Richard Branson is offering valuable advice on the moment for deciding that your business idea or effort is dead. It is for sure a real difficult moment but all of us have to be prepared for facing this difficult situation:
The moment when you’re getting ready to concede defeat is always tough. While the Kenyan popcorn market is not one I’m familiar with, Virgin has done business there, and recently opened a safari lodge called Mahali Mzuri in the southwest. The core challenge you face right now is deciding whether to persevere with your idea or to adapt it to meet customers’ demands. This can be a difficult call to make, because many entrepreneurs start their businesses after gaining some insight into how to do things better. But there’s not much point in persevering with an approach that is failing to make adequate profits or drive your company forward. When you put your heart and soul into your work, it can be very hard to let go. One of the most difficult moments of my career took place in the early ’90s, after a couple of years during which British Airways had thrown all its resources into driving Virgin Atlantic out of business. We realized that if we were going to defend ourselves adequately, we were going to need a lot more money. Our only option was to sell Virgin Records, the label that we had used to launch some of the most influential artists of that generation, making our brand a household name. I had loved creating and running Virgin Records — every bit of it. Gritting my teeth and signing the documents of sale wasn’t easy, but it needed to happen. If I had refused or delayed, the Virgin Group would probably be a shadow of the company it is today. That’s why, one day in 1992, I found myself running down Ladbroke Grove in London, crying my eyes out, despite the check for $1 billion in my pocket. Before you throw in the towel, there are a number of questions you should ask yourself, no matter what industry you’re in — whether it’s selling popcorn or Porsches. Have you done your market research and discovered what your customers are looking for? Have you offered them something that’s not already out there? And perhaps most important, is your business making a difference for them? If you’re satisfied that your product, branding, marketing and customer service are all spot-on, then think carefully about how and when your potential customers buy the product you’re offering. If possible, you want your shop or your product to be at hand exactly when people find themselves in need of what you’re selling.
As Richard Branson believes we must follow our dreams as a trusted path for making money by creating a real meaning for us and others
I’m a simple man. Grew up in a small town. Came from humble beginnings. Zero silver spoon. So last year–when I was invited to share the stage with the iconic entrepreneur Richard Branson at “The Ultimate Success Summit” in Romania–a giant dream came true (Richard had been on my “Top 5 People I’d Like to Have Dinner With Before I Die” list for years along with Nelson Mandela, Madonna, Bono and Oprah. Branson was larger than life. The man I’d seen on a thousand magazine covers was friendly, passionate, charismatic and confident. And, of course, fun. In that hour before a few thousand human beings, we debated Leadership. We discussed success. We dissected innovation. And we dove deep into the thick of what it means to do our best work while we craft lives that make the world a better place. [Making money without creating meaning is an empty victory as far as I’m concerned]. Between us, my personal goal in preparing for the session was to know more about Branson than anyone who had ever interviewed him. To have the insight to push him to go where he hadn’t been. To not just be prepared but ridiculously OVER-prepared. So I poured through obscure articles, reviewed past presentations and read everything I could discover about the rare-air life of this celebrated business titan. …I learned of his childhood [when he was four, his mother left him in a field miles away from home with the instruction to find his way back alone--an exercise to develop the independence that has since served him so well] and of his struggles with Dyslexia (he was expelled from one school and never received a high school degree). …I learned that he came up with the name “Virgin” in 1969 and launched Student, a youth culture magazine, when he was only 16. At twenty, Branson—always the disruptor–started a mail order business to sell records. The first Virgin record store appeared two years later. …I learned of his fierce appetite for risk-taking and “betting the farm” in acute pursuit of any goal he wants to get done (his critics called him crazy as he entered the airline business with Virgin Atlantic. He clearly acknowledged it was a dangerous play with his now-famous words: “The quickest way to become a millionaire in the airline business is to start out as a billionaire.”
Quitting your regular job is a strategic decision Richard Branson offering his view:
Q: I am very successful at my day job, and I also run a small business. With more time, effort and investment, I think my business could be hugely successful, but this would require that I quit my job. How do you know when it’s the right time to take an entrepreneurial leap of faith? – Nhuri Bashir The first step in preparing for the day you quit your job is to plan out the launch of your business (or, in Nhuri’s case, its expansion), thinking through everything from the type of location you want for your office to how you want your product to look on store shelves. You need to work out as many of the bugs in your plan as you can ahead of time — while keeping an eye on the clock. If you take too long, the circumstances might change, altering markets so that you could miss your opening. To make sure the broad outlines of your plan work well and to sort through the details, you need to connect with some strong mentors. Having a sounding board for your ideas will be invaluable, and will help you make the transition from part-time businessman to full-time entrepreneur more smoothly. Nhuri’s situation reminds me of the day that Brett Godfrey, a member of the financial team at Virgin Express, our European short-haul operation, approached me with an idea to launch a Virgin airline in Australia. Brett outlined his plan, I offered my thoughts, and together we hashed out the details on the back of a beer mat. Soon we were on the way to creating the next Virgin business, with Brett at the helm as the CEO of Virgin Blue, Virgin as one of his investors, and myself as his co-founder and mentor. Though Blue only had a couple of planes when it started operating in 2000, Brett grew the airline (now known as Virgin Australia) into a thriving business. Brett and I are firm friends – we own Makepeace Island on Australia’s Sunshine Coast together – and his entrepreneurial career has gone from strength to strength.
Finally, quitting a business idea, or your regular job directly relates with your goals and practical realities in your life. As far as for valuable advice just search and read: Richard Branson is here..!