During a recent interview on ITV’s This Morning, entrepreneur Richard Branson revealed one of his biggest business mistakes involving his brand Virgin Cola. The cola drink was launched in 1994 and initially performed well, outselling Coca-Cola in some stores. However, after a PR stunt in which a tank crushed a pile of Coke and Pepsi cans in New York, the cola eventually came to an end.
Branson admitted that the mistake with Virgin Cola taught him the importance of putting purpose at the heart of a business and ensuring differentiation when taking on larger competitors. He emphasized the need to be significantly better than the competition, which was not the case with Virgin Cola. Despite its failure, Branson shared his motto of “S*** it, let’s do it,” highlighting his willingness to try new things and not be afraid of failure. He explained that his approach to business involves taking on outrageous ideas and being open to experimentation and learning.
Branson also emphasized the importance of having fun while trying new ventures and continuously learning from both successes and failures. He expressed gratitude for the lessons learned about business strategy and product differentiation through Virgin Cola’s discontinuation in 2014. Branson’s experience with Virgin Cola serves as a reminder that businesses must always strive for excellence and differentiate themselves from their competitors to succeed in today’s competitive marketplace.
Overall, Richard Branson’s interview on This Morning provided valuable insights into his approach to business, including the importance of taking risks, experimenting with new ideas, and learning from mistakes. His experience with Virgin Cola highlights how even successful businesses can make mistakes that ultimately lead to failure but also provide valuable lessons for future success.