Richard Branson was not a good student.
He struggled with ADD and dropped out of Stowe School, a very prestigious, private boarding school in England, in order to pursue his dream of publishing his own magazine, which eventually grew into a mail-order record business, known as Virgin Records.
Today, Virgin Group encompasses 400 businesses around the world, employing 50,000 people.
As an extension of my Rich Habits research, I devote hours every day studying the lives of rich people and poor people.
I’ve amassed quite a bit of research data on numerous individuals.
Richard Branson is one of those individuals.
I thought I’d share with you some of Richard Branson’s Rich Habits:
Choose a Path Towards Creating Wealth
There are 4 path’s to creating wealth:
2. Senior Executive of Major Business
Branson chose the Dreamer-Entrepreneur path.
Branson had a vision of the life he desired to have. He has devoted his life to that vision.
Control Your Emotions
Branson believed it was critical, especially in negotiations and dealing with employees, to always remain calm and collected.
Exceed The Expectations of Others
Most of Branson’s businesses are service-based.
His goal was to always try to exceed the expectations of others. For example, when Virgin Airlines first started, all first class customers were picked up by a limousine and driven to the airport.
Control the Words That Come Out of Your Mouth
Branson was never openly critical to his employees.
Instead, he advocated for offering only praise to employees.
He believed encouragement was the secret to getting the most out of employees.
Always Seek Feedback
Branson sought feedback from employees and customers. He believed constant feedback was critical to success.
Learn to Pivot
In his book Like a Virgin, Branson stated that only a fool never changes his mind.
Take Calculated Risks
But, he only took Calculated Risks.
Calculated Risk is the primary type of risk the self-made millionaires in my Rich Habits Study took.
It requires doing your homework and planning for every good or bad outcome.
When it came to taking risks, Branson always had an escape hatch, or Plan B. For example, when he started Virgin Airlines, Branson knew very little about the airline industry.
So, his Plan B required the airline who sold him his first airplane to buy it back, in the event Virgin Airlines failed.
Branson refused to surrender to adversity.
He believed one of his greatest traits was his ability to bounce back after a setback.
He stated in his book, Like a Virgin, that bouncing back from adversity is the #1 trait of successful entrepreneurs.
Take Action on Big Goals
Branson believed it was critical to think big and build small.
Almost all of his businesses were start-ups.
They began small and grew organically.
But his vision was always the guiding light, the path, that helped those businesses grow into large companies.
Branson believed you must be fearless when venturing into new areas.
In order to alleviate that fear, Branson and his team took Calculated Risks and always had a Plan B.
Follow Your Passions
Branson believed that doing what you loved was the thing that enabled you to develop your skills and expose your innate talents.
Engage in Daily Exercise
For the past 50 years, Branson has devoted himself to daily exercise. In fact, he often describes himself as an exercise junkie.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.