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7 Lessons Every Small Business Owner Can Learn From Richard Branson

Richard Branson Photos in Kenya

Are you just starting out as an entrepreneur and need some really great guidance? Well, here’s some from none other than the most phenomenally successful English Businessman and investor -Sir Richard Charles Nicholas Branson.

He is best known as the founder of the Virgin Group , which comprises more than 400 companies and is the seventh richest citizen in the United Kingdom.

You would certainly love to know what he has to say about starting a business, running a business, hiring and managing people and more.

Lesson 1: Branson’s 5 Step Formula of Starting a Business

Before you even think of opening your shop, Mr. Branson recommends you follow these 5 simple guidelines.

  1. Love what you do- If you don’t enjoy it, don’t do it.
  2. Be innovative: Create something different that will stand out.
  3. Think of bringing together a great team around your company.
  4. Lead by listening: Get feedback from your staff and customers on a regular basis.
  5. Be visible: Marketing, marketing, marketing…you need to really market your company.

Lesson 2: Avoid Start-up Mistakes That Most People Make

Kenya Richard Branson

Starting a business is not easy. Mistakes often happen and the great mogul of entrepreneurship, Branson himself has a few tips to offer in this context.

Always be on target – Be very clear when explaining your plan or idea. The shorter you pitch, the clearer it will be to others. Plan for a few years in advance ( not too many) and stay on target

Don’t go overboard with costs – be Realistic

Never to underestimate the cost it will take to launch your company. If the cost is too high you won’t’ be able to raise the capital. Successful launches have well worked out budgets.

Hire professionals , Not your friends

Your friend needs a job? No, this is not the time to oblige. You must hire people you need , not those you like. Following the Bransonian law you should stay away from working with friends. If they don’t work out, you can’t show friends the door can you?

Lesson 3: Your First Year In Business Will Be a Fight for Survival

Your goal in the first year is simply to survive. You will be spending all your time, energy and money. But you want to win don’t you? So no matter how tired you are or how afraid you are, you need to figure out how to keep going.

Listen to what the Branson has to say:

It’s important to understand what your main motivation is so that you can focus your efforts on reaching those goals. Then structure your job – perhaps by delegating some work – so that you can spend as much time as possible turning this energy to your company’s advantage”

 Read More: 10 Mistakes You’ll Make As a First Time Entrepreneur

Lesson 4: You Need to Lead From the Front

“A company is simply a group of people. And as a leader of people, you have to be a great listener, you have to be a great motivator, you have to be very good at praising and looking for the best in people. People are no different from flowers. If you water flowers, they flourish. If you praise people, they flourish. That’s a critical attribute of a leader.” – Branson.

Tips for entrepreneurial success

  • Find good people.
  • Realize that the employees are the business.
  • Always look for the best in your people. Lavish praise. Never criticize.
  • Don’t take yourself too seriously.
  • Just do it

Lesson 5: Keep Things Fun and Cool

What Kenyans can learn from Richard Branson

Okay, your office is established and you are feeling great. Look around at your employees. Are they liking every minute of their work too? Perhaps they need a break now and then. Bring in a sense of play to the office. When they enjoy working with you, employees are more likely to remain loyal.

Since they love their job, they’ll perform better too. If their performance is poor, probably they are feeling trapped and stuck in their job. Give them a fresh shot of enthusiasm, make them smile.

Lesson 6: Keep Dreaming Big

Branson’s first book, Losing my Virginity, was almost titled Talking Ahead of Yourself. Branson goes on to say :“Because I sometimes think in life you’ve got to dream big by setting yourself seemingly impossible challenges. You can make what people believe is impossible possible if you set big enough targets. If you don’t dream, nothing happens. And we like to dream big.”

Lesson 7: Give it your Very Best

Once you reach the top spot, all you have to do is strive to do better every day, and make sure that customers continue to buy your products or services. Keep going to keep growing.

Of course, this is not an exhaustive list of lessons we can all learn from Richard Branson. So keep sharing, keep commenting and let’s keep learning more and more from this seasoned business guru.

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