Found via Market Folly.
I am often asked if I have found a secret – or at least a consistent answer – to successfully building businesses over my career.
So I’ve spent some time thinking about what characterizes so many of Virgin’s successful ventures and, importantly, what went wrong when we did not get it right. Reflecting across 40 years I have come up with five “secrets.”
No. 1: Enjoy What You Are Doing.
No. 2: Create Something That Stands Out.
No. 3: Create Something That Everybody Who Works for You is Really Proud of.
When you’re building a business from scratch, the key word for many years is “survival.” It’s tough to survive. In the beginning you haven’t got the time or energy to worry about saving the world. You’ve just got to fight to make sure you can look after your bank manager and be able to pay the bills. Literally, your full concentration has to be on surviving.
Obviously, if you don’t survive, just remember that most businesses fail and the best lessons are usually learned from failure. You must not get too dispirited. Just get back up and try again.