10 Survival Strategies For Entrepreneurs From Richard Branson

richard-branson-10-surivival-strategies-for-entrepreneurs

Sir Richard Charles Nicholas Branson is an English business magnate, investor, and philanthropist. He founded the Virgin Group, which controls more than 400 companies. Branson expressed his desire to become an entrepreneur at a young age.
Source: Wikipedia

Born: 18 July 1950 (age 66), Blackheath, London, United Kingdom
Net worth: 5 billion USD (2017) Source: Forbes

He loves sharing strategies, concepts to business owners to reach next level in entrepreneurship career.

I call his lessons as Richard Branson Survival Kit for Entrepreneurs.

Let’s see his Top 10 Strategies,

  1. Grow internally first. Strengthen your bottom line first before considering external growth.

  2. Build your own business team. Survival in business requires a synergy of skills.

  3. Learn to use your brain power. Critical thinking is the key to creative problem-solving in business.

  4. Learn to live on the edge.

  5. Be creative. Innovate consistently on the little things that the big companies ignore. Little things often make big differences in business.

  6. Listen to the customer’s complaint and act fast.

  7. Meet regularly with your business team and brainstorm. Intricate business problems are mostly resolved at brainstorming sessions.

  8. Run lean; avoid unnecessary expenses.

  9. Follow your instincts and live with the consequences.

  10. Seek out strategic alliances; they are essential to growth and provide resistance to bigger competition.

BONUS!!

If you are a new startup company, try not to arouse the interest or suspicion of your competition; especially if they are a bigger company. They can crush you while you are still in your startup phase. Lie low while still strengthening your bottom line.  

 

I like one of his favorite strategy on Business – “We don’t actually plan to launch new businesses over the next few years, but we are planning to take the ones we have into new territories.” – Richard Branson

 

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