He never received a degree in management and, yet, is globally known as one of the most influential leaders for his unique style and strategies. However, soliciting opinions, strategies, or other types of input could make a leader appear indecisive and lacking the necessary knowledge. Participation leadership is used . The abovementioned leadership elements have been monumental in promoting the growth of Virgin Group. Therefore, innovation and creativity are part of his leadership. https://studycorgi.com/the-leadership-of-richard-branson/. No matter what, as a leader you need to be very attentive to the words which are being delivered by your followers. These incentives encourage team work and as such increase productivity, performance, and employee retention rates. This paper was written and submitted to our database by a student to assist your with your own studies. How people coordinate their body movements while speaking and their facial expression also tell a lot. Do they favor brainstorming before making decisions? /FontName /Arial-BoldMT There are many ways to run a successful company. His heart-warming approach unifies people and capitalism in a way Ive never seen attempted before. He thinks each person should be given responsibility according to his/her own interest and expertise. 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. Ethics, character, and authentic transformational leadership behavior. How do you believe this style makes your company culture unique? "The Leadership of Richard Branson." Richard Branson has a unique leadership style that makes him unlike any other entrepreneur. If you take care of your employees, they will take care of the clients. (Desk Director). %PDF-1.4 Leadership comes in different flavors applied to meet goals. Financhill has a disclosure policy. Web. Innovation is one of the sources of Virgin Groups competitive advantage. << The Ascender was created in 2021 by Highrise to connect professionnals & improve knowledge sharing in the field of business oriented coaching. /Flags 32 One leadership style that is popular and often works well is Democratic leadership. He has confidence in his own work. 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. Securing team members commitment is a difficult task for most leaders, but the ability to allow new ideas, actions, and strategies boost loyalty. Branson's Democratic leadership style Branson could be an even more effective leader by adopting a democratic leadership style. /Widths [ 278 0 0 0 0 0 667 0 333 333 0 0 278 333 Its Picking Up Steam. Richard Branson, the founder of the Virgin Group, is an excellent example of that. he mentioned himself as a collaborative and democratic person. He thinks each person should be given responsibility according to his/her own interest and expertise. Named after the governmental system, the democratic leadership style is focused on bringing employee voices to the table while creating a unified business framework. /FontBBox [-665 -325 2000 1040] 5. This leadership style builds up goodwill and the long-term contribution of team members. 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. /MaxWidth 2000 Only the best people can reach the highest point of the career path as competition for the leadership jobs became very very competitive. 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. 0 0 0 556 611 556 611 556 333 611 611 278 0 556 278 889 << (2019, June 17). Employees come first. When I set up Virgin Records, I even decided to separate myself physically from the company, by moving into a houseboat., Willingness to Listen and Learn:As a business leader, you need to listen and learn new things in every step. One of his most famous quotes truly sums up his philosophy of leadership: "Clients do not come first. One of the most risk taker investors is Richard Branson without any doubt. Skill of Understanding the Need of a New Business:Richard Branson understands the need of the new businesses. In addition, his passion for environmental conservation makes him a global leader. This growth has been achieved through the deployment of unique strategies of leadership, which mesh the attributes of multifaceted organizations such as the Virginia group. These hugely successful businessmen and women are focused on results and are more likely to use inclusive leadership styles. The paper discusses Richard Bransons leadership styles and skills and their impact on Virgin group of Companies. New York: Taylor & Francis. Few of his renounced projects are Youth culture magazine The Student, Virgin Airways, Virgin Records, and Virgin Radio. His approach to business is also unique in the sense that he does not fear engaging in any business. If you use an assignment from StudyCorgi website, it should be referenced accordingly. /Ascent 905 Richard Branson (Photo credit: BBC) Disclaimer: Services provided by StudyCorgi are to be used for research purposes only. If you dont enjoy what you are doing, then you shouldnt be doing it. Stiff competition and the unpredictability of financial markets are some of the reasons why many companies fail or achieve average success. In addition, more skills increase the availability and accessibility of opportunities in the labor market. 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. One of the advantages of training is that it confers additional knowledge and skills that are necessary for job promotion. Branson: Im quite involved in hiring for leadership and I look to hire my weaknesses. Communication is a vital ingredient for leaders. Gains in productivity. In such a scenario, the quickest response adopted by the group is to know whether the employees wishing to leave the organization have perceptions of being undervalued. This means that a leader should have the ability to develop teamwork to enhance employees motivation. Branson has been able to overcome these challenges by embracing innovation and change. Should this investigation give positive feedback, attempts are made to rekindle the hopes of employees through delegation of responsibilities. Instead, his leadership style comes from his personality and learning from his own mistakes. When someone does an excellent job, he praises them publicly to motivate others. Richard Branson can easily learn about different types of personality and their expertise. Autocratic leadership could make decisions more quickly; however, these solutions may fail due to a lack of additional feedback from team members and honest examination by other parties. You may opt-out by. Nevertheless, his charisma and situational leadership approaches make him a respected Briton. In fact, he is a transformational leader. 278 0 0 0 0 0 0 0 0 0 0 0 333 0 0 0 And thats what a number of us are trying to do., You dont learn to walk by following rules. Your email address will not be published. He was born in the year of 1950. He doesnt expect everything to fall into place the first time, though. It is also vital to explain that where every voice matters, not all suggested ideas are implemented. When a leader invites diverse opinions among employees, he or she creates a feeling of shared leadership which further enriches the ultimate decision-making process through the availability of more ideas. Risk Taking Capability:One of the most risk taker investors is Richard Branson without any doubt. Democratic Leadership Allows Efficiency in Problem Solving. /Leading 150 Effective leaders encourage team participation and group discussions. When group members have delegated powers, it can inadvertently result in many centers of power. Business the Richard Branson Way: 10 Secrets of the WorldsGreatest Brand. I certainly would have failed IQ tests. I believe leading from the front is a great way to help encourage good team spirit.. His open communication policy will ensure that employees express themselves and present their grievances that could be major sources of job dissatisfaction and poor performance. What is the best course of action when consensus is not realized. It Can Lead to Team Members Doubting the Capabilities of the Leader, A leader has to be respected by team members to be effective. He rewards people for excelling, but he also encourages people to turn their mistakes into learning opportunities. 29 December. New York: John Wiley & Sons. 2020. He considers praising employees upon their accomplishing and providing them recognitions and benefits motivates them to perform better in the future. After a review of a team members input, the leader makes the final decision, often taking the majority view. 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). They are good at listening to others ideas and opinions. This quote is explained further in the following article: Foundation for great customer care: Employees first, customers second. (Kavchik, I, 2017). /BaseFont /Arial-BoldMT There are many aspects of Bransons leadership that make him a global leader. Sir Richard Branson is the sixth wealthiest citizen of the United Kingdom. Full Range Leadership. His exceptional communication skills enable him to communicate the mission and vision of the group to employees of different companies. 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). Born with acumen, perspicacity and prudence, he started his first business venture ,"Student" magazine at the age of 16 . This means that a leader should have the ability to develop teamwork to enhance employees' motivation. Branson management style and leadership skills were learnt in his day-to-day duties and interaction with people. Organizational Behavior in a Global Context. I would adopt an open and analytic approach in determining whether Bransons leadership is fit for me as a manager in the group. This refers to a highly interactive style of leadership where employees are motivated and empowered to reach the goals of the organisation (Grasmick, 2012). Leaked tax return reveals secret to pocketing $460,164 George Soross Most Undervalued Holding Is Surprising. /ItalicAngle 0 Branson's leadership style also believes in marketing anywhere and everywhere. In an interview with Telegraph, he said, I have always believed in the art of delegation finding the best possible people for Virgin and giving them the freedom and encouragement to flourish. Leadership Qualities, Skills, and Style of Bill Gates, 8 Benefits of Buying an Existing Business, Key Features or Characteristics of Common Stocks, Leadership Qualities, Skills, and Style of Larry Page, Everything You Need to Know About Content Authoring Tools for E-Learning, 3 Top Tips for Choosing Ambulance Only Insurance Cover, 4 Simple but Effective Techniques to Maximize Your Sales, The Advantages of Using Payday Loans for Wedding Expenses, Factors to consider while choosing a custom boxes seller online, Subsidized Loans and Unsubsidized Loans All You Need To Know. His risk taking and visionary nature will ensure that his companies explore sectors that other companies are afraid of exploring. Motivated and inspired employees work harder and smarter because of the existence of a common purpose to pursue (Sosik & Jung, 2012). 'Branson values removing barriers in the corporate hierarchy . While he selects a person, he needs to select a perfect one. The Virginia Group is well aware that, in case it encounters situations that make people run away, and yet they are well remunerated, there must be an ample reason why this happens. GameStop undergoes makeover as 8 board members leave, Leadership and 10 Great Leaders from History. 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. In such a situation, employees will be willing and eager to do jobs. While he selects a person, he needs to select a perfect one. One of the most notable aspects of his leadership is his passion for environmental conservation. And his book, "The Virgin Way: Everything I Know. We will write a custom Report on Leadership Style of Richard Branson specifically for you for only $11.00 $9.35/page. Connect with him onLinkedIn. My mum shaped my leadership style, he says. HiTec Holdings. Recently, he has launched his new idea commercial space traveling. 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