usual, suggest how he handled this and other setbacks: He moved on. Virgin Group now holds more than 200 companies in 30-plus countries, spanning everything from a train company to a hotel company to a luxury game preserve to space- tourism company Virgin Galactic. “My interest in life comes from setting myself
huge, apparently unachievable challenges and try- ing to rise above them,” he writes in Screw It, Let’s Do It. His business accomplishments have also been guided by his belief that “business isn’t about wearing suits or pleasing stockholders. It’s about being true to yourself, your ideas, and focusing on the essentials.” While Branson has always kept an eye on profits,
he’s equally concerned with people and the planet. Using “our entrepreneurial energy and resources to create change by driving business as a force for good in the world” is the mission statement of Virgin Unite (
virginunite.com), the not-for-profit founda- tion Branson founded to support a host of humani- tarian, health, and environmental initiatives. Meetings and events have a role to play in
extending Virgin Unite’s reach. Annual Con- nection Trips bring participants to “inspiring frontline leaders in far-away places where
66 PCMA CONVENE SEPTEMBER 2013
‘Young entrepreneurs today are building businesses that equally prioritize people, planet, and profits. I have great admiration for companies that have figured out how important this is.’
entrepreneurial communities are driving change,” and several times a year, Branson hosts intimate Leadership Gatherings at his British Virgin Islands home. Participants learn from each other and inspiring speakers on how to use “entrepre- neurial approaches to reinvent the world.” In recent years, the ever-adventurous Branson has focused much of his attention on reinventing space travel. His spacecraft’s first test flight broke the sound barrier, and he expects to finish testing the vessel by the end of this year. By April 2013, more than 500 people had bought tickets for Vir- gin Galactic’s voyages. Branson agreed to my request for an interview
if he could answer my questions himself via email. His responses came a bit later than he planned to send them — it seems he was enjoying a week- long celebration of his July birthday. He has much to celebrate.
You have said that there is a thin dividing line be- tween success and failure. How do you stay on the success side of the line? By not being afraid of failure. Any honest entrepre- neur will acknowledge that failure lines the path to success — so do not fear failure. When people ask me for advice on how to succeed as a businessper- son, I count the failed Virgin businesses as among the many useful — and colorful — lessons that have led to the companies that have endured. Entrepreneurs should be encouraged to pursue their passion. Do things you are passionate about, achieve what you think will make the world a bet- ter place. When you’re pursuing something mean- ingful, even if the business does not work out, you will have achieved something from the heart and something that helps you become better prepared for the next challenge.
You have the power and compassion to change the world, and you’ve said that the people on the top of the capitalist pyramid have the responsibility to safeguard the planet. You’ve also said that if the top 100 business leaders contributed one year of their profits, we could fix the planet. How are you work- ing on making this idea a reality? While I have joined leaders like Bill Gates and Warren Buffett in the Giving Pledge [a commit- ment by the world’s wealthiest individuals and families to dedicate the majority of their wealth to philanthrophy], it is equally important to not wait
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