“There is no point in starting your own business unless you do it out of a sense of frustration.”
-Richard Branson
Multi-billionaire. Serial entrepreneur. Adventurer. Humanitarian.
In a world where many of the ultra-rich are boring suits, Richard Branson takes a different approach.
Here are the top lessons from Richard Branson.
How Did He Get Started?
Richard grew up with dyslexia and had poor academic performance. His headmaster told him he would either end up in jail or become a millionaire.
His first attempts in biz were selling Christmas trees and birds (which failed).
At the age of 16 In 1966, he launched a magazine called Student, which became his first success.
A year later, his net worth was £50,000.
He interviewed several prominent personalities of the late 1960s for the magazine including Mick Jagger and R.D. Laing.
In 1970, he set up a mail-order record business. This business sold records for considerably less than the “High Street” outlets.
Branson used the magazine to advertise popular albums, driving his record sales.
He opened his first record shop in London in 1971, and used the profits to open a chain called Virgin Records.
His “secret sauce” was signing controversial acts other labels were afraid of.
- The Sex Pistols
- Rolling Stones
- UB40
By 1979, he was already worth $5 million dollars.
Expanding Into Other Ventures
In 1981, while on a trip to Puerto Rico, his flight was cancelled. This gave him the idea to charter his own plane the rest of the way and offered a ride to the rest of the stranded passengers for a small fee to cover the cost
This inspired him to start his own airline Virgin Atlantic.
He also started:
- Virgin Rail group
- Virgin Fuels
- Virgin Media
- Virgin Animation
- Virgin Health Bank
In 2004, he even founded a spaceflight corporation Virgin Galactic for space tourism.
He also had a reality show called The Rebel Billionaire: Branson’s Quest For The Best. In it, he challenged 16 contestants to see if they were qualified to take over as president of the Virgin group. The challenges incorporated both business and physical challenges.
Life Setup
Aside from his business success, Branson is known for his adventurous life setup.
This is a common strategy used by playboys.
The core of which is staying in attractive environments where you have status.
As a billionaire, Branson owns a lot of properties.
(All of which are boutique hotels).
He does this to attract people who he can learn from.
His crown jewel is “Necker Island”, a private island in the Caribbean.
Guests such as:
- Mariah Carey
- Princess Diana
- and Steven Spielberg
have all stayed there.
He also hosts lots of parties and events which bring unique combos of people together.
Richard Branson’s Philosophy
“My interest in life comes from setting myself huge, apparently unachievable challenges and trying to rise above them … from the perspective of wanting to live life to the full, I felt that I had to attempt it.”
-Richard Branson
The core of Branson’s mindset is thinking big.
He doesn’t hold himself to the same self-imposed limits others do. The beauty of this approach lies in its celebration of the unknown. It’s about daring to explore uncharted territories, taking risks, and relishing the excitement that comes with untested ideas.
In the journey towards success, mistakes are inevitable. Branson’s approach is to use them as a stepping stone for growth. Rather than fearing mistakes, he embraces them as valuable lessons.
His career is a testament to the idea that the path less traveled often leads to groundbreaking innovations and unparalleled success. By thinking outside the box, he opens himself to endless possibilities.
This allows him to make moves with unlimited upside and limited downside, unlocking access to “payoff space”.
His top priority is thriving on opportunity and adventure, which is where he gets his ideas “out of the blue”.
Even though he has accomplished a lot, he stays hungry for new experiences and even higher heights.
Conclusion
- Embracing controversy can be an unfair advantage
- Use your income streams to grow others
- Solve your own problems, then monetize them.
- Create a life setup that attracts the people you want to interact with.
- Think big.
- Use adventures to stimulate ideas.
But… none of this would have been possible without solving his “money problem” first.
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