In light of today’s launch of StartUp Britain, Richard Branson shared a few words on why entrepreneurs are so essential to Britain’s recovery and why starting a business is always a great idea, even in a recession.
1. You need to surround yourself with trusted and talented people. Setting up businesses takes an enormous amount of time and energy. It is easier to make the big commitments when you are surrounded by people you trust and like. Keeping my many good chief executive and managing directors happy – and finding new ones to start the next ventures – is one of my full-time jobs.
2. You must ensure your business or idea has a place in the market and a product or service that is different enough to attract customers. At Virgin we stick to a simple checklist. Our businesses need to be innovative, maintain a certain quality, be value for money and have a sense of fun. We also focus on customer service – we like to be the customer’s champion, bringing simplicity and transparency to many businesses.
3. Timing is also important. If I could start again, I would set up more businesses during recessions, when almost everything costs 50 to 90 percent less than it is worth during the good times.
4. Often a lot of highly skilled staff is on the market and the competition – existing big businesses – have their eyes on their own operations and issues. Such a climate is the perfect time for young, enthusiastic and nimble companies to set themselves up and thrive. This is one of those times.
5. Many would-be entrepreneurs give up too soon. You have to overcome early adversity. The inaugural flight of Virgin Atlantic almost brought the group down. We had worked like mad for six months to get the first flight off from London to Newark and it had been a resounding success – fuelled in part by 70 crates of champagne. On my return to London, I was met by our then-bank manager sitting on the steps of my house. He had come to tell me that my bank was not able to extend my overdraft, as I had asked, to help finance the new airline.
[image by Gulltaggen]
Thank you Richard. Let’s Rock!
thanks a lot sir.. for giving this type of fundamental tips for us…:)
Hello Sir Richard,
One of many things I respect in your way of doing your business is to seperate sense from nonsense. The way you see the inherent simplicity behind complex systems is inspirational and necessary.
Sir Richard, I really want to thank you for sharing your thoughts and experience in your books, blog and VM Pioneers project.
I always wanted to start my own company, I had few ideas, but when the crisis came – I almost give up.
Then I found a link to your blog on Virgin web, then VM Pioneers project and I read two of your books, and I was back again on the track.
Your words give me the courage and inspire me not to give up and to continiue to follow my way and I really thank you for that.
Good luck to you and all pioneers
I’m in the start up phase of an exciting new business and I appreciate the words of advice. My business advisor is very excited about my service and we are working on growth plans even though it’s not started yet!
My question would be how to manage sales and growth whilst you are a very small enterprise?
Thank you very much for your tips. I recently launched a women’s online magazine that is focusing mainly on unity amongst women globally. It is a magazine full of positive and inspirational content. A magazine that is promoting women to stand together despite possible difference because we can help, support and be there for each other despite our past or current experiences.
I strongly believe in my magazine and that this movement on unity amongst women will be one of the biggest movement in the world. We currently have readers from South Africa, Indonesia, Australia, America and the UK. If you can help me in any way to raise the awareness of unity amongst women I would great appreciate that.
Thank you once again for your encouragement and I am sure soon you will hear women close to you talking about Inspirational Woman Magazine.
Lisa.
Very curious, at the time you started out, when did you begin to surround yourself with trusted and talented people? Did you wait for some sort of financial security first, or were you led by your instincts and got people on board that were able to free up your time to build up your business in a more efficient way?
Insightful, interesting and inspiring. Thank you. Sometimes we need to know that we areon the right track.
I am an executive style coach – helping entrepreneurs look the part by dressing to impress. First impressions are so important and knowing that you look the part boost confidence.
Many thanks.
Sue Courtney
Success & Image
Could not agree more Richard, just started out again, and nothing is going to hold me back!! Regards Mark Rusling
I find it quite heartwarming that you are taking the time to advise and inspire. Thank you. If you can offer any additional advice for my venture; I would be honoured. Good luck to all the courageous entrepreneurs out there
Any aspiring entrepreneur should have a positive outlook. Starting a new business involves taking risks, especially in uncertain business conditions. A positive attitude ensures that the budding businessman has the strength of character to steer the new business venture through all possible hardships.