SIR RICHARD BRANSONDEVELOPMENT

OF AN ENTREPRENEUR

Presented By: -Pallavi Gupta 500901036Romila Raina 500901054Shray Jali 500901062Sumit Sharma 500901063

SIR RICHARD BRANSON

• Born July 18, 1950, England • Virgin Group > 360 companies • Companies cost  $ 25 billion • 55 000 employees

« A Frugal Billionaire » « Is an English industrialist (business magnate) » « The quintessential entrepreneur »

MilestonesHe was knighted in 1999 for his  “Services to entrepreneurship“ Sir Richard appears at No. 85 on the 2002  list of “100 Greatest Britons”

Sir Richard was also ranked in 2007's Time Magazine "Top 100 Most Influential People in the World".

On 7 Dec 2007, United Nations Secretary presented Branson with the United Citizen of the World Award for his  support for environmental and humanitarian causes

“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”.

• When he was 16 years old, he dropped out of school to move to London and launch Student Magazine, which didrelatively more  success.

• At 19 founded the Virgin mail order record company• Success in selling mail order records, opening of a 

record shop  then  launched own record label, Virgin  Records. 

• 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 

 GREAT SUCCESS

How he began

• Virgin Records music label • Virgin Atlantic Airways (USA) • Virgin Mobile (India) • Virgin Media (UK's fastest broadband) • Virgin Blue Australia • Virgin Galactic

Top known companies

Branson’s Empire

• Branson didn’t run his businesses by strategies.• Instead, he keeps a ‘to do’ list, that he writes at

the beginning of each day.• 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.

Virgin brand

• Size does matter: you need to challenge and compete with big brands to become big yourself.

• Take it easy, mix fun with work. • Haggling is possible in every business it ‐

brings down prices. • Mingle like a common man, go ahead like a

bullet. • Be camera / media friendly‐

Some simple strategies

Main characteristics • Ability to connect with people.

• Innovative approach to the business. •Like challenges and always disengage difficulties.

•I’m not good at theory.Almost everything I’ve learned, I’ve learned  by doing. •Topping my list of gut feelings is this: business has to give people  enriching, rewarding lives, or it’s  simply  not worth doing.

STRATEGY• Listen to people

Encourage communication and feedback.

• Integrate personnel into other parts of organization.

BRANSON'S SKILLS•Public Relations genius he ‐

understands what the media wants and gives it to

them. • He is likeable. He knows

when to disappear.

CORE BELIEFS AND VALUES • Helping people achieve things that they did not know they were capable of • Being a catalyst to the success of others •Constantly learning

VALUES AND BELIEFS •He says that he never listens to critics. • He is a sponge for new ideas•Inspire people to think like Entrepreneurs

Characteristics of Richard Branson

Quiet, serious, sensitive and kind. Do not like conflict, and not likely to do things which may generate conflict

Loyal and faithful. Extremely well developed senses, and aesthetic appreciation for beauty

Not interested in leading or controlling others Flexible and open-minded. Likely to be original

and creative. Enjoy the present moment.

Personality

ISFP Introvert Sensing Feeling Perceiving

Leadership Skills

Employee Empowerment

Patiently listens to Employees’ ideas

Not a conventional business person

Never forces a consensus

Energizes people towards higher performance

Collaborating, Competing, Compromising, Avoiding,

Accommodating

Leadership Style: Participative

Adjusting leadership theories

Blake and Mouton’s Managerial Grid

• Transformational Leadership-Focused on bringing about changes in organization by building vision, securing commitment and empowering people.

• Path Goal Theory(Participative Leadership)- Leaders to provide information, support and

resources to help followers achieve the goals.

Leadership theories

• Situational Theory (Hersey & Blanchard): High concern for relationship and low concern for task i.e. Participative behavior.

• 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.

Leadership theories

• Art of delegation… I have to be good at helping  people run the individual businesses…

• 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…

•“If a flower is watered, it flourishes. If not, it shrivels up & dies.” Employee should be given the opportunity to do well in a different Virgin Group  job. Firing is seldom an option…

Leadership qualities

• 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.

• Inspire people to think like entrepreneurs, and  whatever you do, treat them like adults.

• “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.”

Leadership qualities

Team Spirit

Family oriented Good in sports Flexible Open-minded Welcomes different ideas and does not impose

his decisions on employees Had his own Advisory team Abilene Paradox: Avoids Conflicts

THANK YOU