Making it in Entrepreneurship: Lessons from Richard Branson

Richard Branson, like other entrepreneurs, welcomes gaps and problems in the world as a chance to create something. He has established businesses in various fields during his over 40 years in the business, and has his name behind over 100 world-famous brands. That’s why everyone wants to hear what he says, and so we’re offering tidbits he’s shared in various forums throughout the world.

Defy the status quo

Defy norms and accepted practices, and inspire your customers to follow suit. Examine situations from the customer’s point of view. For instance, Virgin Money, Branson’s bank in Britain redecorated its banking halls to make them resemble living rooms. Tables have been set up for Wi-Fi, with comfortable seating and newspapers. There are no teller windows or endless queues.

Virgin America’s Terminal 2 includes a yoga room as well as a vast array of meals for travelling passengers. In the end, you should have something distinctive and valuable.

Add something of value

According to Branson, he only begins a business if people’s lives will improve for its presence. He started his customer-centered airline Virgin Atlantic because the service he received at British Airways made his unhappy.

It’s also important to be passionate about your business idea. Branson used passion as his drive to build his own airline, and he devoted much time to getting the right staff, purchasing aircraft and making the business altogether feasible.

Pitch simply

Ensure your pitches are clear and simple but memorable. Do not use non-assuring phrases like “We hope to…” or “With good luck…”. Be confident and offer a straightforward and concise plan with concrete backing so that investors can easily understand them and repeat them if need be. For the initial meeting, don’t go with the complicated presentation full of numbers.

Instead, Branson advises that entrepreneurs should offer investors clear reasons why their ideas are sustainable over the shifting technological and economical landscapes.

Be self-motivated

Branson advises entrepreneurs to be self-motivated, and use the same to their advantage. Know your driving force and focus your efforts towards achieving those goals. He also advises that through delegation and outsourcing, entrepreneurs should free up as much of their time to transform the vision they carry into the business’s advantage.

Further, he advises that money makes a poor ultimate driving force. You should instead concentrate on building a brand/business you’re proud of. After defining your own motivations, discuss with colleagues and employees about theirs. Then, try to structure their jobs so that they can achieve their as well as your goals. This way, employees will be eager to work towards both, making you an unstoppable team.

Dream big

In his book, Branson advises that you dream big and set goals for yourself that seem impossible to reach. This will motivate you to work extra hard to catch up with them. Setting big targets can transform the impossible into possibilities. One of Branson’s dreams, for instance, is to create a way to fly from New York to Australia in two hours. Nothing happens if you don’t first dream it.

Survive the first year

In any business, make the first year all about surviving. It will take everything you have, and then some, to survive. However, regardless of how tired you feel or how impossible it seems, find a way to keep the business alive.

Evaluate your investors

When you are deciding who to bring into your business as an investor, Branson advises that you choose someone who will give you the time and space needed to build your business. Many an entrepreneur’s spirit has been ruined by a dictatorial financial backer. It’s not just about getting the money; the person carrying the money will also be part of the business, at least for a considerable period.

Lalit Sharma is an SEO consultant who runs a SEO house called Ranking By SEO. He is specialized in link building and other SEO related activities. You can also find him on Twitter, Google+ and his personal blog.