Richard Branson resents being labeled by his wealth. He finds it “quite insulting” when introduced as “the billionaire Richard Branson” instead of the co-founder of Virgin Group, he shared. To him, measuring success by net worth is misguided, and focusing solely on making money is, as he puts it, “very sad.”
“In America, maybe ‘billionaire’ is seen as a mark of success, but that really bothers me,” Branson says. “Your reputation is what truly defines you.”
For Branson, that reputation is closely tied to Virgin Group, the venture capital and holding company he co-founded, which spans industries from airlines to telecommunications to spaceflight. While the company has contributed to his estimated net worth of $2.5 billion, according to Forbes, he’s quick to dismiss the idea that wealth was ever his primary goal.
“Your reputation is built on whether your team is proud of what they’ve accomplished,” he explains. “Paying the bills is essential, but entrepreneurs who succeed do so because they’re making a difference in others’ lives. That’s what truly matters.”
When starting a new venture, Branson consistently asks himself two key questions: Can this be better than what’s currently out there? And can it make a real difference in the world? Although financial success often follows, he insists that money has never been his driving force.
His first successful business, a youth culture magazine called “Student,” aimed to challenge the “stale” norms of traditional publications by addressing cultural issues like popular music and opposition to the Vietnam War.
“I wanted the magazine to survive, and yes, I needed enough advertising to cover the costs of printing,” he recalls. “But money was never the motivation behind it.”
Branson’s top advice for achieving success is to pursue opportunities that genuinely interest and excite you. This approach not only leads to greater happiness but also increases your chances of success, compared to focusing solely on the bottom line.
“We only have one life,” he reflects. “We spend a lot of time working, and it would be sad if we did it only for the paycheck.”
Embracing Branson’s mindset can be challenging, especially when living paycheck-to-paycheck, but it holds particular value for managers, executives, and CEOs. This perspective is highlighted by Emily Balcetis, an associate professor of psychology at New York University and author of the book “Clearer, Closer, Better: How Successful People See the World.”
She points out that when money is prioritized above all else, leaders risk attracting and hiring employees who share that same short-term focus. This can undermine efforts to build a cohesive team that works effectively together over the long term.
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