Apparently, winning big in business isn’t enough excitement for entrepreneur Richard Branson. He is also a modern-day adventurer. He has set world records for crossing the Atlantic Ocean and the English Channel in boats. In 1987 he became the first person to cross the Atlantic in a hot-air balloon. He has attempted to circle the world nonstop in a balloon and most recently had to abandon an Atlantic crossing in a racing yacht when 40-foot waves shredded his mainsail. But he already has his next challenge in sight—he’s attempting to bring outer space to vacationers. Branson’s Virgin Galactic company wants to offer spaceflight for tourists. Galactic’s first craft, the mother ship White Knight Two, was unveiled in 2008. It is designed to lift a rocket filled with eight passengers from earth to a launch point at 48,000 feet. Although the spacecraft itself is still under construction, the first passengers have already plunked down $200,000 for their ride; 200 others are on a waiting list. Although Branson dropped out of school at age 16, he prides himself on being a lifelong learner with an interest in creating goods and services that make the world a better place. He has a talent for looking at situations from a completely different perspective than most people. In addition, despite being a risk taker, Branson says it is important always to have a Plan B. Any business venture can have external risks, so a wise entrepreneur, he declares, takes steps to manage those risks.

• Many Virgin businesses have originated from Richard Branson’s own wants and needs. Besides an ability to recognize a want or a need, what other skills did Branson need to become successful? 

• Richard Branson seems to thrive on challenge and risk taking. How has this helped him succeed in his various businesses? Could it hurt also? If so, how?