Get All Access for $5/mo

Richard Branson Says If You Do This 1 Thing When Starting a Business, You Don't Need to Worry About Financials: 'The Figures Should Stack Up' The entrepreneur spoke in Dallas, Texas, at the relaunch of his entrepreneurial-focused series called RM72.

By Emily Rella

Opinions expressed by Entrepreneur contributors are their own.

John Lamparski/Getty Images

For Richard Branson, being an entrepreneur has a lot less to do with the hard-wired business side of things and everything to do with the uniqueness of the idea at hand.

Entrepreneur recently attended a talk the billionaire gave at Virgin Hotels Dallas amid the relaunch of the company's entrepreneur-focused program, RM72. The event brought together entrepreneurs, mentors, and mentees to help foster business connections and listen to Branson dole out his ever-coveted advice.

During the gathering, Branson said that when he embarks on a new endeavor or business with Virgin, he thinks less about how much it will cost the company and more about whether or not the idea is strong enough to separate itself from competitors.

Richard Branson speaks at the re-launch of RM72 at Virgin Hotels Dallas (Entrepreneur)

"My attitude is 'Screw it, let's do it'. Let's see if we can create something better than anybody else has done it and the figures should stack up at the end of the year — that's been my approach," he said at the event. "And sometimes we've fallen flat on our face, but we've always, I think, created something special. So even where things haven't worked out, we have left our hopefully happy memories and what our team tried. And fortunately, more worked out than not."

Branson, who founded Virgin Records in 1972, has since gone on to pursue multiple other endeavors under the Virgin Umbrella, including Virgin Hotels, Virgin Galactic, Virgin Atlantic, Virgin Voyages, and more.

Related: Richard Branson: Elon Musk Surprised Me Barefoot In My Home

Branson said that the importance of branding and wanting to use that branding to be the best in any given space or industry has been one of what he believes is any entrepreneur's key to success — regardless of budget and regardless of industry.

"What matters is can you create the best? The best hotel? Can you create the best cruise line? Can you create the best airline? Can you create the best train company? Can you create the sexiest space company, and so on," he said. "If you can, if you create something really, really special, generally speaking, as long as you haven't completely f****d up, the figures will add up in the end. And so, at Virgin, I think our teams have created the best in every field."

Branson's net worth as of Wednesday afternoon was an estimated $2.9 billion.

Related: Warren Buffett, Richard Branson and Others Explain What It Takes to Find Big Success

Emily Rella

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Growing a Business

Customers Are Changing – Is Your Business Ready?

Follow these four strategies to adapt to changing customer demands and leverage them for success

Business News

'Let It Go': A Couple Has Spent $400K Suing Disney After Being Banned From the Park's Exclusive 33 Club. Social Media Reactions Have Not Been G-Rated.

After getting banned from the exclusive members-only club for alleged bad behavior, a California couple has spent a fortune trying to get back to paling around with Mickey.

Business News

The August Jobs Report Didn't Live Up to Expectations — Here's What It Means For Interest Rates

Economists expected U.S. employers to add about 20,000 more jobs in August than reported.

Employee Experience & Recruiting

From Hire to Hero — 4 Strategies for Onboarding Senior Executives

Setting up high-level hires for success requires forethought, the right environment and a flexible runway.

Franchise

Taco Bell's New Mountain Dew Baja Blast Gelato Is Causing a Frenzy — But Fans Have One Big Complaint

The company released the dessert to mark the 20th anniversary of the iconic Mountain Dew Baja Blast, which has garnered a cult-like following since its debut in 2004.

Data & Recovery

One of the Hardest Parts of Running a Business, Solved

Take your time back with this simple gadget.