Richard Branson is a British entrepreneur, investor, author, philanthropist, and experienced kitesurfer. Branson has a net worth of around $4.20 billion. He’s made his fortunes by founding the Virgin Group in the 1970s.
From Virgin Records to Virgin Airways, Virgin Mobile to Virgin Media, Richard Branson has had incredible successes as an entrepreneur. Branson is an influential figure and serves as a role model for entrepreneurs that are just starting.
Here are the top tips for entrepreneurs to become more successful:
1. Follow your passion
“You’ll spend a lot of your life working, but if you’re doing something that interests you and you’re passionate about them, you’ll keep going even when it gets hard. Think about your talents, what subjects and causes interest you the most, what problems you’d like to solve.”
Entrepreneurship is not all laughs and giggles. If you want to become successful as an entrepreneur, it’s going to take a serious amount of hard work and effort.
If you start a business with the sole purpose of making money, you’re not going to last too long if you’re doing something that you’re not passionate about.
Follow Richard Branson’s advice and follow your passion. By following your passion, you’ll be able to stay in the game for longer, which will ultimately increase your chances of success.
2. Start small
A massive mistake that a lot of entrepreneurs make is that they wait for the right time, whatever that means. In business, there is not going to be the right time to start.
Figuring out the right time to start a business is like timing the stock market. Everybody has an opinion, but no one really knows what’s going to happen.
“Start small, but think big.”
Beginner entrepreneurs can learn a lot from Richard Branson’s advice about starting small.
By starting small, you won’t need to wait for investors to fund your ventures. In most cases, you might be able to start your business with your own capital.
New entrepreneurs have a high rate of failure. Being realistic, you should keep in mind that your entrepreneurial journey is going to be a bumpy ride. Failing when your business is small is more desirable than failing when you’re almost at the top of your industry.
3. Build a brand
“Think locally, initially, but then think about a brand that will work around the world. You can start dreaming about getting around the world one day, so try to come up with a brand that will work on a global basis as well.”
We are living in the age of brands. We make purchase decisions based on our history and perception of the brand in question.
Without building a brand, your business is not going to be able to differentiate itself from its competitors.
Rookie entrepreneurs spend a lot of time making a product, which is a good thing. But these entrepreneurs often completely ignore the fact that they need to pay attention to marketing and branding, which is a bad thing.
Thinking that clients will come on their own is not the right approach.
Think about the Virgin Group. Their new ventures can attract more attention because of the Virgin brand. Building a brand is essential for your current ventures as well as your future ventures.
4. Being brave
“So be brave, take risks, and don’t give up. If you’re truly passionate about your idea, you’ll give it your best shot. Passion will keep you going when you think you’ve got nothing left in the tank, and it will make success taste even sweeter.”
Entrepreneurs are brave. Not a lot of people have the heart it takes to leave the comfort of a stable paycheck and start something new that they’re passionate about.
Without taking risks, you’re not going to be able to capitalize on opportunities. Taking risks doesn’t mean becoming careless. Take risks after you make sure that the rewards outweigh the risks involved.
Be brave when you face your competitors. Make your presence known by building upon a solid foundation of providing immense value to your customers and clients.
5. Start a side project
“Many of Virgin’s businesses have started as side projects which have grown into big companies. Always be thinking about what could come next, how you could expand, how you could take your idea global.”
Not all of us have the opportunity of getting up in the morning and starting a business. Everyone has a different set of responsibilities that they need to take care of first.
Start your dream project as a side project first by working on your project after your job, or on the weekends.
To do this, you’ll need to be able to manage your time in the most efficient way possible. You’ll need to come up with a schedule and stick with it.
Doing a side project will teach you a lot of things.
By starting your business as a side project, you’ll be able to find out if it’s something that you would enjoy doing as a full-time career or not.
6. Delegate tasks
“You must be willing to delegate yourself. I’m a great believer that entrepreneurs should, very early on in their business, put themselves out of business. Basically, what you should be doing is having the time to find somebody who is better than you to run the day-to-day running of your business.”
Entrepreneurs that do not delegate tasks to people on their team, end up burning out and see their business sinking right in front of their eyes.
Delegate tasks so that you, as the entrepreneur, can focus on the bigger picture ahead of you and make better decisions for your business.
Conclusion
Entrepreneurship is an ever-changing field. The strategies that worked five years ago are not going to be as relevant as they once were.
Learning from seniors who have been in the entrepreneurial industry for longer than you have will prove to be a valuable asset for you.
If you listen to the advice from veteran entrepreneurs like Richard Branson, you’ll be able to use their experiences to make better decisions for your business and hopefully become as successful as them.
Citations:
Richard Branson: Advice for young entrepreneurs. https://www.cnbc.com/2018/08/16/richard-branson-advice-for-young-entrepreneurs.html
From startup to shutdown: Five tips for entrepreneurs from … https://www.geekwire.com/2017/tips-entrepreneurs-from-richard-branson/
