KUALA LUMPUR, March 22 — Entrepreneurs should not make profit-making as their sole priority, instead they should invest to create a unique business, said Virgin Group founder and philanthropist Sir Richard Branson.
“A business is simply an idea that will improve people’s lives and hopefully, some money will come out of it.
“Find a purpose, and build around it,” said Branson during a one-on-one interview session at the Global Transformation Forum 2017 on ‘Business Transformation and Leadership: The Virgin Pursuit’ here, today. The session was moderated by CNN International Business Correspondent Richard Quest.
Branson said most entrepreneurs failed because they had focused on making money instead of enriching lives.
“But there are exceptions to the rule, of course,” said Branson, who was awarded a knighthood for services to entrepreneurship in 2000. Recounting his early business struggles in the airline business, he said there was a time when a major airline corporation had gone to extraordinary lengths to put the Virgin Group out of business, a norm among big conglomerates intruding on small enterprises.
“They did a lot of dirty tricks and so did we. I think it is important to not take yourself seriously and to always have fun at the expense of your competitors.
“If you have never failed, you are not an entrepreneur. The fact that you’ve tried and failed, but eventually became a success would help to build your brand,” he added.
During the interview, Branson expounded an emphasis on praise and not criticism as the most important attribute in a good leader. “I always look for the best in everybody and would never, ever criticise anyone,” he said.
Branson is the founder of the Virgin Group, a leading international investment group and one of the world’s most recognised and respected brands. Virgin created more than 400 branded companies worldwide and employed more than 60,000 people in over 50 countries. — Bernama
