BE
COURAGEOUS
Starting
a business requires taking risks and innovating where others haven't. Money,
reputation and personal relationships are often on the line, but entrepreneurs
have to know when to take chances -- and when not to.
When
Branson launched Virgin Atlantic airlines in 1984 and Virgin Australia in 2000,
his fellow board members were skeptical about the chances for success. But
Branson recognized an opportunity and stuck to it -- and it has paid off.
Virgin Atlantic now carries more than five million passengers a year, and
Virgin Australia has become the country's second largest airline.
BUILD
A SOLID NETWORK
What's
a great business idea worth if no one knows about it and you don't know any
influential people to help you get it off the ground? A successful entrepreneur
will begin networking early, and continue networking as he or she grows the
business
When
Branson began networking for Virgin Music in the 1970s, he was serious from
that start about meeting with agents, persuading musicians to sign on and
finding distributors. You can get started by attending industry events, joining
regional business associations and by being active on social networking sites
like Facebook, nairaland, twitter, blogspot and LinkedIn.
BE
OPEN TO CHANGE
With
economies shifting and technology evolving at lightning speed, change happens
whether you want it to or not
With
Virgin Records, Branson was a master at navigating change. From transitioning
from LPs to cassettes to CDs, and from small shops to mega stores, Branson
transformed the business model a number of times before selling the company to
EMI in 1992.
Diagnosed
with dyslexia, Branson left school at age 16 because he was unable to follow
the curriculum. But he turned the disadvantage into an advantage as an
entrepreneur.
In
reviewing Virgin's advertising and marketing, Branson's colleagues read
everything aloud, giving him a sense of the overall concept and allowing him to
weed out industry jargon in favor of ordinary language.
“Whenever
something goes wrong or you find yourself at a disadvantage, often the best way
to handle it is to turn a negative into a positive," Branson says
KNOW
WHEN TO ASK FOR HELP
No
matter what age, entrepreneurs can think they know everything and have enough
bandwidth to do it all. But entrepreneurs are human, with human limitations.
Sometimes it's best to turn to people who know you and people you can trust for
advice or assistance.
At
age 19, Branson started a mail-order record business but never asked anyone for
advice on how to carry out a business plan. Then he made a poor decision:
smuggling records through customs to avoid paying taxes. Caught by British
customs officials, he was bailed out of jail by his mother, who later became
one of his most trusted business mentors.
“Thinking
back to 1969, my mother's common-sense advice would have been just the thing I
needed to hear," Branson says
LISTEN
TO YOUR CUSTOMERS
From
tapping into social networks to using old-school methods like phone calls, it's
critical to connect with customers, let them know you're listening and that you
care about satisfying their needs. Learn to add innovation to your customer
connect, add empathy, get their phone data and learn to send happy birth day sms
messages to your customers.
Branson
for instance, uses social media to give him a real-time view of how his
companies can improve. "Through customers' comments, we started learning
about issues with our products and services more quickly than ever
before," he says. "In response, we set up systems so that a customer
who has a question or a problem can get a quick answer from our team. I try to
answer a few questions every day from followers”.
STAY
FOCUSED WHEN FOLLOWING YOUR BUSINESS
Even
when an entrepreneur starts out with a great idea, passion and a laser focus, he
or she can become distracted. It can be tempting to make changes that don't
always make sense for your overall goals. Some people go following after the
business they think that is paying well. Branson recommends knowing your
mission, making sure you get the basic structure right, installing the right
team at the top and paying attention to details.
At
Virgin America, for instance, Branson's CEO attends an annual training program
to help "keep the enthusiasm that marked our early development. The point
is to keep our teams up to date and connected, which prevents them from becoming
complacent or settling for the status quo," Branson says.
REMEMBER
TO BE POSITIVE
It
takes a strong personality to be an entrepreneur. But sometimes, business
owners can feel tempted to be aggressive or even angry with customers,
competitors and their own teams.
No
one wants to work with a dictator or a bully. Successful entrepreneurs find a
balance between being aggressive in business and treating those who work with
or for them with respect and gratitude. If companies or individuals you deal
with don't respond to a positive approach, they might not be the right people
to do business with.
“I
hope we are successful at Virgin because we engage with everyone in a positive,
inclusive manner rather than in an aggressive, combative or negative way,"
Branson says
ENCOURAGE
TEAMWORK AND FUN
As
the founder of your company, you may be the one telling the world about your
incredible new product and showing it off at industry events. But this wouldn't
be possible without your partners and teammates working hard behind the scenes.
Teams that are happy and work well together can accomplish great things. You
have to make them see the vision you see. They shouldn’t only see it, make them
key into it and develop as much passion as you have for the goal.
Take
the Virgin Group, for instance. It celebrated the Olympics this summer by
taking part in fun races. "Events like these can help to break down
departmental barriers and foster better teamwork as employees get to know each
other in an informal setting," Branson says. "This can go a long way
toward showing your staff that it is OK to have fun.
DON’T
FEAR TO EXIT
Learn
when to sell your business. It can be difficult to know when to sell because,
as a founder and entrepreneur, you can become attached to your business and
team. It can help to seek input from trusted advisors about whether selling
will be good for the overall health of your company.
Branson
sold a number of Virgin companies over the years. Probably the most notable was
the sale of Virgin Records to EMI. "It was a very emotional day for me --
at one point, I broke down in tears," he says. "Looking back, it's
clear that we sold at the right time, and the decision made sense for Virgin as
a whole. That secured our group's future and gave us a war chest for investing
in new businesses.” At work
Starting
a business requires taking risks and innovating where others haven't. Money,
reputation and personal relationships are often on the line, but entrepreneurs
have to know when to take chances -- and when not to.
When
Branson launched Virgin Atlantic airlines in 1984 and Virgin Australia in 2000,
his fellow board members were skeptical about the chances for success. But
Branson recognized an opportunity and stuck to it -- and it has paid off.
Virgin Atlantic now carries more than five million passengers a year, and
Virgin Australia has become the country's second largest airline.
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