Richard Branson: Advice for Entrepreneurs

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but I think the most important the most important thing about running a company is to remember all the time what a company is a company is simply a group of people and as a leader of people you have to be a great listener and you have to be a great motivator you have to be very good at praising and looking for the best in people and you know people are no different from from flowers if you water flowers they flourish if you praise people they flourish and and that’s a critical attribute of a leader you know there is a very very thin dividing line between success and failure most people who set up in business without financial backing they fail that sometimes in their lives and you know I’ve only just stayed at the right side of that dividing line for instance just after you know we had a record company I was fed up flying on other people’s airlines I felt that the experience of flying another people’s airlines was an unpleasant one and I decided to set up an airline well our bank went into into complete panic attack and when I came back from Lourdes doing the inaugural flight of Virgin Atlantic’s very very first flight from London to New York I came back to find the bank manager sitting on my doorstep and and informing me that they were going to close Virgin down on the Monday and this was the Friday and that I had two days to effectively pay them off the monies that they’d let they’d loaned us and I remember pushing the bank manager out of my house telling him he wasn’t welcome which is a dangerous thing to do to your bank manager and then spending the weekend ringing around the world and to all of the distributors of our music asking if they could give us a temporary loan to get us through the following week which they were good enough to do and by the end of the week we change banks we’d actually managed to find a bank that was willing to lend us 30 times the the overdraft facility that that our Bank and Bank had lentes and and and and we managed it’s managed to survive and I think you know the moral of that story is actually you know don’t you know think of your your bank as somebody that you’re beholden to we don’t you know I mean people just don’t move from one point to another sometimes you need to be willing to step up and move move your banks in the same way that you should step up and move your doctor on occasions or and anyway I learned from that lesson and burgeoned does work very well without me I mean I used myself to build the brand to build you know the sort of three or four hundred companies around the world but I’ll also learnt the art of delegation have a fantastic team of people who run the Virgen companies give them a lot of freedom to run the companies as if they were their own companies give them the freedom to make mistakes and and you know the Virgin brand is now maybe one of the top 20 brands in the world well respected and you know when my balloon bursts virgin virgin will will continue to flourish and you know maybe I add the icing on the cake on occasions may be that I have to spend a bit more money on marketing but but fortunately the Virgin is in a state where it can live on healthily without me