Richard Branson's 5 Steps for Startup Success
The billionaire entrepreneur's basic rules to get a business off to a strong start.
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:
- 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.
- Choose a dynamic name. Convey what you're selling and help customers keep you at the top of their minds.
- 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.
- Make waves. Learn your industry inside-out and find ways to set yourself apart from the competition.
- Follow through. Keep in touch with you customers and build lasting relationships with them through attentive, personalized service.
Related: Start Your Own Business (Book)
For more of Branson's take on starting up strong, check out the video above.