Wednesday, October 3, 2012

Branson's Five Tips on Starting a business

Richard Branson
Richard Branson has started over 300 business over the past 30+ years and I like his take on five (5) keys to remember when starting your business. Interesting to note the lack of emphasis on planning, budgeting and market research. Good stuff
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1. Listen more than you talk

We have two ears and one mouth, using them in proportion is not a bad idea! To be a good leader you have to be a great listener. Brilliant ideas can spring from the most unlikely places, so you should always keep your ears open for some shrewd advice. This can mean following online comments as closely as board meeting notes, or asking the frontline staff for their opinions as often as the CEOs. Get out there, listen to people, draw people out and learn from them.

2. Keep it simple

You have to do something radically different to stand out in business. But nobody ever said different has to be complex. There are thousands of simple business solutions to problems out there, just waiting to be solved by the next big thing in business. Maintain a focus upon innovation, but don’t try to reinvent the wheel. A simple change for the better is far more effective than five complicated changes for the worse.

3. Take pride in your work

Last week I enjoyed my favourite night of the year, the Virgin Stars of the Year Awards, where we celebrated some of those people who have gone the extra mile for us around the Virgin world. With so many different companies, nationalities and personalities represented under one roof, it was interesting to see what qualities they all have in common. One was pride in their work, and in the company they represent. Remember your staff are your biggest brand advocates, and focusing on helping them take pride will shine through in how they treat your customers.

4. Have fun, success will follow

If you aren’t having fun, you are doing it wrong. If you feel like getting up in the morning to work on your business is a chore, then it's time to try something else. If you are having a good time, there is a far greater chance a positive, innovative atmosphere will be nurtured and your business will fluorish. A smile and a joke can go a long way, so be quick to see the lighter side of life.

5. Rip it up and start again

If you are an entrepreneur and your first venture isn’t a success, welcome to the club! Every successful businessperson has experienced a few failures along the way – the important thing is how you learn from them. Don’t allow yourself to get disheartened by a setback or two, instead dust yourself off and work out what went wrong. Then you can find the positives, analyse where you can improve, rip it up and start again.

3 comments:

Clint Shaff said...

“Have fun, success will follow.” – Couldn’t agree more! What you get out of your business in the form of personal satisfaction, financial gain, stability and enjoyment will be the sum of what you put into your business. If you don’t enjoy what you do, it’s safe to assume that there will be subsequent lack of success. But of course, having fun doesn’t mean not taking things seriously.

Clint Shaff

Tammie Teeter said...

Its nice for individuals to have the correct mindset when trying to start a business. I love the first one! It reminds everyone the importance of listening. Many of us think that what we know is enough to achieve success only to have our glass shattered along the way when we find out that there is a lot more for us to learn.

Tammie Teeter

Sherika Jose said...

I also agree with that! Passion is very important for an individual if he should succeed in having his own business. With passion comes love and an owner who loves running the business will not feel tired of it or wanting to change course. That being said, we might as well pick something that we are very interested in.

Sherika Jose