Although failing to evaluate the risks associated with his expansive business empire has made Richard Branson successful, it is a great disadvantage since risk management is important in the evaluation of the business decision that may open an organization towards susceptibility to failure in the end. What Might That Mean For The Economy? Risk Taking Capability:One of the most risk taker investors is Richard Branson without any doubt. He has confidence in his own work. Every business, like a painting, operates according to its own rules. A good role model believes in individuals, trusts, and shows confidence in them (HiTec Holdings, 2006). Richard Brandson applies transformational leadership. His inspiration for democratic leadership is that he never learned any rules in his business journey and gladly breaks the rules. He has introduced more than 400 companies. (2011). 0 0 0 0 0 0 0 1000 0 0 0 0 0 0 0 0 Many of our products and services come about because we pay attention to what the market is missing or what's not being done well. Business the Richard Branson Way: 10 Secrets of the WorldsGreatest Brand. If you are the original creator of this paper and no longer wish to have it published on StudyCorgi, request the removal. A role model is someone whose traits or achievements others can admire (Hogan & Hogan, 2008). Their presence would tell me that he is a good leader that I would work under. /FontName /Arial-BoldMT ensure the integrity of our platform while keeping your private information safe. Thank you! The Ability to Think Differently:Richard Branson believes in thinking different. must. Thats a very Virgin trait. Being a business person, he is also an investor and philanthropist. Straddling the EV-verse: A Bentley Venture, Driving Tomorrows: The Mercedes-Benz and Google Partnership, Subway Sandwiches Explore Sale Options After Profitable Makeover. IvyPanda. Richard Branson compares his collaborative and democratic leadership style to the late co-founder Steve jobs, was famous for his autocratic style. /FontDescriptor 7 0 R In a way, Richard Branson is a laissez-faire leader because he believes in letting people learn from their mistakes. %PDF-1.4 he mentioned himself as a collaborative and democratic person. Bransons has aParticipativeorDemocraticstyle of leadership. First, I would observe and analyze his style of communication, decision making, problem solving, readiness to focus on organizational goals, and treatment of employees. However, soliciting opinions, strategies, or other types of input could make a leader appear indecisive and lacking the necessary knowledge. Advantages. HiTec Holdings. (2008). Fantastic people throughout the Virgin Group run our businesses, allowing me to think creatively and strategically., You get the idea. Communication is central to the success of the Virginia Group. This is a deliberate and very wise marketing strategy. His ability to motivate and inspire employees has contributed significantly towards creating teams that are the foundation of the groups growth. Minnesota, US: Southwestern. Although he has shown he is capable of this style of leadership in some situations, overall he has relied on his own intuition to make business decisions. New York: Penguin Publishing Group. You may opt-out by. He says, If you ask any successful business person, they will always say they have had a great mentor at some point of the road. As a leader, one should be a team builder. It contains thousands of paper examples on a wide variety of topics, all donated by helpful students. Depending on your team members' skill levels, personalities, or education levels, you can opt to use different phases so that each member feels included. When team members offer their opinions on a subject, members are likely to endorse the best-suggested views. He prioritizes the personality over the educational background. /FontBBox [-628 -376 2000 1056] Career advancement is an important aspect in the professional lives of many employees. Virgin founder Richard Branson is as famous for being an inspirational leader as he is for being a daredevil. This has given leverage to employees to apply their best judgment. Copyright 2023 - IvyPanda is operated by, Continuing to use IvyPanda you agree to our, Businessman Richard Branson Shoots for the Moon, Leadership Evaluation: Sir Richard Branson, Richard Branson's Entrepreneurial Profile, The Entrepreneurial Qualities of Richard Branson and Their Impact to Business in the Virgin Group, Richard Bransons Attributes and Capabilities, Richard Branson's Leadership Style and Traits, How HR Approaches Match Up With the Strategic Initiatives, Implementation of Total Quality Management (TQM): Toyota Case Study, Google Corporation Investments Evaluation, Barriers and Facilitators of Workplace Learning. The democratic leadership style is often compared with the participative leadership style. Opinions expressed by Forbes Contributors are their own. 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. Richard Branson, the founder of the Virgin Group, is a democratic leader with a participative leadership style. He shares what he knows, but he also understands that people learn best from action. When group members have delegated powers, it can inadvertently result in many centers of power. Why is the UN Studying Solar Radiation Modification? 3. International Journal of Selection and Development, 9(2), 40-51. This fact is particularly true when the purpose of leadership serves the functions of taping the potential of various employees to influence the success of an organization. Based on these criteria and considering how Richard Brinson has managed to build his success in his business empires, it is possible that his leadership style is not a good fit for a manager because the work of management is different from the work of leadership. She says: He has always written about businesses being a force for good in the lives of employees and customers and Ive tried to apply that philosophy in the businesses Ive founded. He embraces change, creativity, and innovation thus enabling his companies to grow and dominate in various sectors. The opposite of the Democratic leadership style is Autocratic leadership, where leaders have the final say, and the leadership approach is abrasive, with group members merely playing a salient role. Virgin founder Richard Branson is as famous for being an inspirational leader as he is for being a daredevil. Democratic leadership breeds a positive culture where ideas flow freely; thus, team members tend to feel more involved., 8. Some entrepreneurs have been influenced by other business leaders. High productivity and performance guarantees good returns and growth. Sir Richard Branson is the sixth wealthiest citizen of the United Kingdom. He truly feels that getting other peoples input and listening to what. StudyCorgi. Yes, We Have No Choice, Cannabis Challenges Differ In Each State Where Its Newly-Legal, 5 Unexpected Places To Find Your Next Great Business Idea. They have facilitated this growth in various ways. Problem Solving Skill: Richard Branson does not deal with the problems for so long and he always looks for the solutions or opportunities to get over. One of his most famous quotes truly sums up his philosophy of leadership: Clients do not come first. This leadership style builds up goodwill and the long-term contribution of team members. Effective leaders encourage team participation and group discussions. And thats what a number of us are trying to do., You dont learn to walk by following rules. June 17, 2019. https://ivypanda.com/essays/leadership-style-of-richard-branson/. If you love what you do and if you believe in what you do, others will share your enthusiasm. While hiring, at first he checks the weakness of that person. He never applied any stringent rules in the workplace. Richard Branson is directly involved in the process of hiring new employees in his organization. . /Subtype /TrueType Employees are offered the opportunity to present their ideas regarding ways in which business processes and operations can be improved. Lindsay Willott is founder and CEO of survey firm Customer Thermometer, which has seen its export sales grow by 268% in the last three years. Employees are expected to be active participants and governance relies on team building, communication, consensus, autonomy, commitment and balance. He constantly takes risks to see what works and what doesnt work. For instance, a good role model is one with hopeful wishes and confident. This means that a leader should have the ability to develop teamwork to enhance employees' motivation. 1. /Encoding /WinAnsiEncoding Her key takeaway from those experiences was not to be afraid of someone elses success and to find the joy in seeing others doing brilliantly. The group has grown rapidly because of his exceptional leadership to include more than 400 companies that operate in different economic sectors. More important, leaders should acquire professional writing skills, be able to correctly spell, and use grammar appropriately. "The Leadership of Richard Branson." Democratic leadership style also comes with its fair share of disadvantages, this includes: 1. Adaptability Skill: As a leader and entrepreneur, Richard Branson has the skill of adapting himself to an unknown environment. The Virgin Way: Everything I Know About Leadership. Yes, he always says Yes to almost everything. 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. Decision-making can take longer, but the solutions will be more robust and suited to the problem. Transformational leadership is the new leadership paradigm as it focuses on charismatic and . He has confidence in his own work. , In Democratic leadership, members of a group are actively involved in the decision-making process that mirrors a democratic process. Richard Branson has a unique leadership style that makes him unlike any other entrepreneur. href="http://www.forbes.com/ebooks/the-forbes-quote-bible/?utm_source=articlelink&utm_medium=direct&utm_campaign=quotesebook">Discover the timeless advice that the worlds great thinkers, billionaires, writers and businesspeople have to offer. Assessing Leadership: A View from the Dark Side. If you use an assignment from StudyCorgi website, it should be referenced accordingly. Leadership has been a key factor in that success and Willott attributes much of that to learning from the leadership style of business philosopher Charles Handy. stream Some of the characteristics that define Richard Bransons leadership style include: Richard Branson doesnt believe in dedicating his time to boring tasks. One of the most notable aspects of his leadership is his passion for environmental conservation. Financhill has a disclosure policy. /FirstChar 32 The database is updated daily, so anyone can easily find a relevant essay example. A less obvious one was the time his boss asked him to clean the toilets. He thinks each person should be given responsibility according to his/her own interest and expertise. Leadership Theory, Application, Skill Development. Improves motivation and morale; Performance improves due to greater ownership for all team members Laughter: My number one rule in business, and in life, is to enjoy what you do. Nicholson was also taught to welcome challenges and to recognize that he doesnt have all the answers and should therefore seek different views and expertise from others. Richard Branson believes that a leader, being a team builder, should create teams or develop a cultural trend in an organization that will be suitable for all employees through reduction of disagreements. Yes, he always says Yes to almost everything. Leader because he believes in individuals, trusts, and use grammar appropriately investor philanthropist. /Fontbbox [ -628 -376 2000 1056 ] Career advancement is an important aspect in the process hiring., in democratic leadership style to the problem Richard Bransons leadership style private information safe the groups growth in his. 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