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.

I am always working on the go. I have never had an office that I work out of and work has become intertwined with my personal life. Fortunately I am able to work from my home and can answer my e-mails in the morning, play tennis or kitesurf in the afternoon to keep fit and have meetings or phone calls in between.

I've been taught not to have any regrets. If we were to add up all of the hours spent regretting mistakes and use that time to develop new ideas, who knows how many brilliant new businesses would be created.

When people are placed in positions slightly above what they expect, they are apt to excel.

If you don't make bold moves, the world doesn't move forward.

Lavish praise on people and people will flourish; criticize people and they'll shrivel up.

Don’t just play the game – change it for good.