Lessons From A Legend: Richard Branson

LOSING MY VIRGINITY, the autobiography by British mogul Richard Branson, is a game-changer for anyone is business. Branson shows the value of listening to your customers, challenging the status-quo, and doing business on your own terms. In almost every business he started or is involved with, he had the unique ability to see large gaps in service and tailor a business to connect with the needs of the customers. The way he was able to have fun in these incredibly trying and stressful stages of business development is almost as astounding as the level of success he has attained with the Virgin Group.

Don't be afraid of competition: Whether it was Virgin Airlines challenging the pillar of English air travel in British Airways or Virgin Music Stores opening shops to compete with the cold, stuffy record stores of the time, Branson was never afraid of a little competition. Just because a business is operating doesn't mean the customers are satisfied with the service. They may just not have enough options to choose otherwise. With Virgin Airways, Branson made travel fun and comfortable again. In Virgin Music Stores, he added bean bags and allowed customers to hang out in the lounge setting. It was all about identifying with the consumer.

Controversy Isn't Always A Bad Thing: Branson has often been criticised for being a showman. But, in reality, he was only using the press to increase the visibility of his brands and show the characteristics that made them successful. The Sex Pistols and Culture Club may have been controversial, but they didn't hurt anyone and their exposure to the public was great for business. Be sure you are not violating any laws or crossing any major moral boundaries and turn the publicity into positive exposure for the merits of your business.

Have Fun: The only reason Branson has been able to hold the passion for business as long as he has is because of his ability to have fun. There don't have to be the rigid constraints that sometimes monopolize corporate culture in order to succeed. Keep hobbies and make sure you love what you do and it will show through on the balance sheet. Branson also always had a deep love for his employees and customers. He is known to carry around a notebook and write down the ideas of his staff and consumers to implement. These personal connections will keep you motivated and fresh.

There are no set rules for success. Branson shows anyone can make it with the right passion for what they do and the instincts to adapt with the market.