One night, I was chatting with a group of 16-year-old girls over a few drinks about a name for the record store ... A bunch of ideas were bounced around, then, as we were all new to business, someone suggested Virgin. It smacked of new and fresh and at the time the word was still slightly risqué, so, thinking it would be an attention-grabber, we went with it.

When you are starting a business or going down any challenging endeavor, you are bound to encounter challenges. You are going to hit many roadblocks and obstacles. These are obstacles that would make any sane person want to throw in the towel and quit. If you want your business to succeed, you can’t do that (duh).

If family or friends are unwell or ill - it's perhaps the only thing that really can make one feel vulnerable.

With all my employees, I listen to them, trust in them, believe in them, respect them and let them have a go! I never believe I know better than they do and have been fortunate over the years to build up a very strong management team whom I can trust and take advice from.

Space travel will be like every other business. There will be competitors. . . . Thirty months from now, I'm confident we'll be flying people into space.

I'm a lad of the '60s. I started a magazine to try and end the Vietnam war, but it was a number of years before I had the profile, the financial resources and the time to do more.

For a successful entrepreneur it can mean extreme wealth. But with extreme wealth comes extreme responsibility.