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Billionaire, mogul, financier Richard Branson has built an empire on great ideas and the ability to follow through on a dream. Take a few tips from Sir Richard and reach new heights in your own entrepreneurial pursuits.
Provide Untapped Value to the Customer
"The most critical thing with any new venture is we must deliver a tremendous value to the consumer so that it enhances all the ventures we've done before it," says Branson. Today, the Virgin brand encompasses everything from soft drinks to airlines. Branson's approach has been to provide something unique in each venture; something the competition lacks. Find the value, find the customers.
Exploit a Passion
"I start businesses when I have a passion for something. That's also why I went into the airline business, even though everybody I talked to told me that there was no money to be made there. I felt that I could make a difference. That's the best reason to go into business because you feel strongly that you can change things," says Branson. It's the entrepreneurial passion and attitude that makes the difference in achieving lasting success.
Trust Your Instincts
"A business has to be involving, it has to be fun, and it has to exercise your creative instincts." Case in point, the "rebel-billionaire" relied on gut instincts to take advantage of opportunities when they presented themselves. Branson wasn't born wealthy, and began his empire by selling yet-to-be touched (i.e. "Virgin") records out of the trunk of his car when it was unheard of to do so. Slowly but surely, he expanded his business until it became the multi-billion dollar empire we know today. Follow his lead and mix a great idea with real passion.
Originally published in 2009.