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Virgin Group founder Richard Branson on the U.S. airline industry and why he wouldn’t buy American Airlines.
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Seems -- putting -- European airlines you are in the media you're in virgin galactic joint space travel.
Let me get to the airline business first.
When you look at the United States -- on business it is it's in trouble every -- either going bankrupt or they're hoping to merge I'm not everybody but many of these carriers are trying to merge just to survive and to save themselves.
All kinds of worries about pilot shortages and then there's virgin America which -- launched its always sticks in my head because -- launched when Fox Business launched.
In late 2007.
Adams we -- -- -- cheering you want because it was a start up and try to get into the LA terminals and try to start an airline at the time which.
The -- -- a real problem but the markets.
Shiny sparkly.
Means we don't have the pick what's -- fascist somewhere else not but.
What is wrong with the way American carriers are running their business.
But I would hate suit and make suggestions for them to introduce.
Can't -- anything that's great -- I think it -- the one thing that president Barack has is.
Yet people loved loved flying at some people who got that -- -- lives.
But we're not as big as that together be united in the -- so.
You know say.
And it's -- -- -- -- the other headlines continue to run distance.
And that.
And I think.
-- I think it good virgin America's great headline it's got great stuff that's -- it has done it right and and I think.
In -- any new business that you -- If you want to succeed you just gotta make sure that you the best ability of the best in the business.
And then I think one of the problems in America is is that is -- Chapter Eleven it is the fact that.
Instead of people but lately -- messed up going bankrupt.
Making room for other headlines they got into Chapter Eleven than they come back -- game.
And they struggle on.
And some of these headlines that go into Chapter Eleven you know 56 times.
Unless they agree that it doesn't seem to improve the service -- -- -- sit through -- credit since.
Let's what are your favorite -- -- to that in a minute but but it sir Richard did it ever.
Enter your mind to buy American Airlines which right now was floundering.
We're not a company that buys companies I think.
If you buy companies -- Bible that -- that goes with it.
And and -- we'd much rather it is -- the company from scratch I make sure that we get every little detail right.
And and I think it is that I think have by one of the big American -- -- -- -- that it would have been at a painful -- I think you are first and foremost an entrepreneur.
And -- -- one of your favorite words as we mentioned was the aforementioned screw because you have this new book called like a virgin and one of the titles.
-- the chapters is called -- you Goliath.
Which means it kind of hearkens back to when you started virgin.
Your first airline with one Boeing jet and you took on British Airways which was of course the Goliath.
Hot a what do you say it of people who are here in America thinking of starting this is at a time when they are so worried about all the uncertainty out there.
About taking on Goliaths where do you get that courage to do -- For the future of jobs in America is gonna be.
-- the new inventions that stuff with one play a note that don't stop with you know what what what restaurants talk with one of anything.
That's -- all the jobs gonna come promised not -- not gonna come from the big the big companies.
I'll I must have a lot of time talking and trying to encourage people -- it.
Can they give it to get the best way of letting -- a business is not necessary business school it says hey it is getting out into the jungle and and trying -- and and -- that it if it works to compete you can carry a billion of it doesn't work can you if you think you've learned a lot and you -- try something else.
Well my are trying virgin galactic which is private space travel now.
You have always been unafraid of risk but with risk in space you lose people.
What are you going to do how many you sort of wrap your arms around a space travel business.
And understand the ramifications of what could happen as we know from NASA problems in the past -- Put ideas come from.
It's yesterday from -- single a team at present the likelihood Mojave Desert.
300 did that get the best engineers best technicians in the world.
So excited so proud of what that rates him and you know I think everybody everybody -- -- without risks together risks yet driving down the road there's -- smoking -- you know walking down the street there's.
Well you have lots of risks in life but let's see actually.
You know who pushed the -- is -- woods we keep you achieve nothing and I think virgin galactic is gonna achieve.
Astonishing things.
You know that I spent to us you know event that it plans vote.
You know point to point troubled seeing it and it how soon can we deliver.
You know trips through New York city's Australia and less than two -- the united eskom had.
How to get it is gonna is gonna it's gonna take us awhile but we we we we will get better and and and in the process.
You know that we we we can't 100% guarantee that that every every -- going to be successful -- You know that we will do everything we -- to make sure there.
As safe as possible well no -- has taken more risk that you have on every level even in your personal world from hot air -- shot.
It's high speed boating -- crashed you happy birthday -- -- But you ever wonder if your appetite for risk will eventually do you have because we need to use her Richard as an inspiration.
Of them.
Well whenever lives forever had not -- allowed to -- get it's great show that that -- -- like there's food.
Actually share -- with lots of other.
People -- princess sir Richard Branson chairman and founder of virgin group thank you so much.
But this is the kind of sort of insight that we love to give our viewers here on Fox Business -- --
