What does it take to be a Virgin entrepreneur?
Firstly, as CEO for the Virgin Group, I don’t think I am an entrepreneur – I’m a manager. A particularly successful entrepreneur has to have enthusiasm, passion, be extremely energetic and slightly irrational!
People will always tell you your idea won’t work. To be successful long term and across a lot of different businesses you need to recognise when you need a manager. When your business gets too big to handle – you have to know when to let go.
We get lots of entrepreneurs sending us business propositions here at Virgin and we judge them against our Virgin brand criteria:
- value for money
- good quality
- innovation
- brilliant customer service
- competitively challenging
- fun
We then ask - is it a profitable and sustainable offer? It has to meet a customer need and deliver great customer service, and then be able to sustain that position over the long-term.
It has to be different and have a clear unique selling point.
The proposition has to have international appeal so that it can be taken more widely into other markets. As Virgin is so big, it’s vital that it is scalable and signifcant.
Once your business is up and running you should strive to always be open, honest, straightforward and you should stay practical to deal with.
People are at the heart of the organisaton and are fundamental to your success. Respect for the individual is therefore key. At Virgin we really encourage a tolerant and diverse organisation and I think this really motivates people to do their best work.
11 Responses to “What does it take to be a Virgin entrepreneur?”
Stuart Savage - December 12th, 2008
These ideas albeit sound and obvious, how can it be ( and thankfully for Virgin ) others haven’t the willingness to implement such virtues? I can purchase X at store #1 and I can purchase X at store #2…inclusive in my purchase is a SMILE and a “THANK YOU” from #1.plus maybe a “Thank you for shopping at A is there anything else we could help you” ith, did you find everything you were searching for?” With #2 you get well….just X.Moral of the story, being number 1 is were you want to be, owner, client, customer! Richard is correct, you can teach this behavior to people but, a dog can smell fear and people can feel insincerity. It’s got to be real. Start young… Install, instill,… instinctive ….incredible
Pete Moring - December 12th, 2008
My Daughter used to be a party distributor for Virgin Cosmetics. Her manager was certainly in awe of the way all the good vibes filtered down through all the girls and created a great feeling of belonging. My daughter also felt privelaged to be involved.
Then along came little Ellie, and something had to go. She still looks back fondly at her ‘Virgin’ days :-)
Pete Moring.
Michael Pagel - December 12th, 2008
Richard, You have been on my mind alot as of late.After hearing about the earth challenge I went on the web site to learn more about it.I thought the best way to fix the problem was to prevent further pollution from happening.But then realized you were looking to remove existing carbon from the atmosphere.So last night I was watching Planet green’s Renovation nation.There is a product on the market,it is limestone stucco.When applied it removes carbon from the air as it dries.I also thought of the tower room air purifiers that clean the air by attracting pollutants electrostaticly to a cleanable,removeable metal surface.I think this could be used in smoke stacks to eliminate some of the carbon before it can get into the air.I have heard that buildings are the number one polluters today.If every building had an outdoor air filter attached to the roof near exhaust vents it could lessen the impact of the carbon footprint of said building.I think it will be a combination of ideas to help solve this problem.Number one stop burning the rain forrests.I have a plan to show indigenous people how to build soil instead of slash and burn as is the norm in these areas.I recently saw you on Iconoclasts,it was fasinating.I would love to meet with you to show you my idea for grow top soil while growing organic foods.I could build you a garden in paradise as that is the only way to describe where you live on that island.If I were to win the contest for the earth project I would’nt even want or need all of the prize money,I would share it with other contributors or use it to help in the effort.Another idea I had is to capture some of the water melting from the glaciers,pump it back to the top and release it through a snow making machine.It would then replenish the glacier with much neede snow and keep the water from flooding rivers and eventually ending up in the oceans.If this was in place today Venice might be dry right now.I took a test on the davinci method web site and found out I think alot like you do,90% infact.I have an incredible ability to solve problems.I would love to work with you.Ithink what you are doing with the elders is amazing,I love Jimmy Carter and will help him with habitat for humanity when I finish my current project,building an office for my wife Victoria.She is a chiropractor.Me?I am a renaissance man much like your self.I am a massage therapist,chef,artist, carpenter and am running out of space please contact me.thx.
Paul - December 13th, 2008
Hi Richard,
I enjoyed reading this post. It is great to hear that respect for the individual is an important belief at the highest level of your organisation.
I have a couple of related questions if you don’t mind: In your opinion do you think a strong HR function is necessary to achieve this level of organisational & individual respect, tolerance and diversity?
…and my second question: Is HR a strong function at the Virgin Group?
Best Regards
Paul
Rob Barham - December 13th, 2008
A lot of the businesses that Virgin has are actually partnerships with existing companies that perhaps have the know-how but not a strong brand. This is a very clever way for Virgin to mimimise the downside on new ventures and get the most out of the amazing brand they have thanks to their great people, their innovations, their leader’s exploits and the fact that they go after established lazy companies where it’s clear consumers aren’t getting the best service.
Maynas Eric Chua - December 13th, 2008
Nice post Stephen,
You have some good and direct points mentioned about entrepreneurs and managers. A different mix and it takes two hands to clap to build up such a brand and business.
I would think that although the energetic entrepreneur might be the adventurous one who starts projects and businesses, he might not be the perfect one who is suited to carry on the operations once things stabilized. He/she might want to get on to new things to keep his energy levels high. hmm…sounds like Richard, lolz. *Winks*
I think Richard, Gordon and you make good team leaders. I read some of the articles about you and you do seem to know what you are doing very well. That’s impressive. Looking at how how much Virgin have grown over the years. Stephen, I think you have done mighty well. Congras.
As you have mentioned, you see yourself more as a manager. I would think that the manager (a good one) is just equal to the importance of the entrepreneur. The Entrepreneur gets things started and happening, the manager is the one who then sits down with a clear mind and make things happen…and keep it happening, year after year.
Throughout history, this combination of the entrepreneur and manager has worked quite well for empires. The “entrepreneur” suggests the conquest, the “manager” has the intelligence and patience to plan the battle plan out to decide on its feasibility and how to win the battle with the most efficient methods to achieve the most effective results.
Business, as in many things in life, is never a one man job.
Richard mentioned some great things about you and a little about of your working style in pages 8,35 and 146 of his “Business Stripped Bare” book.
*Smiles* Sometimes it seems that it’s almost like everything is about asking quality questions to get better answers we need to make the “go ahead” decision.
—
hmm..Stephen, got a Question for you.
You mentioned about business propositions needing a different and clear selling USP. What about people?
In your opinion, do you think people need a different and clear selling USP as well? If so, what are some you have personally seen?
A Friend from Singapore,
Maynas Eric Chua
P.S:
Do hope you see this question for you somehow, Stephen *Moderator, *Winks*
Ingus Sturmanis - December 13th, 2008
Perfect, Richard! Slightly irrational!
And the question is: what does MBA, school, university tries to “feed” these new entrepreuners? Don’t risk, calculate everything, be right, do everything like in a book, and in reality there is now order out there. Business, people and this world is completeley irrational despite the wish to invent some order all the time.
However, your success is based because as a CEO I think you are great, open and speak with your customers, don’t hide behind the corporate curtains and yes, you are Virgin - your brand says a lot and give you a chance to be free, to experiment, try new businesses without a corporate fear a scheme. As you say - if there is value for people, there is no reason no to do it or to try it out.
Trevor Gay - December 15th, 2008
Great post Stephen - I would love to know whether Virgin use modern technology such as video streaming of the current thinking in management, leadership and customer care as part of the development of your folks.
I am a regular Virgin rail user and have nothing but the highest praise for the service and in particular the staff courtesy and customer focus.
I regularly write on my Simplicity Blog about the superb Virgin service and the leadership of Richard Branson. I managed to get a plug about Virgin on Fox Business TV that I did live to the US in January of this year.
You can see that Fox interview at this link http://simplicityitk.blogspot.com/2008/01/fox-business-network-tv-interview.html
I am fascinated to know more about your customer service ethos as a CEO.
Sean Davis - January 4th, 2009
Hi Richard,
Great book Business Stripped Bare! Where and who do and I send a business plan to? I have been sitting on a business idea for over 5 years and would be excited to share this with you, I look forward to hearing from you.
Sean.
Darlena - January 6th, 2009
Dear Richard,
I started my business shortly after my husband passed away from heart disease, very young. I founded my business to fight heart disease so others wouldn’t loose their loved ones so soon. I created a flaxseed muffin and have the mix manufactured and now sell it to many of the finest hotels and resorts in the U.S.. Each muffin has more omega-3 than a serving of wild salmon. So it reduces cholesterol and blood pressure with a delicious and moist muffin. It could truly make a difference in fighting our number one killer.
I also have the patent on delivering a therapeutic dose of flaxseed. I’d love to speak with you or your business development person. I think a “virgin muffin” might be worth talking about. :)
Be well,
Darlena
Bob - January 7th, 2009
To Sean and Darlena…
You can submit your buisness propositions to Virgin via this page here:
http://www.virgin.com/Contact/GotABigIdea.aspx
good luck!
Bob
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