I had no plans to be an entrepreneur. I just wanted to be a journalist and write for a magazine. At 15, I just decided to leave school and launch a national student magazine.

Most of our businesses do succeed, but if something completely fails, then as long as we bow out gracefully and pay off all our debts, and nobody gets hurt, then I don't think people disrespect Virgin for trying. The public appreciates someone having a go; it appreciates the attempt. Who's been a success in life who hasn't failed?

There is no point in going into a business unless you can make a radical difference in other people’s lives.

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

The music industry is a strange combination of having real and intangible assets: pop bands are brand names in themselves, and at a given stage in their careers their name alone can practically gaurantee hit records.

I never went into business just to make money - but I found that if I have fun, the money will come. I often ask myself, is my work fun and does it make me happy? I believe that the answer to that is more important than fame or fortune. If it stops being fun, I ask why? If I can't fix it, I stop doing it.

The years I would have spent at University, I spent building Student Magazine and Virgin Records. For me that was far more fun and satisfying. I have treated everyday as the University education I never had and think I learnt more about business and life than I would have at University in the process.