5 Richard Branson’s Formulas for Success that will Transform Entrepreneurs

Globally acclaimed magnate, Richard Branson, has made it big in the business world by integrating business formulas that entrepreneurs can also apply to their businesses. However, building a great business and becoming a successful entrepreneur is difficult, and no two people have ever done it the same way.

Every entrepreneur has a unique set of difficult decisions and competing goals. Although there are many directions to help you, no one can teach you how to run a successful business. The Virgin Group founder said on his blog, “No two successful entrepreneurs are the same. In fact, it’s their individuality and different ways of thinking that make them successful”.

During his 50 years of business career, Richard Branson found some formulas that can positively transform entrepreneurs businesses. Here are five:

Dream and think big and take a calculated risk

Every success story begins with a dream, so dear to think big. Many people will drag you down by delivering negative criticism when your dreams don’t look feasible. Branson was a music fan who created a corporate empire around it. To some, he was insane for signing the provocative band, the Sex Pistols. This was a risky decision, but it paid off handsomely since the band is recognised for kicking off the punk movement.

There is, however, a dangerous element in addition to dreaming. You must go for it, even if it means being knocked down. Branson teaches that taking the easy way out seldom leads to success. And while taking risks may fail, you must resist the urge to give up. According to Branson in his autobiography, Like a Virgin: Secrets They Won’t Teach You in Business School, “there’s no such thing as a total failure.”

Plan and Be Prepared to Bounce Back from Mistakes 

Richard Branson believes in having faith in one’s ideas and following them methodically. The best way to achieve this is to get people’s opinions. In his autobiography, he said he bounces all ideas “off numerous people before finally saying, we’ll give this one a miss, or let’s do it”.

Also, if you have not had much luck with your business, don’t fright it is normal. Every successful businessperson has had a few setbacks on their entrepreneurial path; what matters is how you respond to them. Do not get discouraged by a few setbacks; instead, identify what went wrong, assess what and where you can improve, and start over.

Therefore, prepare ahead of time and provide solutions to every circumstance, even the most grave. However, if you make a mistake, swiftly recover and go on. Mistakes are inevitable, so learn from them just as Richard Branson has done in his 40-plus years of entrepreneurship. Instead of concentrating on your errors, channel the energy into positive thinking, and the answer will appear sooner.

Instead of being a boss, strive to be a leader

Being in charge is an intrinsic aspect of entrepreneurship. However, rather than becoming a boss, strive to be a leader. In the workplace, Sir Branson dislikes the concept of “the boss”. Bosses shove ideas down employees’ throats. This is because an employee will generally agree to every idea an employer brings to the table. According to Richard Bradson, 90% of the time, these people don’t agree and may offer a better option.

Hence, he advises entrepreneurs that want to be successful rather be a leader who organises instead of a boss who gives instructions. A business leader who organises can put his or her ideas into action while motivating others to contribute something new. A business leader who organises can put his or her ideas into action while encouraging others to contribute something new.

Build Relationships the Old Way: Face-to-Face & Phone Calls

Yes, Google Hangout, Whatsapp, text messaging, and email are available. Face-to-face meetings or regular old-fashioned phone conversations, on the other hand, are unrivalled. He said small difficulties could sometimes escalate through email and text chats when a simple phone call or meeting might have resolved the issue much more quickly.

If you absolutely must use technology, utilise Google Hangout, Skype, or FaceTime with the camera turned on so that you can see the other person.

Perfection is Temporal, Forever Shifting, Extremely Dynamic

Perfection is unachievable in any area of life because things always improve for the best. Therefore, an entrepreneur must understand this before passing it on to his team leaders and staff.

The fundamental risk in the concept of perfection, according to Richard Branson, is that once people think they have accomplished a goal, they relax. In his autobiography, “When they believe they’ve nailed it, most people tend to sit back and rest on their laurels while countless others will be labouring furiously to better their work!”.Always keep in mind that there is space for growth.

READ ALSO: 8 Sacred Business Lessons From Tony Elumelu to African Entrepreneurs