Richard Branson defends five commonsense business principles

Aug 03, 2015Enoch Antwi

To ensure we stay in business, Richard Branson says we must show purpose using sound business principles and also cultivate the will to learn.

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Richard Branson is the Chief Executive Officer (CEO) and founder of the Virgin Group. The Virgin company comprises over 400 different companies. He showed extraordinary entrepreneurial abilities as a teenager and soon become a proud owner of a student magazine.

Unfortunately, he opted out of school early, but luckily, this decision helped him start his Virgin Records company in 1972. A journey he pursued steadfastly, which will soon become a blueprint for the business community. And later make him earn his top business executive status.

He has gained a well-known reputation as an English business executive, highly accomplished, and a prolific investor. Born in July 1950 and has succeeded as a man who followed his dreams at a tender age, he brings his business experience to all entrepreneurs.

Risk-taking starts the journey for business success

Richard Branson advises every entrepreneur to have a risk-taking mentality. He said from the very onset that you decide to be in business and enroll in your first startup, you should be prepared to take risks. Because as Charles Branson puts it, “Every business involves risks taking”.

"For you to survive in business, people must know what you are doing right."

Branson also urges entrepreneurs to prepare for failure in their quest to succeed. “There will be a multitude of failures," he opines, but reveals that failure will not bring an end to your business aspirations. But it provides the opportunity for a candid assessment and, most likely, a learning period and rebound. Branson is of the view that if you have an over-cautious mentality, you create a hostile environment to achieve your business goals.

Work hard to attain your highest mark

Once entrepreneurs perceive themselves as having fully arrived, they could easily succumb to complacency. This attitude, Charles Branson says, is a business danger and loophole you must avoid. He advises entrepreneurs not to rest on their laurels since there is always an opportunity to increase profits and further expand innovations or an entire vision.

He said startups and entrepreneurs must understand that business and entrepreneurship are a continuous race, with many people working hard daily to improve on their successes. If you sit back because of what you think you have achieved, you will soon be out-paced.

Improve and maintain a high business impression score

Richard Branson reiterates you must impress those who want to do business with you with your customer service handling. He says your first and second impressions are the lifelines of your business. Richard Branson observes that your first impression is critical in acquiring your potential customers. But customers contact you the second time, most often with problems they may have after service. How you resolve issues affects your brand in building leads and maintaining great customer relations. And your business team must show competence in customer service.

To maintain our customers, Richard Branson urges we must also win our valuable staff's confidence. He says your customers will be right most of the time. But your team and what your organisation stands for could equally be right. As an entrepreneur, strike a healthy balance in earning your workers' confidence and maintaining your high-earned customers.

Richard Branson says branding sets the pace for success

Brand management shows the way forward for successful businesses. However, defining your brand is necessary for successful management of it. Choosing a business name underscores what your business represents. The business name you choose must have value, represent a purpose, and be meaningful to your business. He says, “To us, Virgin will always stand for improved service and a new industry approach with added value.”

Richard Branson encourages entrepreneurs to examine all the indexes that propel their brand constantly. He reveals that while his company, Virgin, has ventured into many business territories, it remains focused on one important thing. “We are always finding new ways to make people happy,” he concludes. Richard Branson explains it is rewarding to stay focused on what you know and do what you learn best. “Don’t over-promise but over-deliver, " he urges. This concept, Branson believes, will grow your customer experience and expectations. And help your business stay ahead of your competition.

Visibility makes you stay on top of your game

Richard Branson emphasis that, for the successful business owner, becoming visible both in words and indeed is an uncompromising business value. “Sell yourself, " Branson elaborates, "For you to survive, people must know what you are doing right”.

In contrast, however, Richard Branson observed people would challenge some of your ways and opinions. But he believes that this is also a good thing. Constructive criticisms counter generates fresh and unique ideas for your limelight business experience.

Enoch Antwi

Enoch Antwi is the managing editor at The Business Frontal. He worked as a business and an environmental journalist in the late 1990s with the Business and Financial Times. His passion is to provide on-demand valuable information and insights on business, entrepreneurship, leadership, innovative technologies, and principles for corporate success in today's business world.