During a recent appearance on ITV’s This Morning, Richard Branson shared one of his biggest business mistakes. The entrepreneur admitted that his foray into the soft drinks market with Virgin Cola was a misstep. Despite initial success and even outselling Coca-Cola at some stores, the brand eventually fizzled out due to a PR stunt gone wrong.
Branson recalled the ill-fated moment when a British Sherman tank was brought to Times Square to crush a pile of Coke and Pepsi cans, sealing the fate of Virgin Cola. The brand was later discontinued in 2014, leading Branson to reflect on the importance of putting purpose at the heart of a business and truly differentiating it from competitors.
In true Branson fashion, the mogul shared his motto of “S**** it, let’s do it,” highlighting his willingness to try new things and take risks. He admitted that some ventures have failed, but the learning experience and sense of adventure have made it all worthwhile. Despite setbacks, Branson continues to embrace new challenges and enjoy the process of trying and learning along the way.