First of all, if you're setting up a new company, you want to try to find a brand that can work on a global basis.

To succeed in business you need to be original, but you also need to understand what your customers want.

Entrepreneurial business favours the open mind. It favours people whose optimism drives them to prepare for many possible futures, pretty much purely for the joy of doing so.

The way you treat your employees is the way they will treat your customers

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!

Most of our businesses do succeed, but if something completely fails, then as long as we bow out gracefully and pay off all our debts, and nobody gets hurt, then I don't think people disrespect Virgin for trying. The public appreciates someone having a go; it appreciates the attempt. Who's been a success in life who hasn't failed?

Above all, you want to create something you're proud of.