The Virgin Way Book Summary

Book Summary

15 min

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Brief Summary

Richard Branson is well known for doing things his way. As the successful founder of Virgin Group which controls over 400 companies, he’s made his unique mark on many industries, from airplanes to his own brand of cola. Not only does he have a unique perspective: Branson knows what he’s talking about. He started his first business when he was in high school and has been running successful companies ever since. Read on to learn Branson’s unique perspective and well-informed tips on topics like how to be a better decision-maker, what to do when your employee intentionally hurts your company, the single most important skill a leader needs, and many more.

About the Author

Sir Richard Charles Nicholas Branson is a British business magnate, investor, and philanthropist. He founded the Virgin Group in the 1970s, which controls 400 companies in various fields. He started his first business - a magazine called Student - when he was 16. He went on to create multiple companies including Virgin Records, a chain of record stores in 1972. In the 1980s, he started Virgin Atlantic airline and Virgin Records music label. He was knighted at Buckingham Palace for “services to entrepreneurship.” In 2007, he was named one of Time 100 Most Influential People in the World. Forbes estimates that his net worth is at least 5 billion dollars.

Topics

Management & Leadership Biography & Memoir

The Virgin Way Book Summary Preview

Richard Branson is well known for doing things his way. As the successful founder of Virgin Group which controls over 400 companies, he’s made his unique mark on many industries, from airplanes to his own brand of cola. His unique perspective on business has influenced everything: from the way he acts with his employees, to what he values most in a company, and his leadership style. Read on to discover how Branson did business his way: with practical applications for how you can be a better businessman. Learn more about how to be a better decision-maker, the right way to discipline employees, and one of the most important skills someone needs to be an effective leader.

Branson doesn’t discipline his employees. Why not? He learned the hard way, as a kid, that some things were worse than punishment. He talks about how when he was growing up, he used to steal spare change from his father so he could get candy from the candy store. Eventually, the shopkeeper became suspicious of Branson and confronted his father with his suspicions. Branson came home that day fearfully: he was afraid of what his father would do and how he would be punished. However, his father never punished him: he just gave him the cold shoulder for a little while. To Branson, this was far worse than any punishment. He realized that he had disappointed his father, and that stung more than any punishment could. He took this principle to heart, and it influenced his leadership style later on. When Branson was in charge of Virgin Records, he discovered that his employee was stealing records and selling them. Instead of punishing his employee, he talked to him and then gave him a second chance. The employee was never caught stealing from the company again. In fact, he became an asset. He discovered several hit artists like Boy George: hit artists that Branson would have been robbed of, had he fired his employee to punish him.

Listening is also very important. According to Branson, listening is one of the most important qualities that a successful leader can demonstrate, and is usually a hallmark of a successful leader. When Branson worked at his magazine, Student, as a teenager, he had the opportunity to interview John Le Carre, a famous novelist. Since Branson’s tape recorder was constantly broken, he interviewed him without one. Soon, this became a habit as he learned diligent note-taking and listening. This is a habit he still carries with him today. He’s noticed it in other successful business owners as well. He gave a speech in Greece about business and noticed that there was one audience member who stood out. During the question and answer portion, he asked thoughtful questions, took notes, and asked meaningful follow-up questions, showing that he was listening closely and intently. The person in question is named Sir Stelios Haji-Ioannou, son of a wealthy businessman. He eventually started his own successful airline: EasyJet, which became one of the UK’s most...