• Born: 18 July 1950
• Birthplace: Surrey, England
• Best Known As: Founder of the Virgin business empire

A billionaire businessman with a taste for derring-do, Richard Branson is the founder and CEO of the mega-corporation known as the Virgin Group. Branson's first business was music: he began selling records by mail order in 1970, opened a shop in London in 1971, and in 1972 added a music studio. Virgin Records was launched a year later and soon became force in the music business, signing hot 1970s and '80s acts like the Sex Pistols, Phil Collins and Boy George. Rather than rest on his laurels, Branson branched out into a dizzying array of businesses bearing the Virgin name: Virgin Atlantic airways, Virgin Megastores (sellers of music and books), Virgin Mobile (phone service), along with cosmetics, car sales, health clubs, and many other concerns. Jovial, aggressive, and never shy about self-promotion, Branson put himself at the forefront of the Virgin publicity machine and made himself one of the best-known businessmen in Britain and the world. Branson also has made a hobby of record-breaking travel adventures: in 1986 he made the fastest-ever crossing of the Atlantic Ocean on his boat Virgin Atlantic Challenger II and a year later became the first to cross the Atlantic in a hot air balloon in his Virgin Atlantic Flyer. In the 1990s he also joined fellow-businessman Steve Fossett in several failed attempts to circle the globe non-stop in a hot air balloon. In 2006 he made headlines by pledging to devote all personal profits from his transporation companies for 10 years to developing renewable energy technologies. Branson's autobiography, Losing My Virginity, was published in 1998. He was knighted by Queen Elizabeth II in 1999.

The first artist to sign with Virgin Records was Michael Oldfield, whose album Tubular Bells was featured on the soundtrack of the movie The Exorcist and subsequently sold over 15 million copies... According to his autobiography, Branson is dyslexic... Virgin Music was sold to Thorn EMI in 1992; Branson started a fresh label, V2, in 1996.

Executive, Virgin

Nationality: British.

Born: July 18, 1950, in Shamley Green, Surrey, England.

Education: Attended Stowe School, 1964–1967.

Family: Son of Edward (barrister) and Eva Huntley-Flindt (dancer and flight attendant) Branson; married Kristen Tomassi, 1972 (divorced 1979); married Joan Templeman, 1989; children: two.

Career: Student, 1966–1970, editor; Virgin, 1970–, executive.

Awards: Knighthood, Queen Elizabeth II, 2000.

Publications: Losing My Virginity 1998.

Address: 120 Campden Hill Road, London, United Kingdom, W8 7AR; http://www.virgin.com.

Richard Branson founded Virgin, a loosely knit family of more than two hundred companies, as a mail-order record business in 1970. As CEO or majority shareholder, he developed successful ventures in music, air travel, financial services, retail marketing, telecommunications, and other fields. Branson's idiosyncratic approach to business and his risk-taking personal life made him a British folk hero as well as one of his nation's wealthiest men. Under Branson's supervision the Virgin group fostered creativity among its employees and allowed the Virgin brand to evolve and diversify with the marketplace.

Teenage Entrepeneur

Branson overcame dyslexia as a child and began to show his entrepreneurial talents early. Born into a middle-class English family, he displayed both a natural intelligence and a competitive spirit on the playing field. His first business ventures included growing Christmas trees and breeding birds. As he reported in his autobiography, "Losing My Virginity," chafing under authority Branson left boarding school at age 16. At the time his headmaster reportedly told him, "Branson, I predict that you will either go to prison or become a millionaire."

In 1966 Branson launched Student, a youth-oriented magazine. As the editor Branson interviewed John Lennon, Mick Jagger, Vanessa Redgrave, and other celebrities. He also started the Student Advisory Center, a nonprofit referral service for troubled youth. In 1970 local authorities charged the center with obscenity for using the words "venereal disease" in its promotional material. Branson was successful in getting the charges dropped, setting a precedent for his future battles with authority.

After selling Student to a larger company in 1970, Branson started a mail-order record company, Virgin Mail. The following year he opened a retail store, which by 1972 had become a chain of 14 shops around the United Kingdom. Charged with evading purchase taxes on import record sales, Branson escaped prosecution by paying an out-of-court settlement. Saddled with $90,000 in fines and debts, a sobered Branson expanded his chain of stores and purchased a small castle in Wales, turning it into a recording studio. His next project was to launch a record company of his own. With his cousin Simon Draper as the creative director and Nik Powell as the business manager, Branson inaugurated Virgin Records in 1973. Among the label's first releases was Mike Oldfield's album Tubular Bells, which topped the U.S. charts in 1974 and sold more than 13 million copies. Virgin had suddenly become one of the most successful independent record companies in the United Kingdom. Despite his image as a "hippie capitalist" dabbling in business, Branson proved an astute negotiator from the start, signing his artists to long contracts, acquiring worldwide rights to recordings, and owning copyrights for as long as possible.

Risky Ventures and Daring Exploits

After its impressive start Virgin Records entered a stagnant period in the mid-1970s. Branson failed to sign such established acts as the Rolling Stones and had to rely on Oldfield's sales to keep the label profitable. Matters did not begin to improve until Virgin signed the Sex Pistols in 1977. Undaunted by the punk band's controversial image Branson sold 100,000 copies of the single "God Save the Queen" in one week. Virgin did not pull out of the doldrums until it released Culture Club's debut album in 1982. The phenomenal popularity of the lead singer Boy George helped the band to sell 1.4 million albums in the United Kingdom the following year. Hit albums and singles from Phil Collins and the Human League also did well for Virgin. The label quadrupled its size in four years. Branson used his earnings to launch a Virgin American record label and to invest in new ventures, including Virgin Vision (a film and video distribution company), Virgin Games (a computer games publisher), Virgin Rags (a clothing line), Vanson Property (a property development company), and several London-area nightclubs.

In February 1984 Branson was approached by the American attorney Randolph Fields with an offer to invest in a new transatlantic airline. Despite the objections of his business partners, Branson was immediately intrigued by the possibility. Rather than adopt Fields's initial idea of an all-businessclass airline, Branson envisioned a low-cost carrier that would compete with People Express. The decision to pursue the project caused ill feelings with Draper and other Virgin staff members and met with disfavor with Branson's bankers. It was something of a personal triumph for Branson when, on June 22, 1984, Virgin-Atlantic Airways embarked on its maiden flight between London's Gatwick Airport and Newark, New Jersey. From a single leased aircraft Virgin-Atlantic slowly grew during the 1980s, adding routes to Los Angeles and Tokyo while seeking access to London's Heathrow Airport. Branson emphasized his company's commitment to service by talking with customers during flights. He was even known to dress as a flight attendant and serve refreshments.

To help promote the airline Branson began to raise his media profile by performing promotional stunts and feats of daring. In 1985 he was rescued off the coast of Ireland when his powerboat Virgin Atlantic Challenger crashed during an attempt to break the transatlantic speed record. A year later Branson succeeded in breaking the record with Virgin Atlantic Challenger II. In 1987 Branson set out with the aeronaut Per Lindstrand on a transatlantic hot-air balloon trip, crashing into the Irish Sea after making it across the ocean. The pair completed the first successful transpacific hot-air balloon ride in 1991, although they ended the trip stranded on a frozen Canadian lake before being rescued. Such death-defying adventures won Virgin invaluable publicity and emphasized Branson's image as a fearless risk taker.

Not all of Branson's corporate moves turned out as he had hoped. In 1985 Branson took Virgin public, attracting 100,000 applications for shares. While he gained greater financial stability, Branson disliked the restraints of working with a board of directors. "Previously, I had always felt confident about any decision we made, but now that Virgin was a publicly quoted company, I began to lose faith in myself," he recalled. "I felt uneasy about making the rapid decisions I had always made and wondered whether every decision should be formally ratified and minuted at a board meeting." Branson fought with the board over paying out large dividends rather than reinvesting profits in new projects, as Virgin had previously done. The October 1987 stock market crash helped to convince Branson to buy back his company. He announced Virgin's management buyout in July 1988 and began to seek investors, including the British retailer W. H. Smith and the Japanese media company Fujisankei, for joint ventures. These relationships were especially important in establishing a chain of Virgin Megastores, which were devoted to music as well as other Virgin consumer items, across Europe, North America, and Japan. Also in 1988 Branson launched Virgin Hotels and a new music division, Virgin Classics.

Unique Corporate Structure and Freewheeling Style

By the late 1980s Virgin's unorthodox corporate structure was well established. Behind the Virgin logo was a constantly multiplying array of wholly owned subsidiaries and outside partnerships, Branson always maintaining a controlling interest. Each business remained independent though linked to others with similar concerns. "Outside accountants would immediately look at our 200 buildings, 200 switchboards, and all that comes with them and say, 'You're bleeding money'," Branson told Betsy Morris in an interview for Fortune. "But I say, 'Look at what you get!' People who have worked for small companies and then big companies will tell you that it's not as much fun. In a small company, you can create a different kind of energy. People feel cared for."

Branson oversaw his operations from his residences in London's Holland Park and on Necker Island in the Caribbean. In most cases he supervised each business's startup phase, delegated management, and stepped back in only as a troubleshooter. An exception was Virgin's airline and travel businesses, of which Branson remained CEO. Branson kept informal lines of communication open even as his roster of companies kept growing. "We don't have formal meetings," he told David Sheff of Forbes. "People who leave companies with formal structures don't leave because of salaries. If they come up with a good idea, they're told to wait until the next meeting…. With Virgin, we make decisions on the phone. If you've got a good idea and I like it, you can get on with it." Branson prided himself on treating his employees well. During one difficult financial period he was able to persuade some staff members to take sabbaticals to avoid layoffs. He was known for recognizing talent at any level within the Virgin ranks. In 1996, for instance, he promoted a Virgin-Atlantic flight attendant to run Virgin Bride, the largest bridal shop in Europe. Branson became known for dropping in on employees and writing down their comments about Virgin's problems in a small notebook he kept with him at all times. The notebook remained with Branson even as others adopted laptop computers and personal digital assistants—Branson never embraced computer technology.

Lacking conventional business school training, or even a high school diploma, Branson continued to make huge financial decisions according to his own whimsical methods. "In the same way that I tend to make up my mind about people within thirty seconds of meeting them, I also make up my mind about a business proposal within thirty seconds and whether it excites me," he wrote in Losing My Virginity. "I rely far more on gut instinct than researching huge amounts of statistics." This approach was criticized by members of his own staff, according to Des Dearlove's book Business the Richard Branson Way. Some employees referred to Branson's method of trusting his own instincts without conducting further market research as "VSO," or "Virgin's system of one."

Perhaps Branson's most radical achievement was to make his own freewheeling, antiestablishment personality synonymous with the Virgin brand. Whatever caught his eye, whether it was a punk band, an airline, or a line of cosmetics, Branson marketed with style and playfulness. The challenge of entering a new field became part of the game and only added to the Virgin mystique. Assessing Branson's goals and methods for Forbes, Betsy Morris wrote, "Branson likes being a disruptor—taking on industries that charge too much (music) or hold consumers hostage (cellular) or treat them badly and bore them to tears (airlines). His goal was never to be the most profitable." Branson said much the same thing in Losing My Virginity, noting, "First and foremost, any business proposal I like must sound fun. If market is served by only two giant corporations, it appears to me that there's room for some healthy competition…. I love giving big companies a run for their money—especially if they're offering expensive, poor-quality products."

Vindication and Expansion in the 1990s

Virgin-Atlantic became Branson's chief personal focus during the 1990s. In July 1991 he reached his key goal of expanding service to London's Heathrow Airport. This achievement was a signal victory in Branson's bitter struggle with British Airways, which had sought to block Virgin-Atlantic's growth through political influence and underhanded tactics. Among the latter was the establishment of an espionage unit to spy on Branson and harass Virgin customers in person and by telephone. Lord King, the British Airways chairman, spread rumors that his competitor was about to go bankrupt. Virgin's chronic cash flow problems lent credence to these stories. In 1992 Branson made the painful decision to sell Virgin Music Group to Thorn-EMI for approximately $1 billion to keep Virgin-Atlantic aloft. The sale brought Branson immense personal wealth and enabled him to upgrade his airline with such luxuries as seat-back video screens, full-sized sleeper seats, in-flight massages and manicures, and free ground transportation by limousine. Virgin-Atlantic's problems with lenders and overdrafts continued, however, as did the ongoing battle with British Airways. The British press wondered whether Branson had finally taken on a battle he could not win. An editorial in the London, England, Sunday Telegraph wondered whether Branson was "too old to rock 'n' roll, too young to fly" (March 15, 1992). Branson fought back, casting himself as an upstart David against a greedy Goliath. He continued to accuse British Airways of unethical tactics, prompting Lord King to question Branson's truthfulness publicly. Branson sued British Airways for libel in December 1992, and British Airways offered the highest uncontested libel payment (£610,000) in British history. Branson shared the settlement with the Virgin-Atlantic staff. The court victory marked a turning point for the airline. By the end of the 1990s it had become the third-largest European carrier and the most profitable company in the Virgin group.

Branson emerged from his fight with British Airways an immensely popular figure. A May 1993 survey conducted by TSB ranked Branson the number one role model for Britain's young people. In the mid-1990s Branson branched out with joint ventures as diverse as financial services (Virgin Direct), Internet services (Virgin Net), spirits (Virgin Vodka), and soft drinks (Virgin Cola). Some companies fared better than others. Virgin Trains, Branson's British express rail franchise, gained a reputation for poor service. An attempt with the television personality David Frost to take over the independent U.K. television network ITV was halted by the British government. Despite stumbles Branson's empire kept growing, partnering with Malaysia Airlines to expand Virgin-Atlantic into Southeast Asia and Australia and entering into an agreement with the copy shop giant Kinko's to open locations in Britain and France. Branson remained a presence in the pop music world, creating a new music label, V2 Records while remaining nonexecutive president of the EMI-owned Virgin Music Group. In November 1997 Virgin Music Group oversaw the production of the commemorative album Diana, Princess of Wales Tribute, which raised more than $100 million for charity.

By 1998 Branson's golden touch showed signs of fading. Except for Virgin-Atlantic most of the Virgin corporate family was floundering. Virgin Vodka was withdrawn, and Virgin Cola struggled to find a market. Publicly traded companies such as the Brussels-based airline Virgin Express and the U.K. clothing retailer Victory Corporation did poorly on the stock market. Critics wondered whether the middle-aged Branson could continue to play the role of the brash outsider to a younger generation of consumers. Branson responded by cutting his losses with some companies and launching new ones. In 1999 Virgin Cinemas sold its U.K. theaters to a French company for £215 million. Also in 1999 Branson sold 49 percent interest in Virgin-Atlantic to Singapore Airlines for $960 million, reportedly to help finance weaker Virgin companies. He also hired a new strategy chief, Gordon McCallum, to bring greater discipline and focus to marketing the Virgin brand overall.

Branson took a financial beating, according to some estimates having lost more than half of his personal fortune by 2001. (His net worth was estimated by his financial advisers to be $2.6 billion in 2003.) Branson continued, however, to dream up new ventures, including a chain of U.K. health and fitness clubs (Virgin Active) and an online music service (Virgin Digital). One project, Virginstudent.com, was a youth-oriented Web site that recalled Branson's Student days. In interviews Branson dismissed talk that the Virgin brand had become overextended. "That's been said for about 30 years," he told Gyles Bandreth of the Sunday Telegraph. "I'm not somebody who believes in money sitting on deposit in bank accounts. When I make money I reinvest it straight away in new ventures. We're Britain's largest group of private companies. Last year we turned over about £3 billion. In three years time I expect that to be £6 billion" (February 25, 2001).

During the period of retrenchment Branson remained a high-profile spokesman for the Virgin group. His stature as one of the world's most famous and influential businessmen appeared to survive his setbacks. Branson became Sir Richard when he was knighted by Queen Elizabeth II in 2000. He continued to champion causes such as his ultimately unsuccessful campaign in 2003 to save the Concorde aircraft. In March 2004 Branson signed a contract with Fox Television to star in his own reality series involving several aspiring billionaires sharing adventures with him around the world. Well into his third decade as an entrepreneur Branson continued to blur the line between business and pleasure, money making and gamesmanship. "He's not driven like other people. He's driven to do stuff," the Virgin executive Tom Alexander told Betsy Morris for Forbes. "The money is the byproduct. If it makes money, well, then great, because then he can go off and do more stuff. Doing nothing is not an option. If you've ever been on holiday with him, it's hard work."

Sources for Further Information

Bandreth, Gyles, "How Does It Feel to Fail, Richard?" Sunday Telegraph, February 25, 2001.

Branson, Richard, Losing My Virginity, New York: Times Books, 1998.

Cowe, Roger, "Virgin: A Brand Too Far?" Marketing, September 17, 1998.

Dearlove, Des, Business the Richard Branson Way, New York: AMACOM, 1999.

Jackson, Tim, Virgin King, London: HarperCollins, 1994.

Morris, Betsy, "What a Life," Fortune, October 6, 2003.

Sheff, David, "Richard Branson: The Interview," Forbes, February 24, 1997.

—Barry Alfonso

Charismatic entrepreneur Richard Branson (born 1950) became well known when his daredevil business tactics were upstaged by his death defying antics as a sportsman.

Founder and mastermind of the Virgin business enterprise, Richard Branson hewed a reputation as one of the most popular personalities in all of England. The charismatic Branson attracted crowds and media attention everywhere, not only in the course of his business exploits but also for his adventurous lifestyle. At the height of his popularity, Branson's name was touted for prime minister, and even monarch, of his native Britain. Tongue-and-cheek aside, Branson's financial escapades were serious business, and his adventurous personal nature projected an aura that seemed larger than life.

Richard Branson was born on July 18, 1950 into a middle class family in the English county of Surrey. Branson was the oldest of three siblings. His father, Edward (Ted) Branson was an attorney, in the tradition of the Branson family ancestry. Most agree that Branson inherited his Nordic looks as well as his adventurous spirit from his mother, Eve Branson, a one-time dancer and actress, and a former flight attendant. So energetic and spirited was Eve Branson, that she learned to fly gliders at a time when few women drove cars. She flew so well, in fact, that she trained with the Royal Air Force (RAF) cadets for duty during the Second World War. The Branson children were raised to be hearty, active, and brave.

Richard Branson was not adventurous by nature. Out of concern, his mother left him alone in the countryside one day, with instructions to find his own way home through the fields of Devon. Branson was only four at the time, and a neighboring farmer eventually discovered the boy and alerted the Bransons to retrieve their son. Young Richard, who spent that day chasing butterflies, was enamored by the exhilaration of freedom at such a young age. Years later, when his parents enrolled him at Stowe boarding school in Buckingham, he found the environment too restrictive. He dropped out of high school and moved to London, where he made his living as a publisher and later opened a retail record business.

A Young Entrepreneur

After Branson arrived in London in 1967, at the age of 17, he undertook his first business venture. He published a magazine called Student, for young activists. The first issue was published in January 1968, and reached a printing of 100,000 copies at the peak of its popularity. Student was an excellent business vehicle, and resulted in a positive business experience for Branson.

Branson started his second business in 1970, a mail-order retail record company called Virgin Mail. The unfortunate occurrence of a British postal strike in 1971 forced Branson to realign his fledgling record company from a mail-order supplier into a successful discount record retailer in London. Branson's initial ventures into capitalism were encouraging, but generated "red ink" at the onset. As Branson saw his business debt swell to approximately $20,000 he devised an illicit pseudo-export scam that allowed him to evade the tax payments on his merchandise. For a time he eluded the authorities but was eventually brought to justice and to jail. It cost him (and his mother) $45,000 in bail to secure his freedom. In time and with perseverance he worked his way out of accrued business debts of $90,000, including fines and back taxes owed to the government.

Virgin Records

In 1973, Branson expanded his business interests and established Virgin Records in part to provide a recording vehicle for a talented friend, Mike Oldfield. Through the new Virgin Records enterprise, Oldfield recorded an album featuring the tune "Tubular Bells," and the record became the soundtrack for the classic horror movie, The Exorcist.

In 1977, Branson signed the Sex Pistols to Virgin Records, a shrewd business move that plunged the small recording company into the mainstream of the punk rock era. Censors from radio and other media immediately banned one of the Sex Pistols earliest hits with Virgin Records, an irreverent tune called "God Save the Queen." The Sex Pistols, determined to make their music heard, retaliated with a "free concert" on the Thames River that resulted in 100,000 in record sales within one week. Following the scandalous success of the Sex Pistols, Virgin Records easily attracted a variety of the most popular artists of the times, including Boy George and the Culture Club, who sold 1.4 million records in the U.K. in 1983. Branson went on to sign contracts with singers and guitarists including Peter Gabriel, Phil Collins, Janet Jackson, and the Rolling Stones. By 1983, Branson's Virgin empire included 50 diverse companies.

In keeping with his radical business ethic, Branson established an international airline in June 1984, with a single leased airplane. The airline, Virgin Atlantic Airways Limited, survived the threat of foreclosure and in time grew into the world's third-largest transatlantic carrier.

Secrets of Success

Virgin enterprises are a conglomeration of wholly owned subsidiaries and outside partnerships. Branson maintains a controlling interest in every company that he starts. Virgin interests include retail stores, a travel group, an entertainment group, a hotel enterprise, financial services, cinemas, radio stations, and Virgin European Airways. Branson runs the empire from the old villa where he lives with his family in London's Holland Park. Each business is a separate venture. He oversees each startup company, then delegates management and moves on. Branson relies on creative investment schemes and extremely private holdings. He retains control as CEO of his travel ventures, even as he acquires capital for his railway system venture. Branson strategically keeps each company small and controllable, despite the conglomerate structure, and operates each enterprise as an individual small business. His companies offer employees a pleasant work environment and the renegade Branson eschews computers; informal communication is the hallmark of the Virgin regime. The personal needs of employees take precedence, and even at times of dire financial straits, Branson humanely sidesteps layoffs.

Virgin Travel Interests

In 1992, after 22 years at the helm, Branson reluctantly sold his Virgin Music Group to Thorn-EMI for a sum near one billion dollars. He made the sacrifice in the interests of Virgin Airlines which was in a state of financial disaster. Branson used the money in part to upgrade the airline with new amenities and services including seat-back videos, complimentary headsets, toiletries, stand-up bars, full-sized sleeper seats; luxury services such as masseuses, manicure, and free ground transportation by limousine were also introduced. British Airways, number one competitor to Virgin Atlantic, resorted to unduly aggressive competition against Branson's business savvy. In January 1993, Branson won a judgment of nearly one million dollars in a suit against British Airways for unfair competition.

Traditional investors fail to comprehend Branson's privately held Virgin resources that comprise an intricate web of trusts and holding companies which span the Atlantic Ocean into the British Virgin Isles. In 1998, Branson further unnerved financial pundits when he invested his own private interests into a series of rail lines including British Rail. As with many Branson business endeavors, the investments were in conflict with every traditional business tactic and mainstream corporate practice, yet Branson ably accomplished his ends. Branson's unique business style prompted David Sheff to comment in Forbes that Branson is, "One of the world's most fertile businessmen [with] highly unorthodox methods."

In 1999, and less than 30 years after the original conception of the Branson Virgin businesses, Branson boasted over 200 Virgin Megastores worldwide and a soft drink business-Virgin Cola-in direct competition with Coca-Cola. All told, Branson employed 24,000 employees in 150 companies, with revenues totaling an estimated five billion dollars each year from the entire Virgin Group-including the music stores and airline. The Virgin empire was last valued at an estimated $1.5 billion, and was the largest privately owned business in England.

Adventure and Thrill Seeker

Branson is as well known for his death-defying "near-miss" accidents as for his business acumen. In 1987, he made his "virgin" parachute jump just weeks before embarking on a trans-Atlantic balloon voyage with co-pilot Per Lindstrand in the largest balloon ever made-replete with eight burners and twelve miles of fabric. In preparation for the balloon flight, Branson took a skydiving lesson and nearly killed himself when he inadvertently unhooked his own parachute. A courageous jump instructor rescued Branson in mid-air. Shortly afterward, Branson made the balloon trip from Sugarloaf Mountain in Maine, across the Atlantic to Ireland for the first trans-Atlantic crossing in a balloon. Branson attempted a landing upon arrival in Ireland, but encountered severe problems with the wind and narrowly escaped a harrowing death in the icy Atlantic Ocean.

In 1991, Branson became the first person to cross the Pacific Ocean in a balloon. He traveled nearly 7,000 miles between Japan and Canada, and clocked speeds as high as 240 miles per hour. The trip was fraught with tense moments, including the loss of two fuel tanks. The loss of balloon altitude control caused the crew to reach treacherous altitudes, well over 40,000 feet. Pilot and co-pilot later missed their landing goal by 2,000 miles. Originally headed for Los Angeles, they landed in a remote part of the North Canadian Rocky Mountains instead.

In January 1997, Branson made one of his first attempts to successfully circumnavigate the earth in a hot-air balloon. By December 1998, he was on his fourth attempt. Along with Lindstrand and Steve Fossett, Branson set out to be the first in history to accomplish the feat. Fossett and Branson-one-time adversaries in the race to circumnavigate-left Marrakech, crossed through Asia Minor and Asia and into the Pacific before a hurricane downed the crew off the coast of Hawaii.

For these and other exploits, Branson was cited by Business Week, as a new breed of "daredevil" CEO that needs to be curtailed by boards of directors in the interests of shareholders, in order to forestall pending doom that often accompanies such antics. Branson certainly fit the bill; he is an avid skier and speedboat racer, in addition to his skydiving and ballooning exploits.

In 1979, Branson purchased an island in the Caribbean. The land parcel, called Necker, consists of 74 acres. He purchased the land for $300,000, and since that time invested $20 million into customizing the island complete with a ten-bedroom house, two guest houses, a desalinization plant, generator facilities, and imported foliage to intersperse with the indigenous neckerberry bushes that give the island its name. He rents the island for as much as $20,500 per night. His guests include many of the most prominent personalities in the world: the late Diana, Princess of Wales, director Steven Spielberg, actor Mel Gibson, and movie and television maven Oprah Winfrey.

A media phenomenon, Branson remains unaffected and dresses casually, in comfortable clothes. He was married to Kristen Tomassi in 1972; they divorced in 1976. In 1989, Branson wed Joan Templeman of Glasgow-He arrived at the wedding ceremony hanging from a helicopter. The couple has two children, Holly and Sam. Branson published his autobiography, Losing My Virginity, in 1998.

Further Reading

Business Week, January 11, 1999, p. 50(1).

Forbes February 24, 1997, p. S94(7).

Management Today, April 1998, p. 38(5).

People, November 2, 1998 p. 141.

Playboy, February 1995, p. 114(5).

Sports Illustrated, February 12, 1999, p. 186.

Time, June 24, 1996, p. 50(4).

Quotes:

"What's the quickest way to become a millionaire? Borrow fivers off everyone you meet."

"Business opportunities are like buses, there's always another one coming."

"If you can run one business well, you can run any business well."