Look, I think that when we started Virgin Atlantic 30 years ago, we had one 747 competing with the airlines that had an average of 300 planes each. Every single one of those have gone bankrupt because they didn't have customer service. They had might, but they didn't have customer service, so customer service is everything in the end.

Having no regrets makes way for the best piece of advice I can give - don't be afraid of failure.

Most people assume that a record shop's success lies in selling records. In fact, Virgin's success both in mail order and the record shops lay in skill at buying records.

I can honestly say that I have never gone into any business purely to make money. If that is the sole motive then I believe you are better off not doing it. A business has to be involving, it has to be fun, and it has to exercise your creative instincts.

We should all seek to innovate, or be curious about innovation. Innovation truly is one of our greatest gifts.

Good brands reflect the histories of the time and the group of people that made them. They can not be copied. They can not be recycled.

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!