Richard Branson Tips

Category: Investing Tips

Richard Branson Tips

Richard Branson Short History

Richard Branson in 1970 founded Virgin at the age of 20. Since then he have built eight companies worth more than 1 billion dollars. The tips from Richard Branson presented in this article are contained in his book “Like a Virgin: Secrets They Won’t Teach You at BusinessSchool”

Richard Branson Tips for Building a Business

1) Building a business is all about bringing talented people together and creating something that's going to make a real difference to other people's lives.

2) Define your brand and choose the name of your business wisely. If you don’t define your brand, your competitors will.

3) You can't run a business without taking risks. Your decision will not always be the best decision. Everyone makes mistakes, but the best thing you can do in the face of a mistake is own up to it. Honesty isn’t just the best policy, it’s the only policy, notes Branson. When a mistake is made, don’t let it consume you. Uncover the problem and get to work fixing it

4) The first impression is everything. So is the second. Don’t forget that perfection is unattainable.

5) Build a corporate comfort environment for your employees. They must feel free and express themselves so that they can make good decisions. It takes an engaged, motivated and committed workforce to deliver a first-class product or service and build a successful, sustainable enterprise.

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6) You must learn to be a good listener in order to succeed, and that means bouncing every idea you have off numerous people before final decisions. Seek a second opinion. Seek a third. Don't tell people about others' suggestions until you've heard what they have to say.

7) Be a Leader not a Boss. A boss orders while a leader organizes. A good corporate leader is someone who doesn't just execute his or her own ideas, but also inspires others to come forth with their own.

8) It’s great to be tech-savvy, but don’t text or email when you should be calling. The quality of business communications has become poorer in recent years as people avoid phone calls and face-to-face meetings. Problems are more difficult to solve by text or email.

9) Business ventures with another person, don’t always work out. If this is the case, successful entrepreneurs know when to part ways. But just because you decide to go in another direction doesn’t mean things have to end badly, especially with a friend, says Branson.

10) Sometimes you have to take your company in a new direction because circumstances and opportunities have changed. Find ways to inspire all employees to think like entrepreneurs, the more responsibility you give people the better they will perform.