“Losing My “Virgin”ity”: Sir Richard Branson
Well, after discussing personalities like Richard Feynman and Ted Turner, today’s Gyan is a sort of “Hat Trick” of the Mavericks. In fact, if there could be a synonym for the word “Maverick”, that’s him. His dream career so far is like that fairy tale of Midas; whatever he touches turns gold. It’s not that he’s always blessed with good luck nor had he inherited a chunk of money. He is a self made millionaire – a billionaire rather, who has earned every single penny of his wealth through tenacity, innovativeness, guts and above all, his showmanship to proclaim it larger – than – life. He’s none other than – Sir Richard Branson…
Branson, born in 1950, was schooled at Stowe school. This dyslexic boy was more interested in entrepreneurship than schooling. At the age of 16, he floated a magazine called “Student” which was an immense hit. Branson was smart enough to give his readers something new with every issue of “Student.” At times he would call up, with a fake elderly voice, the then youth idols like Beatles and set up a quick interview with them. Interviews like these would help “Student” reach at the top of the popularity.
Those were the days of Hippies and communes. Though, Branson refrained himself from doping etc., he looked no better than a hippie and so was his lifestyle. An avid music lover himself, Branson didn’t quite like the way Music stores were run back in those days. It was hard to get the latest music records. Branson had an idea: Get the latest records and mail them to the interested buyers with some amount of commission. So, in 1970, he started the Virgin Mail order Record Company. Story goes that he asked his fellow partners to come up with a name for their company; some suggested names pertaining to music like “Disc” etc. Eventually, they selected “Virgin” because Branson wanted a unique name for his company – a name that would suit anything and still, would sound incredibly catchy. Well, it turned out to be a good decision as the Brand “Virgin” suited very well with their other products and services to come in future.
With the immense popularity of Virgin Mail Order Record Company, Branson started “Virgin Records” along with Nick Powell. The shop was situated on first floor of the building. It was the ideal place for any music lover. You could just pick up any disc and sit leisurely, listening it for hours! The shop soon got a cult status amongst the young people. Branson got into signing musicians and bands for his record companies. The young voice of Mike Oldfield appealed Branson and he decided to launch him. “Tubular Bells” was recorded at a mansion – turned – Recording studio and it immediately became a best seller. This set the foundation for Virgin Records who then went on to sign popular bands like Genesis, Peter Gabriel, Phil Collins, Simple Minds and The Rolling Stones. They, also, got into controversy for signing punk band Sex Pistols who were turned down by other record companies earlier.
In the mid-1980s the Branson Company was floated on the Stock Exchange, but the Branson style of business didn't fit the way City institutions expected public companies to behave. So he bought the company back from the shareholders!
By 80’s, the company was well established. Branson could have just lived lavishly with his fat kitty. But then again, it’s not Branson. In 1984, he floated “Virgin Atlantic” airlines. Prompt customer service, suitable timings, plushy planes (and beautiful air hostesses) made Virgin Atlantic popular amongst the passengers. So much so that it started giving tough competition to the Goliath “British Airways”
BA took the competition to such a level where BA was literally stealing Virgin’s passengers. BA used to call up the passengers who have already booked their tickets with Virgin saying the Virgin flight is delayed / cancelled and that BA could offer them tickets at much cheaper rates. False campaigning against Virgin and other such tricks had really made Virgin go out of the business. Virgin planes were denied landings and technical assistance. The whole affair was called “Dirty Tricks”. It was getting harder for Virgin to keep the cash flowing for the Airline business. To find the money Branson had to sell his beloved Virgin Records to Thorn-EMI. Even so the price, agreed in 1992, was huge, at almost £500million.
Finally, Branson sued BA for libel in 1992. King – the BA Chairman - countersued Branson, and the case went to trial in 1993. British Airways, faced with likely defeat, settled the case, giving £500,000 to Branson and a further £110,000 to his airline; Additionally, BA was to pay the legal fees of up to £3 million. Branson divided his compensation among his staff, the so-called "BA bonus." A local newspaper ran a headline story “Virgin screws BA!”
Apart from trying adventures in business, Branson gets into adventure in real life as well. In 1985, Branson set out from New York to beat the record for crossing the Atlantic by boat, but barely a hundred miles from home the boat had hit some floating driftwood and sank. He and the crew had to be rescued from the sea but the escapade made him and his company household names.
A year later the then Prime Minister Margaret Thatcher was congratulating him on the fastest ever Atlantic crossing in a new boat, but it was not enough for restless Branson.
Soon he was setting out to be the first to cross the Atlantic by hot air balloon. That trip, too, nearly ended in disaster.
At the end of the journey, the balloon, out of control, repeatedly ditched in the Irish Sea. Branson and his pilot Per Lindstrand, jumped. Once more he was plucked from the water. (Per Lindstrand held the world record for reaching the maximum height in hot air balloon till now. It was broken by an Indian businessman and Raymond Chairman Vijaypath Singhania)
In June 2004, Sir Richard set the record for the fastest crossing of the English Channel by an amphibious vehicle to mark the 20th anniversary of Virgin Atlantic. He and a fellow adventurer Steve Fossett also unveiled an aircraft designed to attempt the first solo-piloted non-stop trip around the world without re-fuelling.
Whatever Branson does, has to be flamboyant, big and loud. To take on Coca Cola, he jumped in the Soft Drink market. He launched “Virgin Cola” in New York, sitting in a war tank and crushing Coca Cola canisters!
Branson has been tagged as a 'transformational leader' by management lexicon, with his maverick strategies and his stress on the Virgin Group as an organization driven on informality and information, one that's bottom heavy rather than strangled by the top-level management.
He became “Sir Richard Branson” when he was knighted by the Queen in 1999 for his business prowess and exuberance for the spirit of the United Kingdom.
Today Virgin is into as diverse industries as possible, like air and rail travel, mobile phones, finance, retail, internet, drinks, hotels and leisure, with around 200 companies in over 30 countries. For Branson, every new business opportunity is like a challenge and he enjoys it thoroughly. While googling for “Virgin”, the search showing the companies under Virgin umbrella, really left me astonished. Some of them were: Virgin Atlantic, Virgin Nigeria, Virgin Blue, Virgin Mobile, Virgin Cars, Virgin Wines, Virgin Student, Virgin Money.com, Virgin Energy, Virgin Travelstore.com and last but not the least: his latest adventure “Virgin Galactic” In September 2004, Sir Richard signed a £14m contract to have five "spaceliners" built in the US, set to take Virgin passengers into space by around 2008!
There is an autobiography of Sir Richard Branson: “Losing My Virginity” which in fact, is a telling story of how he built his maverickly diverse empire named “Virgin”!
Regards,
Abhishek
P.S.:
1) If I’m not mistaken, Branson was thinking of taking over Air Deccan or starting his own Airline for domestic air travel in India. If that happens, well, nothing like it! J
Branson, born in 1950, was schooled at Stowe school. This dyslexic boy was more interested in entrepreneurship than schooling. At the age of 16, he floated a magazine called “Student” which was an immense hit. Branson was smart enough to give his readers something new with every issue of “Student.” At times he would call up, with a fake elderly voice, the then youth idols like Beatles and set up a quick interview with them. Interviews like these would help “Student” reach at the top of the popularity.
Those were the days of Hippies and communes. Though, Branson refrained himself from doping etc., he looked no better than a hippie and so was his lifestyle. An avid music lover himself, Branson didn’t quite like the way Music stores were run back in those days. It was hard to get the latest music records. Branson had an idea: Get the latest records and mail them to the interested buyers with some amount of commission. So, in 1970, he started the Virgin Mail order Record Company. Story goes that he asked his fellow partners to come up with a name for their company; some suggested names pertaining to music like “Disc” etc. Eventually, they selected “Virgin” because Branson wanted a unique name for his company – a name that would suit anything and still, would sound incredibly catchy. Well, it turned out to be a good decision as the Brand “Virgin” suited very well with their other products and services to come in future.
With the immense popularity of Virgin Mail Order Record Company, Branson started “Virgin Records” along with Nick Powell. The shop was situated on first floor of the building. It was the ideal place for any music lover. You could just pick up any disc and sit leisurely, listening it for hours! The shop soon got a cult status amongst the young people. Branson got into signing musicians and bands for his record companies. The young voice of Mike Oldfield appealed Branson and he decided to launch him. “Tubular Bells” was recorded at a mansion – turned – Recording studio and it immediately became a best seller. This set the foundation for Virgin Records who then went on to sign popular bands like Genesis, Peter Gabriel, Phil Collins, Simple Minds and The Rolling Stones. They, also, got into controversy for signing punk band Sex Pistols who were turned down by other record companies earlier.
In the mid-1980s the Branson Company was floated on the Stock Exchange, but the Branson style of business didn't fit the way City institutions expected public companies to behave. So he bought the company back from the shareholders!
By 80’s, the company was well established. Branson could have just lived lavishly with his fat kitty. But then again, it’s not Branson. In 1984, he floated “Virgin Atlantic” airlines. Prompt customer service, suitable timings, plushy planes (and beautiful air hostesses) made Virgin Atlantic popular amongst the passengers. So much so that it started giving tough competition to the Goliath “British Airways”
BA took the competition to such a level where BA was literally stealing Virgin’s passengers. BA used to call up the passengers who have already booked their tickets with Virgin saying the Virgin flight is delayed / cancelled and that BA could offer them tickets at much cheaper rates. False campaigning against Virgin and other such tricks had really made Virgin go out of the business. Virgin planes were denied landings and technical assistance. The whole affair was called “Dirty Tricks”. It was getting harder for Virgin to keep the cash flowing for the Airline business. To find the money Branson had to sell his beloved Virgin Records to Thorn-EMI. Even so the price, agreed in 1992, was huge, at almost £500million.
Finally, Branson sued BA for libel in 1992. King – the BA Chairman - countersued Branson, and the case went to trial in 1993. British Airways, faced with likely defeat, settled the case, giving £500,000 to Branson and a further £110,000 to his airline; Additionally, BA was to pay the legal fees of up to £3 million. Branson divided his compensation among his staff, the so-called "BA bonus." A local newspaper ran a headline story “Virgin screws BA!”
Apart from trying adventures in business, Branson gets into adventure in real life as well. In 1985, Branson set out from New York to beat the record for crossing the Atlantic by boat, but barely a hundred miles from home the boat had hit some floating driftwood and sank. He and the crew had to be rescued from the sea but the escapade made him and his company household names.
A year later the then Prime Minister Margaret Thatcher was congratulating him on the fastest ever Atlantic crossing in a new boat, but it was not enough for restless Branson.
Soon he was setting out to be the first to cross the Atlantic by hot air balloon. That trip, too, nearly ended in disaster.
At the end of the journey, the balloon, out of control, repeatedly ditched in the Irish Sea. Branson and his pilot Per Lindstrand, jumped. Once more he was plucked from the water. (Per Lindstrand held the world record for reaching the maximum height in hot air balloon till now. It was broken by an Indian businessman and Raymond Chairman Vijaypath Singhania)
In June 2004, Sir Richard set the record for the fastest crossing of the English Channel by an amphibious vehicle to mark the 20th anniversary of Virgin Atlantic. He and a fellow adventurer Steve Fossett also unveiled an aircraft designed to attempt the first solo-piloted non-stop trip around the world without re-fuelling.
Whatever Branson does, has to be flamboyant, big and loud. To take on Coca Cola, he jumped in the Soft Drink market. He launched “Virgin Cola” in New York, sitting in a war tank and crushing Coca Cola canisters!
Branson has been tagged as a 'transformational leader' by management lexicon, with his maverick strategies and his stress on the Virgin Group as an organization driven on informality and information, one that's bottom heavy rather than strangled by the top-level management.
He became “Sir Richard Branson” when he was knighted by the Queen in 1999 for his business prowess and exuberance for the spirit of the United Kingdom.
Today Virgin is into as diverse industries as possible, like air and rail travel, mobile phones, finance, retail, internet, drinks, hotels and leisure, with around 200 companies in over 30 countries. For Branson, every new business opportunity is like a challenge and he enjoys it thoroughly. While googling for “Virgin”, the search showing the companies under Virgin umbrella, really left me astonished. Some of them were: Virgin Atlantic, Virgin Nigeria, Virgin Blue, Virgin Mobile, Virgin Cars, Virgin Wines, Virgin Student, Virgin Money.com, Virgin Energy, Virgin Travelstore.com and last but not the least: his latest adventure “Virgin Galactic” In September 2004, Sir Richard signed a £14m contract to have five "spaceliners" built in the US, set to take Virgin passengers into space by around 2008!
There is an autobiography of Sir Richard Branson: “Losing My Virginity” which in fact, is a telling story of how he built his maverickly diverse empire named “Virgin”!
Regards,
Abhishek
P.S.:
1) If I’m not mistaken, Branson was thinking of taking over Air Deccan or starting his own Airline for domestic air travel in India. If that happens, well, nothing like it! J
posted by Gyan for the Day! | 7:25 pm
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