I've had many challenges - every entrepreneur does - it's the nature of the beast.

I believe a great company, whether improving a sector or creating a new one, needs to have an excellent product or service at its core; needs strong management to execute the plan and a good brand to give it the edge over its competitors. Providing quality service, combined with value for money and in an innovative way ensures you offer real value - and finally to be responsible to society and the planet.

I think in life the key thing is just to fight really hard to make sure something survives. If it looks like you've done everything you can to avoid failure, just move forward, move on and learn from it.

Ideally, since 80 percent of your life is spent working, you should start your business around something that is a passion of yours

My parents brought me up with this philosophy. You must do things. You mustn't watch what other people are doing. You must not listen to what other people are doing.

Because I don't see Virgin as a company but as a way of life and I fully enjoy it, I don't think I'll ever retire.

I am convinced that companies should put staff first, customers second and shareholders third - ultimately that's in the best interest of customers and shareholders.