Submitted by: Erik Hoyer
Submitted to: Sean Wise
Course: ENT 526
Date: November 11, 2010
Sir Richard Charles Nicholas Branson is one of the world’s greatest entrepreneurs. He was born in London, Enlgand in July 18, 1950. This British entrepreneur is best known for his Virgin Group, who has over 360 companies under the Virgin brand.
His first succesful business just started when he was just 16 years old, with a student magazine. In 1970, the following business venture was his record mail-oder and two years later, he opened a chain of record stores called Virgin Records, which later on would be called Virgin Megastores. Mr. branson Virgin brand, started expanding and growing around the 1980’s when he setted up new business ventures, like Virgin Atlantic Airways and expanded the record label, just to name a few of the many business ventures that were going to follow after.
This British entrepreneur is listed as the 212th richest person in the world according to Forbes’ 2009 list of billionares. Forbes magazine says his estimated net worth is 4 billion U.S dollars. “wikipedia.com – Richard Branson”. “ evancarmichael.com – Richard Branson biography”
The start of the Virgin Empire
Richard Branson was born in Blackeath, London, England and attended Scaitcliffe School until he was 13 years old. Richard Branson then went to Stowe School until he was 16 years old. The British young boy was outstading in sports and was the captain of both the football and cricket teams in the school he attended at the time, but it was being an entrepreneur what was running through his veins. His first two ventures were, growing Christmas trees and raising Australian parrots were a complete failure, which to many people don’t know about. This entrepreneur failed before he succeded, which is a great example of the survivorship/success bias concept, the misperception that if you’re an entreprenuer you are right away stereotyped succesful and rich. Even though these two businesses fail, that didn’t let him down to start his next successful and many more business ventures. Richard Branson said”if you havent failed in life, you are not trying hard enough”. “wikipedia.com – Richard Branson”.
The British entrepreneur has dyslexia problems which lead him to have poor grades in school and droping out. At the age of 16 Even though of this problem and the two business failures, that didn’t stop him of creating his own business venture. Since Mr. Branson has a high adversity quotient, which is the internal measurement on how to meet challeneges/obstacles and turning them into opportunities, that lead to start his own and first succesful business venture. At the young age of 16, he started Student magazine by focusing on his strenghts and using them to pursue his passion for business ventures.
Student magazine was finally his first business success, were he then saw that selling cds through the magazine would be more profitable. This then led to the following business venture of record mail-oder. A good position, chance, or prospect, as for advancement or success is defined as an opportunity. Mr. Branson observed trends and found a gap in the market and spotted an opportunity. With the idea of the record mail-order, it led to the opening of a record shop in London, England, which later became Virgin Records. The record store was attractive, durable, and perfectly timed and added value to the buyers since there were no records stores at the time.
Virgin records had a great success and with the money earned, Richard Branson bought his own island where he built a house and a recording studio (Virgin recording studio), since at the time that industry was at its growth rate stage. During those years, Richard Branson saw that at that time, there were increases in the investment compounded over several years in the buying and selling of products and services in the records and...