Dec 20, 2014

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Richard Branson’s 5 Steps for Startup Success

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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.

  1. 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.
  2. Choose a dynamic name. Convey what you’re selling and help customers keep you at the top of their minds.
  3. 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.
  4. Make waves. Learn your industry inside-out and find ways to set yourself apart from the competition.
  5. 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

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Tanisha Love Ramirez

Tanisha Love Ramirez

Tanisha is the Managing Editor at NEW LATINA, and a social commentary and pop-culture writer/blogger from New York City. She studied Sociology and Women's Studies at Bowdoin College, where she developed a strong interest women's issues and community advocacy. Tanisha has written for the Bowdoin Orient and has interned at BUST Magazine and Jezebel.com.

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