3 Entrepreneurial Lessons We Can Learn from Richard Branson
Virgin Group is one of the biggest and most versatile companies in the world. With more than 60 businesses under their belt and counting, the group is growing by leaps and bounds. The inspiration behind all of these businesses is their inspirational leader, Mr. Richard Branson. He is the driving force behind all the ventures of the Virgin Group most of which became the benchmark of success for others to follow.
It’s amazing how he comes up with great ideas and turn them into reality. In his own words, “Business opportunities are like buses. There’s always another one coming.” Obviously starting a business is not that simple and it takes a lot just to envisage an idea that is realistic and can turn into something big. But there’s always a flip side to proceedings that most of us ignore.
There are times when even the top businessmen goes through a lean patch in business. In some cases, he have to close one of his businesses or sell it to someone else. Same has happened to Mr. Branson several times. The most notable being the selling of Virgin Records for 1 billion USD to Universal Music Group in 2013. The latest is the buyout of Virgin America by Alaska Airlines. There are 3 entrepreneurial lessons we can learn from Richard Branson regarding how to manage your team and ultimately the business effectively and efficiently.
- The Right Time to Sell
A business model may cease to work after some time. This can happen for a number of reasons. There is a number of software’s and tools that can make your life easy. An online task management system for entrepreneurs can be of good use to make the proceedings easier for a business/startup owner. But that person or the top management must know the right time to sell it to another company before it’s too late.
Take the example of Virgin America which Richard Branson sold to Alaska Airlines. Mr. Branson knew that Virgin America was not working well and before it starts to hamper the name and reputation of the overall Virgin Group, he sold it. It’s a wise move when you take above mentioned reasons into account.
Branson wrote in a letter to his employees that, “As an entrepreneur’s brand, Virgin is always starting new businesses. And we will not stop.” That’s how you motivate your employees even in the wake of a sellout of a venture the size of Virgin America airline.
- Getting Involved in the Proceedings
Richard Branson has been involved in celebrating many launches and milestones in the Virgin Group. If we take the example of Virgin America too, he made sure everybody on board had the time of their lives. See how he celebrated each and every moment at Virgin America in his own words, “We went through a lot together. The launch parties, the networking, the productivity on flights, the live concerts at 35,000 feet, the marriage proposals, the first in-flight wedding, etc.”
He announced the closure of the brand, as Alaska Airlines will close the Virgin America brand in 2019, by honoring the process of building a company and by saluting his employees.
- Stay Positive
Richard Branson remained upbeat about the future of the Virgin Group even as another brand (Virgin America) was sold and eventually will be closed down in 2019. Many people at the Virgin America termed “the day the music died.” Branson encouraged his employees to remain optimistic and positive no matter how depressing the situation.
He told them to remain calm in the following words, “Build a business that put its people first. Work with partners who share your same progressive and inclusive values. Focus on delivering a great customer experience and success will come. Make business a force for good. Stay positive; attitude is everything.”
The above mentioned 3 points are just a glimpse of the culture that Richard Branson incorporates in his group of companies. These can be applied by any company operating anywhere in the world as these aspects give us entrepreneurial lessons that works everywhere.
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