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Richard Branson

Richard Branson. Group One Chan Yin Mui, Angel Chong Kar Yee, Lucy Wong Ka Pik, Venus Wu Yi Hua, Eva Yeung Chui Ying, Tracy. Outline of Presentation. Profile of Richard Branson Profile of Virgin Group Richard Branson's leadership style/approach

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Richard Branson

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  1. Richard Branson • Group One • Chan Yin Mui, Angel • Chong Kar Yee, Lucy • Wong Ka Pik, Venus • Wu Yi Hua, Eva • Yeung Chui Ying, Tracy

  2. Outline of Presentation • Profile of Richard Branson • Profile of Virgin Group • Richard Branson's leadership style/approach • Situational circumstances contribute to Branson’s success • Comments on Richard Branson

  3. Profile of Richard Branson • Job: Chairman, Virgin Group • Age:51 • Marital Status: Married, with 2 children • 2001 Ranking: 52

  4. Profile of Richard Branson& his Virgin

  5. Profile of Richard Branson • 1950Grew up in a traditional family and received education at Stowe School • 1970 Founded Virgin as a mail order record retailer. Later in this year, a record shop opened in London • 1992Virgin Music Group---sold to Thorn EMI in a $1 billion US deal • 1992Starting of the Megastore • 1984Started the Virgin Atlantic Airways • 2001 Received 2 knighthood from Queen Elizabeth II

  6. Impression of Branson… • Enviably successful! • Rich! Extremely Rich! • Fun-loving~ • Flamboyant~

  7. Virgin Key Businesses • 1. Virgin Travel Group Limited (Includes Virgin Atlantic and Virgin Holidays) • established in 1984 • big fleet with 26 Boeing 747s and Airbuses • Revenues : 1.6 billion • Profits : 151 million

  8. Virgin Key Businesses • 2. Virgin Entertainment (Includes Megastore and Virgin Cinema) • Revenues : 1.3 billion • Profits : 81 million

  9. Virgin Key Businesses • 3. Virgin Rail (Includes Cross country and West Coast) • Revenues : 671 million • Profits : 22.9 million

  10. Attributes-Risk-seeking & Innovative • Risk Seeking • Evidence: His insatiable desire to take on Coca Cola and British Airways-the industry giants • Careful plan for aggressive competition: • make a lot of noise to irritate those gorillas,so that they tried to swat back. • Then he waited for their mistakes

  11. 2) Attributes of Richard Branson

  12. Attributes-Risk-seeking & Innovative • Innovative • Evidence: tried out every mean to promote his company • Example: • 1) Drive a tank down 5th Avenue in N.Y city to introduce Virgin Cola to the States

  13. Attributes-Risk-seeking & Innovative • 2)Fly a hot air balloon across Atlantic to promote his Virgin Airlines • 3)Wear a wedding gown to promote his new bride chains • AND MANY MORE!

  14. Attributes-People-Oriented • His belief: PEOPLE COME FIRST • ‘PEOPLE’: includes Employees and Customers • likes to refer to the Virgin staffs as a large extended family • e.g. gives every new employee his telephone number & encourages them to call him if they come up with any bright ideas or complaints

  15. Attributes-People-oriented • For customers, he tries to keep them paying the lowest price for their products as long as he can cover the cost and earn ‘some’ profit • Believes in keeping faith with the staffs • no matter in good times or bad • E.g.He shared the settlement from British Airways equally with his staffs

  16. Attributes-Determined & Optimistic • Failed to wrestle the UK’s lottery franchise from Camelot • But was dignified in defeat • Looked into the positive side

  17. Attributes-Determined & Optimistic • Immediateaction: • call the CEO of Camelot • asked her not to feel sorry for him…… because he still had a beautiful life! • Within days, he announced his own non-profit game.

  18. 3) Richard Branson’s Leadership Style

  19. A) Transformational Leadership • “Master Motivator” • Pushing employees into their limits • Turning the self-interests of employees to the sake of “Virgin”

  20. A) Transformational Leadership • He believes: Enthusiasm is infectious! He is good at: • Attempting the impossible • To excite, arouse and inspire followers • Giving trust and encouraging followers

  21. A) Transformational Leadership Example: MISSION IMPOSSIBLE • He asked John, the marketing manager of Virgin, to place an ad in the London Evening Standard. Tomorrow will be the deadline! • ** He gave confident to John and said, “Do your best all the same as normal.” • Result: John paid superhuman effort and spent entire day, did make the last edition of the standard.

  22. B) Empowerment Leadership Style Definition: • Intrinsic motivation and self-efficacy of people are influenced by leadership behavior, job characteristics, etc . • Transferring authority to subordinates

  23. B) Empowerment Leadership Style “Virgin” Trademark Situation: • More than 200 companies • Not feasible, hard to be boss of all of them Solution: Empowerment

  24. B) Empowerment Leadership Style • Branson  Backseat Leader “ I know when to get out the way and let people get on with it.” • = Want, X= don’t want X  people follow him blindly X  hired hands •  individual entrepreneurs

  25. B) Empowerment Leadership Style • Advantages of this style Virgin staffs  • regard works are meaningful • develop self-determination and self-efficacy because they have a significant impact on works.

  26. C) Charismatic Leadership • Attribution Theory • Charismatic leader • A form of INFLUENCE • Based on followers’ PERCEPTION • Leader has exceptional QUALIUTIES

  27. Example:VIRGIN ATLANTIC • Founded in 1984 • Branson’s vision • Dangers behind? • Extremely capital-intensive • Laker Airline’s failure • Aviation industry: political

  28. Example:VIRGIN ATLANTIC • Branson: To be? Or not to be? • That is the QUESTION! • Branson: Go on! • Think about: • Risk: huge loss (Virgin) • Personal failure: money, status!

  29. Example:VIRGIN ATLANTIC • What did Branson demonstrate? His…… • Courage - Vision • Self-Confidence - Commitment • Embrace to Changes • Dreaming Impossible Dreams ; Challenge • Act in unconventional ways

  30. Example:VIRGIN ATLANTIC • Branson’s decision making process: • Rational • Logical • Realistic Assessment • Minimize risk • Balance between DREAM and REALITY

  31. Example:VIRGIN ATLANTIC • Branson = Charismatic leader? • Courage Self-confidence • Commitment ThinkRationally • Embrace changes • Charismatic leader • Vision, Confidence, Courage • bearing substantial risk • Minimize risk, at the same time~

  32. Therefore…… Richard Branson = Charismatic Leader~ = Effective Leader~

  33. D) Inspirational Leadership • Manage employees with “Tough Empathy” • Empathize people • Care about employees’ work

  34. Branson’s Philosophy • An ADVANTAGE of Virgin: • EMPLOYEES • SUCCESS of Virgin: • EMPLOYEES + MOTIVATION  Branson’s concern: Employees’ cohesion + satisfaction

  35. Examples? • Promote from within • Assign Virgin’s bright people to new companies • Stretching, Developing employees • Provide opportunities!

  36. More Examples? • Party Hard! • Throw a party… • When morale is low…………..↓↓ • Letter (sealed with a kiss…?) • Every month, Branson wrote personally • Content: • Heart-warming messages~~~ • Virgin’s plan~

  37. Branson Cares! • Employees’ work • Their Feeling, Satisfaction • Branson: an inspirational leader • Branson: an effective leader

  38. 4) Our Stand Point:Richard Branson comes up with a great success !!!

  39. Argument for Branson’s success • 1) High-high leader • Both task and relations-oriented • Tasks: Clear objectives and goals for all Virgin Brand  Customization • Relations: treats everyone equally + support • Example: He writes birthday card to staffs to praise their effort of saving virgin’s reputation.

  40. Argument for Branson’s success • 2) Innovative and unique leadership style Richard Branson  likes creative and innovative ideas • encourages his subordinates to look beyond the differences in each sector • Adopts diversification strategy • Sectors where he had set up  never the same again

  41. Argument for Branson’s success Our team impressed by his adventure-liked Style. • He likes daunting challenge, he views impossible as just another business opportunities. •  Vision

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