Richard Branson started his first business selling mail-order records when he was 20 years old.
Over the last 40 years, he’s turned that business into an entire Virgin empire, and Forbes estimates that he’s worth $4 billion.
The super-successful entrepreneur shares some of his best advice for other aspiring business-owners in a post for OPEN Forum.
Here are his top five tips for entrepreneurial success:
1. Hire passionate, excellent people.
“Specifically, we look for leaders who have the ability to listen to feedback from employees and customers – this is crucial to keeping a service or product fresh and innovative.”
2. Never forget that your employees make your business.
“In Virgin’s case, we fly the same planes as our competitors and our gyms offer much of the same equipment as other gyms. What separates our businesses from the competition? Our employees.”
3. Don’t concentrate on mistakes — focus on praising great things, instead.
“If this culture of fostering employee development through praise and recognition starts at the top, it will go far toward stamping out the employee fear of failure that can stunt a business, particularly in its early days.”
4. Have fun.
“My approach will not work for all businesses, but keeping a sense of perspective and not allowing management to be seen as aloof will help keep your staff onside.”
5. Don’t be afraid to just go for it.
“Finally, to succeed in business, you must have the bravery to give it a go. Starting a business is a big risk; an entrepreneur needs resolve and conviction to overcome the early hurdles.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.