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Sir Richard Branson – five top tips for a new generation of entrepreneurs

When you first start a business you need a lot of support. Start-Up Loans provides funds and mentorship to help get new businesses off the ground. Virgin Money, Virgin Unite and our partners are supporting the scheme, and a great example of this took place last week at our home in the UK.

We brought together some of the exciting young companies benefiting from Start-Up Loans and lots of really good mentors. I believe a good percentage of these businesses will be successful, whereas they wouldn’t have been without the help of mentors and Start-Up Loans.

Here are five tips for a new generation of entrepreneurs that came out of the day:

5. Get the business model right
Neil Stephenson, CEO of Onyx Group, stressed the importance of making sure your business model works. You need to find a market that is ripe for disruption and make sure your product is better than your competitors – having a sound business model will help you to do this. If you have a great product and a brilliant team then success is far more likely.

4. Trust your instincts
Sam Driver, Director of Thousand Yard Films, highlighted how crucial it is to trust your instincts. I have made hundreds of decisions that accountants and lawyers completely disagreed with, because I had a feeling they would work. Sometimes the rulebook is only there to be thrown out, and the right decision is your initial instinct.

 

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