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Is there anything Richard Branson doesn’t do? A high school drop-out at 16, he’s started companies, seen the world, and had more adventures than anyone could dream of in a lifetime. He’s a creative personality and a brilliant businessman… an energetic, charitable man who has built a brand recognizable around the world. And he’s worth nearly 5 billion dollars. So how did Branson get to where he is today?
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Transcript provided by YouTube:
00:00
Is there anything Richard Branson doesn’t do?
00:03
A high school drop-out at 16, he’s started companies, seen the world, and had more adventures
00:08
than anyone could dream of in a lifetime.
00:10
He’s a creative personality and a brilliant businessman… an energetic, charitable man
00:16
who has built a brand recognizable around the world.
00:19
And he’s worth nearly 5 billion dollars.
00:22
So how did Branson get to where he is today?
00:34
Early Life
00:40
Let’s start at the beginning…1950 in Surrey, England.
00:46
Branson was born the eldest son of Edward and Eve Branson, a lawyer and flight attendant.
00:51
Though she was a flight attendant, Eve Branson didn’t sit idly by on her days off.
00:55
She built wooden trash cans and tissue boxes, selling them for extra money for the family.
00:59
Watching his mother’s success built Branson’s admiration for entrepreneurs, and gave him
01:03
an option for when school just wasn’t working out.
01:06
She was always supportive of him, and was even known to tell people he would one day
01:09
be Prime Minister of England.
01:11
His mother was also an influence on Branson’s active mind and lifestyle that have become
01:15
so much a part of his international brand today…she didn’t let her children watch
01:19
TV, instead pushing her son and two daughters outside to entertain themselves and “make
01:23
themselves useful.”
01:25
Though clearly brilliant, Branson was not a successful student.
01:28
He has dyslexia, and growing up school was difficult for him.
01:32
But dyslexia did not stop him, and now, he credits it as a key part of the formula of
01:36
his success.
01:37
“If you have a learning disability, you become a very good delegator.
01:41
Because you know what your weaknesses are and you know what your strengths are, and
01:44
you make sure that you find great people to step in and deal with your weaknesses.”
01:49
He moved through several schools as a child, eventually just giving up on institutionalized
01:53
learning at the age of 16.
01:55
But he did not give up on achieving.
01:58
When he dropped out of school, he already knew that being an entrepreneur was the right
02:01
life for him.
02:02
He started out with an idea, and with an ultimate goal far beyond just earning money.
02:07
“From my very first day as an entrepreneur, I’ve felt the only mission worth pursuing
02:11
in business is to make people’s lives better.”
02:15
His first venture as a teenage businessman was publishing a magazine called “Student.”
02:19
At only sixteen years old, with no input or work from anyone but students, Branson was
02:23
able to secure $8,000 in advertising for the magazine’s first issue.
02:28
This was 1966, and $8,00 was a lot of money.
02:33
So much, in fact, that Branson didn’t even have to sell the first issue.
02:36
Instead, he gave away 50,000 copies, building the brand name and a potentially loyal customer
02:41
base for future issues.
02:43
It was the first demonstration of a brilliant business mind with an utterly impressive talent
02:48
for marketing.
02:49
“Student” continued in its original form for three years, but in 1969 Branson felt
02:54
the urge to make it bigger, to take it in a new direction.
02:57
Advertisements for records were a large part of the magazine’s revenue, so Branson took
03:02
records and the magazine, put them together, and saw a gap in the market for record sales
03:07
– mail order sales.
03:09
His mail order business was christened with the name we all now recognize … “Virgin.”
03:14
But it wasn’t Branson who came up with that name, it was one of his first employees.
03:18
Though they were successful, the name was perfect for the company as all of the young
03:22
people involved were new to business.
03:25
It stuck, and has now come to represent much more than mail order music.
03:30
Though the mail order business was popular, it wasn’t making enough money to stay afloat,
03:35
and Branson needed cash.
03:37
He decided the best way to do that was to avoid giving the government their entire share
03:42
of the taxes he actually owed.
03:44
He came up with a scheme through which he avoided reporting all the records that were
03:47
sold in the UK, falsifying the numbers of those that were exported.
03:51
It sounded good, and it brought in cash, but it was discovered.
03:56
Branson ended up in jail, and ended up having to pay over $60,000 in fines.
04:01
This obstacle and a short time in jail didn’t slow him, or his business ambitions down,
04:06
though.
04:07
Even with the tax fraud scandal, it was only less than two years after starting the mail
04:10
order record business that Branson was able to take yet another leap.
04:14
In 1971, he opened an actual brick and mortar store to sell records.
04:19
Then, it was only another year before he bought himself a home, and was able to build a recording
04:23
studio inside of it.
04:24
Now that he had a studio, the next logical step was to start a record label.
04:28
So he looked around, and ended up signing an artist he thought would be okay, but likely
04:32
not to have overwhelming success as no one else would take him.
04:37
The name of the newly created label that this newcomer artist signed on to?
04:40
Virgin Records, of course.
04:42
The label had success almost immediately, with its first artist, Mike Oldfield, staying
04:47
on the charts with the album “Tubular Bells” for nearly five years.
04:50
To put this in perspective…the record was on the charts for as long as it took Branson
04:55
to go from selling records by mail to having his own record label.
04:59
The success of Oldfield and Branson under the upstart Virgin label didn’t go unnoticed
05:04
– far from it.
05:05
Huge names like the Sex Pistols, the Rolling Stones, Culture Club, Janet Jackson and Genesis
05:09
were later signed to the label.
05:13
Later Career
05:17
Throughout the 1970s, while Branson was in his 20s, he focused on his ever-growing music
05:26
business.
05:27
But by 1984, he was again itching to try something new.
05:31
So he took what seems like a large jump across industries … he invested in a new airline
05:37
business.
05:38
Before launching the full-fledged airline service, Branson had realized the potential
05:41
for doing so when his own flight to the British Virgin Islands was cancelled.
05:45
Being wealthy, he didn’t have to wait around an airport for the next flight at the whim
05:49
of the airlines…he could charter his own plane.
05:51
So he did, but he didn’t keep the large plane to himself.
05:55
Instead, he charged the others who were supposed to be on his original flight to the British
05:59
Virgin Islands a small fee, and they all flew together on the chartered plane down to the
06:04
island.
06:05
His creative mind and business intuition saw an opportunity, and Branson was ready to seize
06:11
it.
06:12
Soon after his initial experimental charter flight to the British Virgin Island, he called
06:16
up Boeing and asked what they had for sale.
06:19
A 747 was available, and Branson bought it to start up his fleet of airplanes.
06:26
As he had with the mail order record business, Branson saw a need and a way he could run
06:30
a business better than others were currently doing.
06:34
So he did.
06:36
“We just made it that much more special than all the other airlines we were competing
06:40
with,” he says of what he achieved with Virgin Atlantic Airways.
06:43
Long before it was the norm, Virgin was offering such luxuries as individual tv screens to
06:48
help people pass the time on flights.
06:50
Initially, Virgin operated only out of London’s Gatwick airport.
06:53
But by 1991 it had grown to the point where it was given permission to fly out of Heathrow.
06:58
British Airways was not pleased by this new threat to their previously largely unchallenged
07:04
primacy, and they didn’t want to sit idly by while Virgin kept gobbling up market share.
07:10
In 1993, Virgin accused British Airways of a series of so-called “dirty tricks” that
07:16
ranged from computer hacking to libel.
07:19
Following the accusations, British Airways settled, and forked over nearly $4 million
07:23
in legal fees and compensation.
07:26
What did Branson do with the money he received in the settlement?
07:29
He didn’t just put it in his account – instead he shared it with Virgin’s employees.
07:35
Though the settlement was a win for the company, it didn’t mean Virgin and Branson were completely
07:40
successful and had nothing to worry about.
07:42
On the contrary, Branson was forced to sell his music business to keep his entire empire
07:48
going.
07:49
EMI bought Virgin Records in 1992, and though it was a good business decision, it was a
07:54
tough personal decision for Branson.
07:55
The music business was Branson’s baby, his first venture, and the reason everything else
08:01
he had built was possible.
08:02
Over the years, he’s been very open about just how difficult that sale was for him:
08:06
“I mean, you build something from scratch, we had just signed Janet Jackson, we had just
08:11
signed the Rolling Stones when we sold it, and I remember running down Ladbroke Grove,
08:15
tears streaming down my face with the check for a billion dollars.”
08:19
Since the sale, Virgin Airlines has continued to grow, Branson added a cell phone sector
08:23
to his business, and then, a space travel venture called Virgin Galactic.
08:27
500 people have bought tickets an as-of-yet unscheduled flight into space with Virgin
08:31
Galactic.
08:32
Overall, he owns 200 companies linked to the Virgin brand, but business isn’t his only
08:40
interest, nor his only talent.
08:48
Adventures
08:52
Branson could just sit comfortably in his island resort home, but he prefers to explore
08:57
all corners of the world, and to do so in ways far more interesting and far more perilous
09:03
than in the comfort of a Virgin Airlines plane.
09:06
He’s flashier than your average billionaire, with no qualms about risking his life in the
09:10
pursuit of adventure … adventure that also often serves double duty as a completely out
09:15
of the box marketing strategy.
09:17
He makes no distinction between his professional and personal endeavors, simply aiming to enjoy
09:22
life and make a difference where he can.
09:24
“I don’t think of work as work and play as play.
09:27
It’s all living.”
09:29
In 1985, Branson made international news when he tried to set a world record for the fastest
09:35
crossing of the Atlantic.
09:36
He failed in spectacular fashion, as his boat capsized and he had to be rescued by a British
09:41
military helicopter.
09:43
“Do not be embarrassed by your failures, learn from them and start again” is one
09:48
of Branson’s life mottos, and try again he did.
09:50
In 1986, he attempted the Atlantic crossing again, but this time he succeed in spectacular
09:56
fashion – he broke the world record for the crossing by two hours.
10:00
But breaking the record wasn’t enough for Branson.
10:03
He needed more adventure, and he wanted to keep his name and Virgin’s name in the news.
10:08
He’d done a water crossing – now he wanted to move into the air.
10:12
Airplanes weren’t exciting enough, so he opted to cross the Atlantic in a hot air balloon.
10:17
Then, crossing the Atlantic wasn’t enough, so he decided to cross the Pacific in a hot
10:22
air balloon.
10:23
It wasn’t purely for the pursuit of adventure that he took on the hot air balloon challenges.
10:26
He actually truly enjoyed travelling by hot air balloon.
10:29
“My favorite mode of transport is hot-air ballooning … It’s so graceful to be blown
10:34
by the wind, to go where the wind takes you.”
10:37
The balloon Branson took on his first flight was a recordbreaker in and of itself.
10:42
It was the size of a 21 story building, and was built to fly at a speed of 200 miles per
10:48
hour – it was the largest and fastest balloon ever constructed.
10:53
Large and fast, the balloon wasn’t immune from danger.
10:56
The flight’s path was from the state of Maine to Ireland, and when the balloon reached
11:00
Ireland it didn’t detach as it was supposed to.
11:03
Instead, Branson and his crew found themselves dipping into the freezing waters of the Atlantic.
11:08
His crew jumped out of the balloon, but Branson was forced to stay put after the balloon rapidly
11:12
lifted to 12,000 feet with him still in it.
11:15
Terrified, but able to remain calm, Branson navigated the balloon back down towards the
11:20
water, and jumped into the ocean when he was a few dozen feet above its surface.
11:24
The Pacific balloon trip wasn’t much calmer – they ran out of most of their fuel partway
11:29
through and were dependent on the jet stream to push them forward.
11:33
“I was facing almost certain death …. We could have just slumped on the floor and accepted
11:38
our fate or try to fly the balloon into the core of the jet stream and find the strongest
11:42
winds you can find, stay awake for three days, and do everything you can to avoid what, on
11:47
paper, looked like a sad ending.”
11:49
Branson and his crew chose to stay awake and do what they could – and they overcame their
11:55
challenge.
11:56
They didn’t break the records they wanted to, but they did live to tell the tale of
11:57
their adventure.
11:58
And that was all they could ask for at that point.
12:05
Charity Work
12:08
A man like Branson who devotes much of his life to the pursuit of pleasure and growing
12:15
a business might seem to be full up on his time commitments.
12:18
But for Branson, business and success is about much more than just amassing wealth – it’s
12:24
about helping people.
12:25
“I never started out in business to make money – I wanted to create products that
12:29
made a difference in people’s lives.
12:30
The same is true today.
12:32
In my opinion, there’s nothing quite like the gift of giving.
12:35
When you see first-hand the impact it can have, it becomes the best feeling in the world.”
12:41
Branson has used not only his money, but his brand and his notoriety to influence world
12:45
leaders.
12:46
He and Peter Gabriel, of the Virgin Records band Genesis, talked to Nelson Mandela about
12:50
their dream of having a group of world leaders formed to work on the pressing issues facing
12:54
the people of the world.
12:56
The result?
12:58
The Elders – a group of some of the world’s most respected former leaders, including UN
13:02
officials, President Jimmy Carter, and Desmond Tutu.
13:05
Branson provides funding for the group and its initiatives, but it was his initial idea,
13:10
his willingness to care and to take a leap in talking with one of the world’s most
13:11
famous men about his idea that led to the group’s creation and its ability to influence
13:16
world events.
13:17
Environmental issues are one of Branson’s passions.
13:18
He’s committed hundreds of millions to fighting global warming, and even hosted a summit at
13:23
his private island in 2009.
13:26
Why this commitment to the Earth and preserving its beauty?
13:30
Like his creative bent, Branson credits his childhood home and the amount of time he spent
13:34
playing outside.
13:35
“I was fortunate to have been brought up in the countryside in a little cottage, and
13:39
I suppose that the first 10 years of my life was spent in the countryside – biking, climbing
13:43
trees, and in touch with nature.
13:45
And I suppose that’s where my love of nature started.”
13:47
Overall, he’s worked with dozens of charities in his life, dedicating his time and money
13:52
to the causes he cares about and that he believes matter most to his fellow humans.
13:54
The United Nations has even recognized his efforts, giving him their Citizen of the World
13:58
award in 2007.
14:00
Most recently, Branson has thrown his charitable energy towards helping the Caribbean islands
14:04
rebuild in the wake of Hurricane Irma’s destruction during the fall of 2017.
14:09
With his home on Necker Island in the British Virgin Islands, he has a personal interest
14:13
in doing so, but has gone well beyond just rebuilding his own luxurious home.
14:17
He spent time helping mobilize rescue efforts, and assisted with the distribution of water
14:21
and supplies as well as helping people find shelter.
14:24
Clearly, Branson is not a man to stand idly by when there is a need or an opportunity.
14:34
Media
14:37
In promoting the Virgin brand and promoting the causes he cares about, Branson has become
14:43
a highly recognized personality and a frequent guest on news and other shows.
14:48
But he doesn’t always stick to the serious stuff.
14:50
He’s made cameos in the Bond film Casino Royale, and cemented his place as a 90s icon
14:55
when he guest starred on both Baywatch and Friends.
14:57
He was also featured in the iconic Apple Think Different ad alongside such luminaries as
15:02
John Lennon, Gandhi, Einstein and Pablo Picasso.
15:05
Richard Branson is not your typical uptight businessman.
15:08
He’s a creative luminary who has impacted all corners of business and impacted many
15:12
parts of the world.
15:13
And that’s what he aims to do, each day.
15:15
He wants to put the things he’s passionate about to work for himself, and for the world.
15:19
“A passionate belief in your business and personal objectives can make all the difference
15:23
between success and failure.
15:25
If you aren’t proud of what you’re doing, why should anybody else be?”
15:30
Personal Life
15:35
Amid everything, Branson also found time to marry and have children.
15:42
His first marriage was in the heyday of Virgin Records, when he wed Kristin Tomassi in 1972.
15:47
That marriage lasted only seven years, and the couple divorced in 1979.
15:51
Branson had already met his second wife, Joan Templeman, by the time he and Tomassi divorced.
15:56
And, as Branson admitted much later to Piers Morgan, he had a daughter with Templeman in
16:00
1979.
16:01
Sadly, the child only lived for four days.
16:04
It wasn’t until ten years and two more children later that Branson and Templeman actually
16:08
tied the knot.
16:14
Conclusion
16:19
Richard Branson could have continued to struggle through school, doing things he hated and
16:23
that he didn’t care about.
16:25
He could have fought his way through to becoming a lawyer like his dad, or settling into a
16:28
middle-class office job in London or the surrounding areas.
16:31
He could have stuck it out – but he listened to his instincts instead and went with his
16:35
heart.
16:36
A dropout, he could have fallen to the bottom and struggled through life feeling sorry for
16:39
himself for having a learning disability.
16:42
But his passion and his personality, along with his mother’s constant encouragement,
16:46
propelled him forward.
16:48
Richard Branson drew on his creativity, took risks, and never shied from a challenge.
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Every time he failed, he brushed himself off and tried again.
16:56
He gives back to a world that has given him much, and he continues to succeed as a businessman
17:01
and as an admired personality.
17:03
Branson once said “If you want to stand out from the crowd, give people a reason not
17:08
to forget you.”
17:09
Richard Branson has certainly followed his own advice, and it’s helped him lead a successful
17:14
and passionate life.
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