Assignment 1 for
HS405
Inventing the Truth: The Art and Craft of Autobiography
Book: Losing My Virginity: How I've Survived, Had Fun, and Made a Fortune Doing
Business My Way
Author: Richard Branson
Publisher: Virgin Books
ISBN: 0-7535-0648-3
Richard Branson is the flamboyant entrepreneur who is the one-man force behind
the brand name, Virgin. In this autobiography, he chronicles the first 50-odd years
of his life. These years were primarily spent in 'having fun' as he puts it. He has
handled his business so expertly that it is a legend in the business circles. The
business, which started off as mail-order-supplier, has now grown into the multibillion pounds Virgin Group. From the airline business (Virgin Atlantic Airways), to
music (Virgin Records and V2), to cola (Virgin Cola), to retail (Virgin Megastores),
and nearly a hundred others, ranging from financial services to books to bridal wear,
Branson has a track record second to none.
He has also made several unsuccessful attempts to fly in a hot air balloon around the
world. The hot air balloon, called the "Virgin Atlantic Flyer," was the first hot air
balloon ever to cross the Atlantic Ocean, and was the largest ever flown, reaching
speeds in excess of 130 mph. In 1991, Branson crossed the Pacific Ocean from
Japan to Arctic Canada, a distance of 7,672 km, but their track took them a claimed
10,885 km. This again broke all existing records with speeds of up to 245 mph in a
balloon measuring 2.6 million cubic feet.
He became Sir Richard Branson when he was knighted by the Queen in 1999 for his
business prowess and exuberance for the spirit of the United Kingdom.
“Losing My Virginity” is the unusual, frequently outrageous autobiography of one of
the greatest business geniuses of our time. The philosophy that has allowed Richard
Branson to spawn so many successful ventures is reflected fully in the title of the
prologue for his book: “"Oh, screw it, let's do it!" Many of Richard Branson's
companies--airlines, retailing, and cola are good examples--were started in the face
of entrenched competition. The experts said, "Don't do it." But Branson found golden
opportunities in markets in which customers have been ripped off or underserved,
where confusion reigns, and the competition is complacent. And in this stressed-out,
overworked age, Richard Branson gives us a new model: a dynamic, hardworking,
successful entrepreneur who lives life to the fullest. Family, friends, fun, and
adventure are equally important as business in Branson's life.
This book provides an excellent insight into the making of this iconoclastic, swashbuckling entrepreneur. He is a creative genius in an unconventional sense: He
creates wealth, as opposed to earning or gathering wealth. He generates new ideas
and provides value for money to his customers through his myriad ventures. His
determination, the absolute refusal to give up, and the belief in his actions are
exemplary. It is indeed instructive to trace the progress of this self-described
‘adventure capitalist’ to find what makes him so successful, at the same time having
lots of fun.
Branson presents starts with pleasant recollections of his early childhood. His
memories of early initiative tests – being ejected from the family car and told by his
mother to find his way home, all at the age of four – demonstrate the formation of a
never-say-die fighting spirit. Another inspiring incident is related to his learning
swimming. At the age of five, he was challenged by his aunt Joyce to learn
swimming by the end of the fortnight. Their holiday ended after the two weeks and
Richard was yet unable to swim on the last day. While returning home, he asked his
Dad to stop the car at a fast-flowing roadside brook to have a final fling.
Unconcerned about the fast moving water, Richard dove into the river, thrashed
about, bobbed up and down in the muddy current, and finally was able to swim just
before he was starting to drown. Thus, he won the ten-shillings Aunt Joyce had
promised him. However, these pleasant reflections give way to a hard-fought
struggle which began when he joined school.
Being a dyslexic, Branson’s early school life was a tortuous journey. "Dyslexia wasn't
even deemed a problem in those days. Since nobody had ever heard of dyslexia,
being unable to read, write, or spell just meant to the rest of the class and the
teachers that you were either stupid or lazy. And at prep school you were beaten for
both." Richard survived the initial few years because he was very good in multiple
sports, and if anybody is more celebrated in an English public school than the class
topper, it is the champion on the playfield. He became captain of the football, cricket
and rugby teams. Every sports day he would win a series of cups for sprinting and
hurdling. However, a permanent injury in his right knee during a football game came
as a rude shock and put paid to his aspirations of a sports career.
The worst aspect of this injury was that it immediately showed up how bad he was in
a classroom. He was at the bottom in every subject and was transferred to another
school where the rod was not spared and the child was not allowed to be spoilt with
‘useless distractions’ like games. If you couldn’t spell or add, you were simply beaten
until you did. As Branson says, “I learnt my facts in the face of unflinching discipline
and with a black and blue backside”.
His extra-curricular escapades in the new school continued in the new school. The
headmaster's eighteen-year-old daughter Charlotte took fancy to him. Every night
Richard would climb out of his dormitory window and creep over to her bedroom in
the headmaster's house. One night, as he climbed back through the window, he was
caught by one of his teachers. The next day Richard Branson was promptly expelled.
That evening, fearing parents' wrath, Richard wrote a suicide note but gave it to a
particularly nosy kid. Just as he was walking towards the cliff, a crowd of teachers
and students came and they managed to drag him back from the cliff.
Branson never fared well in the conventional school exams despite his best efforts to
succeed. Being a dyslexic child, he had a mistrust of numbers which he says still
continues today. He, however, loved working on real-world problems. He says, “I
once took an IQ test where the questions seemed absurd. I couldn't focus on any of
the mathematical problems, and I think that I scored about zero. I worry about all
the people who have been classified as stupid by these kinds of IQ tests. Little do
these people know that often these IQ tests have been dreamed up by academicians
who are absolutely useless at dealing with practicalities of the outside world.”
Richard’s first business venture was a magazine named Student that he started
while at Stowe at sixteen. It was a revolutionary idea to start a magazine catering to
the interest of the British youth, starting with almost nil capital. He roped in a friend
Johnny to act as assistant-editor, and a few more teenagers joined in later. It was an
utterly crazy idea that succeeded for this very reason: it was an utterly crazy idea!
Richard learnt early lessons on negotiating with suppliers, attracting advertisers and
building up a loyal customer base. His excellent negotiation skills and a “Don’t-takeNo-for-an-answer” attitude won him the interviews of contemporary celebrities like
John Lennon and Mick Jagger.
However, without enough competent people to help him out, Student was destined
to doom. After many valiant attempts, Branson gave up the whole venture, and
started on a Mail-Order business for music records. They called it “Virgin”, because
these teenagers were completely virgins at business.
When Richard Branson left the Stowe school in 1967 aged almost seventeen, his
headmaster's parting words were: "Congratulations Branson. I predict that you will
either go to prison or millionaire."
These prophetic words were soon realized. Briefly imprisoned for dodging customs
selling records, Branson got his first million by releasing Tubular Bells by Mike
Oldfield, a maverick recording all the stuffy executives had rejected.
Branson had accidentally found an illegal way to make profit In the spring of 1971.
The British and the French tax authorities both charged purchase tax on records,
while Belgium charged nothing. So, he could escape tax on his records by claiming
they were to be exported to Belgium but selling them in Britain. "It was a criminal
plan, and I was breaking the law. But I had always got away with breaking rules
before." Richard Branson made a total of four such trips after which Customs and
Excise officials got suspicious. Virgin's shops were raided in mid 1971, and Richard
Branson was arrested at the age of twenty-one.
While in prison for one night, Richard Branson vowed to himself that he would never
again do anything that would cause him to be imprisoned. And about the settlement
installments to be paid over three years: "Incentives come in all shapes and sizes,
ranging from a pat on the back to share options, but avoiding prison was the most
persuasive incentive I've ever had." Perhaps this was a blessing in disguise, for the
brief imprisonment served to discipline Branson’s wild energy and ensured that he
stayed on the legal path for the rest of his life.
The remainder of the memoir narrates how Richard Branson diversified into several
profitable and audacious business ventures, all the time breaking stereotypes and
having reckless fun. It also includes anecdotes of his personal involvement in the
Gulf War, Branson’s record-breaking Atlantic adventures, crazy balloon-rides, his
experience of the 9/11 and his vision for the Virgin group into the future. Ever since
the formation of Virgin Mail Order, Branson has written his own "rules" for success,
creating a group of companies with a global presence, but no central headquarters,
no management hierarchy, and minimal bureaucracy. His burgeoning empire is a
testimony to what a dyslexic sixteen-year old high-school dropout could achieve with
the right amount of determination, adventuresome spirit, competitive spirit and
sheer drive.
Branson is not afraid to discuss his mistakes and failures. He is full of praise for his
subordinates, many of whom went on to great successes elsewhere. He jokes about
himself – imagine a businessman of his caliber saying that he can't read a balance
sheet and doesn't understand the difference between assets and liabilities. He
obviously puts a lot of effort into producing good products, and into creating effective
organizations for people to work in. Stuffy Indian entrepreneurs would do well to
take a leaf out of his book.
For a business memoir, there are lots of pop-stars and celebrities in the book, and
few bankers and consultants. More interesting is just the sheer number of projects
he undertook – magazines, records, shops, books, clothes, financial services,
weddings, phones, airlines, holidays, soft drinks, trains. Best of all is the Virgin
Airways saga, Branson's most courageous and daring and successful venture.
Branson's passion and drive are infectious. His blatant disregard for the stuffy way
business "gurus" say that businesses should be run is refreshing.
To sum up, this is a great book, about and by a great man. Reading him gives one
hope for the impossible. If you respect people who are self-made and are not handed
the world on a silver spoon, Branson makes for a great story especially when you are
looking for some real-life inspiration.
Ashish Awasthi
(01010104)