Richard Branson's 5 Steps for Startup Success

The billionaire entrepreneur's basic rules to get a business off to a strong start.

learn more about Nina Zipkin

By Nina Zipkin

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.

Nina Zipkin

Entrepreneur Staff

Staff Writer. Covers leadership, media, technology and culture.

Nina Zipkin is a staff writer at Entrepreneur.com. She frequently covers leadership, media, tech, startups, culture and workplace trends.

Related Topics

Editor's Pick

Have More Responsibilities at Work, But No Pay Bump? Use This Script to Get the Raise You Deserve.
Black and Asian Founders Face Opposition at All Levels — Here's Why That Has to Change
Marketing

6 Ways to Wring All the Value from Your Earned Media Coverage

Press coverage can help your brand gain visibility and increase credibility — but not if no one sees it. What can you do to get more value from the media placements you've worked so hard to earn?

Growing a Business

The Best Way to Run a Business Meeting

All too often, meetings run longer than they should and fail to keep attendees engaged. Here's how to run a meeting the right way.

Business Ideas

55 Small Business Ideas To Start Right Now

To start one of these home-based businesses, you don't need a lot of funding -- just energy, passion and the drive to succeed.

Fundraising

Working Remote? These Are the Biggest Dos and Don'ts of Video Conferencing

As more and more businesses go remote, these are ways to be more effective and efficient on conference calls.

Living

Invest in Yourself: 10 Things Every Working Woman Should Do This Year

When striving for success, it is easy to forget about your mental and physical health. But without health, you cannot fully succeed. Follow these ten lifestyle strategies for success in your personal and professional life.