Principles from Sir Richard Branson
The "Cabbie Test": Branson's genius way to spot diamonds in the rough
Estimated reading time (5 minutes)
Happy Friday, everyone.
On Principles Friday, I share one principle that can help you in your life or business, one thought-provoking question, and one call to action toward that principle.
Principle of the Week
“The brave may not live forever, but the cautious do not live at all.”— Sir Richard Branson.
British entrepreneur Richard Branson created and hosted a reality TV show in 2004 called "The Rebel Billionaire,” which featured 16 contestants competing to win $1 million and become the president of one of Branson's Virgin companies.
Remember Sara Blakely, the Spanx sorceress who conjured shapewear billions from thin air? She was a contestant on Branson's bonkers biz bonanza.
First challenge: Meet Richard, disguised as an old cabbie. Help him with the bags, or get booted faster than a bad mime. Kindness test, Branson calls it. Sara aced it, while others got the cold shoulder (and a plane ticket home).
Next, a cliff-jumping conundrum. Bungee-strung contestants gotta leap into the arms of a dude dangling 380 feet above oblivion. One by one, they chicken out, Richard included. Not Sara! She laser-focused on the pulley, took the plunge, and landed like a superhero in spandex. The lesson? Aim high, folks! Don't be a scaredy-cat bungee jumper with your goals.
Sara didn't win the top spot (Richard says she was already too successful), but she snagged a cool $750,000 paycheck (Richard's, not hers!). She used it to launch a non-profit that empowers women with education, entrepreneurship, and jazz hands (probably not, but you get the gist). Spanx soared, Sara, soared, and she did it all with a smile that could sell a million pairs of shapewear (easy).
Now, Sara's a billionaire who treats her team like rock stars. When Blackstone bought a big chunk of Spanx, she gifted everyone two first-class tickets anywhere on Earth, plus $10,000 to make it epic. She even signed the Giving Pledge, promising to share half her loot with good causes. Talk about a rebel with a heart of gold (and a closet full of Spanx, no doubt).
So, what can we learn from these two rebel billionaires? Kindness and killer business instincts can be BFFs. And sometimes, personal growth involves giant leaps of faith (or bungee-assisted cliff jumps).
Small ask: 👉 If you enjoy reading this post, feel free to share it with friends! Or feel free to click the ❤️ button on this post so more people can discover it on Substack 🙏
Question to Ponder
Richard once said: “It’s this sense of adventure, the willingness to jump in no matter the odds, that’s been the key to my success as an entrepreneur,”. Do you think this always works? What’s the connection between risk and success, and how do you determine which risks are worthwhile??
Call to Action
While Richard is Dyslexic, many believed this was a disadvantage. For him, he turned this into his most significant advantage. Richard Branson's dyslexia indeed played a significant role in shaping his perspective on the importance of teams. Here are some key reasons why a team is fundamental to him:
1. Filling in the Gaps: Dyslexia can cause reading, writing, and organization challenges. Branson found that surrounding himself with talented and competent individuals allowed him to compensate for these areas and focus on his strengths. He relied on his team to manage administrative tasks, handle complex paperwork, and refine his ideas.
2. Diverse Skills and Perspectives: Branson recognized that no single person can possess all the expertise and skills needed to succeed in a complex business environment. Building diverse teams with members with various experiences and talents allowed him to tap into a broader range of knowledge and perspectives.
3. Delegation and Trust: Dyslexia can also make it difficult to delegate tasks effectively. Branson, however, learned to trust his team members and delegate responsibilities based on their strengths. This empowered individuals to take ownership of their work and contribute meaningfully to the company’s overall success.
Today, we'll delve into the art of delegation – a crucial skill for any leader seeking to build high-performing teams. Our guide? The visionary Sir Richard Branson himself champions empowering employees and focusing on "the bigger picture."
A) Remember, control isn't everything. Delegation isn't about abdicating all responsibility but unlocking hidden potential. Empower your team members by:
Matching tasks to skills and interests: Invest in understanding your team's strengths and passions. Allocate tasks that ignite their inner fire, not stifle it.
Providing resources and support: Don't send them diving into deep waters empty-handed. Equip them with the tools and guidance they need to navigate the task successfully.
Offering constructive feedback: Don't criticize their every stroke; be a supportive coach, offering timely feedback to help them refine their technique.
B) Shift your mindset! You're not the conductor of an orchestra, playing every instrument yourself. See yourself as the maestro, inspiring and leading the ensemble to create a harmonious symphony.
C) Hire right, trust more. A team is only as strong as its foundation. Prioritize character and ethical judgment alongside skills when recruiting. Foster a culture of trust by assuming the best and demonstrating zero tolerance for deceit.
D) Interdependence, not isolation. Encourage collaboration and shared goals. Calibrate team dynamics to find the sweet spot where everyone feels part of something bigger, without suffocating under excessive reliance on each other.
E) Praise in unison, learn from stumbles. Recognize achievements as a team effort, using "we" and "us" over "I" whenever possible. Mistakes are inevitable, but embrace them as opportunities for growth. Give your team the freedom to learn from their experiences without the shackles of micromanagement.
Ultimately, delegation is about letting go – but not losing control. It's about empowering your team, fostering trust, and creating an environment where individuals can thrive while working towards a shared vision. Remember, Sir Richard's success wasn't built by doing it all himself – it was built by inspiring others to do their best work. So, go forth, delegate wisely, and watch your team soar!
Video of the Week
Richard Branson is an entrepreneur and businessman who founded the Virgin Group with more than 400 companies. Richard Branson is also a flamboyant character and has taken part in a number of grueling adventure challenges, such as sailing across the Atlantic, taking hot air balloon journeys, and even going into space recently.
If you want to learn more principles, I interview founders on my podcast, The First 100, where they share how they acquired their first 100 paying customers. This week:
Episode 121 - The First 100 with Harish Consul, the founder of Ocgrow Group
Episode 122 - he First 100 with Nozomi Ito, the co-founder and CEO of MagicPod
And that’s a wrap for now!
Thank you for giving your attention and checking this edition out.
If you enjoyed this edition, it would MEAN A LOT to me if you could take a few seconds and help me by sharing this article with your friends.
If you are not a subscriber, sign up and join others who receive it directly in their inbox weekly.