Learn to use your brain power. Critical thinking is the key to creative problem solving in business.

Meet regularly with your business team and brainstorm. Intricate business problems are mostly resolved at brainstorming sessions.

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

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.

Never to be frightened of taking risks and always follow your instincts!

I have always believed that there is no point in having regrets as you learn far more from mistakes than successes. Embrace a mistake and learn from it; don't regret them.

I am a great believer that you need passion and energy to create a truly successful business.