Branson on the Essence of Business, the Definition of an Entrepreneur, Upcoming Space Flight, and Basic Income

Legendary entrepreneur Richard Branson revealed everything on his mind in an interview with Business Insider, from the topic of entrepreneurship in the Nordic region to his close relationship with Barack Obama. Richard Branson celebrated his 67th birthday this summer, and he has an impressive career in business that spans 50 years.

Today he is referred to as the godfather of entrepreneurship, to which he responds that the term did not exist when he started his first business ventures and founded Student Magazine at the age of 16.

He explains that the motivation for founding the record label Virgin Records was his frustration that no one wanted to promote top musicians, and the label signed contracts with the Rolling Stones and Janet Jackson.

Branson’s Virgin Group has brought him a fortune of $5 billion, and as one thing leads to another, he founded the airline Virgin Atlantic after he was unable to secure a seat on a flight.

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– I was supposed to travel from Puerto Rico to the Virgin Islands when I was 20 years old. A girl was waiting for me there, and I couldn’t get a seat on the flight. So, I rented a plane and jokingly wrote on it ‘One-way flight from Puerto Rico to the Virgin Islands’, and sold seats to everyone who missed the previous flight. The next day I called Boeing and asked if they would sell me a used 747 model, said Branson.

Branson lived for years in the Virgin Islands after moving to Necker Island in the 1970s.

Branson’s ‘flying’ ambitions have evolved from the airline Virgin Atlantic to Virgin Galactic, a company that works on travel beyond Earth’s atmosphere. However, unlike Elon Musk’s space plans, traveling to Mars is not a priority for Branson.

– Traveling to Mars is an incredible challenge, and I assume Elon Musk will get there first. He is interested in rockets that travel long distances, while my love for space is reflected in how much I can do for people on Earth, Branson emphasized.

Virgin Galactic will go to space in three months

Virgin Galactic, Branson explains, is not just intended for sightseeing in space, but aims to enable travel in rockets from one point to another.

Branson hopes that by the beginning of next year, Virgin Galactic will go to space and eventually start commercializing space travel.

When asked about the business strengths of the Nordic region, Branson responded that many entrepreneurs from Scandinavia come to Necker Island to participate in discussions and conferences. Among them is economist Kjell A. Nordstrom, who was invited as part of the team that helped Virgin Atlantic recover its business after the terrorist attack on the WTC on September 11 shook the airline industry.

Branson believes that the key motivation that makes his business ventures successful is the constant search for new problems to solve.

– Who is an entrepreneur? I think we shouldn’t complicate this too much. An entrepreneur is someone who has an idea on how to improve the lives of other people. That is the essence of business, reveals Branson.

Branson stated that he is impressed by Nordic entrepreneurship, emphasizing that it is great that entrepreneurial opportunities have not been stifled by high taxes in the region.

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– I think it is exciting that despite the high standard of living in Sweden and Scandinavia, there are still people who want to improve the lives of others, who create entrepreneurial ventures and are very successful at it, Branson explained, highlighting the corporate foundation in the region as a good example.

Branson praised the quality of education and the ability of authorities to provide basic needs for the region’s residents.

– Generally, people living in these countries have basic life security, and with basic security, they can be adventurers, he emphasized.

Universal income

Experimenting with basic universal income is another reason why the world should look to the Nordic countries, which Branson believes can help counter the effects of artificial intelligence.

– Basic income will become increasingly important. If artificial intelligence is going to create more wealth, the least that governments can do is to spend a large part of that wealth created by artificial intelligence to ensure that everyone has a secure income, he explains.

In addition to the space program, Branson is working hard on developing various brands of the Virgin Group, and he announced the launch of a cruise travel company and expansion into the hotel segment.

The same amount of time that he invests in his business, Branson spends on nonprofit ventures, using his influence to address issues related to those such as climate change, political conflicts, ocean pollution, and more.

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In his book titled Finding my Virginity, Branson also mentions his friendship with Barack Obama. He describes the former American president and his wife as the two most interesting people he has ever met.

At the end of the interview, Branson wrote on the table at the request of the photographer, ‘Screw it – Just do it!’