Helpful Advice for Entrepreneurs by Richard Branson
Helpful Advice for Entrepreneurs
Richard Branson is considered as one of the most accomplished businessmen in the world and his achievements have made him an icon in the eyes of numerous thriving business entrepreneurs. His experience of building a huge business empire based on Virgin companies has inspired many to follow his footsteps. We present you a few helpful tips prescribed by Richard Branson on acquiring the qualities of a successful entrepreneur.
As per Richard the most important thing about running a company is to understand that organisations are made up of humans. Therefore, it is important to consider the ‘human’ aspect and to understand the requirements of your employees. A good leader is a good listener, motivator and problem-solver. Richard suggests that a good leader will be able to identify problems and inspire others to perform. Successful leaders are also those who praise employees for their efforts and are constantly engaged in appreciating and acknowledging the work of others. Richard suggests that this appreciation is crucial for the success of the company. Verbal and informal appreciation can lead to employees feeling more committed at work which can have a good impact on their performance – leading to an increase in organisational performance.
Richard also lent his useful advice to budding entrepreneurs, about the survival instincts required in times of hardship. In order to emphasise his point he narrated a story based on his personal experience of handling Virgin Atlantic. While setting up his own airline company, Richard was caught up in a financial dilemma. Due to the hefty amount of money borrowed from the bank he was granted two days’ time to save his company from liquidation. The entrepreneur never gave up even in the most difficult situations and due to his unwavering determination and efforts he managed to find music distributors who helped him arrange the money. Richard believed in finding a path even in the darkest hours, which is why he advices the rest to do the same.
Richard believes that this piece of advice is valuable for any entrepreneur who is leading a vast enterprise. Richard believes in delegating responsibility and power.
“Virgin does work very well without me, although I have built 300 successful companies around the world on my own, but in the meantime I also learned the art of delegation. I have a fantastic team of people running my companies, who are guided by their own minds and I give them a lot of freedom to make mistakes”.
Richard believes in creating a healthy work environment for people. He also believes in creating work places which are not dependent on the entrepreneur. Richard believes that a leader should always follow his inner voice and agree to live with the consequences of the decisions he has made. He should also encourage his employees and always trust their judgement. Even after following all these steps, your company fails then never feel demotivated or ashamed to start over again.
Entrepreneur should focus on creating lively and healthy work places. Delegation and responsibility – devolution and a decentralised system can be the key to success. Sometimes budding entrepreneurs overlook some of the simplest of mistakes which can cause them hefty amounts of money and losses. Considering the above useful advice from Richard Branson, entrepreneurs will not only be able to learn to create a better work environment but also a successful one!