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.

Bakers bake bread, accountants manage accounts and entrepreneurs turn ideas into reality.

When I started Virgin from a basement in west London, there was no great plan or strategy. I didn't set out to build a business empire ... For me, building a business is all about doing something to be proud of, bringing talented people together and creating something that's going to make a real difference to other people's lives.

Having a personality of caring about people is important. You can’t be a good leader unless you generally like people. That is how you bring out the best in them.

Believe in yourself and back yourself to come out on top. A fulfilling career is waiting for those brave enough to find it.

To stand still today is to go backwards...and quickly...!

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