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.

Coming up with the bucket list is the easy part, but ticking off the list is the challenge. I love a good challenge, which is why I strongly advise everyone to come up with a bucket list. It doesn't have to contain out of this world tasks. But once you have written down the list, screw it, just do it!

We've all got to do everything we can to avoid conflicts.

Free publicity and word of mouth is probably the best and cheapest form of advertising. Learn to use it to your advantage.

I like challenges in life and pushing myself out of my comfort zone.

I have always been a huge believer in the inestimable value good mentoring can contribute to any nascent business

When I was young, every time I criticized someone, my mother would stand me in front of the mirror and say: 'The flaws you see in others are actually a reflection of yourself.' That taught me to pay close attention when I looked at others.