The success story of Virgin (Richard Branson)

The success story of Virgin (Richard Branson)

The success story of Virgin (Richard Branson)

 

Branson was educated at Scaitcliffe School (now Bishopsgate School) until the age of 13. He then attended Stowe School until he was 15. Branson suffered from dyslexia and had a generally curious spirit, resulting in him not being a good student. He was the captain of football and cricket teams, and by the age of 15 he had started two ventures that eventually failed: growing Christmas trees and raising budgerigars.

At 16, Branson decided to quit school and move to London, where he began his first successful entrepreneurial activity setting up Student magazine. When he was 17, he opened his first charity, the "Student Valley Centre". 

Branson started his first record business after he traveled across the English Channel and purchased crates of "cut-out" records from a record discounter. He sold the records out of the boot of his car to retail outlets in London. He continued selling cut-outs through a record mail order business in 1970. Trading under the name "Virgin" he sold records for considerably less than the so-called "High Street" outlets. At the time many products were sold under restrictive marketing agreements which limited discounting, despite efforts in the 1950's and 1960's to limit so-called resale price maintenance. In effect Branson began the series of changes that led to large-scale discounting of recorded music.

Branson eventually started a record shop in Oxford Street in London and, shortly after, launched the record label Virgin Records with Nik Powell. Branson had gained enough profits from his record store to purchase a country estate, in which he installed a recording studio. He leased out studio time to fledgling artists, including multi-instrumentalist Mike Oldfield.

Virgin Records' built a reputation for signing unconventional artists including Mike Oldfield, the Sex pistols and Culture Club. Branson went on to found a number of companies collectively known as the Virgin Empire. He sold the record business in 1992 to EMI in order to keep the Virgin airline afloat. He has since re-entered the music industry with V2 Records.