Latinos who are into business may learn a thing or two about how Richard Branson makes his business grow. There are vital lessons to be gathered from Branson's journey into entrepreneurship and financial freedom.
Richard Bronson's Entrepreneurial Journey
Richard Branson's success story may be unique for some, but it actually has similarities with most successful large business owners in the world.
Based on an article, Branson had decided to drop out of high school when he was 16 years old. Despite this early setback in his life, his net worth is now $4.4 billion, owing mostly to his efforts to establish the Virgin Groups business empire.
From Publishing Magazines to Selling Records
Branson had struggled to stay in school due to dyslexia, the article reported. After leaving school, he started creating a magazine which he named 'Student.' He employed students to work for the publication. In its first edition, it was able to earn more or less $8,000 from advertising. It was first released to the public for free in 1966. Based on an article, it was reported that the magazine had contents on pop culture and other topics that are related to the interests of its target readers.
After some time, he was able to venture out into another sector. He was able to establish another business on mail-record order. It was performing well that he was able to establish a store for selling records. Initially, the record company was made to help fund 'Student' but it transformed into something great over the years.
When Virgin Records was established, Brandon's leadership had helped it achieve multiple milestones. Virgin Music transforming into one of the giant record companies in the world. It was reported in the article that the first artist's album who signed with his company had allowed it to report millions in earnings.
Expansion and Diversification
Not all entrepreneurs know 100 percent of the outcomes of their decisions involving business expansion and diversification.
Brandon did not stop with 'Student' and Virgin Records. Instead, he continued to diversify and enter many industries. His entrepreneurial ventures had included penetrations in the travel and tourism industry. However, Virgin Records was sold for $1 billion.
As many of you know by now, Brandon is a kind of entrepreneur who loves to diversify. Based on an article, diversification is a type of growth strategy that requires companies to identify or look for other business opportunities to invest in that are beyond the common activities of the current company. For example, Virgin Records had invested in businesses that entered the travel industry with Virgin Atlantic Airline, the food and beverage industry called Virgin Cola, and Virgin Cosmetics. And it was not smooth sailing as he had experienced downfalls with those businesses.
With diversification, he was able to make those that worked even stronger and improved or closed those that did not earn any profits.
Currently, the Virgin Group operates in the travel industry, music industry, entertainment industry, health industry, financial industry, and media, according to the Virgin Group's website.