His airline idea started when he was bumped from a flight to a place where he really wanted to meet a woman. He was determined to get there, so he chartered a plane and sold the empty seats to make the trip.
After the trip, he asked Boeing if they had a plane for sale. He was happy they did not laugh him off the phone and took the time to talk with him.
“The quality of the airlines are not that great," he said, explaining his thinking back then. "A lot of our businesses started out of personal frustrations. If I am frustrated, it is likely other people are, too.”
Where does he look for opportunities? “Often the industries that are dominated by big players have a lot of soft underbellies,” explained Branson.
For example, he said, “Banks are very big and people don’t trust them. A perfect industry to go into.”
Take Risks, But Be Cautious
“I do take risks,” said Branson. However, he added, “I protected the downside.”
With the Boeing example, he explained that if he had not been right about the need for a better airline, he would have wanted to give the plane back.
“Every move I make, I wonder how much damage it will do,” said Branson.
Speaking of the crash of his Virgin Galactic spaceship last year, which killed one pilot and seriously injured another, Branson said he was heartbroken by the incident. Yet, when he asked members of the Focus audience to raise their hands if they still want to take a trip into space, most hands went up. Branson suspects many of the attendees will go into space in their lifetime.