The idol life: Their fame will outlive them, their money will probably outlast their fame, and what they've learned about running businesses will be passed from generation to generation—starting with you

Entrepreneur, Jan, 2002 by Aliza Pilar Sherman

In 2000, Ben and Jerry struggled with letting go in a different sense. Under pressure from their board, they sold their company to a major conglomerate, Unilever. "It was a very difficult time emotionally," says Jerry. Neither will discuss the selling of their company further, preferring to talk about their current work.

Ben, no longer with the company bearing his name, is enthusiastic about his main projects: The Priorities! Campaign, focusing on education and health care for children, and several VC funds for social-minded entrepreneurs (see October's "Money Buzz" on page 81).

Jerry is still employed by his former company, working with the Ben & Jerry's Foundation to fund nonprofit organizations dealing with grass-roots democracy and various globalization issues.

Looking back, Jerry says he and Ben worked well together because of the different qualities each brought to the business. "If either of us had started it on our own," he says, "we would have failed--or not been as successful."

RICHARD BRANSON

Richard Branson echoes the feeling of the rest of our icons: He didn't mean to become a world-class entrepreneur--he just wanted to make his dream come true. "I wanted to edit a magazine aimed at young people [in] schools," says Branson. "I wanted to put the world right, as you do when you're 15 and believe you can do it. I only became an entrepreneur to make sure my magazine, Student, survived."

After publishing his magazine for a while, Branson observed that mail order discount music companies were doing well. In 1970, Branson started his own mail order record company, and the same year, he and several friends opened the first music discount store in England, calling it "Virgin." Over the years, Branson has tackled numerous businesses, mostly out of frustration with how particular industries were run. "Some of those industries I would never have dreamt of going into," he says. "In the end, when they've worked, they've worked pretty spectacularly."

Virgin took on the airline industry, going head-to-head with British Airways, which eventually led Branson to sell his music company in 1992 to provide his airline with much-needed funds. Today, Virgin Airways Ltd. brings in 51 percent of the revenues for Virgin Group Ltd., its parent company, with sales of more than $2.1 million in fiscal-year 2001.

Other industries Virgin companies are tackling include modeling, bridal services, financial services, book publishing, music stores, electricity and gas, British rail, and even a new music company--V2. Today, there are nearly 170 companies under the Virgin umbrella.

While Branson says his favorite part about being an entrepreneur is the freedom it gives him to do what he wants with his time, the reverse is also true. Being a successful entrepreneur means he doesn't always have the freedom to do whatever he wants. The responsibility is great, particularly with more than 50,000 people working for him.

Branson strives to live by his own business advice every day. "Make sure that anything you do," he says, "you create the best."