Richard Branson's TOP 10 for Entrepreneurial success

Richard Bransonone of the worlds best known and most admired entrepreneurs GIVES HIS TOP 10 rules for success

New business ventures require vision and courage to think up new ways of operating existing businesses, in many different industries.A concept may seem to far fetched or different from the standard operating procedures, but that doesn’t mean its the wrong approach. Consider the possibilities and directions the idea may go.

Find the Courage to Try

1

Choose managers for various aspects of 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.

Delegate

2

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.

Keep things simple

3

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.

Be a leader

4

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.

Don’t give up

5

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 as there are always consumers who want to save money and are willing to utilize more basic, no frills services.

Shake things up

6

Treat people with respect and dignity and they will serve you well in terms of establishing a positive corporate culture and getting others to do what is necessary. A leader can possess power without abusing it. 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.

Treat people well

7

Skepticism comes with any new concept or business idea; different and untried. It often is 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.

Expect skepticism

8

This means treating people with respect, whether they are employees or customers. Thinking about how business operations affect customers and people involved contributes to the company’s positive corporate image.

Affect lives positively

9

Doing things differently means improving processes and taking chances based on strengths and weaknesses. Various fare structures, pricing strategies, or marketing tactics are examples of areas in business that can benefit from a different approach.

Do things differently

10