While watching Richard Branson’s life at 30,000 feet on TED.com, I gained a deeper understanding of the man and his business savvy. I think any person that is going into business for them self or has aspirations of being a business owner should watch this video. As future business owner, I am very inspired from his story. After watching this video, anyone that is scared to take risks will rethink their mentality. Sir Richard Branson is a person that thinks outside the box. He sold his Virgin Records brand for Virgin Atlantic. Many people thought this was a crazy move because he essentially was trading in the 4th biggest record company for the 25th ran ked airline. He is a person that takes high risks and expects high rewards.
Richard Branson believes the Virgin brand stands for quality. He has a lot of fun building his companies and the people that work for him enjoy their jobs. He has built a company that is not scared to fail by taking risks. Examples of his risk taking style are endless. He has launched companies such as Virgin brides and Virgin condoms. Both companies did not fair well, but his companies are very innovative. With the many companies under the Virgin brand, Branson’s empire has a net worth around $25 billion and employs 55,000 people. Those numbers make Virgin and Richard Branson extremely credible in business.
Branson builds trust with the audience with his business credibility and his extraordinary adventures and stories. He has created a brand with incredible PR value. Adding to Virgin’s PR value is his philanthropic endeavors. He has used the term “capitalistic philanthropy” which means with extreme wealth and resource come extreme responsibility to give back. With his wealth, Branson chooses to tackle the environment and alternative fuel research. His work in protecting the environment also adds to his companies PR value.
Through Richard Branson’s TED.com speech, I have developed a greater understanding him and his business. I will take a page out of his book and apply it to my business endeavors. I will not limit my business to one thing. I plan to diversify and add value to the company. Taking calculated risks will also be a strategy I use. If you are passionate about an idea, it should not matter what other people think. I plan to work hard in things I am passionate about, even if it risky. Ntice Music will be successful and I hope to meet Sir Richard to tell him his words inspired me.
The recording industry is a very intimidating industry for newcomers and those without the best resources. For those that do not have the best resources, researching the industry is the best way to be prepared for what the recording industry has to offer. The Recording Industry Association of America (RIAA) is trade organization that provides someone researching on the industry a vast amount of information. www.riaa.com resources include, Key statistics, Piracy information, artists’ achievements, tools for parents and educators, tools for students doing reports, a news room, and a music notes blog. In addition to all the tools and resources RIAA offers, it also works to protect artists and music labels First Amendment rights. The First Amendment of the Bill of Rights of the US Constitution guarantees citizens four freedoms. The freedom that artists and music labels want to protect most is the Freedom of speech.