British businessman Richard Branson, who owns the Virgin Group, needs no introduction. Branson has a reputation for being a risk-taker and someone who values fun over everything else. Let us understand Richard’s 10 key rules for entrepreneurial success.
1. Keep it simple
Richard Branson has dyslexia. This means he has trouble reading and often mixes up words and letters. Yet, he has managed to amass a fortune of more than $4 billion. Branson is proud of his ability to keep things simple. As an entrepreneur, this quality is important to convey ideas, products, and services to the target audience.
2. Give it a try
Rather than debating for days about whether or not to try out a new idea or business, it’s better to give it a shot. With the internet, testing out new concepts is relatively cheap. If the idea isn’t working, one can always go back to what they have been doing.
3.Be a leader
A strong team is inevitable for a company while striving towards a greater goal and vision. And with all groups of people heading in the same direction, a strong leader is needed to make sure that the gang stays on course together. Otherwise, your business is doomed. Leadership is a crucial skill for any founder or entrepreneur. Whether you are leading thousands of people, or simply leading yourself, it’s important to have a clear vision and work hard each day to make that vision a reality. Here, Branson asks not to blindly accept leaders’ advice and question leaders on occasion.
4. Don’t give up
When you are starting a business or going down any challenging endeavour, you are bound to encounter challenges. These obstacles would make any sane person throw in the towel. If you want your business to succeed, you can’t do that. If you lose, pick yourself up after every defeat. Every struggle is a learning experience. It’s important to make sure that nobody stops you from giving it another try.
5. Delegate
Entrepreneurs find it difficult to delegate while doing business. Branson says that one should trust other people sometimes. It’s important to delegate because there are certain tasks that you hate, but having someone else doing it for you would make you happier. Also, delegating tasks will ensure that the job gets done better. You can spend your time focusing on more important objectives, like growing the business.
6. Treat people well
Richard Branson feels that treating people poorly will harm chances for success. It’s sure that at times, boldness should be there. But people should never be treated without respect. Get ruthless only if there is no other choice.
7. Shake things up
When you are looking to create a new business or product, study the current trends and products and think about ways to improve them. There is no need to completely reinvent the wheel. What needs to be done is to make relatively crucial improvements to already existing products and businesses. This way, you are not only creating profits but also impacting the world and helping people in a positive, new way.
8 People will be sceptical
When you do something new, many people will act sceptical. 9 out of 10 businesses fail in their first five years. Most businesses just do not know what it needs. All you need to do is be aware of the scepticism. It’s always better to think long and hard about whether you believe in your business concept or not.
9. Affect lives positively
According to Branson, when you are creating a business, you are creating something that impacts lives. A business is a group of people who are working towards building products and services that positively impact lives. This doesn’t mean that profits are not important, but the company should also bring about good changes in people’s lives.
10.Do things differently
Richard Branson is such a successful businessman and investor because he did things differently. That’s the summary of every successful person or entrepreneur. They do things differently.
