Editor’s note: This article was first published in May 2014. Its references are from 2014: Branson with about 400 companies, a business incubator as his latest project, and Virgin Galactic flying to space by the end of that year. Branson’s own suborbital flight took place in July 2021 and commercial flights began in 2023.
They say that everyone has certain traits that make them unique as a person. In the case of Richard Branson, I have long thought that it will take many decades before we find another great businessman who has kept such an unthinkable closeness to ordinary people at all times. Today we share some of his most brilliant business lessons for entrepreneurs.
Branson owns around 400 companies. Most of them were created to fill gaps left by existing businesses, and many other innovative ventures are built on trying to make customers’ dreams come true. His latest project is a kind of incubator for new businesses, as a way of making the process easier for entrepreneurs with fresh ideas.
But his life as a businessman is one long moment of enjoyment. He is always giving interviews, with that broad smile of his, to media outlets of almost any size, and always surrounding himself with ordinary people and spending time with them as if he were just one of the group.
That humility and closeness to people have made him indisputably unique: there is no other businessman in the world quite like him in this respect. A while ago we shared 9 tips for entrepreneurs from this great businessman; this time, Branson has selected what he considers the best advice he can give you as a businessman to succeed not only in business but in life.
Richard Branson’s 10 business lessons
1. Follow your dreams; only then will you feel successful
You will live a much better life if you pursue your dreams and passions. The people who spend their time doing what they love are the ones who truly enjoy life to the full. It is those who dare to take big risks in pursuit of their dream who achieve it.
See also: He founded a company at 19 with just $1,000: 15 lessons from billionaire Michael Dell
2. Make a positive difference and do some good
If you are not making a positive difference to other people’s lives, then you should not be in business. Companies have a responsibility to make a positive difference to the world, to their employees, to their customers… to everyone.
3. Believe in your ideas and be the best
Believing in yourself and having faith in your business ideas can make the difference between success and failure. If you are not proud of your ideas and you doubt your plans… why should anyone else believe in them?
4. Have fun, and make sure your team has fun
Fun is one of the most important, and most underrated, ingredients for any company’s success. If you are not having fun doing what you do, maybe it is time to drop everything and try something different.
If your employees are having fun, they will enjoy their work more and will therefore do a better job. Look for people who look for the best in others and who love what they do.
5. Don’t give up
In every adventure I have been involved in, whether it was starting a new business, flying around the world in a balloon or a sporting challenge, there have been difficult moments when the easiest and most comfortable thing would have been to give up.
Refusing to give in when faced with adversity will help you discover, to your surprise, everything that can be achieved.
6. Make lots of lists and keep setting yourself new challenges
If you do not write your ideas down, they could disappear tomorrow. Put everything on a list to keep track of your goals, and you will be surprised how much more competitive you become about meeting those challenges and setting yourself new ones.
See also: How to start a new business from scratch: an unconventional 17-point guide for entrepreneurs
7. Learn to delegate and spend time with your family
The art of delegation is one of the key skills any entrepreneur must master. If you find people who can take on the tasks they are good at, that frees you to plan the company’s future.
It also gives you time to be with your family, which in the end is the most important thing of all.
8. Turn off the TV and get out there and do things
Instead of sitting in front of a screen, turn off the television or the computer and get out. There are fascinating people to meet and exciting adventures to embark on, challenges to take up, and no time to waste.
9. When people say bad things about you, prove them wrong
Some people may react badly to your success. The best thing you can do is not just to ignore them, but to prove them wrong. Right now a lot of people call us bluffers when they talk about Virgin Galactic. We are going to prove them wrong when we fly to space by the end of this year.
10. Surround yourself with people with personality
Branson insists on the importance of hiring personality, not a CV, because he considers it the hardest trait to teach. Surround yourself with friendly, kind, fun and creative people. You will do much better.
Further reading
- Branson: don’t go it alone in business, you won’t make it
- 10 pieces of advice from 10 great leaders
- 10 life tips you will be grateful for after 30
- 21 things students and young people should know and accept in their 20s
Featured image: Chatham House, CC BY 2.0, via Wikimedia Commons.
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