The Lesson from the Failure of His Magazine "Event"
With Virgin having an interest in the event-listing business, Branson decided he wanted to compete with a magazine called "Time Out," in that very space.
This particular project Branson got his butt kicked on. It was a complete failure and he closed it down not long after it started.
More importantly it provided him with a lesson that probably over the long term saved Virgin as a company. At the time of the failure, Virgin was completely integrated across its businesses. So if one business failed horribly, it could potentially wipe out the whole Virgin company.
From that moment on he separated the companies so that this potential disaster couldn't happen. He was lucky at this time that it didn't pull down the company.
It's one of those areas that successful business leaders seem to always go through. Something that is a failure and potential huge problem for the business, is turned into an excellent learning experience before it cost the company everything. This is a theme that seems to also run through the vast majority of great business leaders we talk about here.
Luck? Providence? Nature? Everybody may have a different answer. But for these types of things to happen, you've got to be in the game trying something to offer up the opportunity. That's why business management and leadership can be such a fascinating and exhilarating road to travel.
You never know what it is you'll learn or what the temporary setbacks will lead you to.
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
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