His first successful business was a magazine called Student at the age of 16. In 1970 he founded an audio recording of mail order. In 1972 he opened a chain of record stores, Virgin Records, later known as Virgin Megastores. Branson’s Virgin brand grew rapidly in the 1980s, he set up Virgin Atlantic Airways and expanded the Virgin Records label.
Richard Branson is the 212th richest man in the world according to Forbes 2010 list of billionaires, with an estimated fortune of around 2.97 billion pounds (U.S. $ 4.0billion).
Richard Branson left school in 1967 at the age of 16 and started a magazine called Student. He hoped it would be a forum for politically-minded youth. He was soon publish essays and interviews with personalities such as Jean-Paul Sartre, James Baldwin, Alice Walker and Robert Graves. In spite of such a list of great minds and literary figures, the magazine never money and seemed doomed to failure.
Richard Branson Quotes :
“I don’t go into ventures to make a fortune. I do it because I’m not satisfied with the way others are doing business.”
Starting the Business
Branson started marketing his next idea in the pages of the student, best-selling albums at a reduced rate through the post. It quickly became a profitable business than the magazine itself, the staff of the Student Union found themselves off the staff of the Virgin record store. “Virgin” because no one had been in the business. Virgin will was strong, but it was discovered Branson was dodging their tax payments. He was arrested and imprisoned.
Building An Empire
An out-of-court settlement was reached, and decided that prudence, Virgin Records was holding founded in 1973. Mike Oldfield’s progressive “Tubular Bells” was the first record released by Virgin, and became an international success. But it was the signing of the Sex Pistols on his label in 1977, which really established Virgin Records. Although the Pistols broke soon after Virgin was the biggest indie label in the world. Bands like the Rolling Stone, Peter Gabriel, UB40 were signed Virgin.
In the next six years, Branson began over fifty different companies includes everything from film making cleaning air conditioner. Although he composed more than $ 17 million U.S. dollars from his various companies, Branson insists that money is not the motivation for his involvement in so many activities. Rather, he enjoys trying a little better than those who tried before him to do.
In 1984, Richard Branson started Virgin Atlantic Airlines – a company that would be a great challenge as well as the cause of financial difficulties. Branson ignored discouraging comments, which he said he could never compete with British Airways, and look like the example of those who had failed before. The reason for this is that he observed, such as airlines do not look after their customers are adequately enough – so he would be the one who bring affordable and enjoyable flights to the public. Virgin Air was immediately recognized for its service and luxury. In-flight massages, hydrotherapy baths and back screens were all part of the experience on board a Virgin aircraft.
With fuel prices have doubled in the early 90s, terrorist attacks makes people afraid to fly, and BA is launching a campaign to put Branson in the airline business, Virgin Atlantic struggled to stay afloat. Branson has been forced to sell Virgin Records to make enough money to keep Virgin Atlantic and pay its creditors. The sale of the company that gave him his start was a crushing blow.
From that point on, Branson developed a new approach to business called “branded venture capital”. By this method, the well-known licenses Branson Virgin name and logo in exchange for a controlling stake in the company. Consequently, Branson sets the name of his company with more than 200 different companies, including Virgin Bridal Suite, Virgin Publishing, an airship company and a modeling agency.
Branson is known for his unusual business practices (no headquarters, no board meetings, and he can not work a computer), his flashy advertising stunts (like driving a tank in the Times Square and buzz about Big Ben in an Airbus jet), and his adventurous exploits (he was the first person to cross the Atlantic in a hot air balloon and has tried three times to fly it around the world). You might think that such an approach to business it could have ruined, but Virgin is a massive $ $ 5000000000 giant. And Branson has to dream for the future. In discussing the prospects for setting up a shuttle into space, Branson has said, “Why There is new?.”
Article archive in Share Quotes Richard Branson’s Success Story also see our another Richard Branson’s Success Story.