Richard Branson on the Most Common Mistakes Made By Startups (and How to Avoid Them)

Richard Branson is the founder of Virgin Group, which has created over 300 branded companies employing 54,000 people in 30 countries. We can therefore say that he knows a thing or two about startups.

Entrepreneur magazine recently asked him the most common mistakes made by startups. His answer:

Making mistakes is part of the process of building a company; quickly recovering from them is what’s most important. It’s all part of the adventure of entrepreneurship, which will require all of your stamina, drive and determination.

But your way forward is not entirely uncharted: When you notice an opportunity that has never occurred to anyone else, there are certain steps to turning your vision into reality. You must formulate an innovative business plan, find funding, hire the right people to carry out the plan, and then step back from your role in the business at exactly the right moment. (Emphasis ours)

The entire interview is worth a look.

Richard Branson on How to Avoid Common Startup Mistakes

Sierra Investment Group, Inc. is a small business plan writing service and small business funding resource. They can be reached toll-free at (800) 323-6298 from 8 a.m. to 4 p.m., Monday through Friday, or at info@sierraig.com

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About Sean D. Daily

Sean Daily was a mild-mannered social marketer in Las Vegas until a freak laboratory accident at the Spearmint Rhino gave him writing powers and abilities beyond those of mortal men. Since it's hard to fight crime with writing powers and abilities beyond those of mortal men, though, he decided to become a speculative fiction writer instead. He's currently working on the urban fantasy novel "Crossing the Line" and the science fiction comic book "Sidestep".
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