Q: Steve, do you have a favorite entrepreneur? Mine is Steve Jobs. That guy was amazing.
Sven
A: There are a lot to choose from, that’s for sure. For me, the one who personifies the chutzpah,
smarts, vision, and pure enjoyment that is entrepreneurship has to be Richard Branson.
What a lot of people don’t know is that Branson started out as small as a small business could be
– bartering rent for his music store that sat above a shoe shop in London. Today of course, The
Virgin Group is made up of more than 400 companies around the world, including Virgin
Atlantic, Virgin America and Virgin Mobile. He’s also the author of six books, including one of my
favorites, Like a Virgin: Secrets They Won’t Teach You at Business School.
So, what does the great entrepreneur say it takes to succeed in business? I have culled seven
tips from his books, blogs, and interviews to share with you today:
1. Step Outside Your Comfort Zone: Inspiration and growth cannot be found in the comfort
zone. Far from it. Branson says that they are found through challenge and risk.
“One of the great benefits of taking on challenges in your working life is that you and your team
learn to confront risk together and also to lose sometimes. The calculated risks you and your
team take should be strategic judgments, not just blind gambles: Protect the downside by
figuring out the odds of success, working out what the worst possible consequences would be,
then deciding whether to accept.” (Entrepreneur.com).
2. Embrace Social Media: Social media is a revolution and can help you stay in touch with the
world. Branson says it changed it changed his life. According to Sir Richard, “entrepreneurs
need to take their businesses to where the conversation is happening -- mobile phones, tablets
and laptops.” As such, social media is “the perfect venue” for entrepreneurs.
3. Treat People Well: “I don’t think the stereotype of a business person treading all over people
to get to the top, generally speaking, works. If you treat people well, people will come back for
more. And I think all you have in life is your reputation, and it’s a very small world. And I actually
think that the best way of becoming a successful business leader is dealing with people fairly
and well.” (Ted.com).
4. Being a Good Boss is Critical: Along the same lines, with over 65,000 employees, Richard
Branson knows a thing or two about being a boss. “Don’t wait until an employee comes to you
and says he’s ready to leave before you start thinking about what his goals are and what keeps
him happy - this should be part of your hiring decision. Before you make a prospect a job offer,
be sure to consider how his plans for his career fit with your company’s” (Entrepreneur.com).
5. Don’t be Afraid to Fail: Virgin Brides and Virgin Cola were flops, but that did not deter
Branson. He keeps innovating and creating.
6. Have Fun: “I think work should be fun, it should be enjoyable. It should be satisfying. I think to
many companies don’t realize the monotony of a lot of peoples day-to-day life at work, and I
think a lot of people should try to encourage things like working from home, or if people want to
job share they should be able allowed to job share, so just more flexibility generally.
(Virgin.com)
7. Remember, You Don’t Have To Know Everything: Dyslexic and a poor student, Branson left
school when he was 15. He has spoken often about his educational history, as well as being at
his board meetings not knowing the difference between net and gross. Guess what? Not
knowing didn’t stop him from taking action or being successful.
“It’s useful to add up, subtract, and maybe multiply, and apart from that you can create an
empire with 60,000 employees and find other people to add up the numbers at the end of the
year." (NPR.org).
Yep, Richard Branson is one of the great entrepreneurs ever, and he regularly blogs and shares
his wisdom. You can read more here.
Today’s Tip: Too many small business people are not like Richard Branson in that they don’t take
much time off. But Travelers Small Business suggests that if you follow these two tips, you can
take some time off too:
1. Identify a manager: Pick the right person to manage the business while you are gone
and give that individual a “test-run” at the position a few weeks in advance.
2. Educate your employees: Educate and train other employees about some of the tasks
you normally perform. Have a test run here too.
Knowing the business is in capable hands should make you feel far more at ease.