ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Richard Branson's Take on Success: "Why Money Isn't the Answer, Focus on This Instead"

Branson believes in a few things that are essential to become successful.
PUBLISHED MAY 14, 2024
Cover Image Source: GettyImages/Robin Marchant
Cover Image Source: GettyImages/Robin Marchant

Richard Branson, the founder of the Virgin Group, which today controls more than 400 companies in various fields, says that he doesn't want to be defined by his money. He finds it quite insulting when he is introduced as "the billionaire Richard Branson," rather than the co-founder of Virgin Group, he told CNBC Make It. Per him, nobody should view their net worth as an ultimate measure of success, and says that it's unfortunate when making money is the sole focus of a person's life, he says.

"Maybe in America, ‘billionaire’ is a sign of success, but that rankles me," says Branson. “I think that your reputation is what you create." 

Branson's company is largely responsible for his net worth, which is around $2.5 billion, as per Forbes in 2024.

Sir Richard Branson | 	John Lamparski
Sir Richard Branson | John Lamparski

"Your reputation is [whether] your team of people who work with you are proud of what they’ve created," Branson says. "Paying the bills at the end of the year is important, but what entrepreneurs are doing all over the world today — and the only reason they’re succeeding — is that they’re making a difference in other people’s lives. And that’s all that matters," he said.

Branson stresses how money has never been his "chief motivating force", as per the publication. Having said that, he does want to have "enough advertising to pay the printers and the paper manufacturers," but it has still not been a motivation for running the business. 



 

Branson believes in a few things that are essential to become successful. Firstly, he says that we spend a major chunk of our lives at work, and it would be really sad if we were only doing it for the money. He talks about how personal fulfillment is needed in the long term. 

Branson is known for his unconventional leadership style and has gained a large following over the years for his ideas and advice. In 2017, in an interview with Forbes' Dan Schawbel, Branson talked about how he didn't come from money and struggled during his teenage years, which equipped him with the ability to cut through and get things done. "I've become a bit of a serial philanthropist like I've been a serial entrepreneur, trying to take on some of the bigger problems of the world and see whether I can help resolve them," he said.

Image Source: GettyImages/John Lamparski
Image Source: GettyImages/John Lamparski

When asked about what is the one piece of advice that he hasn't showered before, he talks about how the "most important thing I think I can say is just to look for the best in people all the time," just like Warren Buffett, who urges people to surround themselves with the people who bring out the best in your, Branson also feels that it's important to look for people who draw out the best in people. 

He further emphasized the importance of becoming a good listener. "I was with someone this morning and they called in several employees. There was no question that the leader was not letting them do the talking and was not listening enough. You've got to be a good listener and a wonderful motivator. You’ve just got to create a happy atmosphere," he says.

MORE ON MARKET REALIST
The guest's mother had initially advised her father against purchasing it but he did it anyway.
9 hours ago
The entreprenuer knew he had an ace up his sleeve and he played it to perfection.
11 hours ago
Thankfully, the contestant was up for the task and was able to silence any doubters on the show.
13 hours ago
Things could have been real messy had the host not reacted in time and prevented the setback.
15 hours ago
The product had its doubters, but, in the end, the entrepreneurs were able to make a lasting impact.
1 day ago
Things were not looking too good at one point as most of the sharks had backed out... until the end.
2 days ago
A number of episodes with the icon reprising his role as host will be released this year.
2 days ago
She had only believed that her items were worth a thousand bucks and that was not the case.
2 days ago
The host wasn't expecting such unusual answers to be among the top options.
2 days ago
He was able to get the puzzle right just in the nick of time in order to win a significant amount of cash.
2 days ago
The host seemed pretty confident that the answer was in no way going to be correct.
3 days ago
The history attached to the flag is tragic, and it personally affected the guest.
3 days ago
The product was unique and could help millions of new mothers around the globe.
4 days ago
Viewers believe that the game show sometimes doesn't allow participants to win multiple prizes.
4 days ago
Harvey was clearly annoyed by the answer and refused to buy any explanation.
4 days ago
After his impressive 74 winning streak, Ken Jennings has been hosting the show since 2022 with a $4 million paycheck.
4 days ago
Drew Carey was supposed to look scary, but the host ended up being funny and awkward.
4 days ago
Steve Harvey mocked Snoop Dogg over his choice and went on to roast the rapper more.
4 days ago
It seemed like she was going to lose her chance of winning, but that was not the case after all.
4 days ago
The host is clearly not a fan of hyping up answers that he doesn't personally approve of.
5 days ago