I recently finished reading Richard Branson's action-packed biography Losing My Virginity: How I Survived, Had Fun, and Made a Fortune Doing Business My Way. Prior to reading this book, I had of course heard of Branson (now Sir Richard) and the Virgin label, but knew very little about how the Virgin group had evolved and the incredible adventures Richard Branson had along the way, both personal and professional.
Branson's story resonated with me and his approach and outlook to life validated many of the core beliefs I hold and for this reason, I thought it worthwhile to share the key lessons I took from this book that at times had me jumping up shouting "yes I totally understand" or "that is so true!".
Nothing Ventured, Nothing Gained - this is the motto Branson's parents impressed upon him from a young age and it became a cornerstone of his approach to life, from new business ventures to record-setting balloon adventures. For example, Virgin took a massive risk when it entered the airline industry with the launch of Virgin Atlantic, going up against the powerful and well established British Airways. As you read his story, it seems that Branson and Virgin as a whole tended to overcome one challenge or risk by upping the stakes and taking an even bigger risk.
Being a risk-taker doesn't mean acting recklessly without thought of consequence. Branson correctly notes that "if you are a risk taker, then the art is to protect the downside" (p. 427). But it does mean you need to be willing to step into the unknown and be confident enough in your own capacities to face what awaits on the otherside.
There is no formula for Virgin's success - good on him for saying this! He explains part way through that there really was no magic formula for Virgin that can be copied.
This is the core of the message of Peter Block's book The Answer to How is Yes: Acting on What Matters, which emphasizes the importance of taking action on what you believe is important (rather than trying to copy other peoples approaches). This sentiment is further echoed by Umair Haque in a blog posting for the Harvard Business Review, who states:
In our messy muggle world, there are no magic formulas. So, while many of you have been asking me for a roadmap to prosperity — and I've tried to offer a blueprint of a better kind of business — it might be that, despite what late-night infomercials and endless banner ads suggest, there's probably no framework you can pick up off the shelf, pay a few bucks for, do a little dance around, and (voila!) prosper. The plain fact is that great achievement, deep fulfillment, lasting relationships, or any other aspects of an unquenchably, relentlessly well lived life aren't formulaically executable or neatly quantifiable. First and foremost, they're searingly, and deeply personally, meaningful. The inconvenient truth is: you'll probably have to not just blaze your own trail — you'll also probably have to plot your own map for own journey (Source: (http://hbr.org/hbrg-main/resources/html/marketing/partner_center.html)).
I have seen 'paralysis by analysis' over and over again: there is always one more book to read, one more report to wait for, or something else to know about a subject. At some point you just need to go for it...whatever that 'it' is.
Fun and adventure are important - fun and adventure were at the core of everything Branson did (and continues to do). He said he wouldn't even entertain a business idea unless there was an element of fun. Life is too short to do it any other way. It's not like we can alot the first thirty years of our professional lives to 'work', then bet on a few good years of retirement to "have fun" - that's just crazy! How can you even know what fun is if you spend X number of years doing something you are not passionate about?
Social/environmental causes - particularly towards the later part, after many of the Virgin companies were well established, Branson began putting his energy and resources towards tackling some of the most difficult and intactable issues we face, from HIV/AIDS to climate change to the declining populations of Africa's great mammels. Branson understood that he is connected to the world and the planet and is therefore part of a broader system and as such, the companies he created have a responsibility to operate in the most sustainable way possible.
His outlook on life and boundless energy are inspiring, and he ends with: "...whatever the future holds, I am as excited and curious about it as I have ever been. It is that curiousity and sense of adventure about the unknown with all its challenges that drives me." Well said Sir Richard!
Note: If your thinking of picking up a copy of this book, consider getting it from http://www.betterworldbooks.com/
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