Book Notes: Losing My Virginity by Richard Branson

Title: Losing My Virginity

Author(s): Richard Branson

Rating (0-5): 4

Amazon link: Losing My Virginity by Richard Branson

My Notes:

Always have a checklist (would have prevented problem of locked canisters on the balloon)
When in trouble, don’t freeze. Develop backup plans and start executing them.
- By the way, have backup plans ready in advance.
Set up challenges for your children.
- Make them something they can accomplish, yet be a stretch.
Make sure your children know they’re loved.
You’ve got one go in life, so make the most of it.
Let your children form their own opinions.
Have children try a variety of things and meet a variety of types of people.
Teach children how to be entrepreneurial at a young age.
Teach children to care for other people.
Teach children to be wary of authority.
Teach children independence and self-reliance.
People learn in different ways. Find the best technique for your children.
Expose your children to lots of different possible professions and hobbies.
Have children do something with selling – to at least become familiar with it.
Find a partner who has strengths where you have weaknesses.
- Business, but also personal.
Only build a business if it’s fun and lets you exercise your creative instincts.
If you are short on a resource, see if you have anything you can leverage to get it from someone who has an excess of that resource.
Fully leverage the resources you have (name, reputation, etc.)
To be in demand, make people believe you are already in demand.
If you customers keep looking for the same thing (which you don’t provide), maybe it’s time to start providing it for them.
Have a great lawyer.
If someone shows you they aren’t trustworthy, get them out of a position of trust immediately.
Sell something people are passionate about.
An ideal business is one where you get the money before you have to buy the product (or create the service).
Keep your plans and ideas to yourself.
Find a business where your competitors are stuck in the old, boring, inefficient ways of doing things.
Create a business that forms a community of customers
Find where your market already is and build your business there.
Improve the customer’s experience.
If you want something, ask.
- If they say no, find someone else to ask or some other angle of approach.
All you have is your reputation.
Hire people who are passionate, and knowledgeable, about the goods or services you sell
Don’t spend money you don’t have to spend.
Part of defining what you do is defining what you don’t do.
When you have a successful business, look for related businesses you can grow – using your resources (brand, customers, knowledge, etc.) from the first business.
Take big risks, as long as you can protect your downside.
Give away the smallest percentages of your deals as possible (expenses, commissions, etc.)
Tie people into long deals. If they perform well, renegotiate (a little bit in their favor) and extend the deal.
Make sure your business isn’t stuck in a rut. Grow and change with the times.
Buy under-appreciated assets that can be improved.
Don’t be afraid to make a low-ball offer.
Be open to all opportunities that come.
When you learn a piece of intelligence, take advantage of it quickly.
Stop negative rumors as quickly as possible.
When you have free cash, diversify.
Make sure to spend time doing the things that make you feel alive.
When a competitor mounts an outrageous defense, it may be a sign of weakness.
Put your trust in someone who has a lot to lose if they fail.
Stay private. Don’t take outside investors with plans that are the opposite of yours.
Have a long-term perspective.
Locate your retail businesses where your customers will be (lower income near bus/train stops).
Pay attention to what the people around you are doing (or not doing) to determine what markets and trends may be hot (or not).
Always be willing to reinvent your business.
Find the right people, build the brand, protect your downside.
Find a good partner, instead of putting up huge amounts of cash.
Give your employees a share of the company, and an incentive to succeed.
Keep a notebook with you constantly. Record every idea and event.
Always ask your employees and customers what you can improve.
Look after your employees, your customers, and then your shareholders (in that order).
Promote from within.
Keep your business groups small (50-60 people maximum).
When someone threatens you, they may actually be in a weak position.
Don’t do nothing about a problem because you can’t solve everything. Do what you can.
Build to the highest quality. One day, it may save your customers.
When you buy something from your providers, have the contract be a “design, build, and maintain” agreement. They’ll build in more quality if they expect to need to maintain it.
If you have ongoing costs, make a plan to keep them under control.