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 believe a good leader brings out the best in people by listening to them, trusting in them, believing in them, respecting them and letting them have a go.

Fun is one of the most important - and underrated - ingredients in any successful venture. If you're not having fun, then it's probably time to call it quits and try something else.

Rather than getting nostalgic...embrace the new opportunities and challenges available to you now.

My number one rule in business, and in life, is to enjoy what you do. Running a business involves long hours and hard decisions; if you don't have the passion to keep you going, your business will more than likely fail. If you don't enjoy what you are doing, then you shouldn't be doing it.

Communicate your passion clearly, concisely and with genuine conviction.

If you do something for fun and create the best possible product, then the profit will come.