- April 8, 2016
- Posted by: admin
- Category: General
Richard Branson, the flamboyant billionaire founder of the Virgin Group, today has an estimated net worth of US $4.9 billion and the Virgin group has a revenue of US $24 billion. He is the seventh richest citizen of the United Kingdom and the group has core businesses that deal with travel, lifestyle and entertainment.M
Branson’s story is a fascinating read, one of a school drop out who became an entrepreneur of repute and a billionaire by his sheer perseverance, a trait which Branson attributes to his mother who overcame odds to become a pilot.
Here are the 3 key takeaways from Branson’s book which is a must for every entrepreneur
1. Knowledge is the only investment you need
Branson started his first venture, a magazine named “Student” after dropping out from school. He approached companies for sponsoring the magazine and convinced them to place advertisements on his magazine with just a concept and no established prototype or copy, and succeeded in funding it without a single penny just by using his good communication and persuasion skills.
His second venture, Virgin Records, was founded similarly where he convinced a shoe store owner to rent a space for free with the underlying logic being that footfalls for his record store would increase footfalls for the shoe store.
There is no need of any major investment for an entrepreneur except knowledge. Knowledge of the customers and the subject matter supersedes the need for monetary investment.
2. Being Unique is a sure-shot way to success
Music stores in London were a drab affair at that time, with people walking in, buying tapes and walking out. Branson saw this as an avenue for opportunity and founded Virgin Records. At Virgin’s store, one could walk in and spend time at the store, listening to music in an ambience specifically created for it and browse and purchase tapes.
It helped him capture the customer base quickly and he expanded rapidly. In a similar manner, he simplified air travel with the Virgin Atlantic concept. Prior to this, air travel was a rich man’s play. Virgin Atlantic, which provided reduced rates for customers without compromising on quality of service was a huge success, that owe it to Branson’s acumen.
Takeaway:- In the cluttered world of businesses, the ones which have a unique selling proposition are sure to do well
3. Move on and start new. The thirst should never be quenched
Branson is a serial entrepreneur and the Virgin Group has over 400 companies in its kitty. Many people start multiple ventures in parallel and the existing ideas suffer in the pursuit of achieving too much in too little time. Branson’s approach is refreshing in this regard and can help you streamline the process. He always ensured that a business is stable before moving on to the next venture. What’s more, he pinpointed the pulse of the industry and knew when to start, when to hire and delegate responsibility to an able person and move on. This way, he was able to achieve greatness in a relatively short span of time as compared to others.
Takeaway:- Know when to start, how to delegate effectively and when to step out. Pursue new ideas all the time.
Hope you enjoyed reading this and this provides you some much needed motivation to move you along on your entrepreneurial journey.