Fascinating Facts About Richard Branson
Born in 1950, Richard Branson is a British business magnate and commercial astronaut. He made his fortune through the Virgin Group, a multinational venture capital conglomerate that controls over 400 other companies in various fields.
Education and Early Life
When he was 16, Richard Branson dropped out of school to pursue his dream of entrepreneurship. He started by launching a student magazine, which would later lay the foundation for his ownership of a large conglomerate of businesses.
First Business and Initial Success
In 1978, Richard Branson bought his first business, an island for $180,000. He jokingly made an offer of $100,000 to the owner, who originally listed it for $6 million. This property became the site of Branson’s wedding 11 years later.
Notable Businesses and Failures
Richard Branson started over 100 businesses during his lifetime, with only 15 failing. Examples include Virgin Drinks and Virgin Clothing.
Personal Struggles and Learning
Richard Branson admitted during a TED talk that he did not know the difference between companies and partnerships. This was due to his early age of quitting school and having dyslexia and ADHD.
Adventurous Side and Records
Richard Branson set the record for being the first to cross the Atlantic Ocean in a hot-air balloon, along with Per Lindstrand, in 1987. Four years later, they successfully crossed the Pacific Ocean, setting another record for the longest distance covered in a hot air balloon (6,700 miles).
Family Background and Business Origins
Richard Branson’s mom was a flight attendant, while his dad was a barrister. His first line of business, venture mail orders, had no relation to their careers.
Notable Assets and Personal Interests
Richard Branson owns an airplane-inspired submarine worth $660,000. One of its unique features is the ability to fly and perform loops using a joystick.
Entrepreneurial Style and Board Involvement
Richard Branson considers himself an inventor rather than a board member. He only participates in the creation process and steps aside once a business has been launched.
Tax Issues and Legal Troubles
Richard Branson faced tax issues in 1971 regarding Virgin Records. His parents paid his bail by advancing funds from their home.
