The Medici Effect, With a New Preface and Discussion Guide

CHAPTER thirteen

Take Risks and Overcome Fear

AIRPLANES AND SERIAL ENTREPRENEURS

BY 1984 Richard Branson had managed to build his record label Virgin Music into a leading record company with over 11 million British pounds in profits.¹ In February of that year an American lawyer named Randolph Fields asked him if he would be interested in teaming up to start a transatlantic airline. Most people would probably have scratched their heads, wondering why anyone thought a music company executive would do such a thing. Branson, however, was intrigued by the idea and he immediately conducted the following market research.

First he called the reservation office for People Express, an airline that offered cheap fares between London and New York. He got ...