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. Being a business person, he is also an investor and philanthropist. Their presence would tell me that he is a good leader that I would work under. This is only possible with democratic leadership, as it is the only leadership style that allows team members to speak and act freely. One of the most notable aspects of his leadership is his passion for environmental conservation. Main body To begin with, if one tries to classify his management style, it would undoubtedly be a democratic manner. What works once may never work again. /Encoding /WinAnsiEncoding The Leadership Quarterly, 10(2), 181- 237. StudyCorgi. As an organization, the Virgin Group has been of great interest to the public and business experts worldwide, especially given Richard Branson's creative leadership style in running and growing the enterprise. 1. Jen Fuller founded baby brand Etta Loves back in 2016, whilst juggling a full time role as managing partner at a media agency with a new baby. Advantages. I certainly would have failed IQ tests. The Virginia Group is well aware that, in case it encounters situations that make people run away, and yet they are well remunerated, there must be an ample reason why this happens. First, his companies employ people from different cultures and ethnicities and his businesses operate in different countries around the world (Sosik & Jung, 2012). People like Richard Branson and Herb Kelleher, are more concerned about creating a winning team. IvyPanda. Along the way, we saw gaps in the market where Virgin could play a role and can be an incredible force for good, and thats become our motto. Richard Brandson applies transformational leadership. He moves to the new solutions each time there is a problem. How do you believe this style makes your company culture unique? Sir Richard Branson believes great business leaders should have good leadership skills, be highly visible, engaging with employees and making things happen wherever possible. /Leading 150 You learn by doing, and by falling over., I never get the accountants in before I start up a business. You are free to use it for research and reference purposes in order to write your own paper; however, you Laughter: My number one rule in business, and in life, is to enjoy what you do. After a review of a team members input, the leader makes the final decision, often taking the majority view. Financhill just revealed its top stock for investors right now so there's no better time to claim your slice of the pie. The group has grown rapidly because of his exceptional leadership to include more than 400 companies that operate in different economic sectors. One of the most risk taker investors is Richard Branson without any doubt. Employees come first. (2006). Democratic leadership style also comes with its fair share of disadvantages, this includes: 1. If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda. I remember sitting next to him in the car on a Friday evening when he would take my brother and me to swimming. 6 0 obj According to Dearlove (2007), leadership is the ability of an individual to persuade, influence, motivate, empower, and influence a group of people in order to achieve certain results using specific strategies. /LastChar 121 It's about being true to yourself, your ideas and focusing on the essentials." "As much as you need a strong personality to build a business from scratch, you also must understand the art of delegation. He believes that every day should bring joy. must. If you keep using the site, you accept our. https://ivypanda.com/essays/leadership-style-of-richard-branson/, IvyPanda. Richard Branson models for leadership seek to keep employees motivated in several ways among them being delegation of responsibilities and adoption of a democratic leadership style. Then in 1972, he opened a chain of record stores that later became popular as 'Virgin Megastores'. (2008). Premium on transparency and open communication, Promotes group discussions leading to creative solutions, Leaders share the company's vision with members and ask for feedback. The Leadership of Richard Branson. Richard Branson also believes that giving ample attention to what his people think helps the Virginia group to move to the next business level. Inspiring, isnt it ? Richard Branson Leadership Quotes "To me, business isn't about wearing suits or pleasing stockholders. Branson is as popular as any Hollywood star. Instead, he coaches his executives, managers, and employees to become better, more effective people. This enables him to collect feedback and opinions from employees. IvyPanda. A leader needs to consult several team members, listen to their views, and collect feedback. He considers praising employees upon their accomplishing and providing them recognitions and benefits motivates them to perform better in the future. Richard Branson strongly believes in the process of mentorship. he mentioned himself as a collaborative and democratic person. /CapHeight 716 Employee training and delegation of responsibilities are examples of ways that Branson is likely to use to motivate employees. IvyPanda. While he rolls with the punches better than most visionary leaders, he does have high expectations. As a leader, you should always be listening. Becoming a global leader also requires one to have highlighted good leadership approaches, which can be used as benchmarks by other organizations. Role models possess a number of qualities such as caring for others and setting ample examples to the followers. And he is very much confident about making this kind of decisions. Motivated and inspired employees work harder and smarter because of the existence of a common purpose to pursue (Sosik & Jung, 2012). Virgin founder Richard Branson is as famous for being an inspirational leader as he is for being a daredevil. Fantastic people throughout the Virgin Group run our businesses, allowing me to think creatively and strategically., You get the idea. This is done with the understanding that the best ideas deliver the best outcome for an organization. Why Should You Shop for Home Insurance Even if You Arent Relocating? Strong leadership skills are vital for founders of growing businesses. Executive Summary Leadership play important role in each and every organization. Learn: Learning and leadership go together. Democratic leadership ensures all employees on the team are heard because they can freely express their opinions, and provide inputs for important decisions that affect them. 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. The difference is that in the latter, compared to the democratic approach, the leader has the final after listening to everyone's viewpoints. My first business venture was Student magazine. June 17, 2019. https://ivypanda.com/essays/leadership-style-of-richard-branson/. When team members offer their opinions on a subject, members are likely to endorse the best-suggested views. Running a business involves long hours and hard decisions; if you dont have the passion to keep you going, your business will more than likely fail. Some entrepreneurs have been influenced by other business leaders. Financhill has a disclosure policy. This means that Richard Branson communicates his vision of business to all people in the effort to garner their views. Communication is central to the success of the Virginia Group. Richard Branson is an entrepreneur who is known for his unique approaches to leadership and the development of talented employees. There are many aspects of Bransons leadership that make him a global leader. Leadership style of Richard Branson For this report, a leader has been selected and the selected leader is Richard Branson. He was born in the year of 1950. In this effort, Branson went ahead to develop a working environment that would enable people to have fun through teamwork culture hence boosting the morale of work. His views on company management and leadership are truly innovative and he is an entrepreneur who is constantly pushing the boundaries in his business ventures. Creating a happy, cohesive, successful team than about being "Right and in Control". Web. He thinks each person should be given responsibility according to his/her own interest and expertise. He embraces change, creativity, and innovation thus enabling his companies to grow and dominate in various sectors. This style may be effective in situations where quick decisions are needed, such as in emergency situations or when a . This article will answer the question: What is democratic leadership? Leadership Style of Richard Branson. While managers strive to compel, leaders such as Richard Branson attempt to influence in the effort to make things done his way. It is also vital to explain that where every voice matters, not all suggested ideas are implemented. In an interview with Telegraph, he said, I have always believed in the art of delegation finding the best possible people for Virgin and giving them the freedom and encouragement to flourish. IvyPanda, 17 June 2019, ivypanda.com/essays/leadership-style-of-richard-branson/. The characteristics of the Democratic leader's style are as followers: Democratic leadership styles are practiced in businesses, governments, academic institutions, and home environments. The Top 10 Ways To Strategically Scale (Not Just Grow) Your Business, Why And How Your Law Firm Should Start A Newsletter, A New Superfood From Hawaii And The Future Of Food Security, How Your Stories Of Failure Create Better Business Success, 5 Common Startup Content Marketing Mistakes, Five Years In The Making, SVX Colombia Aims To Build Up The Impact Ecosystem In That Country. An example of Bransons visionary leadership is Virgin Galactic that was started to explore the untapped field of space tourism. This refers to a highly interactive style of leadership where employees are motivated and empowered to reach the goals of the organisation (Grasmick, 2012). /Type /FontDescriptor From his failures with Virgin Cola to his successes with Virgin Atlantic, Branson has embraced teams of experts and let them run the show as they see fit, which sometimes means letting them fail. Dan Schawbel is a speaker and best-selling author. The Ability to Delegate:Richard Branson believes in thedelegation. Thats how Virgin is run. This gives him the opportunities to transfer responsibilities to individuals while he is not present physically in an operation. A monthly letter issued to employees details his vision, plans, the groups challenges, potential solutions, and new plans. By coping up with the new environment . By coping up with the new environment, Richard Branson is apt to face the challenges whilst creating innovative ideas to succeed in the business. 9 0 obj This means that a leader should have the ability to develop teamwork to enhance employees' motivation. Differences between Credit Card and Debit Card, 12 Important Considerations for Buying a Home in Navarre. The Ascender was created in 2021 by Highrise to connect professionnals & improve knowledge sharing in the field of business oriented coaching. Organizational Behavior in a Global Context. Few of his renounced projects are Youth culture magazine The Student, Virgin Airways, Virgin Records, and Virgin Radio. 17 June. Richard Branson is a leader with a vision. (2019) 'Leadership Style of Richard Branson'. He always came ahead to take the opportunity to start a new business, apply new technology in them and perform training, education and development programs on his employees. /Length 2153 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. stream Work-related challenges increase the skills of employees as well as their value to their organizations. International Journal of Selection and Development, 9(2), 40-51. I would look for certain traits that include honesty, creativity, humility, trust, ambition, and ability to embrace change as well as his willingness to listen attentively to people. 29 December. /FontName /Arial-BoldMT Opinions expressed by Forbes Contributors are their own. (2019, June 17). He thinks each person should be given responsibility according to his/her own interest and expertise. His ability to motivate and inspire employees has contributed significantly towards creating teams that are the foundation of the groups growth. With the helps to this business firm make motivated to their employees for giving better performances. New York: Penguin Publishing Group. The paper discusses Richard Bransons leadership styles and skills and their impact on Virgin group of Companies. Branson is likely to use this strategy to motivate employees and increase their value to his organization. To bring success to your business as well as to be a successful business leader you need to have a wide range of qualities and skills. Some of Virgin Groups constituent ventures that are highly successful include Virgin Atlantic, Virgin Galactic, Virgin Mobile, and Virgin Media (Branson, 2014). Bransons has aParticipativeorDemocraticstyle of leadership. /Flags 32 Born with acumen, perspicacity and prudence, he started his first business venture ,"Student" magazine at the age of 16 . 1884 . 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