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.
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