Richard Branson is a British entrepreneur who founded Virgin Records and the Virgin Group. He dropped out of school at age 16 due to dyslexia and launched his first business, Student magazine. This early success led him to found Virgin Records in 1972, which was highly successful in signing new artists. Branson went on to expand Virgin into many industries, including airlines, trains, and space tourism, often by identifying problems with existing services and creating innovative solutions. Though some of Branson's ventures failed, he views failures as learning opportunities and has achieved great success with the Virgin Group, which now includes over 200 companies worldwide.

1. Andrew Parcero
Vienna University of Economics and Business
International Entrepreneurship
Pre course Assignment
Dr. Huibert de Vries
Words: 992

2. Richard Branson is a successful British entrepreneur that is recognised for disrupting
industries with innovation and better customer service (HUSEPNI, 2013). In 1950, Branson
was born and by 1966 at the age of 16, decided to drop out of school due to his severe
dyslexia.
It was at this time Branson launched his first entrepreneurial venture with the national youth
magazine ‘Student’ which nurtured his entrepreneurial capacity that ultimately led to the
creation of Virgin Records in 1972. It is this exposure to such ventures from an early age that
is attributed to the catalogue of successes across a vast range of sectors resulting in over 200
Virgin Group companies and the billionaire status he maintains today (BIOGRAPHY, 2013).
Branson’s initiatives have gone on to transform the lives and operation of people and
industries around the world.
“This extroverted Creator is a pioneer: innovative but focused, creating not just products, but
business strategies as well”. It is these characteristics that enable him to run multiple ventures
while leveraging others to run them for him. Branson is a visionary and motivates people with
his drive and innovation (HAMILTON,2007).
Branson entered the music industry in 1970 by offering discounted records via mail order.
Confident they could enter the retail sector to compete with WH Smith on price, Branson’s
initiative became a success that led to the company’s first discount store ‘Virgin Records’ in
1971 (FEAR, 2011).
The success of this venture prompted the vertical expansion launching Virgin Records in
1972 where a contract with the young Mike Oldfield launched the company’s first album that
eventually sold over thirteen million copies by 1988 (BRANSON, 2009). This success was
preceded in the signing of Sex Pistols, a group all other record labels refused to sign. The
entrepreneurial capacity excersied in this signing recognised potential others had missed
achieving the label their second success illustrating the vision and educated risk taking
capacity Branson brings to the brand.
Branson entrepreneurial capacity affords him the opportunity to identify opportunities where
existing goods and services can be improved. The experience of a delayed flight prompted
Branson to launch Virgin Airlines a venture within which he hired a private jet and charged
premium prices for waiting passengers (BRANSON, 2009). The development of this business
was initiated by acknowledging the problem from creating a solution and making the prompt
decisions and action required to capitalise on said opportunity. It is examples such as this that

3. qualify Branson as an action-orientated entrepreneur coupling impatience and creativity with
initiative and focus. Virgin Airlines now established operates internationally, providing great
customer service with only the occasional interaction from Branson himself.
With Branson’s continued success in business, the Virgin Group now consists of over 200
companies worldwide. The most successful ventures have been those that add value to
people’s lives often satisfying a frustration experienced with an existing product or service.
It is acknowledged one of the hardest challenges for an entrepreneur is the implementation of
a great idea and often the very first ventures may not succeed. Individuals who can persevere
and become receptive to failure and learning’s these generate have the capacity and potential
to become high-class entrepreneurs. With determination to succeed entrepreneurs appreciate
that failure is one of the key ingredients of success. Additional attributes are essential and
Branson has taken enthusiasm and passion to create a positive and infectious atmosphere and
brand that continues to drive the success and development of his businesses and profile today.
It is noted that whilst some Virgin businesses have been spectacular, not all have been success
stories within the Virgin Group. Branson claims he has lost count of the number of times his
ventures have struggled with some even going bust. In 1994, Branson launched Virgin Cola
that became the most publicised struggles and subsequent failures of the Virgin brand when
they entered a price war with Coca Cola undercutting them on price (RUSSEL, 2012). This
experience generated great learning’s for Branson and during this venture educated him not to
underestimate the power or leverage of industry leaders with existing market share. As above
the development of a true entrepreneur is their capacity to acknowledge these learning’s and
move forward applying this value to their next business venture. Branson qualifies this:
“When a business venture has failed, we try to look for opportunities, to see whether we can
capitalise on another gap in the market.”
In recent ventures, Branson exceeds expectations by flying higher with Virgin Galactic and
exploring deep-sea travel (SUCCESS, 2009). Within this venture consumers will have the
opportunity to either fly in space above the earth’s atmosphere or in contrast, experience
creatures under the sea. Branson is again leveraging the Virgin brand and exploring this
venture within a niche market with the intention of capitalising within the tourism industry
with a concept within which everyday people can become an astronaut or a deep-sea explorer.
Known for his adventurous spirit and sporting achievements including crossing the Pacific
Ocean in a hot air balloon, Branson uses creativity and curiosity to excel achieving something
different, bigger and better.

4. Richard Branson has certainly lived an extraordinary life to date taking a mail-order music
business into the multi-billion dollar worldwide empire we now know as the Virgin Group.
Branson accredits this success to hard work and perseverance to create ventures and
opportunities that add value to people’s lives. Where many people perceive failure as a
concern, Branson embraces this as an opportunity to learn and develop.
Branson is an international entrepreneur who has developed and repeated a blueprint.
Concluding points suggest this blueprint involves the initial selection of an industry where
opportunity exists to innovate followed by the sourcing of an industry expert and joint venture
partner. The concept is then developed and launched leveraging the Virgin brand and public
relations to enter the market gaining market share before stabilising the business with
outstanding customer service – the new marketing investment (FORBES,2011).
It is these attributes, experiences and learning’s that have established Branson as the global
entrepreneur and successfulbusinessman that is worldly recognised today.

5. Bibliography
Business books:
Hamiliton, R (2007). Wealth Dynamics: Your Life, Your Legacy. 2nd
ed. Surrey: Achievers
International. P58.
Biographies:
Branson, R (2009). Losing My Virginity. 2nd ed. London: Virgin Books. p126.
Branson, R (2009). Losing My Virginity. 2nd ed. London: Virgin Books. p163.
Biography. (2013). Richard Branson. Biography. Available:
http://www.biography.com/people/richard-branson-9224520?page=1. Last accessed 11th July
2013.
Fear,B. (2013). Virgin Records1970-1971. Available: http://www.virgin.com/history/virgin-
records-1970-1971. Last accessed 15th July 2013.
News articles:
Russell, M. (2013). Richard Branson's Fails: 14 Virgin Companies That Went
Bust. Available: http://www.businessinsider.com/richard-branson-fails-virgin-companies-
that-went-bust-2012-4?op=1. Last accessed 15th July 2013.
Huspeni, A. (2013). Passionate, Independent, Insensitive? You May Be An
Entrepreneur. Available: http://www.youngentrepreneur.com/blog/entrepreneurship/are-you-
cut-out-to-be-an-entrepreneur/. Last accessed 11th July 2013.
Forbes. (2011). Why Customer Service Is The New Marketing?.Available:
http://www.forbes.com/sites/theyec/2011/12/28/why-customer-service-is-the-new-marketing/.
Last accessed 20th July 2013.
Magazine articles:
Success. (2009). Richard Branson: Virgin Entrepreneur. Available:
http://www.success.com/articles/712-richard-branson-virgin-entrepreneur. Last accessed 15th
July 2013.