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Richard Branson is the only entrepreneur to have built eight separate billion-dollar companies in eight different industries — and he did it all without a degree in business. Branson says, “When I started Virgin from a basement in West London, there was no great plan or strategy. The unique name and brand that Virgin employs is one of the things that has made the company a success.
Branson warns that many entrepreneurs think providing services based on a the-customer-is-always-right philosophy will improve their businesses. When it comes to defining your brand, Branson advises you do the opposite of what he did with Virgin, which is spreading out all over the place.
Branson compares exploring new territory in business to exploring new territory in science or geography.
A workplace should be one in which the boss and his or her employees communicate well and work together toward the same goal.
If you think there might be discrepancies or tension between employees and management, Branson advises to check with the middle management first to try to uncover the source of the problem and address it head-on. Employees must feel free and encouraged to openly express themselves without rigid confines so they can do better work and make good, impactful decisions.

As a young man, Branson found a mentor in David Beevers, an accountant and friend of his parents who taught him the basics of bookkeeping and provided him with a wise and patient approach to business that Branson still uses in his own life. Business ventures with another person, be it a friend or a partner, don’t always work out. But just because you decide to go in another direction doesn’t mean things have to end badly, especially with a friend, says Branson. Some people may be used to doing a job differently, but if you see a personality fit and give the person the opportunity and room to expand in a new role, they may surprise you with what and how much they’re capable of. A good leader is someone who doesn’t just execute his or her own ideas, but also inspires others to come forth with their own.
The only way to listen to the other person is to be silent, without interrupting them or planning what you want to say before they’re done. It’s his secret business weapon, he says, as it also leads to new business ideas as he goes. Be prepared to get knocked down, says Branson, but success rarely comes from playing it safe. The first impression is extremely important, says Branson, but the second is just as important.

How you present yourself and your brand in these situations says a lot about how your brand maintains good customer relationships and handles obstacles. He just believes that it’s something you can change and manipulate simply by not being afraid to fail.
Handle any problems quickly and directly, and end the relationship as amicably as possible. An entrepreneur should be prepared to adapt, and avoid being nostalgic about the company itself. Everyone makes mistakes, but the best thing you can do in the face of a mistake is own up to it. Be wary of damaging relationships with customers or staff with your customer service policies.

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