The celebrated entrepreneur shares advice on how to grow your business and gain a competitive edge.
Over the years we’ve started many Virgin businesses out of frustration at the way things were done in established sectors. Whether it was airlines, mobile telephones or financial services, we’ve stood out by focusing on ways to improve people’s lives through better service, innovation and value.
Sometimes a small detail, such as more transparent pricing or a friendlier staff, gave us our edge. Our humor and tone also helped attract and keep customers. I try to keep bureaucracy to a minimum and remind my teams that business, as well as life, should be fun.
When you’re starting out with a small business and an enthusiastic team, it’s relatively easy to keep the focus on details and high-quality service, with a light touch. But how can you retain the passion and attention to detail after your business becomes established, successful and larger?
In past columns, I’ve mentioned how we grew our music businesses by splitting them, creating smaller units so we could maintain that vibe and hunger. By the time we sold to EMI, Virgin Records was made up of several small independent labels, which fostered healthy competition among them for new bands.
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