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Much like Elon Musk Richard Branson is an innovative entrepreneur that spends his time running his multiple companies. For my research on Branson I used two main sources, one being an article from Virgin.com titled “Richard Branson: How to run two businesses at once” and another extract on Branson from Biography.com. Both these sources are reliable on sharing info on Branson because one is his own company and biography.com is one of the most well known sites to figure out information on someone. Both these sources share how Branson succeeds in running multiple companies with a scarcity of time and capital by strategically spending less time on less valuable things and prioritizing business ideas so he can focus on the most promising one first.
One choice Richard Branson made was to drop out of highschool at age 16 when he was struggling in school and wanted to do something he loved. In the extract from biography. Com it says “Still struggling, Branson dropped out at the age of 16 to start a youth-culture magazine called Student. The publication, run by students, for students, sold $8,000 worth of advertising in its first edition, which was launched in 1966.” without having to go to school Branson no longer faced a scarcity of time and was able to successfully launch his first business even if it was just a student magazine it sparked something inside Branson that encouraged him to pursue being an entrepreneur.
Later in life when Branson had successfully launched Virgin and wanted to branch out start more businesses. Branson shared how he thinks is the best way to manage two or more businesses in the article from Virgin.com titled “Richard Branson: How to run two businesses at once” One thing that Branson thinks is important in managing scarcity of time and money is “You might consider taking a more strategic approach: You could work one business in the short term and keep the other up your sleeve,” he suggests. “When you look at the two businesses, is there one that could become a success faster? Or could you use the success of one to launch the other?” This could be used for entrepreneurs to become successful that have multiple ideas but not the time to pursue them all at once. For successful entrepreneurs like Elon Musk and Richard Branson with multiple ideas to pursue and businesses to operate they have to use strategies similar to this to succeed. '
Future research question: How have other entrepreneurs like (e.g. Jeff Bezos, Bill Gates, etc.) been successful at managing scarce resources.
