Branson is likely to use this strategy to motivate employees and increase their value to his organization. And that ability to engage with people and take them with him on the most challenging of business journeys he says is down to his mother, Eve Branson. Principle #1: Treat People As People. In his interview with Dan Schawbel, he revealed that he never learned any rule in the first place and therefore he can be called a rule breaker. Transformational leaders are influential to their followers. 11 Most common leadership styles. He believes in thelong-term relationship with people. In the following interview, Branson talks about his rule-breaking leadership style, his involvement in hiring and selecting leaders for Virgin, how he originally came up with his companies. Armed with this information, it becomes possible to determine whether Richard Bransons leadership style is a good fit for a manager working for the Virginia Group. stream Is New Business Creation Still Setting Records? It Can Lead to Team Members Doubting the Capabilities of the Leader, A leader has to be respected by team members to be effective. He is a highly confident person. 2023 Industry Leaders Magazine. This means that Richard Branson communicates his vision of business to all people in the effort to garner their views. Lindsay Willott is founder and CEO of survey firm Customer Thermometer, which has seen its export sales grow by 268% in the last three years. Later he started his own Airways service Virgin Airways. 1. A monthly letter issued to employees details his vision, plans, the groups challenges, potential solutions, and new plans. Creating a happy, cohesive, successful team than about being "Right and in Control". A person who has multiple degrees in your field isnt always better than someone with broad experience and a wonderful personality. He mentioned in an interview. Apart from incorporating different international standards and cultures into his business operations, he contributes towards the growth of the global economy. Instead, he forms collaborations with people who can help him reach goals. Branson:The Virgin values have and will always be the same: to change the game and challenge the status quo by providing a product or service of great use. What works once may never work again. Learn: Learning and leadership go together. For Paul Nicholson founder and CEO of property development firm Luxor Group, it was the wise words of his businessman father that defined his own style of leadership. As the founder of Virgin Group, Sir Richard Branson demonstrated a leadership style influenced by how his team members should be treated. StudyCorgi. These are piloting, direct, scheduling, and managing (Lussier & Achua, 2004). 556 556 556 556 333 500 278 556 500 722 500 500 500 0 0 0 Based on the current performance of a leader, individuals stand a better chance of predicting the kind of leader one would be in the future. Few of his renounced projects are Youth culture magazine The Student, Virgin Airways, Virgin Records, and Virgin Radio. How people coordinate their body movements while speaking and their facial expression also tell a lot. He is well known for his. Straddling the EV-verse: A Bentley Venture, Driving Tomorrows: The Mercedes-Benz and Google Partnership, Subway Sandwiches Explore Sale Options After Profitable Makeover. Virgin Group is committed aligns its businesses in a manner that promotes environmental conservation. Adaptability Skill: As a leader and entrepreneur, Richard Branson has the skill of adapting himself to an unknown environment. One of the most risk taker investors is Richard Branson without any doubt. He offers employees incentives such as training, high remuneration, a strong organizational culture, and vacations (Dearlove, 2007). The database is updated daily, so anyone can easily find a relevant essay example. June 17, 2019. https://ivypanda.com/essays/leadership-style-of-richard-branson/. (2008). Opinions expressed by Forbes Contributors are their own. The characteristics of the Democratic leader's style are as followers: Democratic leadership styles are practiced in businesses, governments, academic institutions, and home environments. These hugely successful businessmen and women are focused on results and are more likely to use inclusive leadership styles. He thinks, the business that fulfills the needs of the people can create value vastly, it improves their lives. https://ivypanda.com/essays/leadership-style-of-richard-branson/, IvyPanda. IvyPanda. Bransons approach to employee motivation could work in a different organizational setting because all employees search for opportunities to advance their careers that are available through training programs and delegation of duties and responsibilities. /Length 2153 At the same time, Ive also learned about balance, the art of delegation and when to intervene and when to get out of the way!, This is a BETA experience. Since various management scholars have identified such approaches as influential in aiding an organization to remain competitive, it is anticipated that the Virginia Group will continue to succeed in the next five years by growing at a rate of10 percent annually. In a way, Richard Branson is a laissez-faire leader because he believes in letting people learn from their mistakes. Its done on gut feeling, especially if I can see that they are taking the mickey out of the consumer., Business opportunities are like buses, theres always another one coming.. (2011). Offers a Leader a Diverse Set of Opinions. This means then they should have the will to use the power they possess together with the employee to execute innovative ideas brought forwards by the employees According to Branson, another quality of a leader is being a role model. With regard to HiTec Holdings (2006), the purpose of leadership in any organization is to avail new ideas and innovations. Selecting Leaders:Richard Branson is directly involved in the process of hiring new employees in his organization. (2020, December 29). While he was struggling to have the Virgin Atlantic off the ground, he asked Sir Freddie Laker (The British Airline Entrepreneur) for guidelines. Virgin founder Richard Branson is as famous for being an inspirational leader as he is for being a daredevil. If I were to first characterize his leadership style I would say he is definitely a democratic leader. In an interview with Telegraph, he mentioned that thinking differently can set a person apart. Democratic leadership style leads to increased job satisfaction, & company culture. This inadvertently can result in other team members feeling less appreciated. Richard Branson has a good leader-member relations and treats his employees respect, like his own family, even to the extent of giving invitations to his junior members for home for parties (Dearlove 2007). Leadership Style of Richard Branson. Retrieved from https://ivypanda.com/essays/leadership-style-of-richard-branson/. They have the ability to listen to their employees. I believe leading from the front is a great way to help encourage good team spirit.. 17 June. When team members understand that everyone's opinion matters, it creates a better collaborative environment that facilitates the free flow of information, making it easy to achieve goals. "The Leadership of Richard Branson." Condenser Makes Drinking Water from Air without Using Energy. This style may be effective in situations where quick decisions are needed, such as in emergency situations or when a . After all, the #1 stock is the cream of the crop, even when markets crash. Consequently, his leadership models lack aspects of risk management. This inference is justified by the actual realization of efforts of expanding the Virginia Group to become a collection of successful business empires ranging from airlines to other service sector businesses, with all of them having a global appeal. /Type /FontDescriptor << Richard Branson is directly involved in the process of hiring new employees in his organization. Finally, delegating duties will give him more time to do other things that will make him a better leader. This helps employees to align their goals with those of the group (Sosik & Jung, 2012). While he selects a person, he needs to select a perfect one. If you use an assignment from StudyCorgi website, it should be referenced accordingly. And it was one of the reasons I left school when I was 15 years old. Full Range Leadership. He believes, people should be given freedom, and he acts accordingly. Richard Branson: Rule-breaker because I never learned the rules in the first place. This can make the democratic process chaotic. Richard Branson believes in thedelegation. Based on these criteria and considering how Richard Brinson has managed to build his success in his business empires, it is possible that his leadership style is not a good fit for a manager because the work of management is different from the work of leadership. Autocratic leadership could make decisions more quickly; however, these solutions may fail due to a lack of additional feedback from team members and honest examination by other parties. Dan Schawbel is a speaker and best-selling author. His perspective reframes these failures as learning opportunities that make individuals, teams, and businesses more successful. "The Leadership of Richard Branson." Lets go further and try one of the most comprehensive coaching experience with us. When team members know their input will be needed, they will likely improve their knowledge by spending additional time preparing to share their feedback, especially on tough decisions. Branson created Virgin Management Limited to facilitate communication among the various companies that he heads (Dearlove, 2007). Richard Branson is a British Business magnate and investor, best known as founder and chairman of Virgin Group. What everyone tells you never to do may just work, once. Richard Branson, CEO of the Virgin Group, perfectly embodies this democratic leadership style. When I set up Virgin Records, I even decided to separate myself physically from the company, by moving into a houseboat., Willingness to Listen and Learn:As a business leader, you need to listen and learn new things in every step. He thinks each person should be given responsibility according to his/her own interest and expertise. Kedharnath, U. He likes to follow the SWOT strategy. Born with acumen, perspicacity and prudence, he started his first business venture ,"Student" magazine at the age of 16 . Financhill just revealed its top stock for investors right now so there's no better time to claim your slice of the pie. He likes to follow the SWOT strategy. /Leading 150 We will write a custom Report on Leadership Style of Richard Branson specifically for you for only $11.00 $9.35/page. If you keep using the site, you accept our. << Should this investigation give positive feedback, attempts are made to rekindle the hopes of employees through delegation of responsibilities. While Branson doesnt fit into a specific category, his style does show characteristics of: Branson would likely laugh at any of these suggestions, but his decades of leadership speak for themselves. Veritone vs C3.AI: Which Is Better AI Stock. "The Leadership of Richard Branson." For example, he recruits anindividual person for individual jobs. Being the founder of Virgin does not make one the most successful person rather adapt to the current times makes one a successful leader. Richard Branson likes to emphasize that he never learned the rules of running a success business. For instance, Hogan and Hogan (2008) argue that, when monetary rewards cease from being sources of motivation, organization consider delegation of responsibilities as a means of keeping employees motivated (p.43). In an interview with Telegraph, he mentioned that thinking differently can set a person apart. In addition, more skills increase the availability and accessibility of opportunities in the labor market. A less obvious one was the time his boss asked him to clean the toilets. << Borrowing from Richard Bransons leadership styles, another way for leaders to inspire their employees is by enhancing their confidence and encouraging growth. Branson management style and leadership skills were learnt in his day-to-day duties and interaction with people. Richard Branson is one of the most iconic figures in the world today. Bass, B., & Steidlmeier, P. (2009). Depending on your team members' skill levels, personalities, or education levels, you can opt to use different phases so that each member feels included. Finally, his visionary nature has been a key component of the groups expansion. /Widths [ 278 0 0 0 0 0 667 0 333 333 0 0 278 333 The Leadership Quarterly, 10(2), 181- 237. According to him, nothing can be achieved alone and no one cannot be a great leader without having great people to lead no matter what style you follow. Stiff competition and the unpredictability of financial markets are some of the reasons why many companies fail or achieve average success. This group's decision-making process gives room for the adoption of better ideas. Passionate people find their way to the Virgin Group, and when they do, we snap them up and try to keep them within the family. Nicholson was also taught to welcome challenges and to recognize that he doesnt have all the answers and should therefore seek different views and expertise from others. /Descent -212 And weve been successful not by wasting time scrutinising our competitors but by looking at ourselves from the point of view of our customers do and seeking feedback through listening. See areas of improvement for correction for a better outcome in subsequent meetings.. He is an avid reader and loves swimming as a hobby. Democratic leadership style also comes with its fair share of disadvantages, this includes: 1. His heart-warming approach unifies people and capitalism in a way Ive never seen attempted before. Then in 1972, he opened a chain of record stores that later became popular as 'Virgin Megastores'. This stuck with me and has certainly influenced my leadership style. I like to take chances on people, and whenever possible, promote from within it sends a great message to everyone in the company when someone demonstrates a passion for the job and leadership skills at every step along the way and is rewarded with a leadership role. Too much credit goes to me for what we have achieved at Virgin but the successes happen from working and learning with some of the worlds most inspiring and inspired people. November 5, 2020 by Amy Campos. /LastChar 121 Some of Virgin Groups constituent ventures that are highly successful include Virgin Atlantic, Virgin Galactic, Virgin Mobile, and Virgin Media (Branson, 2014). If you arent proud of what youre doing, why should anybody else be?, I was dyslexic, I had no understanding of schoolwork whatsoever. /XHeight 519 "The Leadership of Richard Branson." In such an organization, focusing on directing pushes employees towards perceiving themselves as being underrated in the extent that they are not permitted to make vital decisions for the organization, yet they have the required expertise and knowledge base to do so. Business the Richard Branson Way: 10 Secrets of the WorldsGreatest Brand. Richard Branson strongly believes in the process of mentorship. 2. Only the best people can reach the highest point of the career path as competition for the leadership jobs became very very competitive. Oops! 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