ENTREPRENEURS
Branson's secrets for success
Tim Gane
Posted Thu, 10 Mar 2005
He's 54 years old, dyslexic and until recently didn't know the difference between net and gross profit, but somehow he's the chair of 350 companies, built from scratch, which realised turnover of over $8-billion in 2003.
It could only be Sir Richard Branson, chair and founder of the Virgin group, with a personal fortune of over $2-billion.
South African businesspeople and entrepreneurs got a taste of the Branson magic this week, with the screening of an hour-and-a-half interview at various Ster Kinekor cinemas around the country on Wednesday.
Sir Richard, who admitted he'd just stepped off a plane from India after doing some charity work, appeared typically laid back in jeans, a shirt and jacket.
Although appearing considered to the point of pensiveness, there was no mistaking the charismatic smile that one has come to associate with daring publicity stunts and grand business ventures.
And his number one mentor? Why none other than former president
Nelson Mandela.
Among Britons he's the most admired businessman, first choice for London mayor, the number one role model for students and the best father one could hope to have.
Branson attributes his success to an ethos that business is about people — he believes that the most important aspect of being an inspirational leader is the ability to be a people's person.
"Surround yourself with fantastic people" he said. Companies are about the people in them, this too is apparent from the groups website which states that there is a "Virgin-ness in everything we do".
On a question about human resources Sir Richard quipped that Virgin doesn't have a human resources division rather a people's department, affirming his belief that business is about people.
When pressed on his advice to entrepreneurs, he reflected that for all the successes in business, there are even more failures. And while we tend to celebrate only the successes, entrepreneurs would do well
to learn from the failures of others. "One day I will publish a book about failures," he said.
Make sure there is a reason for your company, he advised, and be sure that you know you can offer a better service and a fresh approach in the market that you're entering.
Perhaps the best-known Branson brand is his airline, Virgin Atlantic, which he established over 20 years ago after he realised that the airlines he was using were "abysmal" and he knew he could offer a better and fresher approach.
Branson advised entrepreneurs not to be obsessed with the profits in the beginning, but rather to grow turnover and increase market share, then the profits will follow.
On leadership he cautioned against "rule by fear", and advised business leaders to rather be aware and flexible to the needs of their employees.
Sir Richard favours personal experience above market research and says that you wouldn't believe how much you learn from people while leaning up against a
bar having a drink, the only catch, he chuckles, is that you must keep a notebook handy so that you don't forget all the useful tips.
He doesn't have a desk that he hides behind; he's constantly on the move chatting to people and employees about his businesses, and listening to their ideas and criticisms, listening is crucial he says.
And how does he find the time to run so many companies across so many timezones?
The king of entrepreneurs spends roughly a third of his time on troubleshooting, a third on new projects and a third on promotions and talking.
Eighty percent of our time is spent at work, Branson said, so we might as well enjoy it and have fun.
On the notion of having fun, Sir Richard quipped that the boss being the first one fully clothed in the pool at a party inspires and grows respect a lot more than the aloof big boss "standing in the corner sipping sherry".
Branson aspires to make Virgin the most respected brand in the world and to
do this he says, you need to have a 100 percent belief in the company and employees need to share in this belief.
Many of the questions asked during the interview were about what business models were used to run Virgin companies, either he's not giving away any secrets, or business models just aren't his thing, but with one such question Branson humorously asked that it be translated into English so that he could understand it.
He added that everything in the Virgin group is simplified "so that Richard can understand it", adding that as long as he can understand what's going on, then so can everyone else.
He's a calculated risk taker, and by his own admission has largely learnt to
be a leader through trial and error.
As one viewer asked, you have money and fame, what drives you now?
The reply: "I challenge people and I challenge myself".
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