With his magazine failing him, Branson turned to the idea of setting up a record mail order business in 1970. At just 20 years old, Branson began placing record ads in Student and soon began to realize the high demand. He dropped out of high school and began focusing on his new business, which was now making a profit. This modest success allowed him to rent an empty shop on Oxford Street in London in order to set up a music store. His magazine staff was transferred to the discount record store and the operation began to take off. At a loss for a name, one of the girls suggested ‘Virgin’ since they were “complete virgins at business”. With that, the Virgin Empire was born.
Two years after his record store first opened its doors, Branson decided to team up with staff member Nik Powell to create a record label, which they dubbed Virgin Records. The company’s first release was Mike Oldfield’s Tubular Bells, an instrumental recording that went on to become an international hit and first made the world aware of Virgin Records. The company gained further attention in 1977, when Branson signed the infamous and controversial band the Sex Pistols despite being warned not to do so. The Pistols did not last long, but Virgin Records would continue to make a name for itself as the world’s largest independent record label, responsible for such artists as the Rolling Stones and Peter Gabriel.
By 1983, Branson had expanded his brand to include over 50 companies, including everything from hotels, filmmaking and air conditioning cleaning. Sales totaled over $17 million but Branson was not satisfied. In 1984, he entered the airline industry, creating Virgin Atlantic Airways. Struggling to compete with the leading British Airways, Branson was embarking on one of the riskiest endeavours of his career.
The 1990s would prove to be too difficult for Branson to handle. The price of airline fuel was rising, the threat of terrorism was scaring people away from flying, and British Airways was secretly trying to put Branson out of business. By 1992, Branson had no choice but to sell his beloved Virgin Records to Thorn-EMI for $1 billion. With this, he was able to purchase Virgin Atlantic outright from the banks and has since turned it into the second largest British international airline. But, the sale of his beloved Virgin Records was a devastating blow to Branson.
From then on out, Branson embarked on an approach he called ‘branded venture capital,’ whereby he would begin licensing his powerful Virgin name and gaining controlling interests in other businesses. Branson now has his hands in over 250 companies and plans to create a shuttle service into space because, “It’s virgin territory.”
Branson is also known for his adrenaline-filled pursuits to break numerous world records, including crossing the Atlantic Ocean both by boat and hot air balloon. In 1998, his attempt to round the globe by balloon failed due to bad weather.
Whether a business or a personal challenge, Branson has attacked it with equal passion and determination, making himself not only one of the most profitable businessman in today’s world but also one of the most talked about.
The Business Virgin: Branson Enters The Game
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