During a recent interview on ITV’s This Morning, Richard Branson revealed one of his biggest business mistakes, which involved his brand Virgin Cola. The entrepreneur entered the soft drinks market in 1994 with the cola drink, which initially performed well, even 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, Virgin 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. The brand was discontinued in 2014, leading to lessons learned about business strategy and product differentiation.
The entrepreneur also 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 emphasized the importance of having fun while trying new ventures and continuously learning from both successes and failures.
Overall, Branson’s failed attempt with Virgin Cola was a valuable lesson for him in terms of product differentiation and strategic planning. It taught him the importance of being unique and standing out from competitors in order to succeed in business.