Founder of The Virgin Group
Founded: 1970
"I don't go into ventures to make a fortune. I do it because I'm not satisfied with the way others are doing business."-Richard Branson
Who Is Richard Branson?
Richard Branson, in full Sir Richard Charles Nicholas Branson, (born July 18, 1950, Shamley Green, Surrey, England), British entrepreneur and adventurer, head of Virgin Group Ltd., known for his publicity stunts and also for setting records in powerboat racing and hot-air ballooning.
Young Entrepreneur
Richard Charles Nicholas Branson was born on July 18, 1950, in Surrey, England. His father, Edward James Branson, worked as a barrister. His mother, Eve Branson, was employed as a flight attendant. Richard, who struggled with dyslexia, had a hard time with educational institutions. He nearly failed out of the all-boys Scaitcliffe School, which he attended until the age of 13. He then transferred to Stowe School, a boarding school in Stowe, Buckinghamshire, England.
Still struggling, Branson dropped out at the age of 16 to start a youth-culture magazine called Student. The publication, run by students, sold $8,000 worth of advertising in its first edition, launched in 1966. The first run of 50,000 copies was disseminated for free, with Branson afterward covering the costs through advertising.
Career
During the music-drug scene in the early 70s in UK, Branson set up a small recording studio in Oxfordshire, England in 1972. The first artist on the Virgin Records label was Mike Oldfield, who recorded the song, ‘Tubular Bells’.
After Oldfield’s success, he signed other musical groups with Virgin Records such as the Rolling Stones, the Sex Pistols and the Culture Club. These groups would eventually make Virgin Records one of the top record companies in the world.
After the success of Virgin Records, he expanded his entrepreneurial efforts and began his own travel company, the Voyager Group in 1980.
In 1984, he expanded his business and started his own group of airlines, ‘Virgin Atlantic’ and a series of Virgin Megastores thereafter. It was not that he always tasted success and his businesses faced liquidity problems as well.
The Virgin Group had financial problems in 1992 and was finally sold to THORN EMI for $1 billion. He was devastated but continued to stay in the music business.
He started another record company called V2 in 1996, which still operates to date and has signed artists like Tom Jones and Powder Finger.
On September 25, 2004, he announced that he was going to start a new space tourism company called ‘Virgin Galactic’, with the aid of Microsoft co-founder, Paul Allen and Burt Rutan.
Business Expansion
Branson expanded his entrepreneurial efforts yet again, this time to include the Voyager Group travel company in 1980, the Virgin Atlantic airline in 1984 and a series of Virgin Megastores. However, Branson's success was not always predictable, and by 1992, Virgin was suddenly struggling to stay financially afloat. The company was sold later that year to Thorn EMI for $1 billion.
Virgin Records
The first artist on the Virgin Records label, Mike Oldfield, recorded his single "Tubular Bells" in 1973 with the help of Branson's team. The song was an instant smash, staying on the UK charts for 247 weeks. Using the momentum of Oldfield's success, Branson then signed other aspiring musical groups to the label, including the Sex Pistols. Artists such as the Culture Club, the Rolling Stones and Genesis would follow, helping to make Virgin Music one of the top six record companies in the world.
Major Works
He is the chairman and owner of Virgin Group, which currently holds more than 400 companies in 30 countries around the world. His business empire includes a train company, an airline company, a mobile phone company, a luxury game preserve and a space tourism company.
He is the author of ‘Losing my Virginity’, which is an autobiography that features his story from rags to riches. The book became an international success overnight and was adapted into a biopic by David Mirkin and Steven Paul.
Personal Life
Branson is married to his second wife, Joan Templeman, with whom he has two children: Holly and Sam. He often stays at his residence on Necker Island in the British Virgin Islands, even remaining there while Hurricane Irma all but destroyed the island in September 2017.
Awards And Achievements
He was presented the United Nations Correspondents Association Citizen of the World Award for his contributions to humanitarian causes on December 7, 2007.
He was awarded the ISTA Prize by the International Space Transport Association for his contributions pertaining to space transport systems on November 14, 2011
In 2012, he was ranked the 4th richest citizen of the United Kingdom in the list of billionaires by Forbes Magazines.
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