I am often asked if I have found a secret – or at least a consistent answer – to successfully building businesses over my career.
So I’ve spent some time thinking about what characterizes so many of Virgin’s successful ventures and, importantly, what went wrong when we did not get it right. Reflecting across 40 years I have come up with five “secrets.”
No. 1: Enjoy What You Are Doing.
Because starting a business is a huge amount of hard work, requiring a great deal of time, you had better enjoy it. When I started Virgin from a basement flat in West London, I did not set out to build a business empire. I set out to create something I enjoyed that would pay the bills.
There was no great plan or strategy. The name itself was thought up on the hoof. One night some friends and I were chatting over a few drinks and decided to call our group Virgin, as we were all new to business. The name stuck and had a certain ring to it.
For me, building a business is all about doing something to be proud of, bringing talented people together and creating something that’s going to make a real difference to other people’s lives.
A businesswoman or a businessman is not unlike an artist. What you have when you start a company is a blank canvas; you have to fill it. Just as a good artist has to get every single detail right on that canvas, a businessman or businesswoman has to get every single little thing right when first setting up in business in order to succeed. However, unlike a work of art, the business is never finished. It constantly evolves.
If a businessperson sets out to make a real difference to other people’s lives, and achieves that, he or she will be able to pay the bills and have a successful business to boot.
No. 2: Create Something That Stands Out.
Whether you have a product, a service or a brand, it is not easy to start a company and to survive and thrive in the modern world. In fact, you’ve got to do something radically different to make a mark today.
Look at the most successful businesses of the past 20 years. Microsoft, Google or Apple, for example, shook up a sector by doing something that hadn’t ever been done and by continually innovating. They are now among the dominant forces.
No. 3: Create Something That Everybody Who Works for You is Really Proud of.
Businesses generally consist of a group of people, and they are your biggest assets.
No. 4: Be a Good Leader.
As a leader you have to be a really good listener. You need to know your own mind but there is no point in imposing your views on others without some debate. No one has a monopoly on good ideas or good advice.
Get out there, listen to people, draw people out and learn from them. As a leader you’ve also got to be extremely good at praising people. Never openly criticize people; never lose your temper, and always lavish praise on your colleagues for a job well done.
People flourish if they’re praised. Usually they don’t need to be told when they’ve done wrong because most of the time they know it. If somebody is not working out, don’t automatically throw him or her out of the company. A company should genuinely be a family. So see if there’s another job within the company that suits them better. On most occasions you’ll find something for every single kind of personality.
No. 5: Be Visible.
A good leader does not get stuck behind a desk. I’ve never worked in an office – I’ve always worked from home – but I get out and about, meeting people. It seems I am traveling all the time but I always have a notebook in my back pocket to jot down questions, concerns or good ideas.
If I’m on a Virgin Atlantic plane, I make certain to get out and meet all the staff and many of the passengers. If you meet a group of Virgin Atlantic crew members, you are going to have at least 10 suggestions or ideas. If I don’t write them down, I may remember only one the next day. By writing them down, I remember all 10. Get out and shake hands with all the passengers on the plane, and again, there are going to be people who had a problem or have a suggestion. Write it down, make sure that you get their names, get their e-mail addresses, and make sure the next day that you respond to them.
Of course, I try to make sure that we appoint managing directors who have the same philosophy. That way we can run a large group of companies in the same way a small business owner runs a family business – keeping it responsive and friendly.
When you’re building a business from scratch, the key word for many years is “survival.” It’s tough to survive. In the beginning you haven’t got the time or energy to worry about saving the world. You’ve just got to fight to make sure you can look after your bank manager and be able to pay the bills. Literally, your full concentration has to be on surviving.
Obviously, if you don’t survive, just remember that most businesses fail and the best lessons are usually learned from failure. You must not get too dispirited. Just get back up and try again.
© 2010 Richard Branson
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Comments:
Actually, I would love to work with you, seems we have much of the same philosophy and business style...and can do it with both finesse and superlative style!
Work of art is never finished as well: you don't finish your art work you walk away from it. Great articles thanks for sharing your "secrets".
Like the part about 'looking after your bank manager'. Yes it's about surviving in the early days but you've got to keep pushing forward or you'll definitely run out of energy. Great article @SandraBaptist:twitter
Great inspiration..
I have just learned about five secret of success i was lucking them iam going apply them so build my business
Dear Richard Branson, I write you in order to invite you to contribute to a student competition hosted at DTU (Technical University of Denmark), Copenhagen. It is about submitting ideas and solutions for improvement of the megacities on the planet. There are already more than 200 ideas submitted. We believe that you share our passion about the future of our planet. We created a short video presenting the idea especially for you. You can watch it here: http://www.youtube.com/user/cdio2011#p/u/9/j8lL0LZaTAo and you can read more about this great project on the home page: http://cdio-academy-2011.dk/. Best regards, Georgi Yankov
I agree with u Richard the solution might not be to send the employee away giving them another chance in a different section is okay feed back from customer is great deal too
I am so grateful and glad that there are people like who shares secrets for everyone.What you have shared here is such a great source of information that we too can gain success like you.Thank you so much! Cheers!
Sir Richard, you are an enigma, a gift to the world.I read you over and over again almost everyday because i trust your judgement.I have been in business for 14 years now, love what i do and just getting out of the woods but it has been great.Thank you once again Sir Richard and God bless you plenty.Fola Lagos Nigeria.
inspired as usual. your success help to see that there's nothing impossible and what God has put in every individual is enough to create massive change, if only he can believe...
Too true, but when we started www.bouncyhappypeople.co.uk I found that a good partner that does enjoy the boring financial management bits most entrepreuneurs hate, improves the chance of success.
I am just inspired by Mr.Branson...and I surely believe that one day, I shall reach. God bless you sir.
I really wish u all the best Sudhakar..
This is all truth....BUT....for have successful business also need: to be in RIGHT time ....in RIGHT place!!! And.....very important: Mr. EVENT! ;-)))))
Anyone who wanted to be the greatest among you, let him be a servant among others (Christ Management).....Sir Richard Branson has shown us a mangement with humble leadership style ... it's been truly an inspiring lecture , well done
Be a Good leader!! I agree with that, its mean everything but to be a good leader is not easy; need passion, throwing ego, having experience and others skills or intelligence to understand how good we are as a leader. Well this is very inspiring, Thank you. Many greetings from Joko Parwoto, Jakarta, Indonesia.
Thanks Richard, I actually met you once on the first flight to Canada when you were doing your 'getting out and meeting everyone'. I have to say I agree with your advice 100% it's so important to do what you love and love what you do!
Simple & Brilliant.
Simple, inspiring, sensible and powerful advice. Thank you. @AntonyYoung
Richard thanx for posting ur views on Successful buisness.I have just started a Property company by name Gold Earth Prooperties,here in Chennai ,in India.Im confident that one day shall be a Virgin type happy Empire.
Sir, you've said every single word, which I really wished to say Today I made my resignation, although I like my job very much, but it was a big mistake done by my manager, whose business is about to fail soon.. I'm really so sorry for him.. I posted this article on my facebook account, & I wish he'd read it Thanks very much for this article, can't you imagine how I was in a great need to listen to a fair advice from a third party having such acceptable charisma from all people, all over the world :)
Thanks for sharing ur thoughts.. these are stepping stones of success to future entrepreneur.
Good simple advice where once again said by someone who has achieved so much, how one interacts with others is a fundamental skill of good successful business men and women.
Richard, I am from India and have all always been fascinated by your thoughts. Your words, "If somebody is not working out, don’t automatically throw him or her out of the company. A company should genuinely be a family. So see if there’s another job within the company that suits them better" are very wise, humane and emotionaly touching. I wish most business and political leaders could work with the same attitude. As a mark of my heart-felt appreciation for you (as someone who continues to inspire the world with his contribution) could I suggest a minor value addition to your above blog: I feel that your third para from bottom should go under No. 3...and the last two should have a separate heading 'Persist with Ceaseless Reviewing and Course Corrections Till You Make It'. With love and deep gratitude. Anil Bhatnagar www.anilbhatnagar.com thrive.ab@gmail.com
It makes me scary and more enthusiastic!!!!!!!!
As an Emtrepreneur in a small island of Fiji, I totally agree to Richard's 5 secrets as I used it in my own business and I have seen results. I am a big follower of Richard's inspiring tips for over 10 years now.
Dear Sir branson. Ridwan is his name.....you could help me help him. Hakima
I do agree, and I admire his spirit!
Its nice listening to great people like you. am God will use you to impact morre knowledge unto us.
Some very interesting points in there - straightforward, but high quality. I'm not sure I would hold up Microsoft as a prime example of an innovator, however.
It's great to hear a leader advise to treat people well to help bring out their best. So many times business leaders think it's the staff who have the problem. When you watch how they interact with their staff you realise it's the leader's lack of interpersonal skills that cause most of their problems, as it makes others 'not' want to follow. Every leader should read this.
You believe in little things that other don't care, that's why you are what you are now. Nice reading your article.
Inspiring words they may be, but what use are they when your business is so small you cant afford staff etc. How about pulling your brilliant mind out of the "its so easy if you just stop and smell the roses" fanclub and try to remember what it was like in those early basement years when your landlord is breathing down your throat, when customers "love your shop" but dont buy anything, and you are desperate for good sound practical advice that you can USE.....!!! Idealogy is great for the success stories, but I want real-life, marketing tips or hints to increase my sales ten-fold, one-hundred-fold from today. I am looking to you because you were once here but through clever ideas that didn't require dollars, you made it. Come on, please. Be helpful aswell as inspirational.
Brilliant Richard. I've just picked up a great bit of advice.
You are always my IDOL!
Makes me wish to work for you:) Just thinking If someone does something wrong I would tell them, just to make sure they know I know, and 'cause people get more engaged when given negative feedback rather than not getting any. At least Gallup's research says so. Not that I imagine I am advising Sir Richard Branson here, can't resist sharing my thoughts as someone who is in love with management.
More important is who knows YOU, so try to do something to stand out, deserve the attention. Easier said than done, but it works better, do you agree?
Thanks Richard, I believe in that too. However, I have some work to do before I catch up you - perhaps enjoying too much;-) Warm regards Rolf www.humanguide.eu
Words of wisdom http://www.diamondtraining.ie
Basically its common sense. Thats why Richard Branson you are awesome.
I think Richard just told you in his article ;-)
Positive and encouraging - just what I expected.
Well said Sir Richard. Life is simple, we make it complicated and therefore are unable to see the opportunities right in front of us! Add value towards eachother with a clear vision (2020) thinking in possibilities and not restrictions!
Richard Branson is a great inspiration for me! Now, tell me: I want my webdesign business to become hugely successful, what do I have to do to get Richard Branson himself to coach me?
Thank you for this article, Richard. These points have been scattered considerations in my mind since I launched my commercial photography business a year ago. It's wonderful to see them spelled out and clarified. David Peacock http://www.davidjpeacock.ca/
This man always continues to inspire me and his principles are applied at all times in what we do ! Thank you
Great, inspiring article.
My admiration for Sir Richard Branson remains unchanged.Sir Richard Branson's Midas touch is truly inspirational! I would "humbly" add the value of writing a business plan ... tedious as it may sound to list your SWOT (internal company strengths and weaknesses and external factors opportunities and strengths), a written plan gives direction on ideas which would be worth a go or not. Thank you for enriching us with your life experiences
I so admire the way Richard Branson respects his employees and strives to mentor them and build them up. I would love to work for him!
There is no better way of telling the facts of start a successful business than this article. Thanks Richard, you have really reached me and enriched me with your riches. Hannes.
Awesome article! One of my fave leaders...humble, successful and visionary.
Great advise from an accomplished leader who is humble, simple and works smart. Well done Sir. Richard Branson. Nyikadzino Gonese Solar Solutions Africa in Zimbabwe "Harnessing The Sun, For A Better World" fgonese@solarsolutions-africa.com
Thanx to send me this type of innovative article.............. in this article eadh and every point are intresting and learnable to emprove our entrepreneour & leadership skill. Specially Point no 5 was more intresting.
Good article, I specially like the point number 5. A lot of people forget about this one and it's the most important I think. It's not only what you think about your company or your employees, it's what people think about your product and company...
This is great,thanks Sir Richard for sharing this great tips with us.It came at the right time. Evoro O.Victor
HI Emma I am also writing all the way from Zim. and love these Entrepreneur articles- this one has been especially inspiring. I have recently opened my own business again in Zim and am loving the new fresh look on bussiness here! Good luck with yours! Consider yourself and inspiration to the rest of the world Laura
Amazing advice Richard, you are so inspirational to entrepreneurs who struggle and succeed every day. It's reading content like this that keeps me going as a startup founder. Thanks so much Richard and Entrepreneur.com for sharing this!
Thank you for this piece. I believe that all of these attributes of a successful entrepreneur are apparent in your businesses and the "vibe" that each of them carry. Something as simple as how one feels to fly on Virgin Airways...it is actually FUN! and a unique experience. I personally have started my own physical therapy and wellness company (September 2009). It is truly my passion and I feel honored to be able to serve people each day as they heal and expand their bodies potential. Working wisely has also allowed for me to diversify other areas of interest. None of these necessarily will become a source of income. However they nurture parts of me that the business does not and hence allow for me to give more of myself to it. It is not a new concept....but I like to think that I am putting a new spin on the experience of physical therapy and rehabilitation. Cheers! Elizabeth @ www.corewellness.net
Great advice. All too often companies hire consultants to come in and talk to employees, then promptly ignore any information that was gathered. Often the simplest approach is the most effective. John @ fedcorglobal.com
All the way from a little business in Zimbabwe, thank you Sir Richard... it's been tough the last couple of years, but I can't give up because I LOVE what I do, and that's point no 1 of your article... the rest is slowly falling into place with a lot of hard work and perserverance!
Great business advice. To acknowledge this piece is to practice and do what is written. Thank you Richard for being a great example to up and coming businessmen and women. I love my work and hope to achieve .
Thanks to Mr. Branson for this timely article! It means a lot to those of us trying to create our vision.
Thanks for the great tips. You have to love what you do and get out of your comfort zone.
It is always comforting to know that there are others who have been where we currently are. Thank you Sir Richard.
Thanks for all the tips. It always important to make a successful and out-standing brand if we enjoy what we are digging in.
Thanks for the great tips, Sir Richard. It is tempting to say that only successful people say "find something you enjoy" and do it, but there is nothing wrong with enjoying what you do, and if you are going to do a huge amount of work on the project, you can't succeed if you are not enjoying yourself, and feeling proud of your accomplishment. Presumably, when you start doing a new thing at Virgin and it turns out to be less fun and fulfilling, you spin it off. My start-up, atlantacloudtech.com, is just fun. We get to save clients money by reducing the number of servers they are running, and make disaster recovery simple and quick and make expansion painless.
The "who" you know is true but that boils down to networking your heart out. so there for you are sure to know that "right person". because you never truly know who you need for what project. As you progress as a productive business person you network and those connections become apparent and usable. So don't disdain learning the craft and just searching for the people. you will meet the "right people" on the road to learning and doing it yourself.
Thanks for the great tips. Finding something you like to do and that will make all of the people involved proud is a jewel of great value. In my company, http://atlantacloudtech.com, we get to design new hardware and repurpose old hardware to provide peace of mind for our customers. We all feel terrific about being able to do all this fun stuff and also make a living from it.
We are living and breathing your advise Sir. Branson. We are a 13 day old start-up in the mobile marketing space www.momares.com for small businesses and survival is for us means gaining enough customers signed up to pay for the bills before we run out of money. Our money,no venture here. But we are on it and every single team members owns it. I would not be doing anything else.
Caramel - I know what you mean but trailblazers don't need an 'in'. They set out on a course, often alone at first, then in time others follow. Someone has to be '1st' regardless if that means being labeled as an oddball, shakes up status quo, etc. If you believe in what you want to do strong enough, pray, plan and venture out. One day it will be the naysayers and bystanders asking you to provide them with an 'in'. Good luck!
Great article and specific pointers, I love it!!
Another thing to add, it's WHO you know as well. You can be the smartest person in the world, but if you don't know the right people, you won't get an "in". I am finding this out the hard way.
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'Be Visible' and 'Always appreciate'. Sound Perfect things to practice and to get habituated
this one is really helpful and full of insight for any size of company big or small.
awesome
I think the best tip Richard has given in this article is to go out there and be visible, meet as many people as possible. This is probably the best tip ever. Business is all about networking and being visible.
Great points and as always...inspiring!
Nice and simple Mr. Branson ! I like the idea of notebook and being responsive and friendly. Surely, in order to succeed, we should be doing kind of work we enjoy the most : ) Estinventor.com
Thanks Sir Richard! I loved reading your books. It's so refreshing to see someone be hugely successful, help the planet and have a lot of fun doing it!
These are fantastic tips. Additionally, it is important for small business owners to have smart financial plans in place and keep an eye on their cash flow. Many startups fail due to financial reasons and entrepreneurs should be sure to plan for the unexpected problems that will inevitably arise.
Good tips indeed. I will take them to heart. I'm an entrepreneur myself trying to run three internet start up at one time. Wish me luck. SwapLotto.com Dateolicious.com TwitLotto.com
"Create Something That Stands Out." So true. Don't spend 10+ hours a day for years, just to get rich. Do it to build your masterpiece, as it takes just as much effort to build an average company as it does to build a great company.
All good points, but none are secrets. In fact for anyone who has been in business, even for a short time, they're no-brainers... in some instances only partially true without appropriate context and caveats.
These are fantastic tips. Additionally, it is important for small business owners to have smart financial plans in place and keep an eye on their cash flow. Many startups fail due to financial reasons and entrepreneurs should be sure to plan for the unexpected problems that will inevitably arise. http://bit.ly/aCNIdA
Exactly and definetly true! - MMABang.com
I look up to you Mr. Branson. Thanks for the tips, and I hope to be in the privileged position of meeting you one day! -Ryan
What Richard has mentioned everyone in business should take note. Some very good tips, I think we should all follow them.
Simple yet excellent tips.
Well said. ll def keep this in mind
One of my favorite mentors.
Very well said. I think this article has provided me a lot of information on How great business people think and What's the philosophy working behind their empire? Thanks a lot Richard.
Awesome first point... make a real difference in people's lives!