Entrepreneur Richard Branson is one of Britain’s most high-profile billionaires. He dropped out of school at 16. It was a decision that led to the creation of Virgin Records in 1970 at age 20. His projects started in the music industry and expanded into other sectors. Virgin Group now holds more than 200 companies, including a space-tourism company.
Branson is known for his adventurous spirit. What can other entrepreneurs learn from him? From Entrepreneur.com, here’s some straightforward advice on growing your business from Branson himself.
Keep it fun
“Sometimes a small detail, such as more transparent pricing or a friendlier staff, gave us our edge. Our humor and tone also helped attract and keep customers. I try to keep bureaucracy to a minimum and remind my teams that business, as well as life, should be fun.”
Stay focused
“Know your mission. At Virgin this was often about shaking up the established markets and providing something of great value and service.”
The basics matter
“Make sure you get the basic structure right. Know what you are going to do. Many times partners can provide the back office, the infrastructure or the raw materials. By building strong relationships with such suppliers, you are free to scale the operations without heavy calls on your capital.”
Hire the right people
“Get the right team at the top. It’s hard to get this right first time. Many small businesses fail to grow because they don’t identify team members who can no longer keep up. It’s sometimes necessary to part company with senior managers who cannot develop the businesses, painful as that may be.”
Be detail oriented
“No matter how big you are, details count. Just as I remain obsessive about traveling on our planes and visiting our businesses with my notebooks to chat with staff and check the little touches that make our experience unique.”
Listen and respond
“Listen to your customers and act on what you hear. I’ve always asked our staff for their views and now I track our social media channels to see how our business and brand are doing. Innocent makes a virtue of asking their customers for their views. They use the feedback to inform growth and keep them connected.”
