This week, I heard a startling story told by Richard Branson on a podcast with Adam Grant that reminded me of the power of brand. When Branson was 50 years old he was in a board meeting, and he asked a question about a reference someone had made to net profit. A board member later pulled him aside, recognizing that Branson did not understand the difference between the concepts of gross and net, despite Branson running the largest group of private companies in Europe at the time. The board member pulled out a piece of paper and pen and used a fishing net illustration to explain, and Branson says he's been throwing around "gross" and "net" ever since - he gets it now! Why am I connecting this story to the power of brand? Clearly, I am all-for financial acumen (just look at my finance background!), and so I'm not saying it's acceptable that business executives be ignorant of basic financial concepts. Rather, it illustrated to me that the Virgin BRAND was so powerful, the PRODUCT-MARKET fit was so good, and his LEADERSHIP energy so infectious, that the Virgin businesses grew and thrived even with their CEO missing the most basic of financial concepts up until that point. Start with an amazing brand and great people with a loyal customer following, and make sure you insert some operational energy and discipline along the way -- and great things will happen! Thank you for the story, Richard Branson!
Fascinating Phil Murray! I’m a huge fan of both Richard Branson and Adam Grant - so many lessons here about Brand, Financial Acumen, Leadership, and Boards of Directors!
Product Manager of Technology
5moWOW! Startling to say the least. You make a really great point. I'd add that this highlights the extreme level of trust he puts into his teams to do their respective jobs without his interference. I'll have to give that episode a listen. Thanks for sharing!