If you follow your dreams and spend your life doing what brings you joy, you are more likely to find success

If you're hurt, lick your wounds and get up again. If you've given it your absolute best, it's time to move forward.

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 went all the way down the Himalayan chain for a day and a half. That was magnificent, except the Chinese told us they were going to shoot us down if we came out the far end. So I spent a lot of my time contacting former Prime Minister Tony Blair begging him to tell the Chinese we were coming in this direction by mistake and could he please say we have no nasty motives for flying into their territory.

Listen to the customer's complaint and act fast.

When you are starting a business or going down any challenging endeavor, you are bound to encounter challenges. You are going to hit many roadblocks and obstacles. These are obstacles that would make any sane person want to throw in the towel and quit. If you want your business to succeed, you can’t do that (duh).

To have created one of the most respected companies in the world. Not necessarily the biggest.