Introduction
Richard Branson is a name synonymous with entrepreneurship, adventure, and the Virgin brand. In his follow-up autobiography to the 1998 classic "Losing My Virginity," Branson picks up where he left off and takes us through the last two decades of his remarkable life and career. "Finding My Virginity" offers an intimate look at the triumphs, challenges, and lessons learned by one of the world's most famous businessmen as he continues to push boundaries and redefine what's possible in business and beyond.
This book provides a candid and engaging account of Branson's journey from 1999 to the present day, covering everything from the expansion of his Virgin empire to his personal adventures and philanthropic efforts. Through Branson's eyes, we witness the evolution of industries, the birth of new technologies, and the ongoing quest to make the world a better place through innovative business practices and bold initiatives.
Virgin Atlantic's Epic Battle with British Airways
One of the most compelling stories in "Finding My Virginity" is the intense rivalry between Virgin Atlantic and British Airways (BA). This David vs. Goliath tale showcases Branson's resourcefulness and determination in the face of a powerful competitor.
Virgin Atlantic was born in the early 1980s out of Branson's desire to offer travelers a better alternative to the lackluster service provided by BA. From the start, BA saw Virgin as a threat and employed various tactics to squeeze them out of the market. These included "dirty tricks" campaigns and even libelous remarks about Virgin Atlantic.
Rather than getting bogged down in legal battles, Branson preferred to focus on winning by providing the best possible service to customers. This approach led to innovative offerings like in-flight massages and a constant drive to improve the overall flying experience.
Branson's marketing savvy also came into play during this rivalry. When Virgin Atlantic introduced in-flight massages, Branson cheekily advertised it with a sign at Heathrow Airport that read, "BA Don't Give a Shiatsu." Similarly, when BA was struggling with technical issues while sponsoring the London Eye, Branson seized the opportunity to fly a blimp with the message "BA CAN'T GET IT UP."
This combination of excellent service and playful marketing epitomizes the Virgin way of doing business. It's an approach that has helped Virgin Atlantic not only survive but thrive in a highly competitive industry.
Disrupting the Mobile Phone Market with Virgin Mobile
The birth of Virgin Mobile is another fascinating chapter in Branson's business journey. The idea came about when Branson's business partner, Will Whitehorn, received an award from British Telecom for having the most expensive phone bill in Britain. This eye-opening moment made Branson realize that the mobile phone market was ripe for disruption.
In 1998, mobile carriers were making huge profits by locking customers into expensive, lengthy contracts. Branson saw an opportunity to offer something different. He founded Virgin Mobile and partnered with Deutsche Telekom (T-Mobile's parent company) to use their existing network infrastructure. This allowed Virgin Mobile to keep costs down and offer a revolutionary pay-as-you-go model, letting customers pay only for the time they used instead of being tied to long-term contracts.
Virgin Mobile targeted young people who wanted their own phones but didn't need or want complicated contracts and big bills. The company leveraged Virgin's existing network of Megastores as perfect locations to sell phones to this demographic.
The strategy proved incredibly successful. By November 2000, Virgin Mobile UK had amassed 500,000 subscribers and won a Network of the Year award. It was valued at £1.36 billion and became the fastest-growing mobile startup in UK history. The success wasn't limited to the UK either – Virgin Mobile expanded to Australia, the United States, and Asia. In the US, it reached a billion dollars in revenue in just three and a half years.
This success story demonstrates Branson's ability to identify markets ripe for change and his knack for creating customer-centric solutions that challenge industry norms.
Virgin Active: Revolutionizing the Gym Experience
The story of Virgin Active, Branson's foray into the fitness industry, is a testament to his ability to turn setbacks into opportunities. The idea for Virgin Active came from a pitch Branson received, and it aligned perfectly with his mission to improve customer experiences in various sectors.
Branson and his team identified the gym industry as one plagued by common complaints: outdated equipment, cramped facilities, and exorbitant membership fees. They saw an opportunity to create a better gym experience that was both high-quality and affordable.
After two years of meticulous planning, the flagship Virgin Active gym was set to open in Preston, Lancashire in August 1999. The location had been carefully chosen based on demographic data, a cutting-edge approach at the time. The facility was designed to be spacious, well-equipped, and attentive to details that would enhance the customer experience.
However, disaster struck when the gym caught fire just before its scheduled opening, causing significant delays. This setback could have derailed the entire project, but Branson and his team persevered. During the rebuilding process, the staff remained enthusiastic and did an excellent job of promoting the gym within the community, keeping interest alive.
When Virgin Active finally opened its doors, it offered a stark contrast to its competitors. While the local LivingWell gym was charging £300 just to sign up, Virgin Active eliminated outrageous membership fees and long-term contracts. This approach, combined with the superior facilities and service, quickly won over customers.
The story of Virgin Active illustrates Branson's commitment to improving customer experiences across various industries. It also showcases his resilience in the face of setbacks and his ability to build a strong team that shares his vision and values.
Virgin Trains: Proving the Benefits of Privatization
The privatization of British Rail presented Branson with another opportunity to improve a service that had long been a source of frustration for many. Inspired by his experience on Japan's bullet train in 1991, Branson was eager to bring similar innovations to the UK's rail system.
When the Department of Transportation invited bids to run parts of the newly privatized rail system, Virgin Trains was ready to step in. However, the process wasn't without its challenges. Upgrading the infrastructure to accommodate new, faster trains proved more costly than initially anticipated, requiring negotiations with the government to reach a workable deal.
Despite these early hurdles, Virgin Trains soon began to show the benefits of privatization. The introduction of the new Pendolino trains on the West Coast Main Line service led to immediate improvements. On a test run, the London to Manchester route was 15 minutes faster than before. In its first week of operation, 82 percent of trains were on time, with only four cancellations – a marked improvement over the previous service.
Over time, Virgin Trains has continued to improve its service, leading to a nearly tripled passenger count and a booming network. This success has not been without controversy, however. Some politicians, like Labour leader Jeremy Corbyn, have used the increased passenger numbers as an argument for renationalization.
Branson strongly disagrees with this view, arguing that the increased ridership is a direct result of the improvements made possible by privatization. He points to ongoing investments, such as the introduction of 65 new Azuma trains, as evidence of Virgin Trains' commitment to continuous improvement.
The story of Virgin Trains demonstrates Branson's belief in the power of private enterprise to improve public services. It also showcases his willingness to take on challenging projects and his commitment to long-term improvement and innovation.
Virgin Unite: Harnessing Collective Power for Good
Virgin Unite represents Branson's commitment to leveraging his success and influence for positive global change. Inspired by his friendship with Nelson Mandela, Branson developed Virgin Unite as a way to bring together leaders in philanthropy and amplify their impact.
At the heart of Virgin Unite is a group Branson calls "the Elders," inspired by the concept of village elders. This group includes some of the world's most respected leaders and thinkers, starting with Nelson Mandela and former UN Secretary-General Kofi Annan. Mandela himself helped select the other members, which include figures like former US President Jimmy Carter, Archbishop Desmond Tutu, former Irish President Mary Robinson, and Nobel Peace Prize winner Muhammad Yunus.
The Elders' mission is broad: to make the world a better place. They focus on human rights issues around the globe, using their collective influence and wisdom to address crises more swiftly than traditional bureaucratic channels might allow. Their work has taken them to troubled regions like Darfur, Somalia, Palestine, North Korea, and Russia.
Virgin Unite's approach reflects Branson's belief in the power of collaboration and his desire to tackle global issues in innovative ways. By bringing together diverse leaders and thinkers, Virgin Unite aims to find creative solutions to some of the world's most pressing problems.
This initiative also demonstrates Branson's evolution as a leader and his growing focus on using his resources and influence for philanthropic purposes. It shows how his entrepreneurial spirit extends beyond business into the realm of social change and global problem-solving.
The Rise and Fall of Virgin America
The story of Virgin America is one of triumph and heartbreak for Branson. Launched in 2004, Virgin America was born out of Branson's observation that most American airlines were offering subpar experiences to their passengers. He saw an opportunity to bring the Virgin brand's focus on customer service and innovation to the US domestic airline market.
Getting Virgin America off the ground was no easy feat. It took three years of petitioning and convincing the US Department of Transportation before the airline was approved for takeoff. Once operational, Virgin America quickly won over passengers with its innovative offerings. It was the first airline to offer WiFi on every plane, on-demand dining, and superior entertainment options.
The airline's success was reflected in its accolades. Condé Nast named Virgin America the best domestic airline for an impressive ten consecutive years. However, despite its popularity with customers, Virgin America faced a significant challenge: Branson's limited control over the company.
Due to US regulations restricting foreign ownership of airlines, Branson was limited to no more than 25 percent of the company's voting shares. This limitation would ultimately lead to the airline's sale and the end of its distinct identity.
In 2014, Virgin America went public, and just 18 months later, Alaska Airlines made a $2.6 billion offer to buy the airline. Despite Branson's emotional attachment to Virgin America, the board unanimously approved the sale. To Branson's dismay, Alaska Airlines had no interest in maintaining the Virgin brand or its unique culture. They announced plans to retire the Virgin America brand entirely by 2019.
The loss of Virgin America was a significant blow to Branson. He saw it as more than just a business; it was a manifestation of his vision for what air travel could and should be. The sale marked the end of an era and the loss of what many customers considered to be a superior alternative in the US airline market.
This chapter in Virgin's history illustrates the challenges of operating in highly regulated industries and the potential pitfalls of not having full control over a company. It also demonstrates Branson's emotional investment in his businesses and his genuine disappointment when unable to maintain the high standards and unique culture associated with the Virgin brand.
Virgin Media: Transforming Home Entertainment and Communication
Virgin Media represents one of Branson's boldest moves: partnering with a company known for poor customer service to create a comprehensive home entertainment and communication service. When Simon Duffy, CEO of NTL (often referred to as "NT Hell" due to its notoriously bad service), approached Branson about a partnership, it seemed an unlikely match for the customer-service-focused Virgin brand.
However, the potential to offer a "Quad Play" package – combining cable service, internet, cellular, and landline phones – was too good an opportunity to pass up. Branson saw a chance to bring the Virgin touch to an industry desperately in need of improvement.
Upon examining NTL's customer service operations, Branson immediately identified a key issue: service operators were rigidly following scripts. In typical Virgin fashion, Branson tore up the scripts and encouraged operators to be themselves and engage more naturally with customers. This simple change marked the beginning of a significant turnaround in customer satisfaction.
The rebranded Virgin Media quickly became a major player in the UK market. It rose to become the number one broadband provider and the second-largest pay-TV and home-phone provider in the country. This success, however, didn't go unnoticed by competitors, particularly media mogul Rupert Murdoch.
Murdoch, whose Sky TV was the UK's largest pay-TV provider, attempted to block Virgin Media's growth by buying a significant stake in ITV, a popular British commercial station. This move was designed to prevent Virgin Media from merging with ITV. However, Murdoch's tactics backfired when the Office of Fair Trading forced Sky to sell a large portion of its ITV shares at a substantial loss.
The story of Virgin Media demonstrates Branson's willingness to take on challenging projects and his belief in the power of good customer service to transform a business. It also showcases his ability to disrupt established markets and take on powerful competitors.
Virgin Money: Branson's Unexpected Foray into Banking
Virgin Money represents an unexpected but logical extension of the Virgin brand into the world of finance. If someone had told the young, hippie-ish Branson who started Virgin Records that he would one day be a banker, he might have laughed. However, the global financial crisis of 2007-2008 revealed deep problems in the banking sector, creating an opportunity for a customer-focused alternative.
The origins of Virgin Money actually date back to 1997, when Branson was sold on a simple idea: while people distrusted banks, they trusted Branson and the Virgin brand. For two decades, Virgin Money offered credit cards, savings, and investment services. But it was the 2008 financial crisis and the subsequent opportunity to rescue the iconic Northern Rock bank that propelled Virgin Money into full-scale banking.
Branson spent £1.25 billion to acquire Northern Rock, expanding Virgin Money's services to include mortgages and other traditional banking products. But true to the Virgin brand, Branson wasn't content with just offering standard banking services. He introduced the concept of Virgin Money Lounges – comfortable spaces where customers could relax, enjoy free refreshments, or meet with friends. These lounges weren't just a nice perk; they proved to be good for business, with branches featuring lounges doing 300 percent more business than those without.
The success of Virgin Money demonstrates Branson's ability to identify opportunities in unlikely places and his knack for adding a unique, customer-focused twist to traditional services. It also shows how the trust and goodwill associated with the Virgin brand can be leveraged to enter and succeed in new markets.
Virgin Galactic: Reaching for the Stars
Virgin Galactic represents perhaps Branson's most ambitious and personal project: making space travel accessible to civilians. This venture combines Branson's lifelong fascination with space exploration and his desire to push the boundaries of what's possible.
The project began in 2003 when Branson met aerospace engineer Burt Rutan and saw his design for SpaceShipOne sketched on the back of a napkin. Excited by the potential, Branson partnered with Microsoft's Paul Allen to fund the construction of the first spaceship and its mothership, WhiteKnightOne.
The concept behind Virgin Galactic is relatively simple: a mothership carries the spaceship to a certain altitude before releasing it. The spaceship then launches into space, spends some time there, and glides back to Earth. This approach aims to make space travel more accessible and affordable than traditional rocket launches.
However, the journey to make this dream a reality has been far from smooth. In 2014, during the fourth powered test flight of SpaceShipTwo, a tragic accident occurred. A lever was pulled too early, causing the ship to break apart, killing one pilot and injuring another. This incident was a significant setback for the project and led to intense scrutiny from the media and regulators.
The accident forced Branson and his team to reevaluate the project. They had to address not only the technical issues that led to the crash but also questions about the viability and ethics of the entire venture. Some critics accused Branson of pursuing the project out of ego rather than for the benefit of humanity.
Despite these challenges, Branson and the Virgin Galactic team remained committed to their vision. They mourned the loss of pilot Mike Alsbury but resolved to learn from the tragedy and move forward. A new SpaceShipTwo was built, and testing resumed in 2016, with the fifth powered test flight successfully completed in December of that year.
Branson's vision for Virgin Galactic goes beyond just offering joyrides for wealthy thrill-seekers. He sees it as a way to inspire a new generation of scientists and engineers, to advance our understanding of space, and to offer a unique perspective on our planet. As Stephen Hawking, who was offered a free ticket on Virgin Galactic, put it, the project has the potential to allow "more of humanity to experience the true wonder of space."
The story of Virgin Galactic illustrates Branson's willingness to take on enormous challenges and his belief in the transformative power of new experiences. It also demonstrates his resilience in the face of setbacks and his commitment to pushing the boundaries of what's possible.
Virgin StartUp and OneWeb: Empowering Entrepreneurs and Connecting the World
While pursuing grand projects like space travel, Branson hasn't forgotten his roots as a young entrepreneur. Virgin StartUp is a testament to his desire to help others follow in his footsteps. Recognizing that he was fortunate to have supportive parents when he was starting out (his mother once gave him £100 when he was broke), Branson wanted to create similar opportunities for young entrepreneurs today.
Virgin StartUp provides business loans to young people who might not qualify for traditional bank loans due to lack of collateral. Since its inception, the program has provided over 1,000 loans totaling around £10 million, along with tens of thousands of hours of mentoring. This initiative reflects Branson's belief in the power of entrepreneurship to drive innovation and create positive change.
Another project close to Branson's heart is OneWeb, a venture aimed at providing global broadband internet access. The brainchild of tech innovator Greg Wyler, OneWeb plans to launch a network of interconnected satellites to provide internet access to the four billion people worldwide who currently lack it.
For Branson, this isn't just about expanding internet access; it's about providing people with tools to lift themselves out of poverty and access essential services. The project aligns well with Virgin Galactic, as the WhiteKnightTwo mothership is equipped with LauncherOne, capable of putting small satellites into orbit more efficiently than land-based systems.
These initiatives demonstrate Branson's ongoing commitment to fostering entrepreneurship and using technology to address global challenges. They also show how he leverages the various parts of his business empire to support new ventures and create synergies between different projects.
Branson's Political Activism and Social Causes
Throughout "Finding My Virginity," Branson emerges not just as a business leader but as a vocal advocate for various social and political causes. He admits to sometimes struggling to stay neutral, especially when it comes to issues close to his heart like climate change, prison reform, HIV/AIDS prevention, and human rights.
One notable example is his involvement in HIV/AIDS prevention efforts in South Africa. Branson was outraged when the South African health minister publicly claimed that a mixture of beetroot, potatoes, garlic, and lemon was an effective treatment for HIV/AIDS. He didn't hesitate to speak out, calling it a "genocidal crime" for government officials to deny proper treatment to citizens. This outspokenness led to a productive dialogue with then-President Thabo Mbeki, although political changes prevented the full implementation of their plans.
Branson is also passionate about climate change and the need to transition away from fossil fuels. He laments the politicization of climate science and continues to push for sustainable practices within the Virgin Group and beyond.
Another area of focus for Branson is drug policy reform. He points to the failure of the "war on drugs," noting that despite $100 billion spent annually on enforcement, the illegal drug industry remains a $320 billion-a-year enterprise. Branson advocates for approaches like Portugal's decriminalization of drugs, which treats addiction as a public health issue rather than a criminal one.
These examples illustrate Branson's willingness to use his platform to address controversial issues and push for social change. They also demonstrate his belief that business leaders have a responsibility to engage with broader societal issues and use their influence to drive positive change.
Lessons in Leadership and Entrepreneurship
Throughout "Finding My Virginity," Branson imparts numerous lessons on leadership and entrepreneurship. Here are some key takeaways:
Customer-Centric Approach: Across all his ventures, Branson emphasizes the importance of putting the customer first. Whether it's in airlines, gyms, or banking, he consistently looks for ways to improve the customer experience.
Disruptive Thinking: Branson isn't afraid to challenge industry norms. From Virgin Atlantic's battle with British Airways to Virgin Mobile's pay-as-you-go model, he consistently looks for ways to shake up established markets.
Resilience: The book is filled with examples of Branson facing setbacks, from the Virgin America sale to the Virgin Galactic accident. In each case, he demonstrates the ability to learn from failures and press forward.
Branding: The Virgin brand is a crucial asset across all of Branson's ventures. He shows how a strong, trusted brand can be leveraged to enter new markets and win customer loyalty.
Social Responsibility: Branson believes that businesses have a responsibility to address social and environmental issues. This is evident in initiatives like Virgin Unite and his advocacy for climate action.
Innovation: From space travel to global internet access, Branson consistently pushes the boundaries of what's possible, demonstrating the importance of thinking big and embracing new technologies.
Team Building: Throughout the book, Branson emphasizes the importance of surrounding himself with talented people who share his vision and values.
Risk-Taking: While calculated, many of Branson's ventures involve significant risk. He shows that entrepreneurship often requires the courage to take bold steps into uncharted territory.
Adaptability: As the business landscape changes, Branson demonstrates the ability to pivot and adapt, whether it's entering new markets or embracing new technologies.
Work-Life Balance: Despite his busy schedule, Branson often mentions the importance of family time and personal adventures, highlighting the need for balance in entrepreneurial life.
Conclusion
"Finding My Virginity" is more than just a chronicle of Richard Branson's business ventures over the past two decades. It's a testament to the power of entrepreneurial spirit, innovative thinking, and unwavering determination. Through his successes and failures, Branson provides valuable insights into what it takes to build and maintain a global brand in the 21st century.
The book showcases Branson's evolution from a young, rebellious entrepreneur to a seasoned business leader and philanthropist. It demonstrates how his core values – customer focus, disruptive thinking, and social responsibility – have remained constant even as his ventures have expanded into new and diverse areas.
Branson's journey is not without its setbacks and challenges. From the loss of Virgin America to the tragic accident of Virgin Galactic, he faces moments of doubt and difficulty. However, these experiences serve to highlight his resilience and ability to learn from failures, traits that are crucial for any entrepreneur.
Perhaps most importantly, "Finding My Virginity" reveals Branson's growing focus on using his wealth and influence to address global challenges. Whether it's through Virgin Unite, his advocacy for climate action, or his efforts to reform drug policies, Branson exemplifies how business leaders can be a force for positive change in the world.
As readers, we are left with the impression of a man who, despite his enormous success, remains curious, adventurous, and committed to making a difference. Branson's story serves as an inspiration not just for aspiring entrepreneurs, but for anyone who wants to leave a positive mark on the world.
In the end, "Finding My Virginity" is about more than just business success. It's about maintaining a sense of wonder, embracing challenges, and never losing sight of the potential to create positive change – in essence, always finding new ways to lose one's virginity in the realm of ideas and experiences. It's a philosophy that has served Richard Branson well throughout his remarkable career, and one that continues to drive him forward into new frontiers.