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My mother always taught me never to look back in regret but to move on to the next thing. The amount of time people waste dwelling on failures rather than putting that energy into another project, always amazes me. I have fun running all the Virgin businesses-so a setback is never a bad experience, just a learning curve.
I suspect in most companies, the public relations person is down at No. 20 in the pecking order. But here, he is fighting incredibly important battles. If a negative story starts running away with itself in the press and is not dealt with fast, it can badly damage the brand, and so we put enormous weight on our PR people.
The brand is only as good as your products, so.. if people have a good experience on Virgin Atlantic or if they have a good experience on Virgin trains or.. if they have a Virgin mobile phone and they can get straight through to our people and they're well looked after and then they'll try the next product that we launch.
I suppose Virgin is an unusual brand in that I suspect we're the only 'way of life' brand in the world. We're one of maybe the top 30 best known brands in the world, yet if you look at the other 29, they all specialize in one area. Whether it's Google, Coca-Cola, Microsoft, etc., they all generally specialize in one area.
The generally accepted view is that markets are always right -- that is, market prices tend to discount future developments accurately even when it is unclear what those developments are. I start with the opposite view. I believe the market prices are always wrong in the sense that they present a biased view of the future.
Of course, a lot of businesses want to reach students, so I funded the magazine by selling advertising. I sold something like $8,000 worth of advertising for the first edition, and that was in 1966. I printed up 50,000 copies, and I didn't even have to charge for them on the newsstand because my costs were already covered.
On the one hand the world is getting more integrated and we should not dismiss social values as "Western" when they are actually modern values. On the other hand, individual countries have their own history and their own evolution. Trade unions, for example, don't play the same role in China as they do in Europe or the US.
The most important factors for a long life, I think, are partly in the genes; number two is lifestyle, which includes healthy diet and regular exercise. I walk, run and swim every day. However, I think too much exercise is also unhealthy because of over-stress; sometimes people who exercise too many hours per day die early.
Of course, the most important factor of all for long life is a good family. When a person goes home with the wife or the kids giving him endless headaches, then it's hard for that person to enjoy a long life. I am very fortunate, because my wife Elizabeth and my obedient children are very good; they have given me happiness.
I set up this magazine called Student when I was 16, and I didn't do it to make money - I did it because I wanted to edit a magazine. There wasn't a national magazine run by students, for students. I didn't like the way I was being taught at school. I didn't like what was going on in the world, and I wanted to put it right.
I would be lying if I didn't admit sadness that our wonderful airline is merging with another. Because I'm not American, the U.S. Department of Transportation stipulated I take some of my shares in Virgin America as non-voting shares, reducing my influence over any takeover. So there was sadly nothing I could do to stop it.
An entrepreneur is somebody who is taking bold risks, is often doing things that have never been done before, trying to do things better. And an adventurer is challenging themselves, often doing things that have never been done before, seeing what they're capable of. In both cases, you've got to protect against the downside.
It is better to have a cat and mouse game where the cat has the upper hand than a cat and mouse game where the mice are ruling. Because the latter means that the market participants are given free range. That was actually the big misconception of our national hero Ronald Reagan, who always talked about the magic of the market.
I was trouble - and always in trouble. Aged eight I still couldn't read. In fact, I was dyslexic and short-sighted. Despite sitting at the front of the class, I couldn't read the blackboard. Only after a couple of terms did anyone think to have my eyes tested. Even when I could see, the letters and numbers made no sense at all.
Entrepreneursh ip is a great leveller, since having the benefit of a wealthy background or a generous investor isn't always an advantage. The wonderful thing is that money is not the sole currency when it comes to starting a business; drive, determination, passion and hard work are all free and more valuable than a pot of cash.
If you offer people a decent service, if you give them you know Internet access, if their phones are not cut off on the trains, you know if you have plugs where they can plug in their computers, and if you have a smiling, cheerful staff; and if you can travel really quickly, then you can make a success out of the rail business.
There are millions of people out there who would love to become astronauts, who'd love to go to space - they'd love to look back at this wonderful world from space. That will be the engine that will enable us then to develop spaceships to transport people around the world at tremendous speeds in an environmentally friendly way.
It's the engine. They should have never had that. The biggest mistake people have made... I say, "people," because it wasn't just me alone, was not insisting Mercedes supply Red Bull an engine. Because had they supplied the same engine as they had, you would have seen good racing, you would have seen Red Bull up there last year.
I call government that works the best for people open society, which is basically just another more general term for a democracy that is - you call it maybe a liberal democracy. It's not only majority rule but also respect for minorities and minority opinions and the rule of law. So it's really a sort of institutional democracy.
Choose to be entrepreneur because then YOU create value. Choose to be an entrepreneur because the products, services, and jobs you create then become the lifeblood of our nation. But most of all, choose to be an entrepreneur because then you desire a life of adventure, endless challenge, and the opportunity to be your BEST SELF.
With space travel, [it's] no different. You know, in 1990 I read the name Virgin Galactic Airways. Loved the name. And set out to try to find an engineer or rocket scientist in the world who could build a safe, reusable rocket that could take people to and from space and we could start a whole new era of commercial space travel.
I'm not the sort of person who gives up on things. The first time we crossed the Atlantic in the balloon, it crashed, and we went on and did the Pacific. First time we crossed the Atlantic in a boat, it sank, and we went on and got the record. So, generally speaking, we will pick ourselves up, brush ourselves down, and carry on.
I believe the true road to preeminent success in any line is to make yourself master in that line. I have no faith in the policy of scattering one's resources, and in my experience I have rarely if ever met a man who achieved preeminence in money making.. certainly never one in manufacturing.. who was interested in many concerns.
I like going to Burning Man, for example. That's an environment where people can try out different things. I think as technologists we should have some safe places where we can try out some new things and figure out what is the effect on society, what's the effect on people, without having to deploy kind of into the normal world.
If you get into entrepreneurshi p driven by profit, you are a lot more likely to fail. The entrepreneurs who succeed usually want to make a difference to people’s lives, not just their own bank balances. The desire to change things for the better is the motivation for taking risks and pursuing seemingly impossible business ideas.
When I started Virgin from a basement in west London, there was no great plan or strategy. I didn't set out to build a business empire... For me, building a business is all about doing something to be proud of, bringing talented people together and creating something that's going to make a real difference to other people's lives.
When I started Virgin from a basement in west London, there was no great plan or strategy. I didn't set out to build a business empire ... For me, building a business is all about doing something to be proud of, bringing talented people together and creating something that's going to make a real difference to other people's lives.
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.
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?
An exceptional company is the one that gets all the little details right. And the people out on the front line, they know when things are not going right, and they know when things need to be improved. And if you listen to them, you can soon improve all those niggly things which turns an average company into an exceptional company.
I read everything, but generally more fact than fiction - especially autobiographies and biographies. I've read 'Long Walk to Freedom' by Nelson Mandela at least twice on holiday. Every time, I'm totally awed by his vision, strength and forgiveness. I feel honoured to have got to know him and his wonderful wife Graca over the years.
We are not very good at this. Our success rests on our international experience and on our ability to read the market. And I contest the notion that you can only succeed in China when you are well-connected. Neither my husband nor I are "princelings" - children of influential people, that is. And yet China has enabled us to succeed.
I firmly believe that digitalization has only just begun in China. In addition to the taxi, transport, shopping and hotel businesses, many other industries will follow: education, health care, administration, even the legal branch - everything, really. There is still a lot of opportunity in China for the inventive and ambitious ones.
Although I have made a fortune in the financial markets, I now fear that the untrammeled intensification of laissez-faire capitalism and the spread of market values into all areas of life is endangering our open and democratic society. The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
It's all about finding and hiring people smarter than you. Getting them to join your business. And giving them good work. Then getting out of their way. And trusting them. You have to get out of the way so YOU can focus on the bigger vision. That's important. And here's the main thing....you must make them see their work as a MISSION.
Look, I think that when we started Virgin Atlantic 30 years ago, we had one 747 competing with the airlines that had an average of 300 planes each. Every single one of those have gone bankrupt because they didn't have customer service. They had might, but they didn't have customer service, so customer service is everything in the end.
The lower interest rates fueled housing and consumption booms in countries such as Spain and Ireland. At the same time, Germany, struggling with the burdens of reunification, tightened its belt and became more competitive. All this led to a wide divergence in economic performance. Europe became divided into creditor and debtor countries.
We have always wanted Google to be a company that is deserving of great love. But we recognize this is an ambitious goal because most large companies are not well-loved, or even seemingly set up with that in mind. We're lucky to have a very direct relationship with our users, which creates a strong incentive for us to do the right thing .
The idea that business is strictly a numbers affair has always struck me as preposterous. For one thing, I've never been particularly good at numbers, but I think I've done a reasonable job with feelings. And I'm convinced that it is feelings - and feelings alone - that account for the success of the Virgin brand in all of its myriad forms.
I passionately disagreed with Treasury Secretary Hank Paulson's plan to bail out the banks by using a public fund called the Troubled Asset Relief Program (TARP) to help banks take toxic assets off their balance sheets. I argued that it would be much better to put the money where the hole was and replenish the equity of the banks themselves.
I wish I could write a book that will be read for as long as our civilization lasts. I would value it much more highly than any business success if I could contribute to an understanding of the world in which we live or, better yet, if I could help to preserve the economic and political system that has allowed me to flourish as a participant.
Artificial intelligence would be the ultimate version of Google. The ultimate search engine that would understand everything on the Web. It would understand exactly what you wanted, and it would give you the right thing. We're nowhere near doing that now. However, we can get incrementally closer to that, and that is basically what we work on.
Surprisingly, a large number of people who fell out with their partners contacted us, saying that they would love to fly on a Virgle spaceship. But out of April Fools' jokes come real things, and I wouldn't be surprised, within the next 50 years, [if] there are one-way trips heading out into space with people on it. It would be very exciting.
I've been in Africa, and I've been to hospitals of Africa, and they're not hospitals, they're places where people go to die. And rows and rows and rows of people just dying and the waiting rooms of the hospitals are full of people waiting to get into the beds of the people who died the night before, and they're dying from unnecessary diseases.
Money values do not simply mirror the state of affairs in the real world; valuation is a positive act that makes an impact on the course of events. Monetary and real phenomena are connected in a reflexive fashion; that is, they influence each other mutually. The reflexive relationship manifests itself most clearly in the use and abuse of credit.
When employees tell you about their good ideas for the business, don't limit your response to asking questions, taking notes and following up. If you can, ask those people to lead their projects and take responsibility for them. From those experiences, they will then have built the confidence to take on more and you can take a further step back.
We all know about the big world conflicts: Israel and Palestine, Zimbabwe, and so on. But there are smaller conflicts that aren't even on the world's radar screen; most of the world has no idea that Ethiopia invaded Somalia a year ago. It makes sense for the Elders to sit down with both sides and see whether leaders can come to an understanding.
America felt victorious and generous after World War II. They had also learned from the mistakes after World War I when they imposed punishment on Germany. What became of Germany? A Nazi dictatorship which threatened the world. Today's Germany doesn't feel as prosperous and generous as America then. But actually, Germany still is very prosperous.
I used to ask myself why American universities are financed through endowments. Now I know: During the early days of America, the state was poor and when citizens wanted to set something up, they needed to collect money themselves. Historically, this was different in Europe. There used to be a strong state, a monarch or a king. He provided money.
It's far more difficult being a small-business owner starting a business than it is for me with thousands of people working for us and 400 companies. Building a business from scratch is 24 hours, 7 days a week, divorces, it's difficult to hold your family life together, it's bloody hard work and only one word really matters - and that's surviving.