Seven Keys To Virgins Success

1. Trial and Error

"If you arent willing to try everything and make a mistake, then you'll never make anything of yourself"

2. Branding and Brand Awareness

"Of course, there is a method to my madness. When you are entering into a new industry, for example, it helps to do something to get your name on the front pages."

When businesses are sold or the brand leased, annual royalty fees are charged and, as part of the agreement, a right to cancel at short notice if the other party misuses or decreases any value in the brand.

3. Barriers to Entry

"We need to find new ways to stay ahead of the pack because the best will never go bust."

By strengthening the brand and breaking new markets, Virgin is creating a barrier for others to follow. When they enter an industry or market, 33 years of brand values and credibility follow them, something its competitors dont have.

4. Protect the Downside

"When taking a risk, make sure to protect the downside."

Having built a reputable brand that worked, he started using his own brand to attract investment partners who could inject cash.

There are occasions when Virgin puts in all the cash at the start then attracts investors later.

5. Self Belief and Gratitude

"Its just a matter of scale, but first you have to believe you can make it happen."

"My interest in life comes from setting myself huge, apparently unachievable challenges and trying to rise above them."

Life is short and its necessary to become 'fearless'.

The drive is from focusing on the reward as opposed to the risk.

Find good people and let them get on with it.

6. Compulsive About Expansion

"Business is a fluid, changing substance, and, as far as I'm concerned, the Virgin group will never stand still."

Diversification

7. Patience

"Remember, there is always another deal. Deals are like London buses, there is always one coming."