Advice for future entrepreneurs from Richard Branson

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The rate of unemployment is at a high of 40pc and with graduates coming out of university each year the number of those unemployed keeps rising with each passing year. Despite all this I believe that one of the best ways to fight unemployment is via an increase in entrepreneurship opportunities for the youth and those who know me well can tell you that I’m passionate about the subject. Among my favorite entrepreneurs in the world if Virgin’s Sir. Richard Branson. Here’s some advice that he gave to future entrepreneurs on his blog.

1. Get the business model right

Most entrepreneurs fail not because they have bad ideas but they fail to live by the adage that ” a failure to plan is a plan to fail”. When you have that bright bulb idea it’s easy to forget to put it down in writing and draw up a business plan. Most of us just jump straight into seeking funds and dreaming about the big money that is to come our way.

2. Trust your instincts

When starting a venture you get lots of advice from various quarters and it’s easy for you to lose sight and be distracted. Most of us end up over thinking critical decisions and fail to go with our gut feeling since we were advised by someone more “experienced”.

3. It’s down to you

Don’t heap blame on hard times to fate or other forces. If you want to succeed you have to work at it and realize that the success of your venture lies squarely on your shoulders. You should also work smart rather than pray that God will add the number of days in the week.

4. Believe in what you do.

Belief is important as it spurs you on to have faith in what you are doing and hope to achieve.

5. Give it go

It might be the Titanic but you’ll never know until you try.

Check out his blog post here

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