Virgin Atlantic Sir Richard Branson Essay

2392 Words Oct 13th, 2014 10 Pages
Virgin Atlantic
Christopher Pierre
Keiser University
Professor Jaime Medina
ECO1023

When it comes to having an interesting life or life style, one should look no further and admire Sir Richard Branson’s. He is a financially well of individual thanks to his entrepreneurship, an adventurous rock star that seems to just party and have fun every single time one sees him in the media. In order to live such a fabulous lifestyle, an individual should be able to have access to a lot of financial assets, such as credit cards, checks, and more importantly cash. In Sir Richard Branson’s case he has all that and more because of ways he created businesses and critical decisions he made since a young age and throughout his life.
Born in July 18
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Because of this Richard decided to open a record store where people would actually come in and buy the records and other items such as headphones and water pillows mostly catering to a younger generation. Five months after opening the virgin store, Richard was arrested for tax evasion. The reason for the arrest was because he first of all sold the records at a discounted price, which he was the only store doing so in England at the time. And the way he could sell them at such price is because he had figured out a way to work around a thirty three percent record tax. Richard spent a night in jail and got bailed out the next morning because his parents had taken a second mortgage on their house. Richard Branson took full responsibility for his actions and he also had to pay a one hundred fifty thousand pounds penalty.
In order to pay off the one hundred fifty thousand pound debt Richard Branson decided to expand and venture. Being already in the music record sale, Richard decided to open a recording studio and launch a record label. The first signed group of the label, which they did not expect to do big, sold a recording sixteen million records copies overnight and that put Virgin Record on the map. Richard was only twenty three at the time and was already a millionaire. By 1984 Virgin Records was making millions, with platinum and multi-platinum artists at the time such as the Sex Pistols, Simple Minds, and

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