You can't run a business without taking risks. The brave may not live forever - but the cautious do not live at all!

The idea that business is strictly a numbers affair has always struck me as preposterous. For one thing, I've never been particularly good at numbers, but I think I've done a reasonable job with feelings. And I'm convinced that it is feelings - and feelings alone - that account for the success of the Virgin brand in all of its myriad forms.

Universities are fantastic places to gain knowledge on a subject, develop a personal network, explore your character and learn new techniques to approach problems. I do however believe that there is a strong argument for students who have an idea they are passionate about to just try and turn it into a reality. I fell into this category and I don't regret not going to University.

A company's employees are its greatest asset and your people are your product

There is no point in starting your own business unless you do it out of a sense of frustration.

Find somebody else to run your business on a day-to-day basis.

Failing can provide invaluable lessons and making mistakes and experiencing setbacks is part of the DNA of every successful entrepreneur.