Losing my Virginity
Posted on January 25, 2008 - Filed Under Business |
Sir Richard Branson’s “in progress” autobiography is entitled “Losing My Virginity”.
This book landed on my reading list late last year. Truth be told, I was more interested in reading about the obsession’s of a billionaire and hot air balloons. It still blows my mind his balloons could exceed 200 miles per hour.
Personally I prefer to read biographies. Auto-biographies tend to be scattered with no real cohesive thought. More of a collection of short stories. In each story, a pattern started to show itself, revealing Branson’s approach to creating businesses. The Virgin Group is the result.
Branson’s approach to any business revolves around two central ideas: (1) it’s all about the customer experience (2) mitigate and reduce the down-side.
As Branson discloses the past regarding each business venture, he follows those two central ideas in any business. Virgin Music, then to Virgin Atlantic, Virgin Train . . .
No business plans. No hard-core, in-depth market analysis. In his mind, an idea is born then the pursuit begins. Each business he attacks with passion and drive. Surrounded by brilliant people, his endeavors usually blossom nicely.
His ultimate desire: enhance the customer experience. While some companies talk about the customer experience, his company walks the path. Visit Virgin Atlantics website and see what “Upper Class” experience is all about. And at 1/3 of the price of American’s first class ticket, Virgin wins every time.
American is my preferred airlines. But I may just abandon them on my next trip to London.
The creation of Virgin Money came from a simple observation he made. The method of loans from banks has always perplexed me. And it has perplexed him.
On lending, he writes “ . . . we discovered that it was easier to get $4 billion in credit to buy eighteen new aircraft than it was to get $10 million credit for the seat-back video sets.”
All in all, this book is a good read. If nothing more than to understand the mechanics of how the world’s most famous entrepreneur conducts his business affairs.
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