Sir Richard Branson and Lord Alan Sugar are two of the UKs most recognisable businesspeople. Theyre also two of the UKs most influentialbusinesspeople,but they both took very different routes to get where they are today.
Richard Branson is best known for the creation of theVirgin Group, which rose from humble beginnings to a global network of more than 400 companies today. Branson started his first business at age 16, selling a magazine to his classmates at school.
Four years later the Virgin brand was bornas a retailer selling records by post. Nearly half a century later the Virgin empire is still going strong and has left Branson with a fortune of 4.1bn.
Meanwhile, Lord Sugar started his business career selling electrical goods from the back of a van. He then set upAmstrad (Alan Michael Sugar Trading), whichbecame amarket leader in consumer electronics by the 1980s. At its peak, Amstrad was worth 1.25bn although, after a series of failures it was eventually soldin 2007 for 125m to BSkyB. Today, Lord Sugars wealth, all 1.4bn of it, is tied up in London property.
However, while Lord Sugar and Richard Branson took different routes to get where they are today, theres one common factor that theyve both cited as the root of their success over the years.
The common factor
Lord Sugar and Richard Branson have both got to where they are today by being impatient. Both of the entrepreneurs are well known for theirdrive toget stuck into a new business project without spending months weighing up the pros and cons.
In Amstrads early days, the company succeeded by Lord Sugars ability to get products on the shelves faster than rivals. While Richard Bransons Screw It, Lets Do It philosophy has pushed the Virgin group into hundreds of different markets around the world.
Of course, both Branson and Sugar have had their fair share of business failures along the way. Amstrads failure was brought about by the companys overexpansion, and there are countless Virgin branded ventures that have failed to yield a return for Branson.
Nevertheless, impatience has helped the two business magnates overcome their failures. Their desire to diversify and expand into new markets has ensured that the loss of a single business venture wont wipe them out.
Driven to succeed
A lack of patience is the most prominent, common factor between Richard Branson and Lord Sugars success, but the two businesspeople are also linked by their drive to succeed and perseverance.
Richard Bransons drive to succeed has helped him create one of the worlds most successful brands, and his determination has helped him push through failures. Meanwhile,Lord Sugars drive to succeed has seen him turn the relativefailure of Amstrad into a hugely successful property empire.
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