Richard Branson on Decision-Making For Entrepreneurs

Editor's Note: Entrepreneur Richard Branson regularly shares his business experience and advice with readers. What follows is the latest edited round of insightful responses. Ask him a question and your query might be the inspiration for a future column.

Q: What were your most important managerial decisions -- the ones that changed your business? -- Volodymyr Kravchuk, Kiev, Ukraine

A: Most good chief executives or entrepreneurs only make three or four key decisions every year. Running your business's day-to-day operations and managing your team can take much of your time, so there are usually only a few that stand out -- the game-changing decisions that can make or sometimes break a business.

Looking back over my career, which now spans more than four decades, there were many occasions when I got it right and a few when I did not. A few guiding principles helped; these are the things I would have liked to have known when I was just starting out.

1. Trust your instincts.
There have been many occasions when I have led our team into markets that industry experts told us to avoid because the competition was too fierce or the cost of entry too high.

This was the case when we launched our airlines Virgin Atlantic and Virgin Blue (recently rebranded Virgin Australia), in 1984 and 2000, respectively. On both occasions, my fellow directors were nervous about our chances for survival, given the strengths of our competitors -- namely their market share and fleet sizes and experienced personnel. But I felt that our competitors had become complacent; that passengers wanted something different. With the right energy, focus and flair, we could make our mark.

Virgin Atlantic went from strength to strength, and now carries over 5 million passengers per year. In the case of Virgin Blue, we backed the plans of a former Virgin Express executive and entrepreneur Brett Godfrey, who first presented his ideas to me sketched out on a beer mat. After launching the business with just two Boeing 737s, we have built Australia's second biggest airline, and now have a fleet of nearly 90 planes.

2. Focus on your customers, not your critics.
It wasn't just our team that occasionally worried about our stepping into tough markets. Over the years, our critics fretted about Virgin's expansion into airlines, financial services and mobile phone services. What did our company know about these industries and how would we manage the complex issues?

Related: Richard Branson on Embracing Change

I rarely paid attention (which also drew criticism from some analysts). My answer was always to focus on the customer experience, ensuring that we offered the best service, most innovative products and best value.

This worked especially well in mobile services, where most companies still require customers to sign contracts that are difficult and expensive to exit. We revolutionized the market by offering a pre-paid model. Our position was radical, but we were selling exactly what a number of younger and newer users wanted. Our businesses grew quickly in the U.K., Australia, Canada, France, South Africa, the United States, and more recently in India, expanding our customer base and brand far and wide.

3. Always support your team. 
In previous columns, I have discussed how crucial it was for me to find great managers to run our businesses. Day-to-day management has never been my forte, and my early decision to step back from operations gave me the freedom to focus on our main challenges and opportunities.

This meant that I had to learn to trust the management teams, and to support them when they saw an opportunity. When Matthew Bucknall and Frank Reed came to us in 1999 with the concept of a family friendly health club, we decided to invest. Very quickly, they impressed all of us with their innovative approach to customer service and team building.

Related: 10 Time-Management Tips That Work

Soon after we opened the first few clubs, Nelson Mandela called me, asking if Virgin could rescue a chain of South African gyms. That seemed a stretch, because we had only a handful of locations in Britain, but Bucknall and Reed were confident, and such was our trust in them and their team that we signed onto the deal. And they were right: Virgin Active South Africa is one of the key drivers of that business's growth.

4. Know when to say goodbye.
It can be very difficult to know when to sell, since as a founder and entrepreneur you become very attached to your business and your team. Look into whether selling will be good for the overall health of your company, or if you need objectivity, ask trusted advisers to do this. But brace yourself -- the answer might be yes.

We have sold a number of Virgin companies over the years. Probably the most notable occasion was in 1992, when we sold Virgin Records to EMI and used the cash to expand Virgin Atlantic and other companies in the group. It was a very emotional day for me -- at one point, I broke down in tears. Looking back, it's clear that we sold at the right time and the decision made sense for Virgin as a whole. That secured our group's future and gave us a war chest for investing in new businesses.

Selling is difficult, and you will be tempted to hold on too long. This is one of the biggest mistakes an entrepreneur or chief executive can make.

I held onto Virgin Megastores for too long. Despite the warnings of my management team, I could not bring myself to sell the business until a few years ago. By that time, DVD sales had collapsed and the whole industry had been revolutionized by Apple's iTunes store. You can't get them all right!

Finally, when you are facing a difficult choice or must make an important decision on behalf ofyour company, keep in mind that the answer might not always be yes or no -- sometimes there are other options. Your job is to lead your team in the search for the best solutions, which are not always the easiest ones.

http://www.entrepreneur.com/article/222739

N.E. Partners: 30 Habits That Will Change Your Life

Developing good habits is the basic of personal development and growth. Everything we do is the result of a habit that was previously taught to us. Unfortunately, not all the habits that we have are good, that’s why we are constantly trying to improve.

The following is a list of 30 practical habits that can make a huge difference in your life.

You should treat this list as a reference, and implement just one habit per month. This way you will have the time to fully absorb each of them, while still seeing significant improvements each month.

Health habits

1. Exercise 30 minutes every day. Especially if you don’t do much movement while working, it’s essential that you get some daily exercise. 30 minutes every day are the minimum recommended for optimal health.
2. Eat breakfast every day. Breakfast is the more important meal of the day, yet so many people skip it. Personally, I like to eat a couple of toasts in the morning along with a fruit beverage.
3. Sleep 8 hours. Sleep deprivation is never a good idea. You may think that you are gaining time by sleeping less, when in reality you are only gaining stress and tiredness. 8 hours are a good number of hours for most people, along with an optional 20 minutes nap after lunch.
4. Avoid snacking between meals. Snacking between meals is the best way to gain weight. If you are hungry, eat something concrete. Otherwise don’t. Update: for clarification, I mean don’t eat junk food between meals, but eating real food it’s ok.
5. Eat five portions of fruits and vegetables every day. Our body and brain loves getting vegetables and fruit, so I highly recommend eating as much of them as possible. Five portions is the dose that’s usually recommended by many health associations.
6. Eat fish. Fish is rich of omega 3 and other healthy elements. At least one meal per week of fish should be enough for getting all these nutrients.
7. Drink one glass of water when you wake up. When you wake up, your body is dehydrated and needs liquid. Make the habit of drinking one glass of water after you wake up in the morning. Also, drink more during the day.
8. Avoid soda. Soda is often one of the most unhealthy beverage you can find. Limit your consumption of soda as much as possible and you’re body will be grateful for that.
9. Keep your body clean. I don’t advise spending your day in front of the mirror, but a minimum of personal care does never hurt.
10. If you smoke, stop it. There’s no reason to smoke anymore, and quitting is possible.
11. If you drink, stop it. Same as above. Don’t think that alcohol will solve your problems. It never does. The only exception is one glass of wine per day during meals.
12. Take the stairs. This is just a hack that forces you to do a minimum of exercise. Instead of taking the elevator, take the stairs.

Productivity habits

1. Use an inbox system. Make the habit of keeping track of all the ideas and things that comes to mind. You can use a notebook to do this, and then sync everything on your computer.
2. Prioritize. If you have a list of things to do, where do you start? One way is to prioritize your list. If you are in doubt, ask yourself: “If I could only accomplish one thing today, what would it be?”
3. Plan, but not too much. Planning is important, and you should decide in advance what you are going to do today or this week. However, planning for more than a few weeks is usually inefficient, so I would not worry too much about that.
4. Wake up early. Waking up early in the morning is a great way to gain extra time. I personally like to wake up at 5 am, so that by 9 am I have already accomplished what otherwise would have taken me many days..
5. Check your email only twice per day. Email can easily become an addiction, but it’s usually unnecessary to check it every 10 minutes. Make an effort and check your email only once or twice per day, see if the world will still rotate as before after you try this.
6. Eliminate unimportant tasks. Being busy all day does not mean you are doing important stuff. Eliminate every activity that’s not important, and focus on what really matters.
7. Clean off your desk and room. Having a clear room and desk is important to maintain focus and creativity.
8. Automate. There are a lot of tasks that you need to perform every day or every week. Try to automate them as much as possible.
9. Set strict deadlines. When you do something, decide in advance when you’re going to stop. There’s a rule that states that you will fulfill all the time you have available for completing a task, so make an habit of setting strict deadlines for maximizing your productivity.
10. Take one day off per week. Instead of working every day, take one day off per week (for example sunday) where you are not going to turn on your computer. Use that time for doing recreational activities like going for a walk.

Personal Development habits

1. Read 1 book per week. Reading is a good way to keep your brain active. With just 30 minutes per day you should be able to read one book per week, or more than 50 books per year.
2. Solve puzzles. Quizzes, word games, etc. are all good ways to exercise your brain.
3. Think positively. You are what you think, all the time.
4. Make fast decisions. Instead of thinking for one hour wherever you are going to do something, make your decisions as fast as possible (usually less than 1 minute).
5. Wait before buying. Waiting 48 hours before buying anything is a tremendous money saver, try it.
6. Meditate 30 minutes per day. A great way to gain clearness and peace is through meditation. 30 minutes are not a lot, but enough to get you started with meditation.

Career habits

1. Start a blog. Blogging is one of the best way to put your word out. It doesn’t have to be around a specific topic, even a personal blog will do.
2. Build a portfolio. If your job is creating stuff, building a portfolio is a great way to show what you are capable of. You can also contribute stuff for free if that applies to your work.