Richard Branson’s ‘Virgin Cola’: Lessons Learned from Failed Attempt in Soft Drinks Market

During an interview on ITV’s This Morning, Richard Branson shared his biggest business mistake involving the cola drink, which was a part of his brand Virgin Cola. In 1994, he entered the soft drinks market with the cola drink that initially performed well and even outsold Coca-Cola in some stores. However, after a PR stunt that involved crushing a pile of Coke and Pepsi cans in New York, Virgin Cola eventually came to an end.

Branson admitted that the failure of 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 that businesses need to be significantly better than their competition to succeed. Unfortunately, this was not the case with Virgin Cola.

Despite his failed attempt with Virgin Cola, Branson emphasized his motto of “S*** it, let’s do it,” which highlights 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 highlighted the importance of having fun while trying new ventures and continuously learning from both successes and failures. He shared how this has helped him become one of the most successful entrepreneurs in history.

In conclusion, Branson’s failed attempt with Virgin Cola taught him valuable lessons about business strategy and product differentiation. He emphasized the importance of being significantly better than your competition and having fun while trying new ventures. His motto of “S*** it, let’s do it” has been instrumental in helping him achieve success as an entrepreneur.