Tue 15 Sep 2015 | By:

8 Business Lessons You Can Learn from Richard Branson

Richard BransonRichard Branson is one of the most innovative and successful entrepreneurs of the 21st century.

He is a self-made billionaire who worked his way up. Branson struggled in school because of dyslexia and when he was just 16, he dropped out from high school and decided to pursue his love for business.

Even when he was young, Richard Branson had a passion for business. His first business venture was the youth oriented magazine called Student. In 1973, Branson launched Virgin Records and as of today, it is one of the largest conglomerates in the world.

Here are 8 tips from my hero, the mega-entrepreneur himself!


1) Trust Yourself

Believe in yourself and back yourself to come out on top. A fulfilling career is waiting for those brave enough to find it.

Everything starts with you. If you are afraid to try new things, you will never be able to find the best experience of your life. To become a successful entrepreneur, you need guts and courage. You have to be fearless and persistent.

The business industry is not the nicest place to be in, you will face challenges and difficulties everyday. You have to fight and prove to people that your business is worth trying.  Success is just waiting for you on the other side of the road and if you’re too afraid to cross, you will forever be stuck in your own comfort zone.


2) Do What You Love

The only way to succeed in business is to start something that you love. If you are passionate about information technology, you can venture into that industry like Bill Gates did. Or, if you love media and communications, you can take Oprah Winfrey as an example.

Passion is such a strong factor when you start a business. If you have this, you don’t have to be pushed, you’ll work on your own, be persistent and determined.

The best advice I could give anyone is to spend your time working on whatever you are passionate about life.


3) Have Fun

Although you have to take your business seriously, never forget to have fun.

It’s good that you’re totally focused on your work, but getting too caught up with all the stress and anxiety will cause exhaustion. When you’re too tired, you become inefficient and you lose your drive to compete. You also take time away from loved ones and friends.

To be able to work better, take a break, have fun with friends and give yourself some time to unwind. Laugh as hard as you can and don’t worry too much. According to the words of Richard Branson, “Take the competition seriously, but not yourself.”


4) Value Over Money

For most people, forming a business from scratch is a way to become ultra rich. Making money is undeniably part of business, however, it should not only be your main purpose to become an entrepreneur.

Entrepreneurship is more than the money, it gives you the chance to make the world better and change lives. If you really want to become a successful entrepreneur, you should create a valuable business and improve some aspect of your customer and employee lives.

The brands that will thrive in the coming years are the ones that have a beyond profit.


5) Think Simple

Complexity is your enemy. Any fool can make something complicated. It is hard to make something simple.

When you’re still starting out, it’s hard not to overdo things. Because you want to make everything right, you tend to think of things in a more complex way. Sometimes, the best way to address business problems is to think simple.

You don’t have to overthink and make things complicated because you’ll only put pressure and tire yourself. When faced with a challenge, analyze the situation thoroughly and decide if it is a source of worry or not.

Think objectively – not subjectively and always have a game plan.


6) Observe and Wait for Proper Timing

The time to go into a new business is when it’s badly run by others.

Being in a rush to build a business is not a good idea. As they say, timing is everything and that includes the start of a business. If there are lots of cleaning companies in your area that are doing quite well, maybe you should look into another industry.

However, if you feel like the fitness and health clubs in your area don’t really meet the needs of clients, this could be an opportunity for you. Build a better version, create services that are not in other companies and improve on your overall delivery of service.


7) Be Open-Minded and Think Positive

The business industry is limitless, there are no boundaries to what you can achieve. For this reason, an entrepreneur must be someone who is willing to listen to different ideas and opinions.

You don’t have to accept everything, but you need to be open and vigilant because you will never know, maybe that business idea will be useful in the future.

Optimism is also a great quality that you must possess. Don’t let the “what ifs”, the struggles and challenges defeat you. Negativity will never bring you to business success, it will only cause fear, discouragement and stress.

Entrepreneurial business favours the open mind. It favours people whose optimism drives them to prepare for many possible futures, pretty much purely for the joy of doing so.


8) Failure is Part of Business, Learn to Accept Them

Do not be embarrassed by your failures, learn from them and start again.

Uncertainties are part of doing business. If you don’t want to regret anything in the future, do your best in everything. And even if you do your best, know that this is not a guarantee that you’ll not experience failure. As long as you know within yourself that you handled things to the best of your abilities, don’t be ashamed.

Failure happens because you are destined for far greater things. Take it positively, try again – the next time you are stronger and wiser.

About Larry Nicholson

Larry Nicholson, an accredited small business consultant, is the founder and principal of BluPrint Consultants, LLC , where he advises entrepreneurs, business owners, and leadership teams, providing guidance and management, product and service assessment, due diligence, leadership, and strategic planning advice. He brings to each relationship a wealth of problem-solving experience to small businesses and startup companies. Larry currently resides in Tampa, FL.