Advertising
Advertising

The Richard Branson Way to Turn Your Idea Into A Huge Business

The Richard Branson Way to Turn Your Idea Into A Huge Business

If you’ve been dreaming of becoming an entrepreneur for quite sometime, you probably have numerous ideas that can be turned into a business by now. However, you might be struggling on how to put one or two of these ideas into fruition. Because you have never tried starting a business, you are at a loss without knowledge of exactly where to begin.

This is where Richard Branson comes in. He can help you have a head start and tell you precisely the steps you have to take, from the beginning to the final steps. Then you’ll be running your own business, for real. He believes and, in fact, suggests that after you have graduated, you continue your education by taking online courses, looking for mentors who will share their business wisdom, and, most importantly, exposing yourself to real world experiences. (Most business schools don’t teach you how to deal with real world scenarios you’ll surely encounter in the business world.)

Start your own business, or join a group of entrepreneurs working on a startup — be a volunteer. This second way, you’ll be immersed in the world of the entrepreneur without spending a dime, and you’ll see the nitty-gritty involved in the real deal.

Advertising

Let’s focus on you starting a business on your own. Once you have thought out an idea for a business, you don’t do anything practical yet. What you have to go through is much simpler.

1. Incubate.

Go to your favorite place; somewhere you can relax and dream and incubate your idea. It could be anywhere: the main principle here is to go to a place where you can feel at home with minimal distractions and start envisioning the company you’ll build based from your idea. This company should be something that you can bet your time, heart, soul, and hard earned cash on.

Branson is very definite about one thing. You must be enthusiastic about how your company will make a difference in people’s lives. He continues to explain that this is a crucial factor you must figure out because if you truly love your work, you’ll have a bigger chance of succeeding. If you’re in love with your idea and the way it will help other people, you’ll persevere and weather the storms of turning an idea into a huge business. It’s very important that you can persist despite the long hours, the trials, and the tribulations you have to go through to put up a company.

Advertising

2.The mum test.

The next thing he suggests is something that is unexpected. Indulge in the mum test. This involves talking to your mum, describing your idea and the empire you will create out of it. If she’s not excited and doesn’t have anything positive to say about your venture, you have to start all over. Go back to your creative space and start thinking of other ideas you can pursue. On the contrary, if she is elated, even pumped up, upon hearing your idea, go ahead with your plans. You might be birthing a real winner!

Frankly, I was a bit hesitant to follow this suggestion. Here’s the reason: my mother is not business savvy like Branson’s mum. However, all mums have instincts on what is best for their children. Your mum will have your best interest at heart when you discuss your entrepreneurial dreams with her. This being said, it’s undoubtedly safe to go through this step.

3. Put your idea out there.

The next step involves risk. Many entrepreneurs stall on this stage. They spend more time perfecting their plan than actually operating their business. The reason is simple: they are afraid to take the risk of putting out their business idea, scared of committing time, effort, and resources into the project. To this, Richard Branson says, “Successful entrepreneurs don’t wait for the perfect moment — they create it.”

Advertising

Develop some samples of the product or service you would like to sell. Upon reaching the point where you are happy with what you see, gather the least amount of funds to start the best and cheapest form of market research you can launch. You can do this with family members, relatives, your friends, neighbors, and your social media followers. Encourage them to try your product or service. In case you receive not-so-encouraging reactions, don’t fret. Consider tweaking the original idea to cater to the taste of your target market. Richard Branson encourages would-be entrepreneurs like you to not be discouraged at this stage. Making changes on your offering doesn’t mean your original idea isn’t good. This is just a natural occurrence in the process of improving your product or service. It’s just the initial adjustment, or a few of them, you need to make in your plan. Branson reminds all who want to dive into the sea of entrepreneurship — “Flexibility and the ability to solve problems creatively are great qualities in an entrepreneur.”

4. Time to sell.

After making those changes, it’s time to try selling your product (in small batches at first) or start offering primary introductions to your service wherever it’s possible —  door to door, online, at trade fairs, etc. Take feedback from early customers and keep in touch with them. At this point it’s critical to do your branding right.

According to Branson, ask these questions: “Does it stand out? Do your brand values attract eager customers? Will they also attract talented employees?

Advertising

5. Start talking to potential investors and distributors.

As you continue to encourage people to try your offerings, and they start to give you consistent positive feedback, you should begin thinking of producing more of your product or your service.

As you manufacture more of your products, practical issues will arise, issues like what’s the best way to manage cash flow or how to distribute your product efficiently. While this is happening, it could be a good idea to start scouting for potential investors and distributors to pitch them your idea. Also, at this phase, it would be wise to begin hiring and delegating responsibilities to employees.

To wrap up, Richard Branson puts it well. He says, “If you’ve followed the steps above, you may soon realize that I’ve pulled a tiny prank on you: You’ve now got a working startup, without ever having set a launch date. Great work!”

Source: Richard Branson on Turning an Idea Into a Business by Richard Branson via Entrepreneur.

Featured photo credit: Photo Credit: Fran Monks via Compfight cc via compfight.com

More by this author

Anthony Dejolde

TV/Radio personality who educates his audience on entrepreneurship, productivity, and leadership.

Left Brain Vs. Right Brain: The Eye Opening Insights How to Organize Notes and Stop Feeling Scattered Drink Water At The Correct Time To Stay Healthy The Art of Tucking in Shirts every Gentleman Needs to Practice 10 Ways to Lace Up Your Shoes Creatively

Trending in Work

1 10 Huge Differences Between a Boss And a Leader 2 How to Write an Impressive Cover Letter (With Examples) 3 10 Simple Yet Powerful Business Goals to Set This Year 4 How to Start an Online Business That Will Grow and Succeed 5 How to Swiftly Make a Midlife Career Change

Read Next

Advertising
Advertising
Advertising

Last Updated on June 5, 2020

10 Huge Differences Between a Boss And a Leader

10 Huge Differences Between a Boss And a Leader

When you try to think of a leader at your place of work, you might think of your boss — you know, the supervisor in the tasteful office down the hall.

However, bosses are not the only leaders in the office, and not every boss has mastered the art of excellent leadership. Maybe the best leader you know is the co-worker sitting at the desk next to yours who is always willing to loan out her stapler and help you problem solve.

You see, a boss’s main priority is to efficiently cross items off of the corporate to-do list, while a true leader both completes tasks and works to empower and motivate the people he or she interacts with on a daily basis.

A leader is someone who works to improve things instead of focusing on the negatives. People acknowledge the authority of a boss, but people cherish a true leader.

Puzzled about what it takes to be a great leader? Let’s take a look at the difference between a boss and a leader, and why cultivating quality leadership skills is essential for people who really want to make a positive impact.

1. Leaders Are Compassionate; Bosses Are Cold

It can be easy to equate professionalism with robot-like impersonal behavior. Many bosses stay holed up in their offices and barely ever interact with staff.

Even if your schedule is packed, you should always make time to reach out to the people around you. Remember that when you ask someone to share how they are feeling, you should be prepared to be vulnerable and open in your communication as well.

Does acting human at the office sound silly? It’s not.

A lack of compassion in the office leads to psychological turmoil, whereas positive connection leads to healthier staff.[1]

If people feel that you are being open, honest, and compassionate with them, they will feel able to approach your office with what is on their minds, leading to a more productive and stress-free work environment.

Advertising

2. Leaders Say “We”; Bosses Say “I”

Practice developing a team-first mentality when thinking and speaking. In meetings, talk about trying to meet deadlines as a team instead of using accusatory “you” phrases. This makes it clear that you are a part of the team, too, and that you are willing to work hard and support your team members.

Let me explain:

A “we” mentality shifts the office dynamic from “trying to make the boss happy” to a spirit of teamwork, goal-setting, and accomplishment.

A “we” mentality allows for the accountability and community that is essential in the modern-day workplace.

3. Leaders Invest in People; Bosses Use People

Unfortunately, many office climates involve people using others to get what they want or to climb the corporate ladder. This is another example of the “me first” mentality that is so toxic in both office environments and personal relationships.

Instead of using others or focusing on your needs, think about how you can help other people grow.

Use your building blocks of compassion and team-mentality to stay attuned to the needs of others and note the areas in which you can help them develop. A great leader wants to see his or her people flourish.

Make a list of ways you can invest in your team members to help them develop personally and professionally, and then take action!

4. People Respect Leaders; People Fear Bosses

Earning respect from everyone on your team will take time and commitment, but the rewards are worth every ounce of effort.

A boss who is a poor leader may try to control the office through fear and bully-like behavior. Employees who are petrified about their performance or who feel overwhelmed and stressed by unfair deadlines are probably working for a boss who uses a fear system instead of a respect system.

Advertising

What’s the bottom line?

Work to build respect among your team by treating everyone with fairness and kindness. Maintain a positive tone and stay reliable for those who approach you for help.

5. Leaders Give Credit Where It’s Due; Bosses Only Take Credit

Looking for specific ways to gain respect from your colleagues and employees? There is no better place to start than with the simple act of giving credit where it is due.

Don’t be tempted to take credit for things you didn’t do, and always go above and beyond to generously acknowledge those who worked on a project and performed well.

You might be wondering how you can get started:

  • Begin by simply noticing which team member contributes what during your next project at work.
  • If possible, make mental notes. Remember that these notes should not be about ways in which team members are failing, but about ways in which they are excelling.
  • Depending on your leadership style, let people know how well they are doing either in private one-on-one meetings or in a group setting. Be honest and generous in your communication about a person’s performance.

6. Leaders See Delegation as Their Best Friend; Bosses See It as an Enemy

If delegation is a leader’s best friend, then micromanagement is the enemy.

Delegation equates to trust, and micromanagement equates to distrust. Nothing is more frustrating for an employee than feeling that his or her every movement is being critically observed.

Encourage trust in your office by delegating important tasks and acknowledging that your people are capable, smart individuals who can succeed!

Delegation is a great way to cash in on the positive benefits of a psychological phenomenon called the self-fulfilling prophecy. In a self-fulfilling prophecy, a person’s expectations of another person can cause the expectations to be fulfilled.[2]

In other words, if you truly believe that your team member can handle a project or task, he or she is more likely to deliver.

Advertising

You can learn more about how to delegate in my other article: How to Delegate Work (the Definitive Guide for Successful Leaders).

7. Leaders Work Hard; Bosses Let Others Do the Work

Delegation is not an excuse to get out of hard work. Instead of telling people to go accomplish the hardest work alone, make it clear that you are willing to pitch in and help with the most difficult tasks when the need arises.

Here’s the deal:

Showing others that you work hard sets the tone for your whole team and will spur them on to greatness.

The next time you catch yourself telling someone to “go,” a.k.a accomplish a difficult task alone, change your phrasing to “let’s go,” showing that you are totally willing to help and support them.

8. Leaders Think Long-Term; Bosses Think Short-Term

A leader who only utilizes short-term thinking is someone who cannot be prepared or organized for the future. Your colleagues or staff members need to know that they can trust you to have a handle on things not just this week, but next month or even next year.

Display your long-term thinking skills in group talks and meetings by sharing long-term hopes or concerns. Create plans for possible scenarios and be prepared for emergencies.

For example, if you know that you are losing someone on your team in a few months, be prepared to share a clear plan of how you and the remaining team members can best handle the change and workload until someone new is hired.

9. Leaders Are Like Colleagues; Bosses Are Just Bosses

Another word for a colleague is a collaborator. Make sure your team knows that you are “one of them” and that you want to collaborate or work side by side.

Not getting involved in the going ons of the office is a mistake because you will miss out on development and connection opportunities.

Advertising

As our regular readers know, I love to remind people of the importance of building routines into each day. Create a routine that encourages you to leave your isolated office and collaborate with others. Spark healthy habits that benefit both you and your co-workers.

10. Leaders Put People First; Bosses Put Results First

Bosses without crucial leadership training may focus on process and results instead of people. They may stick to a pre-set systems playbook, even when employees voice new ideas or concerns.

Ignoring people’s opinions for the sake of company tradition like this is never truly beneficial to an organization.

Here’s what I mean by process over people:

Some organizations focus on proper structures or systems as their greatest assets instead of people. I believe that people lend real value to an organization, and that focusing on the development of people is a key ingredient for success in leadership.

Final Thoughts

Learning to be a leader is an ongoing adventure.

This list of differences makes it clear that, unlike an ordinary boss, a leader is able to be compassionate, inclusive, generous, and hard-working for the good of the team.

Instead of being a stereotypical scary or micromanaging-obsessed boss, a quality leader is able to establish an atmosphere of respect and collaboration.

Whether you are new to your work environment or a seasoned administrator, these leadership traits will help you get a jump start so that you can excel as a leader and positively impact the people around you.

For more inspiration and guidance, you can even start keeping tabs on some of the world’s top leadership experts. With an adventurous and positive attitude, anyone can learn good leadership.

More About Leadership

Featured photo credit: Brooke Lark via unsplash.com

Reference

Read Next