What does the name Virgin mean? We are a company that likes to take on the giants. In too many businesses, these giants have had things their own way. We are going to have fun competing with them.
Richard Branson was born on July 18, 1950 in Blackheath, London.
His first business venture was a magazine called Student at the age of 16. In 1970, he set up an audio record mail-order business. In 1972, he opened a chain of record stores, Virgin Records, later known as Virgin Megastores. Branson’s Virgin brand grew rapidly during the 1980s, as he set up Virgin Atlantic Airways and expanded the Virgin Records music label.
Richard Branson is the 4th richest citizen of the United Kingdom, according to the Forbes 2011 list of billionaires, with an estimated net worth of US$4.2 billion.
The son and eldest child of barrister Edward James Branson and Eve Huntley Branson. His grandfather, the Right Honourable Sir George Arthur Harwin Branson, was a judge of the High Court of Justice and a Privy Councillor. Branson was educated at Scaitcliffe School (now Bishopsgate School) until the age of thirteen. He then attended Stowe School until the age of sixteen.
Branson has dyslexia and had poor academic performance as a student, but later discovered his ability to connect with others.
Richard Branson started his record business from the crypt of a church where he ran The Student. Branson advertised popular records in The Student Magazine and it was an over night success. Trading under the name “Virgin”, he sold records for considerably less than the “High Street” outlets, especially the chain W. H. Smith.
Earning enough money from his record store, Branson in 1972 launched the record label Virgin Records with Nik Powell and bought a country estate, in which he installed a recording studio.
In 1992, to keep his airline company afloat, Branson sold the Virgin label to EMI for £500 million. Branson says that he wept when the sale was completed since the record business had been the birth of the Virgin Empire. He later formed V2 Records to re-enter the music business.
Branson formed Virgin Atlantic Airways in 1984, launched Virgin Mobile in 1999, Virgin Blue in Australia (now named Virgin Australia) in 2000. He was 9th in the Sunday Times Rich List 2006, worth just over £3 billion. Branson wrote in his autobiography of the decision to start an airline:
My interest in life comes from setting myself huge, apparently unachievable challenges and trying to rise above them…from the perspective of wanting to live life to the full, I felt that I had to attempt it.
Richard Branson made several world record-breaking attempts after 1985, when in the spirit of the Blue Riband he attempted the fastest Atlantic Ocean crossing. His first attempt in the “Virgin Atlantic Challenger” led to the boat capsizing in British waters and a rescue by RAF helicopter, which received wide media coverage.
In the late 1990s, Branson and musician Peter Gabriel discussed with Nelson Mandela their idea of a small, dedicated group of leaders, working objectively and without any vested personal interest to solve difficult global conflicts.
He stated in an interview with Piers Morgan that he and wife Joan had a daughter named Clare Sarah who died when she was just four days old in 1979. The couple wed—at their daughter Holly’s suggestion when she was eight years old—in 1989 at Necker Island, a 74-acre (30 ha) island in the British Virgin Islands that Branson owns.
Branson has stated in a number of interviews that he derives much influence from non-fiction books.