How to start a Business – By Billionaire, Richard Branson

Posted: June 7, 2016 in Uncategorized

British billionaire, Sir Richard Branson, is a business magnate, investor, and philanthropist. He is best known as the founder of Virgin group, which comprises more than 400 companies like Virgin Atlantic, Virgin Galactic, Virgin America, Virgin Health Bank e.t.c. Branson has given a lot of advice on how to start a business, run a business and manage people. Let’s get into what he advises entrepreneurs.

1) Create Value in the World: Branson says that he starts a business only if it will improve people’s lives. He was unhappy with the customer service he was getting from British Airways, so he started a new airline, Virgin Atlantic, which is focused around the customer.

Building something you’re passionate about is important as well. If Branson hadn’t been passionate about building an airline, he wouldn’t have put so much time into getting the staff, buying the aircraft, and working hard to turn it into a viable business.

 

2) When Pitching, Keep Things Simple: Keep your pitches simple, clear, and memorable. Avoid wishy-washy language like “we hope that…” or “with some luck, we’ll…” Be concrete and confident.

“It is vitally important to present a clear, concise plan that investors can easily understand and repeat to their own people. In the first meeting, avoid overly complicated, numbers-laden presentations.”

Branson also advises entrepreneurs to give a clear explanation of why their business will be sustainable and pull through technological changes and shifts.

“Nothing stays the same for long, so explain how you plan to tackle the inevitable technological changes and market shifts that are heading your way.”

 

3) Challenge the Status Quo: Challenge the accepted wisdom and encourage your staff to do the same. Look at things from the point of view of the customer. Here are two examples where Virgin took a totally unique perspective on things:

Virgin Money is a bank in Britain where the branches look more like living rooms than banks. There are tables for Wi-Fi, newspapers, and comfortable seating. This eliminates lines and teller windows.

 

4) Be A Self-Motivator: According to Branson, entrepreneurs need to be good self-motivators. Branson advises that entrepreneurs use it to their advantage:

“It’s important to understand what your main motivation is so that you can focus your efforts on reaching those goals. Then structure your job – perhaps by delegating some work – so that you can spend as much time as possible turning this energy to your company’s advantage.”

 

5) He says that making money shouldn’t be your main motivator: “Above all, you should work on building a business you’re proud of. This has always been a motivator for me, from my Student magazine days, through to our latest startups today. I have never gone into any business purely to make money. If money is your only motive, then I believe you shouldn’t launch the business at all.

“Once you know what your own motivations and aspirations are, talk to your employees and colleagues about theirs, if you haven’t already. Then structure their jobs in a way that allows them to tap into this energy, too. With you and your employees approaching your work with renewed energy and commitment, you’ll find that there’s little that you can’t accomplish together.”

 

6) Dream Big: Branson’s first book, Losing my Virginity, was almost titled Talking Ahead of Yourself. Branson goes on to say:

“Because I sometimes think in life you’ve got to dream big by setting yourself seemingly impossible challenges. You then have to catch up with them. You can make what people believe is impossible possible if you set big enough targets. Flying from New York to Australia in, say, two hours. Can we do it in our lifetimes? I’m determined to try. If you don’t dream, nothing happens. And we like to dream big.”

 

7) Your First Year Is All about Surviving: In your first year of running a business, your only goal should be surviving.

“In a company’s first year, your goal should be simply to survive, and this will likely take everything you’ve got. No matter how tired or afraid you are, you have to figure out how to keep going.”

 

8) Investors bring More Than Just Money: When examining investors, Branson suggests that you ask yourself, “Will this person or group give us the space and time we need to build a great business?” A “dictatorial financial partner” can ruin the spirit and enthusiasm of entrepreneurs, so ensure that your investor is someone who will let you run your company without getting in the way or questioning every decision you make. Remember that it’s not all about the money and that the person you are bringing on is also important. They carry more than just a checkbook.

The most important partnership you have is the one with your staff. Branson says that if you get that right, your chances of success are much higher.

20-Days-Training        101-Solution

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