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.

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

I am prepared to try anything once.

I would not be able to change a sparking plug and I would not be able to fly a spaceship or build a rocket or whatever. But what I am good at doing is finding brilliant people and surrounding myself with brilliant people.

To me, business isn't about wearing suits or pleasing stockholders. It's about being true to yourself, your ideas and focusing on the essentials.

A business is simply an idea to make other people's lives better.

Like getting into a bleeding competition with a blood bank.