One thing is certain in business: you will make mistakes. When you are pushing the boundaries, mistakes are inevitable-how you react is important.

Ideally, since 80 percent of your life is spent working, you should start your business around something that is a passion of yours

Be swift to take advantage of business opportunities. Bigger companies are too cumbersome to move quickly; this can be a competitive advantage for you.

Money is a poor indicator of success.

To be a great leader, you must be a great listener

Fun is at the core of the way I like to do business and it has been key to everything I've done from the outset. More than any other element, fun is the secret of Virgin's success. I am aware that the ideas of business as being fun and creative goes right against the grain of convention, and it's certainly not how the they teach it at some of those business schools, where business means hard grind and lots of 'discounted cash flows' and net' present values'.

I just kind of dive in if I think I can create something that will make a difference and then try to get the numbers to stack up after the event. So most of the things I've done I would not have done if I'd have asked the accountants to look at them before.