Most people assume that a record shop's success lies in selling records. In fact, Virgin's success both in mail order and the record shops lay in skill at buying records.

I set up this magazine called Student when I was 16, and I didn't do it to make money - I did it because I wanted to edit a magazine. There wasn't a national magazine run by students, for students. I didn't like the way I was being taught at school. I didn't like what was going on in the world, and I wanted to put it right.

I think business needs to have a heart and to have a heart a company must be more than just a moneymaking machine.

Everybody has a camera on their phone these days, everybody wants a selfie or a picture, and the moment one person starts taking a picture everybody congregates around so I've become quite a fast walker. I don't like saying, "No," to people but by walking fast one might be able to avoid the first photo.

We always enter markets where the leaders are not doing a great job, so we can go in and disrupt them by offering better quality services.

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?

Successful entrepreneurs don't wait for the perfect moment - they create it