1. Don't do it if you don't enjoy it.
2. Be Visible “Make sure you appear on the front page and not the back pages”.
3. Choose your name wisely The unique name and brand that Virgin employs is one of the things that has made the company a success.
4. You can’t run a business without taking risks. “The brave may not live forever-but the cautious do not live at all!”
5. The first impression is everything. So is the second. How do you present yourself and your brand in difficult situations.
6. Perfection is unattainable. “When they believe they’ve ‘nailed it’, most people tend to sit back and rest on their laurels while countless others will be labouring furiously to better their work!”
7. The customer is always right, most of the time. “After all, they’re only human too.” Beware that your customer service policies do not damage relationships with customers or staff.
8. Define your brand. Stick to what you know. Under promise and over deliver, because if you don’t define your brand, your competitors will.
9. Explore uncharted territory. Exploring little- or uncharted areas can spark new ideas and innovations.
10. Beware the “us vs them” environment. A workplace should be one in which the boss and his/her employees communicate well and work towards the same goal as WE.
11. Build a corporate comfort zone. Employees must feel free and encouraged to express them selves without rigid confines so they can do better work and make good, impactful decisions.
12. Not everyone is suited to be CEO. A manager needs to be someone who “brings out the best in people,” someone who communicates well with others and helps an employee learn from a mistake instead of criticizing them for it.
13. Seek a second opinion. Seek a third. That means being thorough and deliberate before executing any decisions. In business, seeking a variety of opinions "can save you a lot of time and money,"
14. Cut ties without burning bridges. Just because you decide to go in another direction doesn’t mean things have to end badly, especially with a friend, says Branson. Handle any problems quickly and head-on, and end the relationship as amicably as possible.
15. Pick up the phone. Don’t text or e-mail when you should be calling. Direct communication is always better.
16. Change shouldn't be feared, but it should be managed.
An entrepreneur should be prepared to adapt, and avoid being nostalgic about the company itself.
17. When it comes to making mistakes, bounce back, don’t fall down.
Honesty isn’t just the best policy, it’s the only policy, notes Branson. When a mistake is made, don’t let it consume you. Uncover the problem and get to work fixing it.
18 Be a leader, not a boss. Being bossy is not a desirable trait in a manager, he says. A boss orders while a leader organizes.
Source: "Like a Virgin: Secrets They Won’t Teach You at Business School."