Cover image: CNBC
The Virgin Group was founded by Sir Richard Branson. Virgin is one of the most enticing brands in the world, with businesses ranging from travel to telecoms, health to banking, music to leisure. Richard has set several world records, including the quickest Atlantic Ocean crossing, a series of oceanic balloon voyages, and kitesurfing over the English Channel. Branson indicated an early desire to become an entrepreneur. At the age of 16, he started his first business, Student Magazine. He currently spends the majority of his time establishing enterprises that will have a beneficial impact on the world and working with Virgin Unite and the organizations it has fostered.
Here in this article are some of Richard Branson’s success lessons for entrepreneurs who want to be successful in their businesses and life.
1. Love your business:
Running a business involves a lot more effort than you’re used to, including late evenings and early mornings, as well as tenacity and patience. Branson had the appropriate mindset when it came to starting a business: he saw it as an opportunity to transform people’s lives and an accomplishment to be proud of. He developed a great firm out of sheer passion, which helps a lot through the difficult times of operating one.
2. Age is only a number:
Branson is proof that you can never start too early. Richard’s first commercial triumph, a magazine called Student, came while he was just 16 years old. He launched Virgin Records at the age of 22. Branson, 61, is proof that age is simply a matter of mind: he kitesurfs and seeks to set world records regularly (like 2008 attempt to world breaking record for sailing across the Atlantic).
3. Diversify business across industries:
Diversifying across industries not only keeps things interesting but also protects you from the industry’s unpredictable ups and downs. Branson moved into the aviation industry after achieving success in the music industry, launching Virgin Atlantic Airways in 1984. His commercial pursuits have subsequently grown to encompass mobile phones, cosmetics, films, and even his own cola. Branson is delighted he didn’t limit himself to the record industry, which has been steadily declining since the advent of Napster in 1999.
4. Taking risks is impertinent to running the business:
The corporate world is full of risks, and you can’t go through life without taking at least one. Otherwise, you’ll never go anywhere. When you play things safe all of the time, it’s quite tough to succeed. Branson claims that while the bold may not live forever, the cautious do not. Sure, taking chances may not pay off, and you may fail, but failing is a necessary step on the road to success.
5. You learn by doing:
The finest instructor is your own learning experience. Branson emphasizes doing things on your own since the quickest way to discover where you’re going wrong and how to repair problems is to attempt, fail, and repeat. You may study all you want, but the only way to truly learn is to put your knowledge into practice. Doing is the greatest way to learn about anything.
6. Never give up:
There will always be moments when you feel like giving up, but you must push through and keep working. Branson claims to be rather adept at coping with failure and not allowing it to affect him for more than an hour or two as long as he does everything he can to avoid it. If building a successful billion-dollar company was simple, everyone would do it.
7. You can attain perfection:
When it comes to excellence, Richard Branson has the appropriate approach, and this argument he makes is simply brilliant. Many people assume they can sit back and relax after they believe they’ve perfected something. Others are working extremely hard while you are slacking, and they will quickly overtake you if you simply sit back and let them.
8. Loyalty is very crucial in a business:
In business, loyalty is essential. If your partners or staff are not loyal to you, your firm will suffer at some time. Although loyalty is sometimes overlooked, entrepreneurs should keep this in mind when recruiting new employees. Only the appropriate staff can lead a company to success, so be sure yours is dedicated, will stand by you, and will not cost you your company.
9. Be vigilant of future:
When you recognize current trends and project them into the future, you offer your company a significant competitive advantage for many years to come. Branson recognized a chance to join the fuel market as gasoline prices began to climb. The Virgin Green Fund invests in renewable energy research and development across the world. Given the worldwide scarcity of fuel and rising demand, it’s a safe bet that Branson’s investment in alternative energy will pay off in the long term.
10. Give back to the society:
Branson’s enterprises may improve the world, but it hasn’t stopped him from becoming involved in non-profit humanitarian work. He’s taken on AIDS (Virgin Healthcare Foundation), nuclear weapons (Global Zero), and even war itself (The Elders). Branson recognizes that global warming is a real issue and has pledged a significant sum to assist in its resolution. This may not have a significant impact on his bottom line, but it does provide him with a great deal of happiness.