Sir Richard Branson

Sir Richard Branson

Background

Sir Richard Branson learned, from an early age, not to let adversity stand in the way of accomplishing a goal. As a pioneering thinker, he has transformed many entrenched industry practices by turning the traditional business model on its end. A unique approach to business is his hallmark and he is a person that is not afraid to challenge convention and encourages creativity. Lack of success in a venture is not a deterrent, rather a motivator as this produces opportunity. His personality and style of management combine to form a very formidable opponent in each business venture explored within his company, Virgin Group.

Key Issues

1. Stepping up to a challenge; being able to overcome obstacles in life and business.

2. Using an entrepreneurial style allows and encourages innovation.

3. Teamwork.

List of Alternatives

1. Obstacles:

a. Surrender.

b. Compromise.

c. Challenge.

2. Innovation:

a. Accept that no change necessary or possible.

b. Purchase established business and create change internally.

c. Start an alternative solution to create competition.

3. Teamwork:

a. Authoritative.

b. Structured hierarchy environment.

c. Collaboration.

Analysis of Alternatives

Obstacles

Surrendering means you have determined that it is not worth the time, effort or money necessary to overcome the issue. The positive aspect of this approach is to avoid uncertainty. Uncertainty tends to cause fear in those who averse to taking risk, whether personal or financial in nature. Avoiding risk will keep a person in their zone of comfort as some of afraid of failure. A negative aspect of this approach is lack of personal and / or financial growth. Growth will never happen without taking risk.

Comprise means you have determined that it is not necessary to accomplish all of the goals and that a less than ideal outcome is good enough. When engaging in a compromise, some original needs are unmet. For instance, you receive a late charge on a bill since the biller received the payment after the due date. Your goal is the have that late charge on a bill reversed, however, you only have it reduced by half. Neither party involved receives exactly what they intended, however, both parties are generally satisfied with the outcome. Using this same example reveals a potential drawback to this approach. You were not late with the payment and have proof to that effect; however, the same result is accomplished. You will feel slighted by the biller and the business you conduct with them may suffer.