Entrepreneurial business favours the open mind. It favours people whose optimism drives them to prepare for many possible futures, pretty much purely for the joy of doing so.

I'm a lad of the '60s. I started a magazine to try and end the Vietnam war, but it was a number of years before I had the profile, the financial resources and the time to do more.

My definition of success? The more you are actively and practically engaged, the more successful you will feel.

When something doesn't go exactly to plan, money is tight or a business is struggling - see it as a challenge rather than a failure. Look outside the box and try and find a solution - you'll be surprised how many great opportunities and possibilities arise when things look bad. You've just got to open your mind and not be afraid of sticking your neck out!

Be the best at what you do

Throughout my business life I have always tried to keep on top of costs and protect the downside risk as much possible. The Virgin Group has survived only because we have always kept tight control of our cash. But, likewise, I also know that sometimes it is essential to break these rules and spend lavishly.

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?