Lesson #3: Keep Flying High
Lesson #3: Keep Flying High
Branson is no stranger to failure. Known for his often wild and dramatic ideas, Branson always knew that he would encounter letdowns along the way. But, the secret to his success has been his ability to make a strong recovery. More than perhaps any other entrepreneur in the 20th century, Branson has been able to successfully move from one venture to the next even after experiencing bitter disappointment.
Branson’s determination to succeed despite the obstacles stems from his childhood. The first major challenge that he had to overcome was his dyslexia. At the age of eight, Branson still could not read. “My dyslexia was a problem throughout my school life,” he recalls. After suffering regular beatings at the hands of his headmasters for his below average academic performance, Branson vowed to fight his handicap. “Although my spelling is still sometimes poor, I have managed to overcome the worst of my difficulties through training myself to concentrate,” he says.
Branson did not let dyslexia stand in his way. Having overcome a major life obstacle, Branson was now armed with a new confidence that he could take on the business world. Despite his overwhelming success with Virgin, his professional pursuits did not always end as Branson envisioned. For every successful Virgin enterprise or music group there also seems to be a failure. From Virgin Cola to Virgin Vodka to Virgin Cosmetics, Branson has experienced his share of business duds.
Virgin Vodka, launched in 1994, did not find commercial success, largely because it lacked brand added value. Whereas Virgin Atlantic had such unique features as on-board massages and free ice cream going for it, Virgin Vodka could not stand up to its competition. Similarly, despite being priced 20% below Coke, Virgin Cola only achieved a 3% market share in the UK. These companies have since virtually disappeared off the market. Branson was also forced to sell Virgin Cinemas and Virgin Cars, two ventures that he could just not make profitable.
“If you are trying to do something for the first time, it’s always an enormous challenge, and there is no guarantee of success,” says Branson. “You never know with these things when you’re trying something new what can happen. This is all experimental.”
But, that is precisely the Branson philosophy – try new things, branch out, and when you can’t find success with one venture, you simply move on to the next. He understood that an integral part of being an entrepreneur meant being willing to not only accept failure but to also be able to rise up and start again. After launching Virgin Vines in 2005, a hip new wine brand, Branson said, “We’ve got an engaging, edgy, vibrant, fun product. It may or may not work, but we’re going to give it our best shot.”
Branson was not afraid to take risks. Some paid off while others didn’t, but in never giving up, Branson demonstrated the rewards that are possible when entrepreneurs are not afraid to keep on going.
Lesson 3 Keep Flying High
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“Business opportunities are like buses, there's always another one coming,” says Branson.
Branson is no stranger to failure. Known for his often wild and dramatic ideas, Branson always knew that he would encounter letdowns along the way. But, the secret to his success has been his ability to make a strong recovery. More than perhaps any other entrepreneur in the 20th century, Branson has been able to successfully move from one venture to the next even after experiencing bitter disappointment.
Branson’s determination to succeed despite the obstacles stems from his childhood. The first major challenge that he had to overcome was his dyslexia. At the age of eight, Branson still could not read. “My dyslexia was a problem throughout my school life,” he recalls. After suffering regular beatings at the hands of his headmasters for his below average academic performance, Branson vowed to fight his handicap. “Although my spelling is still sometimes poor, I have managed to overcome the worst of my difficulties through training myself to concentrate,” he says.
Branson did not let dyslexia stand in his way. Having overcome a major life obstacle, Branson was now armed with a new confidence that he could take on the business world. Despite his overwhelming success with Virgin, his professional pursuits did not always end as Branson envisioned. For every successful Virgin enterprise or music group there also seems to be a failure. From Virgin Cola to Virgin Vodka to Virgin Cosmetics, Branson has experienced his share of business duds.
Virgin Vodka, launched in 1994, did not find commercial success, largely because it lacked brand added value. Whereas Virgin Atlantic had such unique features as on-board massages and free ice cream going for it, Virgin Vodka could not stand up to its competition. Similarly, despite being priced 20% below Coke, Virgin Cola only achieved a 3% market share in the UK. These companies have since virtually disappeared off the market. Branson was also forced to sell Virgin Cinemas and Virgin Cars, two ventures that he could just not make profitable.
“If you are trying to do something for the first time, it’s always an enormous challenge, and there is no guarantee of success,” says Branson. “You never know with these things when you’re trying something new what can happen. This is all experimental.”
But, that is precisely the Branson philosophy – try new things, branch out, and when you can’t find success with one venture, you simply move on to the next. He understood that an integral part of being an entrepreneur meant being willing to not only accept failure but to also be able to rise up and start again. After launching Virgin Vines in 2005, a hip new wine brand, Branson said, “We’ve got an engaging, edgy, vibrant, fun product. It may or may not work, but we’re going to give it our best shot.”
Branson was not afraid to take risks. Some paid off while others didn’t, but in never giving up, Branson demonstrated the rewards that are possible when entrepreneurs are not afraid to keep on going.
Lesson 3 Keep Flying High
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