Branson's ability to identify weak management
While we've talked a lot about Richard Branson going into businesses because they're fun and he loves to do it; also how he is able to promote the company through his goofy antics.
There is another side of it though that is one of the reasons he is so successful. It's his ability to identify good market segments that are being underserved through poor management. He's a shark that can smell blood, which is why he goes into certain markets and takes on the big guys in ways that surprise those that watch and wonder.
Now keep one thing in mind when we talk about this: there are some businesses he goes in to really take on the other businesses in that particular segment, and 
there's businesses he takes on with not necessarily any intention of being successful, but it's more of a marketing move. Virgin Cola was one that most of us would probably know about. He didn't think he was going to topple Coke (KO) of Pepsi (PEP), no, that was completely a move to get the Virgin name connected with two of the most successful business franchises in history.
Concerning his ability to smell out poor management though, that is a skill. But more than a skill, it also requires that he be able to properly access his own company and know that it can outperform those currently offering the services.
In other words, he's not just a great marketer and fun manager, he knows how to measure competitors and markets and make decisions that most the time show that he has a keen eye for what's happening in the competitive marketplace. It also shows that he has to meticulously study and research and keep on top of companies and market conditions to be able to make these types of accurate decisions. Behind his image is an extremely hard worker ... don't be fooled into thinking otherwise.
Other Richard Branson Resources:
Richard Branson's Virgin Success
Thoroughly postmodern billionaire
Richard Branson's latest adventure will take Virgin into space
Richard Branson - Life - Philanthropy - Money
Richard Branson, Business Personality
Richard Branson conquered the world. Now he wants to fly you to space.
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