Richard Branson, the co-founder of Virgin Group, has shared the worst career advice he ever received. Contrary to the popular adage "do what you know," Branson's success story is built on venturing into industries where he had no prior experience.
What Happened: Branson, who has a net worth of $2.6 billion, according to Forbes, disclosed that the advice to "do what you know" was the worst career advice he ever received. This was revealed in a recent episode of the Work Life with Adam Grant podcast.
Branson's most successful ventures were in industries where he had no prior experience. This approach has been validated by Adam Grant, a Wharton organizational psychologist, who believes that staying in a single, familiar industry can lead to "cognitive entrenchment."
Branson, however, does not like to be confined by conventional wisdom or labels. He prefers to be recognized as someone who loves creating things he can be proud of. This mindset, he says, allows him to focus on the quality of ideas rather than their earning potential.
Despite the success of his unconventional approach, Branson acknowledges that it comes with risks and costs. For instance, Virgin Galactic, the group's spaceflight company, had to downsize its staff and temporarily halt commercial flights after recording a $502 million loss last year.
When Branson decides to venture into a new industry or business, he bases his decision on three criteria: if he can create a better version than what already exists, if his version could make a difference in the world, and if the results can be something that everyone can be proud of.
Why It Matters: Branson's perspective on career advice is part of a broader conversation among business leaders about success and personal fulfillment. In a recent interview, Branson emphasized that wealth should not be the sole measure of success, stating, "Your reputation is what you create."
Other prominent figures have also shared their views on career paths. Elon Musk advised young people to "follow their heart in terms of what they find interesting to do" in the age of AI.
Similarly, Mark Cuban credited his father's wisdom for his success, emphasizing the importance of entrepreneurial opportunities over traditional jobs.
Even Jeff Bezos has weighed in on work-life balance, describing it as a "debilitating phrase" and advocating for "work-life harmony" instead.
Photo courtesy: Flickr
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote