In an exclusive interview, entrepreneurial legend and founder of more than 400 companies world-wide, Richard Branson, says a ‘screw it, let’s do it’ approach to business is one of the driving forces behind his success.
“Whenever I experience any kind of setbacks, I always pick myself up and try again. I prepare myself to have another stab at things with the knowledge I have gained from the previous failure. My parents always taught me never to look back in regret, but to move on to the next thing,” he says.
Branson says focusing on past failures is a major waste of time and that entrepreneurs need to ensure they’re learning from their mistakes while quickly moving on.
“The amount of time people waste on failures rather than putting that energy into another project always amazes me. I have fun heading the Virgin group of businesses, so a setback is never a bad experience, just a learning curve.”
Furthermore, Branson believes that when it comes to industries like financial planning, which are based on selling a service rather than a physical product, it’s crucial to build up a strong brand to set your business apart from the competition.
“Even today, the Virgin brand is not a product like Coca-Cola or McDonald’s; it’s an attitude and a way of life to many. At Virgin Money, we’re building a better kind of bank. A bank that genuinely cares about the customer and provides a better experience and better-value financial products in a straightforward, transparent way. I think that it is important to build up a strong brand when selling an intangible service as it makes your service distinct and different from anyone else’s.”
The full exclusive interview with Branson will be published in the premier issue of Wealth Professional magazine. To ensure that you receive your copy, sign up for a free subscription.