Oxford is home to one of Great Britain’s 4th richest citizen: Sir Richard Branson. One of the world’s greatest entrepreneurs and owner of the Virgin label, he had developed over 100 brands since 1971, when his success began. With an estimated wealth of 4.2 billion dollars, Sir Richard Branson offers some great advice to startup entrepreneurs.
A great entrepreneur is an innovator
A great entrepreneur is someone who sees a gap in the marketplace and feels that people are not being treated well. Therefore, he finds solutions to fill up that gap. Also, what makes a great entrepreneur is his 100% dedication to his company in an attempt to create a great brand. “A great entrepreneur is someone who acts with integrity and realizes that his reputation is all they’ve got,” Branson claims.
Flowers flourish if you water them, so do people if they are praised
A company is made up of people. A good leader must be a good listener, a good motivator, someone who knows how to praise his team and someone who looks for the best in people. Like flowers, people flourish if they are praised.
Choose your employees wisely
“Don’t try to do everything by yourself” , Sir Richard Branson says. It will be more difficult, but it will help you figure out the strengths and weaknesses of your idea. However, hire people that “understand and buy into the purpose of your business” , so that it will keep them motivated to play along and turn your business into a success.
A great business makes life better for other people
Put yourself in your client’s shoes and imagine how you would like to be treated. “A business is something that makes life better for other people, if you can do that, you’ve got a business!”, Branson advices.
Delegation is the key to a successful startup
The owner of the Virgin label says that even in the early stages of your startup, the act of delegation is vital because doing everything yourself is difficult. However, having a team acting on a common purpose will ensure your business success. Find people that are better than you in running a company.
Always plan ahead
Before starting your company, imagine solutions for unpredictable situations. Figure out how will you survive if something goes wrong with your business. This exercise will keep you sure that you have a good succession plan and that you have delegated well.
Be a self-motivator
The great entrepreneur says that is important to keep yourself motivated in the early stages of your startup. You should understand what your main motivation is and focus your energy on achieving goals. “If money is your motive, then I believe you shouldn’t launch a business at all!”
Assume risks and make sure everyone has a lot of fun
Starting a new business implies taking risks. Moreover, if you are trying to achieve things people say are impossible. Richard Branson says the key is that everyone has a lot of fun in doing that, given the fact that over 90% of your time is spent at work. “Make sure that you, your staff and your clients have a lot of fun, because life is too short to take it seriously!” , he says.