From Virgin Cola to Successful Entrepreneurship: Richard Branson’s Lessons Learned on This Morning

During an interview on ITV’s This Morning, entrepreneur Richard Branson revealed one of his biggest business mistakes involving his brand Virgin Cola. In 1994, he entered the soft drinks market with the cola drink, which initially performed well and even outsold Coca-Cola in some stores. However, a PR stunt in which a tank crushed a pile of Coke and Pepsi cans in New York ultimately led to the discontinuation of Virgin Cola in 2014.

Branson admitted that the mistake with Virgin Cola taught him the importance of putting purpose at the heart of a business and ensuring differentiation when taking on larger competitors. He emphasized the need to be significantly better than the competition, which was not the case with Virgin Cola. Branson explained that his approach to business involves taking on outrageous ideas and being open to experimentation and learning from both successes and failures.

The entrepreneur also shared his motto of “S*** it, let’s do it,” highlighting his willingness to try new things and not be afraid of failure. Branson emphasized the importance of having fun while trying new ventures and continuously learning from both successes and failures. He urged other entrepreneurs to take risks and embrace failure as an opportunity for growth.

In conclusion, Richard Branson’s failed attempt with Virgin Cola was a valuable lesson for him about business strategy and product differentiation. However, he also learned that having fun while trying new ventures is crucial for long-term success in any industry.