When we start a new venture, we base it on hard research and analysis. Typically, we review the industry and put ourselves in our customer's shoes to see what we could do better.

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?

Can you afford to ignore China? It's like saying you can afford to ignore the internet. I don't think so.

It can be a challenge not to let failure, or negativity from others, prevent you from going after what you believe in and what in your gut you know can work. However it is important to face these challenges head on and give them a go and importantly don't beat yourself up if you fail - just pick yourself up, learn as much as you can from the experience and get on with the next challenge.

Irreverence ran on both sides of our family...my parents brought me up to think we could all change the world.

What's the most critical factor in any business decision you'll ever have to make? Basically, it boils down to this question: If this all crashes, will it bring the whole house tumbling down like a pack of cards? One business matra remains embedded in my brain - protect the downside.

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