A successful business must have a sound knowledge of its market and work on how its product or service will be different, stand out and improve people's lives. If you can ensure it responds to a real need in the market place, your business can punch well above its weight.

All you have in life is your reputation: you may be very rich, but if you lose your good name, then you'll never be happy. The thought will always lurk at the back of your mind that people don't trust you.

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

One night, I was chatting with a group of 16-year-old girls over a few drinks about a name for the record store ... A bunch of ideas were bounced around, then, as we were all new to business, someone suggested Virgin. It smacked of new and fresh and at the time the word was still slightly risqué, so, thinking it would be an attention-grabber, we went with it.

We've definitely cracked the technology. Now we're just trying to be able to produce the amount of fuels that we need to satisfy our own needs and then other people's needs.

We will eventually build space science labs and hotels, prodding the capability for missions beyond the orbit of the Earth. Our space-hotel guests will be able to take breath-taking excursions, flying a couple of hundred feet above the Moon's surface in small two-man spaceships. In time, we will launch missions to Mars and beyond.

There is no planet B. We have to take care of the one we have