Billionaire Virgin Group founder & CEO Richard Branson knows a thing or two about launching and running successful startups. He launched his first business at the age of sixteen, and by the time he was twenty-two, he’d successfully launched Virgin Records. In the years since, his empire has grown to include a record label, an airline, and a mobile phone company. Phew!
Interested in following in his footsteps? Here are Richard Branson’s 5 steps for startup success, as told to Entrepreneur.com.
- Be financially savvy. As you raise capital, think about what you really need. While a swank office can be nice, the money could be better spent on new hires or technology.
- Choose a dynamic name. Convey what you’re selling and help customers keep you at the top of their minds.
- Sell memorable merchandise. Be a source for products that are unique and that won’t be replicated elsewhere. Put your stamp on everything you do.
- Make waves. Learn your industry inside-out and find ways to set yourself apart from the competition.
- Follow through. Keep in touch with you customers and build lasting relationships with them through attentive, personalized service.
Richard Branson answered Entrepreneur.com reader’s questions