Introduction
There are various types of successful business leaders that have demonstrated the ability to transform the world. The emerging type of such entrepreneurs is characterized by remarkable enthusiasm, attention, respect for the team, and a responsible attitude to communities across the globe and the environment. The above-mentioned vital strengths can compensate for certain areas of challenge, such as health issues or lack of formal education. Sir Richard Branson’s story can provide one of the brightest examples of the increasing popularity of a leader-centered development strategy among business people.
Valuable Lessons
Richard Branson was born in London into a family of an air hostess and a barrister. He has two younger sisters, which helped him develop a sense of responsibility for the financial standing of the family at a young age. The boy had dyslexia, which significantly influenced his attitude to formalized education. The entrepreneur claims that the disorder has contributed to the development of numerous business skills (McLimor, 2020). Branson states that building a team that can specialize in entrepreneur’s weaknesses is central to a company’s success.
The current economy is often referred to as the knowledge economy, given the remarkable role that access to certain types of information provides. The transition to this type of economy began several decades ago and coincided with the emergence of an entire wave of entrepreneurs that were famous for being visioners and strategic thinkers. Bassell & Lambert (2018) state that in the knowledge economy, leaders can “build learning organizations, encourage diversity, and ensure employees are engaged in meaningful work”. Sir Richard Branson is one of such leaders, as all the above-mentioned characteristics are applicable to him.
The above-mentioned approaches, multiplied by Branson’s soft skills, enthusiasm, and curiosity, has ensured the initial success on his long way to the top of the business world. I firmly believe that I can apply Richard Branson’s strategy centered around the efficient delegation of duties in several spheres of life. For instance, in my studies, it can significantly enhance the performance of the project teams that I lead. Moreover, the entrepreneur’s biography has shown me the essential role of shared enthusiasm within teams.
First Successful Businesses
At the age of 16, Branson discovered a business opportunity in a magazine that could appeal to a broad spectrum of students. Having spent more than $8,000 solely on Student’s advertising, he then distributed several thousand copies for free. Thus, the aspiring entrepreneur realized the essential role of a strong and recognizable brand at a time when most business strategies were conservative. Being a gifted visioner, Branson managed to incorporate the liberating spirit and the modernist tendencies of the 1960s into a new ingenious business model. According to Bruijl (2020), the entrepreneur has created more than 400 companies that sell a wide range of products and services in numerous sectors. Therefore, the strategy that Richard Branson has been applying to various spheres for decades has proven to be highly efficient due to its authenticity.
The Virgin Group that Richard Branson founded expanded gradually when the previously established companies could contribute to starting new branches. For instance, Branson’s first successful enterprise, the Student magazine, became the cornerstone for his remarkably lucrative mail record business. That company, in turn, helped launch the recording studio and promote it among numerous musicians and their fans. Currently, industries as different as retail (Virgin Megastores), transportation (Virgin Airlines), entertainment (Virgin Music), and telecommunications (Virgin Mobile) feature Branson’s companies (McLimor, 2020). Thus, once the youth started admiring the record studio brand associated with their favorite artists, Richard Branson could further capitalize on the hype and expand into entirely new spheres.
Popularity and Inspiration
The prominent British entrepreneur managed to explore new business opportunities under extraordinary circumstances. For instance, one of his most successful companies, Virgin Atlantic, was created after Richard Branson offered a cheap ride on one of his planes to a few passengers due to flight cancelation. Richard Branson seeks to explore the world and break world records to ensure even more media coverage, promote the brand, and inspire young businessmen across the globe. Certain undertakings, such as crossing oceans by various ships and air balloons, have largely contributed to the promotion of an enthusiastic, adventurous spirit that the Virgin Group is generally associated with.
Richard Branson has allocated funds to numerous companies and organizations that focus on addressing global issues. Flocy (2019) claims that Branson is one of the new businessmen who are concerned about the triple bottom-line of people, the planet, and profits. Moreover, the measures that the prominent British entrepreneur takes precede the hype associated with the general trend. For instance, he made a high-profile pledge that implied the investment of 3 billion dollars in various organizations fighting global warming as early as 2006. Moreover, the businessman supports a wide range of initiatives aimed at addressing local issues in Britain. Richard Branson opposed the 2016 referendum concerning the UK’s membership in the EU, as he put particular emphasis on common European values.
Conclusion
Sir Richard Branson has become a legendary person in the business world and has influenced the development of generations of entrepreneurs worldwide. The new thresholds that he sets have been inspirational for millions of people. His business strategy that combines both relaxed and highly ambitious elements has proven to be instrumental in determining the success of a particular enterprise in the knowledge economy. Therefore, the highly inspirational biography of Sir Richard Branson provides valuable insights into the principles of modern business leadership strategies.
References
Bassell, M., & Lambert, S. (2018). Marketing leadership in a knowledge economy. Atlantic Marketing Journal, 7(1). Web.
Bruijl, G. H. T. (2018). Sir Richard Branson: A global leader with a difference. SSRN. Web.
Flocy, J. (2019). Responsible leadership: A behavioural perspective. Asian Management Insights, 6(1), 38–43. Web.
McLimor, D. (Ed.). (2020). Richard Branson: In his own words. Agate Publishing.