Richard Branson: Advice for Entrepreneurs


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Since Branson founded Virgin in 1970, the company has grown from a small record store to a global powerhouse. Can the brand continue its success without him?

Question: What is your advice for entrepreneurs? Richard Branson: I think the most important thing about running a company is remembering what a company is all the time. A company is simply a group of people. And as a leader of the people, you have to be a great listener and you must be a great motivator. You have to be very good at praising and looking for the best in people. People are not different from flowers. If you water the flowers they bloom, if you praise people, they bloom. And that is a critical attribute of a leader. Question: What has been the hardest part of running with Virgin? Richard Branson: There is a very thin line between success and failure. Most people who start businesses without financial backing fail at some point in their lives. I just stayed on the right side of that dividing line. For example, right after … You know we had a record company. I was sick of flying on other people's airlines. I felt that the experience of flying on other people's airlines was unpleasant and I decided to establish an airline. Well, our bank suffered a complete panic attack and, when I returned from making the inaugural flight of the first Virgin Atlantic flight from London to New York, I returned to find the bank manager sitting at my door and informing me that they were closing Virgin. Monday and this was Friday and I had two days to actually pay them the money they had given us and I remember expelling the bank manager from my house, telling him that he was not welcome, which is dangerous for his bank manager and then passing the weekend going around the world to all the distributors of our music asking us if they could grant us a temporary loan to take us until the following week. good enough to do it and at the end of the week we had changed banks and, in fact, we were able to find a bank that was willing to lend us 30 times the overdraft facility that our bank had lent us and we were able to survive. And I think the moral of that story is, in reality, do not think of your bank as someone to whom you are obligated. I mean no … you know that people just do not move from one bank to another. Sometimes you need to be willing to step up and move your banks in the same way that you should increase and move your doctor at times and, anyway, I learned from that lesson. Question: Can Virgin continue to succeed without you? Richard Branson: Virgin works very well without me. I want to say that I use to build the brand, to build the type of three hundred or four hundred companies around the world, but I also learned the art of delegation. I have a fantastic team of people running the Virgin companies, I give them a lot of freedom to run the companies as if they were their own companies. I give them the freedom to make mistakes and the Virgin brand is perhaps one of the 20 best brands in the world, very respected. And when my balloon explodes, the Virgin will continue to flourish. And maybe sometimes I added the icing on the cake, maybe they have to spend a little more money on marketing, but fortunately, Virgin is in a state where she can live healthily without me. Recorded on September 22, 2010, interviewed by Victoria Brown.

Video credits to Big Think YouTube channel





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    Richard Branson: Advice for Entrepreneurs

    Comments 45

    1. SO HE SAYS HE HELPED BUILD 300 – 400 COMPANIES AROUND – 🙄 GIVES HIS COMPANY TO OTHER PPL 😕 & THEY RUN IT LIKE ITS THERES ☹️ & THE CONCLUSION IS THE COMPANY AND THE PPL DO JUST FINE WITHOUT HIM IN THE PICTURE ????🧐. 🚣

    2. Jesus is the way to become rich………..
      He said ,"Trust me and all of your needs shall be met."
      Mathew 16
      …25 For whoever wants to save his life will lose it, but whoever loses his life for My sake will find it.
      26 What will it profit a man if he gains the whole world, yet forfeits his soul? Or what can a man give in exchange for his soul?
      27 For the Son of Man will come in His Father’s glory with His angels,
      and then He will repay each one according to what he has done.…

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    4. Richard clearly does not know what he is talking about. Just count his Umms. and I started a business with no money and it is totally doable. You dont have to have a bank manager Lol

    5. how did he manage to get a great bank with that kind of look and talk… ??? i want a bank as his bank!!! PLEASE COME BANK, COME!

    6. My friends sid and nancy were entrepreneurs in the music business but had their lives cut short by a mick jagger jaguar 11 knife at the chelsea hotel where about 30 grand or so was stolen back money for being a sex pistol by an evil british empire antihuman who believes humans need development branson and neon leon in sweden and are their resource we know you feel guilty mick so donate the stolen funds to sid and nancys friend here [email protected]gmail.com paypal d berns who still lives without her friends

    7. I hope Branson gets diagnosed with anal cancer, goes through Chemotherapy treatment, gets the cancer cured, then gets brutally gang raped in his arse and finally the cancer comes back and kills him slowly and painfully

    8. Don't forget what a company is..a group of people with a leader who listens and helps the company grow… never heard it say better

    9. Indeed the best money maker is taking over public services. Cut wages and staff. Then pocket the cash. His first 20 years were the best.

    10. AMERICAN PEOPLE LIKE DONALD TRUMP ARE NOT USED TO SUCCESFUL MEXICAN PEOPLE… THEY WILL EVENTUALLY…!

    11. It's inspiring that he has so much belief in his company and that he knows he can depend on the team of people he has hired

    12. I have always worked independently, now I plan to leverage my efforts by hiring. Still in the developmental stages. Good video.

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