To bring success to your business as well as to be a successful business leader you need to have a wide range of qualities and skills. IvyPanda. , In Democratic leadership, members of a group are actively involved in the decision-making process that mirrors a democratic process. A number of factors have helped define the leadership style of bitcoin exchange CoinCorner cofounder and CEO Danny Scott over the years. (2020, December 29). Richard Branson compares his collaborative and democratic leadership style to the late co-founder Steve jobs, was famous for his autocratic style. As the founder of Virgin Group, Sir Richard Branson demonstrated a leadership style influenced by how his team members should be treated. He considers finding the best person for the job and thereby offering them the authority to perform well and achieve targeted goals is the key to the success of an organization. He offers employees incentives such as training, high remuneration, a strong organizational culture, and vacations (Dearlove, 2007). Then in 1972, he opened a chain of record stores that later became popular as 'Virgin Megastores'. Recently, he has launched his new idea commercial space traveling. The difference is that in the latter, compared to the democratic approach, the leader has the final after listening to everyone's viewpoints. Richard Branson strongly believes in the process of mentorship. Attempts are made in his companies to keep a flat organization structure wherein employees work in clusters for the accomplishment of target goals and objectives. It normally involves sending and receiving of messages. What did you learn from them early on that helped you develop your branding strategy? He likes to follow the SWOT strategy. I certainly would have failed IQ tests. This communication strategy is effective in helping to communicate his visions since bureaucracy has the effect of slowing the top-down communication channel (Kedharnath, 2011). It is important for a leader to create a channel through which various arms of a multifaceted group like Virgin could use to communicate and align their operations (Sosik & Jung, 2012). The majority rules, but the whole group feels included. June 17, 2019. https://ivypanda.com/essays/leadership-style-of-richard-branson/. Richard Branson believes in thinking different. His charisma is vital in uniting employees to work towards the achievements of the visions and missions that different companies pursue. Autocratic leadership is a style in which leaders make decisions independently and without input from their followers. Stiff competition and the unpredictability of financial markets are some of the reasons why many companies fail or achieve average success. /MaxWidth 2000 He encourages consensus among senior managers and favors delegation and more autonomy.. If you use an assignment from StudyCorgi website, it should be referenced accordingly. Thats a very Virgin trait. Web. Employees are expected to be active participants and governance relies on team building, communication, consensus, autonomy, commitment and balance. It recently won a Queens Award in International Trade. For instance, a good role model is one with hopeful wishes and confident. A leader needs to consult several team members, listen to their views, and collect feedback. And that approach to leading people continues today. Richard Brandson applies a participative leadership style. He was keen to form a great workforce around him which led him to his accomplishment. As the team leader, you can now step in either for endorsement, seek further clarification, or ask for more brainstorming., At the end of the process, take time and review all the steps. 2. This would help me to determine his leadership style and priorities. Virginia Group has been described as a fast-growing entrepreneurial company. he mentioned himself as a collaborative and democratic person. Delegation of responsibilities has made leading the group easy because by so doing, the daily running of the companies is well coordinated. No matter what, as a leader you need to be very attentive to the words which are being delivered by your followers. A less obvious one was the time his boss asked him to clean the toilets. Armed with this information, it becomes possible to determine whether Richard Bransons leadership style is a good fit for a manager working for the Virginia Group. This leadership style builds up goodwill and the long-term contribution of team members. The group has grown rapidly because of his exceptional leadership to include more than 400 companies that operate in different economic sectors. See areas of improvement for correction for a better outcome in subsequent meetings.. From this success, it is evident that his strategies of success can be deployed by organizations seeking to gain large growth through the utilization of employees as the source of competitive advantage. Passionate people find their way to the Virgin Group, and when they do, we snap them up and try to keep them within the family. 7 0 obj 0 0 0 222 222 333 333 0 556]>> this process also tells people who are interested of this company that the company prefers the people who are passionate and have leadership skills. Adaptability Skill: As a leader and entrepreneur, Richard Branson has the skill of adapting himself to an unknown environment. Subscribe now to get notified aboutexclusive stories from Industry Leaders. 29 December. He does this through engaging his employees in direct conversations. 2)ob^ 7I|BTzr|o\89 2ND_")=%1L_9 According to the Forbes 2012 list of billionaires, Branson is the sixth richest citizen of the United Kingdom, with an estimated net worth of US$4.6 billion. Need a custom Report sample written from scratch by Nevertheless, his charisma and situational leadership approaches make him a respected Briton. Its far more effective to praise people than to constantly criticize them; it brings out the best in them and creates a more open environment for creativity and innovation.. You may opt-out by. 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. He believes that leadership is all about doing things that are right, as opposed to the approach of management of people that is deployed by many organizations that dwell on looking for mechanisms of doing things in the right ways. StudyCorgi. His philosophy is looking for the best since it is achievable (Branson, 2006). His ability to inspire, motivate, and serve are based on his excellent communication skills (Dearlove, 2007). (2020, December 29). Its Picking Up Steam. His previous best-selling books include Like a Virgin: Secrets They Wont Teach You at Business School, Losing My Virginity, Screw It, Lets Do It, Business Stripped Bare, Reach for the Skies and Screw Business As Usual. How do you believe this style makes your company culture unique? He is a highly confident person. 11 Most common leadership styles. This is evident from his ability to unite employees under a common vision. While he selects a person, he needs to select a perfect one. Helps Team Members Improve Their Knowledge. He has the potential to develop new plans and execute them quickly when things dont work as planned. IvyPanda. As outlined above, democratic leadership comes with its pros and cons. He has introduced more than 400 companies. For example: Phase one: Set the rules of engagements and obtain feedback from all members if they are comfortable, Phase two: Brainstorming session where each member is allowed to explain their viewpoint without any interruption, Phase three: Members narrow down the best ideas, Phase four: Deciding on the best idea. Virgin founder Richard Branson is as famous for being an inspirational leader as he is for being a daredevil. My first business venture was Student magazine. this process also tells people who are interested of this company that the company prefers the people who are passionate and have leadership skills. He prioritizes the personality over the educational background. "The Leadership of Richard Branson." SpaceXs Starship Launch to Be Held in March: Is It a Flight of Fancy? I believe leading from the front is a great way to help encourage good team spirit.. From the student life, he has been commencing new companies. Rechard Branson is one of the most successful English business magnet in the world. https://ivypanda.com/essays/leadership-style-of-richard-branson/, IvyPanda. However, soliciting opinions, strategies, or other types of input could make a leader appear indecisive and lacking the necessary knowledge. He considers praising employees upon their accomplishing and providing them recognitions and benefits motivates them to perform better in the future. Indeed, this strategy has been proved by various scholarly evidences to work even in different organizational settings. Finally, delegating duties will give him more time to do other things that will make him a better leader. StudyCorgi, 29 Dec. 2020, studycorgi.com/the-leadership-of-richard-branson/. /FontBBox [-665 -325 2000 1040] /Descent -212 The question is,How do you achieve the best skills to be a great leader and touch the success? Democratic leadership can be defined as the performance of three functions: distributing responsibility among the membership, empowering group members, and aiding the group 's decision-making process (Gastil, 1994). 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. Instead, he forms collaborations with people who can help him reach goals. He thinks each person should be given responsibility according to his/her own interest and expertise. endobj (2020) 'The Leadership of Richard Branson'. One of these achievements includes the ability to expand small business establishments into global platforms with the intention of increasing profit margins earned by an organization. Apart from incorporating different international standards and cultures into his business operations, he contributes towards the growth of the global economy. After observing these traits, I would analyze them and draw conclusions. Securing team members commitment is a difficult task for most leaders, but the ability to allow new ideas, actions, and strategies boost loyalty. /CreationDate (D:20170824232610+05'30') Great leaders often identify with a given leadership style when leading group members. He believes that no leader can be successful unless he is followed by efficient followers. "Leadership Style of Richard Branson." To become a global leader, one needs to have accomplished various achievements. Bransons phenomenal communication skills have enabled him to motivate employees, unite them under a common vision and mission, find and retain capable individuals, and unite the leaders of different companies to work together towards a common goal (Dearlove, 2007). His ventures such as Virgin Unite aim to bring peace and harmony among different countries in the world. Principle #1: Treat People As People. Branson: Im quite involved in hiring for leadership and I look to hire my weaknesses. The leadership of Richard Branson has dramatically influenced the success of his Virgin Empire (Kinicki & Fugate, 2016, p.151). In an interview with Telegraph, he mentioned that thinking differently can set a person apart. A Democratic style allows for creative ideas, thinking, and quality contributions. In such an organization, focusing on directing pushes employees towards perceiving themselves as being underrated in the extent that they are not permitted to make vital decisions for the organization, yet they have the required expertise and knowledge base to do so. You learn by doing, and by falling over, and its because you fall over that you learn to save yourself from falling over. With regard to HiTec Holdings (2006), the purpose of leadership in any organization is to avail new ideas and innovations. 556 556 556 556 333 500 278 556 500 722 500 500 500 0 0 0 Leadership Style of Richard Branson. Honesty is Prioritized in Democratic Leadership. Therefore he carefully hires the employees for his team and stays in contact with them so that their views and thoughts can be utilized to bring improvement and innovative ideas in action. A leader can select a set of ideas or blend ideas together. endobj Employee motivation is one of the most important aspects of achieving success in an organization because motivated employees are highly productive, satisfied with their jobs, and focused (Mills, Bratton& Forshaw, 2006). In this line of argument, Richard Branson considers leadership as a means of making things happen because they are planned to happen. Richard Brandson applies transformational leadership. The advantages of democratic leadership include: Democratic leadership style allows for robust brainstorming sessions on ideas and proposals. Thank you! Branson, R. (2014). I remember sitting next to him in the car on a Friday evening when he would take my brother and me to swimming. He has confidence in his own work. Offers a Leader a Diverse Set of Opinions. >> A leader should skillfully thread the thin line between tapping into the large pool of opinions from team members and giving in to every recommendation to maintain effectiveness., 5. endobj Employees are offered the opportunity to present their ideas regarding ways in which business processes and operations can be improved. The Leadership of Richard Branson. You may opt-out by. His approach to business is also unique in the sense that he does not fear engaging in any business. Inspiring, isnt it ? 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. One of his most important leadership traits is vision. These are piloting, direct, scheduling, and managing (Lussier & Achua, 2004). This can make the democratic process chaotic. Richard Branson is an English investor, businessman, entrepreneur, author, and philanthropist who founded the Virgin Group. Schawbel:How did you originally come up with Virgin's values, vision and mission and then find the right people who believed in you and the company? "Leadership Style of Richard Branson." What Might That Mean For The Economy? Straddling the EV-verse: A Bentley Venture, Driving Tomorrows: The Mercedes-Benz and Google Partnership, Subway Sandwiches Explore Sale Options After Profitable Makeover. Lussier, R., & Achua, C. (2004). While these skills can be honed through training, coaching and mentoring, it is an entrepreneurs individual style of leadership that determines their success, and this can be moulded by many different factors. There are no rules. (2011). Branson management style and leadership skills were learnt in his day-to-day duties and interaction with people. View Richard Branson and his leadership style.docx from PROJECT MA BULM 758B at University of Maryland. Is New Business Creation Still Setting Records? Save my name, email, and website in this browser for the next time I comment. With More People Embracing Wellness, This Nutrition Influencer Decided To Scale Up Her Formerly One-Person Business. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders. In addition, his passion for environmental conservation makes him a global leader. Instead, his leadership style comes from his personality and learning from his own mistakes. Gains in productivity. To change the game is at the heart of what Virgin stands for, so the company culture has always been: Dont sweat it: rules were meant to be broken.. First, his companies employ people from different cultures and ethnicities and his businesses operate in different countries around the world (Sosik & Jung, 2012). And his book, "The Virgin Way: Everything I Know. Democratic leaders often create an environment that makes team members feel that their ideas can potentially be taken on board by leadership and fosters job satisfaction. He is a visionary who loves taking risks and who is never afraid of failing or challenging the status quo. Richard Branson likes to emphasize that he never learned the rules of running a success business. Today,Branson's Pioneering Commercial Spaceflight Virgin Galactic announced a global partnership with Grey Goose Vodka. General Electric Company's Sales Boost Recommendations, Role of leadership in Virgin Groups growth, The effectiveness of Bransons communication of company vision, An assessment of Bransons leadership style. Motivated and inspired employees work harder and smarter because of the existence of a common purpose to pursue (Sosik & Jung, 2012). Richard Branson models for leadership seek to keep employees motivated in several ways among them being delegation of responsibilities and adoption of a democratic leadership style. The leadership style followed by Richard Branson is a mixture of democratic, participative and transformational. Richard Branson has the attitude called Screw it, lets do it. A monthly letter issued to employees details his vision, plans, the groups challenges, potential solutions, and new plans. Branson is as popular as any Hollywood star. Richard Branson strongly believes in the process of mentorship. Sir Richard Branson believes great business leaders should have good leadership skills, be highly visible, engaging with employees and making things happen wherever possible. This became possible because he continued to transform his businesses as per the changing needs and demands. Finally, he uses his skills to coach his workers, communicate his decisions, and connect with employees. By showing his appreciation for hard work, he keeps everyone focused on their tasks. Web. One of the advantages of training is that it confers additional knowledge and skills that are necessary for job promotion. Democratic leadership style also comes with its fair share of disadvantages, this includes: 1. Innovation is one of the sources of Virgin Groups competitive advantage. He believes, people should be given freedom, and he acts accordingly. /Producer (PDF-XChange Printer 2012 \(5.5 build 311\) [Windows 8 Enterprise x64 \(Build 9200\)]) At times when decisions are important, Richard Branson makes decisions by taking the right moves for the companys betterment. /Ascent 905 How people coordinate their body movements while speaking and their facial expression also tell a lot. Communication involves having an eye contact with listeners body movements (Hogan & Hogan, 2008). /MaxWidth 2000 Instead, he allowed his employees to apply their innovative ideas to best deal with the various kinds of business situations. In order to lead a group as huge as Virgin, it is important for Branson to possess exceptional communication skills. 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. According to his leadership philosophy, people will fail when they try new things. Becoming a global leader also requires one to have highlighted good leadership approaches, which can be used as benchmarks by other organizations. He believes, people should be given freedom, and he acts accordingly. Disclaimer: Services provided by StudyCorgi are to be used for research purposes only. He was born in the year of 1950. He doesnt expect everything to fall into place the first time, though. If you take care of your employees, they will take care of the clients. (Desk Director). Richard Branson is one of the most iconic figures in the world today. Employee training and delegation of responsibilities are examples of ways that Branson is likely to use to motivate employees. New York: John Wiley & Sons. After all, the #1 stock is the cream of the crop, even when markets crash. While he was struggling to have the Virgin Atlantic off the ground, he asked Sir Freddie Laker (The British Airline Entrepreneur) for guidelines. /Leading 150 One leadership style that is popular and often works well is Democratic leadership. student. His leadership identifies gaps in various markets and tries to fill them in ways that solve problems that other companies ignore or are unable to solve satisfactorily (Sosik & Jung, 2012). % Over the next five years, Branson is likely to be more successful than he is currently because of his flexible approach to leadership and management. Pros and Cons of the Democratic Leadership Style, How to Start Implementing Democratic Leadership at Work, transactional leadership and transformational leadership. He thinks each person should be given responsibility according to his/her own interest and expertise. One of his most famous quotes truly sums up his philosophy of leadership: "Clients do not come first. al, 2006). This style may be effective in situations where quick decisions are needed, such as in emergency situations or when a . We want the opposite of the entrepreneurial stereotype, who will step over people to get where they want to in life, says Branson. Good leaders speak eloquently. If you are the original creator of this paper and no longer wish to have it published on StudyCorgi, request the removal. He takes genuine joy in his work and loves challenging ideas. 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. There are many aspects of Bransons leadership that make him a global leader. 722 778 667 0 722 667 611 722 0 944 667 0 0 0 0 0 0 0 1015 667 667 722 722 667 611 778 722 278 500 667 556 833 Fantastic people throughout the Virgin Group run our businesses, allowing me to think creatively and strategically., You get the idea. In a way, Richard Branson is a laissez-faire leader because he believes in letting people learn from their mistakes. Your email address will not be published. Therefore, he is able to break the hierarchical systems of communication. Financhill has a disclosure policy. He believes that quality content should be actionable and helpful. "The Leadership of Richard Branson." /Descent -212 Team members are likelier to appreciate honest leadership; concealing information will lead to disengagement and disillusionment. This means that time is wasted in attempting to articulate the ideas developed by employees with a practical solution for the success of an organization. << High Confidence Level:He is a highly confident person. Two heads are better than one. Web. 1 Richard Branson and His Leadership Style Student's He believes that giving freedom in decision making could help the employees to perform at their best and with full responsibility. 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. He is an English businessman and a venture capitalist. /Filter [/FlateDecode] Richard Branson is on the successful business person which follows democratic leadership approach. The database is updated daily, so anyone can easily find a relevant essay example. In this extent, I agree that Richard Branson is indeed a global leader. Leaked tax return reveals secret to pocketing $460,164 George Soross Most Undervalued Holding Is Surprising. He thinks, the business that fulfills the needs of the people can create value vastly, it improves their lives. In the following interview, Branson talks about his rule-breaking leadership style, his involvement in hiring and selecting leaders for Virgin, how he originally came up with his companies. He is well known for his leadership style that helped him become a self-made billionaire. Given responsibility according to his/her own interest and expertise them to perform in! You take care of the advantages of democratic leadership, members of a group as as. /Creationdate ( D:20170824232610+05'30 ' ) great leaders often identify with a given leadership style also comes its... 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His team members style of bitcoin exchange CoinCorner cofounder and CEO Magazines and a venture.... 758B at University of Maryland wishes and confident group easy because by so doing, #! ( D:20170824232610+05'30 ' ) great leaders often identify with a given leadership style from. A self-made billionaire: as a leader appear indecisive and lacking the knowledge! Of input could make a leader you need to be used for research purposes only likelier to appreciate leadership! Often works well is democratic leadership they will take care of your employees, they take. Avail new ideas and innovations leader and entrepreneur, author, and serve are based on his excellent communication (! Telegraph, he uses his skills to coach his workers, communicate his decisions, and new plans and them. Leadership approach English investor, businessman, entrepreneur, Richard Branson is an English businessman and venture. Spaceflight Virgin Galactic announced a global partnership with Grey Goose Vodka a respected Briton that it additional... The groups challenges, potential solutions, and serve are based on his excellent communication skills mirrors democratic! Branson has the potential to develop new plans after all, the of...
