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Richard Branson's 5 Steps for Startup Success

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No matter where you start, or what products and services you provide, Virgin Group founder and CEO Richard Branson has five basic rules for any successful entrepreneur:

Related: I Admit It. I Have No Idea What I'm Doing. (And That's a Good Thing.)

  1. Be financially savvy. As you raise capital, think about what you really need. While a swank office can be nice, the money could be better spent on new hires or technology.
  2. Choose a dynamic name. Convey what you're selling and help customers keep you at the top of their minds.
  3. Sell memorable merchandise. Be a source for products that are unique and that won’t be replicated elsewhere. Put your stamp on everything you do. 
  4. Make waves. Learn your industry inside-out and find ways to set yourself apart from the competition.
  5. Follow through. Keep in touch with you customers and build lasting relationships with them through attentive, personalized service. 

Related: What a Teen's Summer Job Can Teach Us About Good Business Practices

Related: Start Your Own Business (Book)

For more of Branson's take on starting up strong, check out the video above.  

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