Richard Branson Resume | By Novorésumé

How Did Richard Branson Make His Fortune?

The Beginnings of Richard Branson

Branson was not the best student. From a very young age, he showed a free, entrepreneurial spirit. At the age of 16, he dropped out of Stowe School in Buckinghamshire, England to start his own business.

Along with a friend, in 1968, he launched Student, a youth-culture magazine where he interviewed recording artists. The first weekly issue of Student was distributed for free. Branson paid for the printing and distribution costs with money from advertisers.

As the magazine started to grow, Branson noticed a gap in the market: there was no one operating a record business that shipped to people’s houses. So he decided to open one. In 1970, Virgin Mail Order Records was born.

Branson and his business partner decided on the name Virgin because they were new at business. The company sold cut-price records via post. Within the first two years, it had opened 14 stores.

But Richard did not stop there. His love for music and recordings had grown, and his entrepreneurial desires with them. In 1972, he opened The Manor, a recording studio that would turn out to be the foundation of Virgin Records.

The record company rose to fame and fortune because of its decision to sign (what were considered at the time) bolder, more daring recording artists. Some of these include The Rolling Stones, Sex Pistols, Paula Abdul, and Black Sabbath.

The extraordinary success of these artists made Virgin Records one of the most recognized record labels, and Richard, one of the richest men in the world. In 1978, he was able to buy a British Virgin Island, where he has primarily lived since.

Around this time, he also developed a passion for sporting adventure. A jack of all trades, he is actually the first man to cross both the Atlantic and the Pacific by a hot air balloon.

The Rise of the Virgin Group

In the early eighties, Branson’s flight was canceled on a trip to Puerto Rico. He decided to charter his own flight and offered a trip to all the other passengers for a small fee.

And so, the idea of owning a moreaccessible airlinethat focused on customer satisfaction was born. In 1982, Richard bought a travel company and a bunch of aircraft. In 1984, Virgin Airlines started its operations.

From 1982-1992, theVirgin Groupexpanded in various industries. Some ventures, like theVirgin MegastoreandThe Holidaynightclub, were successful. Others, however, proved not to be.

Virgin Airlinesfound itself in a bit of a financial pickle. Branson had to give up his first love to keep his other business afloat. Hesold Virgin Recordsto Thorn EMI for 1 billion dollars. Eyewitnesses say they saw him crying in the streets of London after the sale.

Determined to stay in the music business, he foundedVirgin Radioin 1993 and started another record company, V2, in 1996.

More successful entrepreneurial efforts in the telecommunication, train, entertainment, health industries (and many more) have followed in the span of four decades and haveVirginone of themost recognized brandsin today’s world. The company has now over 60 businesses serving over 53 million customers worldwide.

And it doesn’t stop there. TheVirgin Groupis the gift that keeps on giving.

In 2020, the Virgin Group will debutVirgin Voyages, whose cruise ships are designed to hold up to 3,000 guests.

Towards the Future: Branson’s Road to Space and Sustainability

So what is Richard Branson up to now?

Like the giants of its time, Richard Branson has also set his vision towards space-tourism withVirgin Galactic. He wants to make space available for everyone - and offer impeccable customer service in the process. Although it had a rocky start, the company is now makingtons of progress on their missionto send the ordinary folks to space.

Virgin Galacticis most known for the creation of theSpaceShipTwo suborbital spaceplane, a spacecraft made specifically for space tourism. Although it’s yet to send people to space, over 600 customers have pre-booked tickets for the first Virgin Galactic trip to space.

With a grown and stable empire, Branson is now able to focus more on the things he is truly passionate about (although he is still chairman of the Virgin Group board). He leads all ofVirgin’sCSR initiatives and social projects, such as:

• Virgin Unite

Also called“The Virgin Foundation”, it is the official charitable organization of the Virgin Group. The CSR initiative operates social projects on climate change, LGBTQ+ rights, social entrepreneurship, etc.

• Branson School of Entrepreneurship

The Branson School of Entrepreneurship is a charitable organization founded in 2005 in South Africa. It provides entrepreneurial training and financial support to disadvantaged youth and give a boost to local economies.

• Virgin Startup

Virgin Startup gives out loans to up-and-coming entrepreneurs. It also provides training and guidance on how to fund and scale a business.

He has also written eleven books, including “Losing My Virginity” and “Screw Business As Usual”. He has a knightship title from Queen Elizabeth II, and is currently valued at $4.1 billion.

Richard Branson’s adventurous spirit and boldness to make ideas into reality have undeniably made him into one of the most successful men alive. He is one of the most admired investors and entrepreneurs in the world and one of the greats of our time.

And it all started with courage, a magazine, and a record shop.

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