If you want milk, don't sit on a stool in the middle of a field in the hope that a cow will back up to you.

If you get into entrepreneurshi p driven by profit, you are a lot more likely to fail. The entrepreneurs who succeed usually want to make a difference to people’s lives, not just their own bank balances. The desire to change things for the better is the motivation for taking risks and pursuing seemingly impossible business ideas.

It's all about finding and hiring people smarter than you. Getting them to join your business. And giving them good work. Then getting out of their way. And trusting them. You have to get out of the way so YOU can focus on the bigger vision. That's important. And here's the main thing....you must make them see their work as a MISSION.

It's far more difficult being a small-business owner starting a business than it is for me with thousands of people working for us and 400 companies. Building a business from scratch is 24 hours, 7 days a week, divorces, it's difficult to hold your family life together, it's bloody hard work and only one word really matters - and that's surviving.

Throughout my business life I have always tried to keep on top of costs and protect the downside risk as much possible. The Virgin Group has survived only because we have always kept tight control of our cash. But, likewise, I also know that sometimes it is essential to break these rules and spend lavishly.

Drive, determination, passion and hard work are all free and more valuable than a pot of cash.

I was interested in creating things that I could be proud of and so, you know, I was interested in being an editor of a magazine, things that I could be proud of, and so, you know, I was interested in being an editor of a magazine, but in order to be an editor of a magazine I had to become a publisher as well. I had to pay the bills. I had to worry about the printing and the paper manufacturing and the distribution of that magazine.