Top 5 Tips for Entrepreneurs by Richard Branson
Want to know how you too could become a billionaire entrepreneur?
There are few people on this earth today with the vast wealth of entrepreneurial experience (not to mention just plain old vast wealth!) and the amazing track record in business, as Richard Branson. He’s a guy who really walks the walk and he lives the dream which is paid for in full by his business success.
From Virgin Records to Virgin Atlantic and countless other ventures, his business empire continues to grow and break into new territory. Sometimes they are extremely risky ventures such as with Virgin Galactic, while others are a little closer to earth, but in all things there are some guiding principles on which his businesses are built.
Richard Branson’s Top 5 Tips for Entrepreneurs
#1 Make life better for other people.
A variation of the “make something to change the world” theme but basically the same – whether it is the entire world or some tiny niche market, if you create a product or service that caters to that specific market or group of people and which makes life better in some way for them, then you’re in with a great shot at success.
Why make life harder for yourself? Give yourself an easier task and increase the chances that your business will succeed, simply by building something which makes life better for others. Go ahead and think big – entrepreneurs really can and frequently do change the world.
You can also use your business to contribute to your community or any field that interests you or is some way related to your business, so build relationships and be generous because what goes around, comes around!
#2 Build a great team, motivate them, look for the best in them.
There’s only so much one person can do, even if that person is Richard Branson, so in order to thrive and grow your business you need to build a team to handle all the different aspects of the business.
When you have built your great team, you need to then delegate to those team members and trust that they will do the job well for which you hired them, give them the freedom they need to make an impact. You also need to take care of the team, build them up and keep them motivated, as even the highest qualified people can fail fast if they are demotivated for whatever reason.
#3 Make sure to provide good value, be the best in the market, build something you can be proud of.
The product or service you build and market obviously needs to actually be worth paying for, otherwise you’re going to have a hell of a job trying to find paying customers. Customers are not stupid and they can also Google for information, for product reviews and for discussion with other customers across the world. If you don’t deliver what your customers expect, what you claim to offer, if you fail your customers in any way, you can be sure that word-of-mouth will spread the bad news, far and wide.
In today’s world where pretty much everything worth doing has already been done and done again, where competition is guaranteed and should always be expected, the way to succeed is to build something better than everyone else. It may be that your product is better or your service is better or your pricing is better, or ideally all three, but whichever path you choose, just make sure you exceed all the competition by far and always go the extra mile to create the ultimate customer experience.
#4 Promote it, even if you have to make a fool of yourself on TV to get the word out when you don’t have money for advertising.
You can build the best product in the world but if nobody knows it exists then your business will of course fail miserably. Getting the word out to the world, or the specific group you wish to reach, requires marketing in some way. If you have vast quantities of money to burn you can just buy lots of advertising and hire an expensive PR company to build some buzz for you.
There are other ways to get attention, cheaper ways, but you need to get creative and sometimes that means making a fool of yourself in public – Richard Branson is of course the master of the publicity stunt and it clearly works well for him. But you don’t need to go to quite the extremes (or expense) that he does to get such publicity, just do some brainstorming and come up with something that works for your situation.
#5 Have fun, make sure your staff have fun, make sure your customers also have fun.
Nobody wants to be a slave to the wage while chained to a desk all day with nothing but hours, days, weeks, months and even years of endless drudgery to look forward to. Work is a big and usually unavoidable part of life but it can and actually should be fun too, even jobs which are otherwise considered to be boring and even life sucking.
Create an environment where staff can thrive, where there is fun as well as work and where they have hope for a better future, not just a life staring at four walls and a computer screen from morning to night.
When staff are hating every moment while at work, you can be sure that feeling will be felt by your customers, it is contagious and will bring death to your business, sooner or later. Your efforts to create fun for employees, a place where they look forward to coming to every day, should also involve your customers. Happy customers in turn helps create happy staff, and a feeling of doing good and of being appreciated both by the customers and by the boss creates a self-fulfilling loop.
Make your product and service great, your business fun, and the world a better place for all involved (including you!), and you will have overcome some of the biggest obstacles to entrepreneurial success.
Source: BBC Radio: Take It On.
Have you implemented any of Richard’s tips in your business? Do you have any other tips to add? Let us know in the comments below!