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?

I have learnt so much over my 40 years of business which would have been valuable to me when I was younger.

I learnt from an early age this need to delegate responsibility out to other team members as there is just too much for one person to do themselves. What is the point of hiring talented team members if you don't give them the freedom to make the most of the chance you have given them?

When you are making a decision about how best to serve your customers, your own experience is often a better guide than a more sophisticated analysis of the market.

Put your passions to work to make this world a better place.

I am constantly pushing myself and my own expectations and have always found that I've always come out better for it. Fear is human nature, but turning fear into opportunity is what will make a difference. I would much rather look back at my life saying "I can't believe I did that," than, "What if I had done that?"

I can honestly say that I have never gone into any business purely to make money. If that is the sole motive then I believe you are better off not doing it. A business has to be involving, it has to be fun, and it has to exercise your creative instincts.