Growth5 Blog

Friday, October 15, 2010

Five Secrets to Entrepreneurial Success

In this article, Virgin Group (360 companies) Chairman, Richard Branson, discusses his five secrets to entrepreneurial success. The highlights:

1. Enjoy What You Are Doing
Starting a business takes a lot of hard work and a lot of your time. Might as well enjoy that time.
"A businesswoman or a businessman is not unlike an artist. What you have when you start a company is a blank canvas; you have to fill it. Just as a good artist has to get every single detail right on that canvas, a businessman or businesswoman has to get every single little thing right when first setting up in business in order to succeed. However, unlike a work of art, the business is never finished. It constantly evolves."
2. Create Something That Stands Out
"...you’ve got to do something radically different to make a mark today."
See the Blue Ocean Strategy.

3. Create Something That Everybody Who Works for You is Really Proud of
Your employees are your most important asset. If they're proud of what they're doing, there's an excellent chance your product will show it.

4. Be a Good Leader
To be a good leader, you need to be a good listener.
"You need to know your own mind but there is no point in imposing your views on others without some debate. No one has a monopoly on good ideas or good advice."
5. Be Visible
Employees and clients will have the best suggestions and ideas. Ask them how things could work better, what they tell you will be incredibly valuable to your business.

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