Richard Branson is one of the worlds best known and most admired entrepreneurs. He's the founder of Virgin Records, Virgin Atlantic airlines, and many other successful business ventures. In this video he gives his top 10 rules for success.
Top 10 Rules For Success
Consider Richard Branson's Top 10 Rules For Success Below:
1.Find the Courage to Try
New business ventures require vision. Branson is successful because he has the courage to think up new ways of operating existing businesses, in many different industries.
A concept may seem too far fetched or different from the standard operating procedures, but that doesn't mean its the wrong approach. Consider the possibilities and which directions the idea may go.
Knowing who is at the top in his or her specific field is critical, in hiring the right people for various roles or jobs. Managers with specific expertise that is well beyond what Branson possesses is the key to managerial success, in his view.
He has chosen managers for various aspects of his businesses, based on experience and reputation within their respective fields or specialties. Knowing when to let go and take a hands-off approach to a project requires patience and wisdom.
3. Keep Things Simple
Simplifying business models and processes helps leaders stay on top of progress and monitor day to day changes or challenges. Complicated procedures and processes require more intense monitoring and make it more difficult for managers to maintain successful operations.
Focusing on the most important goals and reasons for new undertakings allows leaders to keep abreast of what's going on at all times, whether in industry trends, new competitors, or changes in consumer markets.
4. Be a Leader
Being a leader means setting the tone for behavior and how the business is perceived. It also means setting an example, through ethical and legal considerations.
If a leader wants to encourage a particular culture within the organization, he or she must display behaviors that encourage that culture and find managers who are likely to support those behaviors and attitudes as well.
A leader who is concerned about ethical behavior will not hire managers who behave unethically or have reputations for such behavior.
5. Don't give up
An idea may seem too difficult to conceptualize or may have several obstacles to implementation. However, by thinking about all the possibilities and routes to achieving the objective, there are likely to be solutions to get past any obstacles.
This is where hiring managers with industry expertise can be helpful. But, those managers must also possess some creativity, to find unique solutions to common business challenges.
6. Shake things up
Often, an idea or concept is not a new one, but simply a different way of competing in a particular industry. Offering basic services at lower rates, without the frills or bells and whistles is one successful approach used by Branson.
There are always consumers who want to save money and are willing to utilize more basic no-frills services. Such services can be less complicated, making utilization appealing to many different market segments.
7. Treat people well
Treat people with respect and dignity and they will serve you well. This is an aspect of conducting business that many leaders tend to forget.
A leader can possess power without abusing it. This is one of Richard Branson's Top 10 Rules For Success that many competitors will fail to understand.
They may still be considered successful but will face many challenges, in terms of establishing a positive corporate culture and getting others to do what is necessary. Getting things done at all costs can result in losing customers, projecting a negative corporate image, or in failing to motivate others within the organization.
8. Expect skepticism
Skepticism comes with any new concept or business idea. Those who are considered experts believe they have formulas for success that can't deviate in any way.
They may not have tried a different approach, as it has never been done and may not be considered the tried and true approach in the industry. However, skepticism comes from opinions.
Often those opinions are based on limited experiences or on fear of competitors becoming successful. Successful entrepreneurs are able to rise above the skepticism, to see their ideas through.
9. Affect lives positively
This means treating people with respect, whether they are employees or customers. By thinking about how business operations affect customers and people involved, decisions are made, which contribute to the company's positive corporate image.
All businesses do not operate with the mindset of considering how various actions affect consumers, employees, and other stakeholders.
10. Do things differently
Doing things differently does not mean ignoring standards, rules, or guidelines. It means thinking differently about how some processes may be improved, how processes may be streamlined, and taking a chance on trying something new.
Various fare structures, pricing strategies, or marketing tactics are examples of areas in a business that can benefit from a different approach. Richard Branson's Top 10 Rules For Success are guidelines that anyone can use, for those considering becoming entrepreneurs.
Branson is easy to talk to, has a good idea of his strengths and weaknesses, understands what people want and how to deliver it to them. He is able to effectively apply concepts or ideas in a way that works for his business ventures and this has made him one of the world's most successful and respected entrepreneurs.
Evan Carmichael has created some great videos about successful people and you can find more on his Youtube Channel.
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