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I used to be opposed to the idea of social entrepreneurship. I said, you know, let business be business, and philanthropy be philanthropy. Keep the two separate, don't mix it up, and this is what I did, and I did that rather successfully, but I now recognize that actually you do need to mix it up and I think there is room for social entrepreneurship.
There have been times when I could have succumbed to some form of bribe, or could have had my way by offering one. But ever since that night in Dover prison I have never been tempted to break my vow.. My Parents always drummed into me that all you have life is your reputation: you may be very rich, but if you lose your good name you'll never be happy.
The question is not about whether it will work or not. It's how quickly we can pull it off. Structural change will happen. When economies grow, there comes a time when you cannot rely on investment alone. We had that. The return on investment is becoming less and less. So we have to change. The old model doesn't work anymore. It's a question of speed.
When something doesn't go exactly to plan, money is tight or a business is struggling - see it as a challenge rather than a failure. Look outside the box and try and find a solution - you'll be surprised how many great opportunities and possibilities arise when things look bad. You've just got to open your mind and not be afraid of sticking your neck out!
A company is simply a group of people. And as a leader of people, you have to be a great listener, you have to be a great motivator, you have to be very good at praising and looking for the best in people. People are no different from flowers. If you water flowers, they flourish. If you praise people, they flourish. That's a critical attribute of a leader.
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.
Kitesurfing is one of the greatest sports in the world. I highly recommend this to anyone who has access to the ocean. There is nothing more freeing than being out there and kitesurfing. When my schedule permits, it's the first thing I do in the morning, before I have breakfast. Tennis is also fun, especially against someone far better at the sport than I am.
We love Formula One and think Formula One's great. But we think Formula E is different. We would be making a big mistake if we tried to compete with Formula One and be similar to Formula One, we have to be radically different to Formula One to have a chance of survival. I don't mean survival by beating Formula One but co-existing complimentary to Formula One.
I leave at half-time; by then you can see which way it's going. If you ask me to name five of our team, I couldn't. There's that guy who scores goals - Taarabt. Routledge I've heard of. All bloody nice guys but I don't mix with them so I don't know them well. I don't go in the dressing room. They can walk out of the showers and I feel I've got an inferiority complex.
I'm afraid what we are building today will not have the same impact and sustainability of the architecture of a 100, 500 or 1,000 years ago. The buildings of those days were miracles. We don't perform such miracles today. So we should be a little more modest. For my part, I'll be glad to show one of my buildings one day to my grandchildren and say: I'm proud of that.
I think great businessmen are more likely made than born. I don't know if it's from your upbringing, your parental background, the struggles you go through. In my own particular situation, I left school at 15 and I was struggling to survive in the jungle and that was a great education. So I think just getting out there, hands on, learning to survive teaches you a lot.
Having a good network can be invaluable. It opens doors for you and allows you to enter into opportunities that are beneficial to your business. In this sense, 'who you know' is undoubtedly important, but to me 'what you know' is more important because once an opportunity shows itself, it is up to you to make the most of it, and this is down to your knowledge and skill.
As we drifted to earth I sat up on the glass roof of the capsule, watching the beauty of the golden dawn as it broke over the desert. This was a day I never thought I'd see and the rising sun and growing warmth of the day seemed very precious. It made me aware that hard-won things are more valuable than those that come too easily. It reminded me to always enjoy the moment.
When we started out, we didn't really think that the era of great opportunity would end one day. We were much too busy developing our companies. But in today's China you can build a city, even a mega-city like Beijing or Shanghai, within 10 or 15 years. And then you are done. So in real estate development, the Gründerzeit is over. But that is not the case in other sectors.
Don't worry about your physical shortcomings. I am no Greek god. Don't get too much sleep and don't tell anybody your troubles. Appearances count: Get a sun lamp to keep you looking as though you have just come back from somewhere expensive: maintain an elegant address even if you have to live in the attic. Never nickel when short of cash. Borrow big, but always repay promptly.
Universities are fantastic places to gain knowledge on a subject, develop a personal network, explore your character and learn new techniques to approach problems. I do however believe that there is a strong argument for students who have an idea they are passionate about to just try and turn it into a reality. I fell into this category and I don't regret not going to University.
We need a new way of doing business to get out of the present crisis ... Absolute greed has come close to bankrupting the world. Thanks to the crisis that certain businesses have dumped on everyone a lot of people are going to suffer on a global scale. All of us must learn. It is all the more important that those business leaders that are left standing try to be a force for good.
I think bands will actually make more money without record companies; a much bigger share of the money will go to the bands. You won't have record shops taking 40 percent of the money. You won't have record labels taking 40 percent of the money. So they don't have to sell as many albums as they used to in the past. So it's not necessarily a bad thing if record companies disappear.
Probably when I gave things to Slavica [ Ecclestone], you know the shares of the company, and things like that. And she put it all in trust and the trust sold the shares. Um, would I turn the clock back if I could and so I still owned the company completely? Probably yes. It probably wasn't a good decision, but it was the decision that had to be made. Was I happy that I made it? No.
Entrepreneursh ip is not about getting one over on the customer. It’s not about working on your own. It’s not about looking out for number one. It’s not necessarily about making a lot of money. It is absolutely not about letting work take over your life. On the contrary, it’s about turning what excites you in life into capital, so that you can do more of it and move forward with it.
It can be a challenge not to let failure, or negativity from others, prevent you from going after what you believe in and what in your gut you know can work. However it is important to face these challenges head on and give them a go and importantly don't beat yourself up if you fail - just pick yourself up, learn as much as you can from the experience and get on with the next challenge.
I think it is often easier to make progress on mega-ambitious dreams. I know that sounds completely nuts. But, since no one else is crazy enough to do it, you have little competition. There are so few people this crazy that I feel like I know them all by first name. They all travel as if they are pack dogs and stick to each other like glue. The best people want to work the big challenges.
My very first venture was a national student magazine to try to campaign against the [Vietnam] War. And so I wanted to be an editor. I wanted to bring the magazine out. And in order for the magazine to survive I had to worry about the printing and the paper manufacturing and the distribution. And, you know, I had to try to, at the end of the year, have more money coming in than going out.
There is no question that a breakup of the euro would be very damaging, very costly, both financially and politically. And the biggest loss would be incurred by Germany. Germans have to bear in mind that, effectively, they have suffered practically no losses so far. Transfers have all been in the form of loans, and it is only when the loans are not repaid that real losses will be incurred.
...making profits is important because it keeps all our people in jobs and, you know, it keeps what we - what we've created going, but, you know, what we're - what I get my - what I'm proud about doing is creating companies which we're really proud of, you know, which we can really be proud of and a byproduct of that hopefully will be that they'll be profitable and be able to pay the bills.
People who work for me are working for what I believe in. The leaders who run our companies do so on the basis of those who came first and who said, "A company is its people." I hope my companies are run on the basis of praising their workers and looking for the best in them, not criticizing them. In the same way that you water a plant and it sprouts leaves, people flourish when you praise them.
I think sometimes when you come from a conservative background, you want to rebel a little bit. I dropped out of school at 15 and learned early in life that saying yes was a lot more fun than saying no. If you have the opportunity to explore the skies and attempt something people haven't done before - well, I was damned if I was going to sit around watching television while someone else was doing it.
I think our legal system needs to be developed. Cases of citizens who are detained and then have to wait much too long for a trial - that is scary, for everyone. When someone commits a crime he needs to be charged quickly. Why does this take so long in many cases? I don't know. Is it because our legal system is still rudimentary? China has promised to modernize its legal system. This has high priority.
China's economy became more complex. By now there is a large number of small- and medium-sized companies that work quite differently from big, state-owned enterprises. They don't follow any long-term business plan and don't rent office space for years to come. They start out and need an office right away, for a week, a month or half a year, and they want to be among other entrepreneurs like themselves.
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.
Sergey and I founded Google because we're super optimisitc about the potential for technology to make the world a better place. Think about how many people are underserved by transportation today, like those with disabilities, and how self driving cars will transform their lives. Or the wasted time you sit in your car every day commuting to and from work. Or the deaths and injuries that could be avoided.
I believe a great company, whether improving a sector or creating a new one, needs to have an excellent product or service at its core; needs strong management to execute the plan and a good brand to give it the edge over its competitors. Providing quality service, combined with value for money and in an innovative way ensures you offer real value - and finally to be responsible to society and the planet.
Look, if you can indulge in your passion, life will be far more interesting than if you're just working. You'll work harder at it, and you'll know more about it. But first you must go out and educate yourself on whatever it is that you've decided to do - know more about kite-surfing than anyone else. That's where the work comes in. But if you're doing things you're passionate about, that will come naturally.
We need government and business to work together for the benefit of everyone. It should no longer be just about typical "corporate social responsibility" where the "responsibility" bit is usually the realm of a small team buried in a basement office - now it should be about every single person in a business taking responsibility to make a difference in everything they do, at work and in their personal lives.
The securitisation of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximising fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike.
Germany will always do the minimum to preserve the euro. Doing the minimum, though, will perpetuate the situation where the debtor countries in Europe have to pay tremendous premiums to refinance their debt. The result will be a Europe in which Germany is seen as an imperial power that will not be loved and admired by the rest of Europe - but hated and resisted, because it will perceived as an oppressive power.
Virgin, is how good you are with people. If you're - if you're good with people and you've got - you know, and you really care, genuinely care about people then I'm sure we could find a job for you at Virgin. I think, you know, that, you know, that the companies that look after their people are the companies that do really well. I'm sure we'd like a few other attributes, but that would be the most important one.
What we are trying to do at Virgin is not to have one enormous company in one sector under one banner, but to have two hundred or even three hundred separate companies. Each company can stand on its own feet and, in that way, although we've got a brand that links them, if we were to have another tragedy such as that of 11 September - which hurt the airline industry - it would not bring the whole group crashing down.
I was a risk-taker as a young man, and I don't regret it. I'm not adventurous in quite the same way now, but I still love the challenge of testing myself to the limits, flying around the world, or seeing if I can be the first to fly a balloon across the Atlantic, or trying to take people into space at an affordable price in an environmentally friendly way. I'll be going into space with three generations of my family!
Perhaps, therefore, it is odd that if there is any one phrase that is guaranteed to set me off it's when someone says to me, 'OK, fine. You're the boss!' What irks me is that in 90% of such instances what that person is really saying is, 'OK, then, I don't agree with you, but I'll roll over and do it because you're telling me to. But if it doesn't work out I'll be the first to remind everyone that it wasn't my idea.'
I would be lying, however, if I claimed that I could always formulate worthwhile hypotheses on the basis of my theoretical framework. Sometimes there were no reflexive processes to be found; sometimes I failed to find them; and, what was the most painful of all, sometimes I got them wrong. One way or another, I often invested without a worthwhile hypothesis and my activities were not very different from a random walk.
The man of wealth [should] consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer to produce the most beneficial results for the community - the man of wealth thus becoming the mere trustee and agent for his poorer brethren, bringing to their service his superior wisdom, experience and ability to administer, doing for them better than that they would or could do for themselves.
From the first days of my career as an entrepreneur, I have always used my own and my team's lack of experience to our advantage. In fact, at our first venture, Student magazine, we used our newcomer status to secure great interviews and generate publicity - people were excited about our new project and wanted to get involved. Our inexperience fed our restless enthusiasm for trying new things, which became part of our core mission.
When we started out, we were among the first. Beijing had no and Shanghai had very few large buildings. At that time, it was all about building, building, building - and then selling, selling, selling. We were working like a manufacturer. Soon, however, we realized that land was running out in Beijing and Shanghai. So we started keeping our buildings, and managing and renting them out. We became landowners. That was the second act.
I was interested in creating things that I could be proud of and so, you know, I was interested in being an editor of a magazine, things that I could be proud of, and so, you know, I was interested in being an editor of a magazine, but in order to be an editor of a magazine I had to become a publisher as well. I had to pay the bills. I had to worry about the printing and the paper manufacturing and the distribution of that magazine.
I am willing to spend whatever it takes … My moral standard compels me to speak out on this issue because I am the largest company by far in the industry and I am willing to speak out. I don’t see any compelling reason for the government to allow people to gamble on the Internet and nobody has ever explained except for the two companies whose special interest is going to be served if there is gaming on the Internet, Caesars and MGM.
We have always tried to concentrate on the long term, and to place bets on technology we believe will have a significant impact over time. It's hard to imagine now, but when we started Google most people thought search was a solved problem and that there was no money to be made apart from some banner advertising. We felt the exact opposite: that search quality was very poor, and that awesome user experiences would clearly make money.
The first thing to do about an obstacle is simply to stand up to it and not complain about it or whine under it but forthrightly attack it. Stand up to your obstacles and do something about them. You will find that they haven't half the strength you think they have. Just stand up to it, that's all, and don't give way under it, and it will finally break. You will break it. Something has to break and it won't be you, it will be the obstacle.
Values cannot be speedily forgotten if it is inconvenient or commercially expedient. Values have to have meaning and longevity; otherwise they are valueless. You cannot embrace innovation up to a point or only sometimes. Branding demands commitment; commitment to continual re-invention; striking cords with people to stir their emotions; and commitment to imagination. It is easy to be cynical about such things, much harder to be successful.
I was fortunate enough, after many visits to many wonderful, weird people to come across Burt Rutan, who is a genius in the Mojave Desert. And SpaceShipOne was born and had three flights into space that won something called the X Prize. And from there, we're building SpaceShipTwo, which is ... a beautiful spaceship that is very, very, very nearly completed and will be ready from about next Christmas onwards to start taking people into space.