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55 000 employees </li></ul>« A Frugal Billionaire » <br />« Is an English industrialist (business magnate) » <br />« The quintessential entrepreneur » <br />
Milestones<br />He was knighted in 1999 for his “Services to <br />entrepreneurship“ <br />Sir Richard appears at No. 85 on the 2002 list of <br />“100 Greatest Britons”<br />Sir Richard was also ranked in 2007's Time <br />Magazine "Top 100 Most Influential People in the World". <br />On 7 Dec 2007, United Nations Secretary presented Branson with the United Citizen of the World Award for his support for environmental and humanitarian<br /> causes <br />
“My interest in life comes from setting myself huge, apparently unachievable challenges and trying to rise above them…from the perspective of wanting to live life to the full, I felt that I had to attempt it”. <br />
When he was 16 years old, he dropped out of school to move to London and launch Student Magazine, which did<br /> relatively more success.<br />At 19 founded the Virgin mail order record company<br />Success in selling mail order records, opening of a record shop then launched own record label, Virgin Records. <br />On May 25, 1973, the Richard Branson biography took on a whole new dimension with the release of Mike Old fields ‐the first release for Virgin Records, which quickly became a best‐seller throughout England <br /> GREAT SUCCESS <br />How he began <br />
Top known companies <br />Virgin Records music label <br /> Virgin Atlantic Airways (USA) <br /> Virgin Mobile (India) <br /> Virgin Media (UK's fastest broadband) <br /> Virgin Blue Australia <br /> Virgin Galactic <br />
Virgin brand <br />Branson didn’t run his businesses by <br /> strategies.<br />Instead, he keeps a ‘to do’ list, that he writes at the beginning of each day.<br />In recent years,Branson has taken steps to define a strategy for the Virgin Group ‐ Branded Venture Capitalism was what his strategy advisor called it. <br />
• Size does matter: you need to challenge and compete with big brands to become big yourself. <br />• Take it easy, mix fun with work. <br />• Haggling is possible in every business ‐ it brings down prices. <br />• Mingle like a common man, go ahead like a bullet.<br /> • Be camera / media‐ friendly<br /> Some simple strategies <br />
Main characteristics <br />• Ability to connect with people.<br />• Innovative approach to the business.<br /> •Like challenges and always disengage difficulties.<br />•I’m not good at theory.Almost everything I’ve learned, I’ve learned by doing.<br /> •Topping my list of gut feelings is this: business has to give people enriching, rewarding lives, or it’s simply not worth doing. <br />
STRATEGY<br />• Listen to people<br />Encourage communication and feedback. <br />• Integrate personnel into other parts of organization.<br />BRANSON'S SKILLS<br />•Public Relations genius ‐he <br />understands what the media wants and gives it to them. <br />• He is likeable. He knows when to disappear.<br />CORE BELIEFS AND VALUES <br />• Helping people achieve things that they did not know they were capable of <br />• Being a catalyst to the success of others <br />•Constantly learning <br />VALUES AND BELIEFS<br />•He says that he never listens to<br /> critics. <br />• He is a sponge for new ideas<br />•Inspire people to think like <br /> Entrepreneurs<br />
Leadership theories<br />Transformational Leadership-<br /> Focused on bringing about changes in organization by building vision, securing commitment and empowering people.<br />Path Goal Theory(Participative Leadership)- <br /> Leaders to provide information, support and resources to help followers achieve the goals.<br />
Situational Theory (Hersey & Blanchard):High concern for relationship and low concern for task i.e. Participative behavior.<br />Ohio State Studies:He is a consideration type of leader who believe in fostering informal relations. Establish warm, friendly and supportive climate for the subordinates to perform well.<br />Leadership theories<br />
Leadership qualities<br />Art of delegation… I have to be good at helping people run the individual businesses…<br />Branson says his philosophy of "look for the best and you'll get the best" helped him build an empire recognized for its young, fun culture…<br />•“If a flower is watered, it flourishes. If not, it shrivels up & dies.” Employee should be given the <br /> opportunity to do well in a different Virgin Group job. Firing is seldom an option… <br />
Leadership qualities<br />Motivational strategies extend to innovative ideas. The key to encourage innovation within the Virgin ranks, suggests Branson, is to listen to any and all ideas and to offer feedback.<br />Inspire people to think like entrepreneurs, and whatever you do, treat them like adults.<br />“One thing is certain in business. You & everyone around you will make mistakes.You have to trust people around you to learn from their mistakes. Blame and recriminations are pointless.” <br />