How to Run Your Startup Like Richard Branson

Branson's formula to success is simpler than you may think.

Kristopher B. Jones is a prominent internet entrepreneur, investor, public speaker, and best-selling author. Kris is the founder and former President and CEO of Pepperjam (sold to eBay), managing partner of KBJ Capital (13 companies), and the founder of lseo.com.

Education is the cornerstone of any successful formula in young entrepreneurship. As entrepreneurs and their respective businesses grow, the ones that focus on continued education will have a smoother path to the top. I learned this quickly while building up my first company, Pepperjam, which, through parent company GSI Commerce, was sold to eBay Enterprises. Part of this success can be attributed to the education I received by studying Richard Branson, one of the world's most influential entrepreneurs.

Branson, who suffers from dyslexia and dropped out of school at 16, started Virgin Records in 1973 at the age of 20. He began expanding the Virgin name into other sectors, including phones and planes. Today, the Virgin Group holds more than 400 companies. Branson's lessons are rooted in simplicity, which makes them easy to approach. I've constantly returned to them because they produce winning formulas and approaches to success that have pushed me along my personal entrepreneurial career from first-time startup entrepreneur to seasoned entrepreneur with a portfolio of 15 companies and multiple successful exits.

Here are five lessons from Branson:

Have Dreams and Take Risks

Live big. Every success story begins with a dream. Sometimes these dreams appear out of reach, and many will try to bring you down by offering negative judgment. Branson loved music and built a business empire around this passion. Many thought he was crazy for doing things like signing the controversial band the Sex Pistols. This took a risk, but paid off tremendously, considering the band is credited with starting the punk movement.

But besides dreaming, there is also the risk factor. You must go for it, though you may get knocked down. Branson reminds us that success rarely comes from the safe route. And though risk may lead to failure, you must be reluctant to stop because, as Branson reminds us in his autobiography Like a Virgin: Secrets They Won't Teach You at Business School, "there's no such thing as a total failure."

Plan Ahead and Bounce Back from Mistakes

Entrepreneurship is an adventure, but don't make it a reckless one. Branson teaches us to believe wholeheartedly in our ideas, but to pursue them in a thought-out manner. One way to do this is by asking for a second opinion. In his autobiography, Branson says to bounce all ideas "off numerous people before finally saying, 'We'll give this one a miss,' or 'Let's do it.'"

Plan ahead, and propose solutions to any situation, even the direst ones. But if you do make a mistake, bounce back quickly and move ahead. Mistakes will be made, but do as Branson has done in his 40-plus years of entrepreneurship--uncover the problem and fix it. Don't dwell on the mistake; turn that energy into positivity, and the solution will arrive quicker.

And if it is you who makes the mistake, own up to it. Branson teaches that honesty is the best--and only--policy. Remember to share this with your employees as you grow. It'll help out the business tenfold in the future.

Don't Be a Boss--Be a Leader

An inherent role of entrepreneurship is being the one in charge. But be a leader--not a boss. Branson despises the idea of "the boss" in the workplace. Bosses just push ideas down the throat of employees. Branson says that when a boss demands something in the workplace, an employee's reaction is usually agreeable, but 90 percent of the time these employees don't actually agree and may actually have a better solution.

Branson teaches one to not be a boss who orders, but rather a leader who organizes. A corporate leader who organizes is able to execute his or her ideas while inspiring others to bring something else to the table.

Build Relationships the Old Way--Face-to-Face and Phone Calls

Yes, we have Google Hangout, Whatsapp, text messages and email. But nothing beats face-to-face meetings or good old-fashioned phone calls. Sometimes conversations through email and text only allow small problems to scale, when a simple phone call or meeting could have settled the issue much quicker.

And if you must use technology, try Google Hangout, Skype or FaceTime with the camera on so you can see the person.

Remember, Perfection Is Impossible

This is simple and logical thinking. In all facets of life, perfection is impossible--things can always get better. An entrepreneur must first learn this for themselves and then teach the lesson to team leaders and employees.

Branson argues that the inherent danger in the idea of perfection is that once people believe that they have achieved a goal, they relax. In his autobiography he says, "When they believe they've 'nailed it', most people tend to sit back and rest on their laurels while countless others will be laboring furiously to better their work!" Remember, there's always room for improvement.

Branson's success is unprecedented, and he is surely the ultimate entrepreneur to study. Implement the Branson-influenced guidelines above, and your success will build. Branson's philosophy is built around simple foundations; take the time to learn them.

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