Sir Richard Branson on Business Lunch with Roland Frasier

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Key Takeaways

  • Why has Richard Branson done so many crazy stunts and attempted to set world records?
    • Originally it was for marketing reasons. The internet didn’t exist back in those days, so Richard had to think of unique ways to build a sexy and adventurous feel around the Virgin brand. 
  • “The more media you can get that you don’t pay for the better” – Richard Branson
  • You’re only as good as your reputation
    • You need to zealously protect your reputation
    • Don’t do anything that would make it hard for you to sleep at night
  • You want your company brand to be bigger than your personal brand
    • Richard worked hard to shift the media’s attention from himself to his company. This way, if anything happened to him, his company would survive and still live on without him.
  • “If you can get free advertising, you should get it” – Richard Branson
  • Don’t be afraid to get out of your area of expertise
    • If Richard didn’t enter the airline industry, he would have disappeared along with record stores

Intro

  • Sir Richard Branson (@richardbranson) is an English business magnate, investor, and author. In the 1970s he founded the Virgin Group, which today controls more than 400 companies in various fields.
  • Host: Roland Frasier (@RolandFrasier)

Crazy Stunts = Great PR

  • Why has Richard done so many crazy stunts and attempted to set world records?
    • Originally it was for marketing reasons. The internet didn’t exist back in those days, so Richard had to think of unique ways to build a sexy and adventurous feel around the Virgin brand. 
      • E.g: He would put a big logo on a boat or plane that was part of his world record attempt to cross the Atlantic ocean   
    • However, Richard later got addicted to setting world records and pushing to bounds of possibility
      • “I just love trying to do things that never been done before” – Richard Branson

Starting Virgin Records

  • Richard was 16 when he started his record company Virgin Records
    • The original name he thought of was Slip Disk Records
      • He changed it to Virgin because a friend of his said he was a virgin in life and business

 Advice For Building A Brand

  • “The more media you can get that you don’t pay for the better” – Richard Branson
  • You’re only as good as your reputation
    • You need to zealously protect your reputation
    • Don’t do anything that would make it hard for you to sleep at night
  • You’re only as good as your people
    • Richard wanted fresh ideas for every company he started so he would hire people outside of the industry and bring them in to change things up 
    • Virgin brands give people a second chance by hiring former inmates, many of whom Richard considers his best employees. 
  • You want your company brand to be bigger than your personal brand
    • Richard worked hard to shift the media’s attention from himself to his company. This way, if anything happened to him, his company would survive and still live on without him.
  • “If you can get free advertising, you should get it” – Richard Branson

Venturing Into New Areas

  • Don’t be afraid to get out of your area of expertise
    • If Richard didn’t enter the airline industry, he would have disappeared along with record stores
  • For the past few years, Richard has been focusing on the space industry with Virgin Galatic
    • He started the company because he wanted to visit space and saw that NASA and other space agencies weren’t making much progress towards getting public civilians into space
  • He’s also working on Virgin Hyperloop which is commercializing a high-speed technology concept called the Hyperloop, a variant of the vacuum train

Additional Notes

  • If you want to change the world with your company, start by changing your local community. Then expand to your local city, then your country, and then when you have a global brand, you can work on tackling global issues.
Business Lunch with Roland Frasier : , , ,
Notes By Alex Wiec

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