Why "Do What You Know" Might Not Be the Best Career Advice

Author

Desmond Lim
June 28, 2024

The notion of sticking to familiar territory in your career is often touted as sound advice. However, Richard Branson, the billionaire co-founder of the Virgin Group, believes otherwise. In fact, Branson argues that it's the worst career advice he's ever received and attributes much of his success to stepping outside his comfort zone.

Branson's Unconventional Path

Richard Branson's career is a prime example of how exploring new industries can lead to monumental success. With an impressive net worth of $2.6 billion, Branson's achievements with Virgin Group are widely recognized. The Virgin empire began over fifty years ago with the launch of Virgin Records. Despite selling the record label for almost $1 billion in 1992, Branson didn't stop there. Today, Virgin Group has diversified into numerous sectors, including aviation, hospitality, media, and space travel.

During a conversation on the Work Life with Adam Grant podcast, Branson emphasized that his most successful ventures were in fields where he had no prior experience. This willingness to explore uncharted territory has allowed him to bring new and innovative ideas to various industries.

The Downside of Staying in One Industry

Adam Grant, a psychologist at Wharton, echoes Branson's sentiment. Grant explains that staying within a single industry for too long can lead to "cognitive entrenchment." This term refers to a situation where extensive expertise in one area restricts creativity, problem-solving abilities, and adaptability. Essentially, deep familiarity with an industry can make it difficult to think innovatively.

Entering a new industry allows individuals to challenge existing norms and question long-held assumptions. This fresh perspective can result in groundbreaking ideas and solutions that insiders might overlook.

Thinking Beyond Conventional Labels

Branson prefers not to be confined by traditional labels or expectations. He finds being introduced as a billionaire limiting and instead sees himself as someone who loves to create meaningful and impactful projects. This mindset helps him prioritize the quality and significance of ideas over their potential financial returns.

Many of Branson's ventures, such as Virgin Galactic, have involved significant risks. For instance, Virgin Galactic had to reduce its workforce and temporarily halt commercial flights after reporting a substantial financial loss last year. Despite these challenges, Branson's commitment to innovation and exploration remains unwavering.

Branson's decision-making process for new ventures involves three criteria: improving upon existing solutions, making a positive impact on the world, and creating something to be proud of. These principles guide his approach to entering new industries and have been key to his success.

In conclusion, stepping outside your comfort zone and exploring new fields can lead to innovation and success. Richard Branson's career is a testament to the benefits of challenging conventional wisdom and pursuing opportunities beyond familiar territory.