The following is an excerpt from a discussion with Richard Branson of Virgin. The rest of the article can be found here: http://www.virgin.com/AboutVirgin/RichardBranson/RichardReplies.aspx?L3_...

What would you say are the key things that entrepreneurs need to make a successful business?

I think one of the reasons for our success is the core values which Virgin aspires to. This includes those that the general public thinks we should aspire to, like providing quality service. However, we also promise value for money, and we try to do things in an innovative way, in areas where consumers are often ripped-off, or not getting the most for their money. I believe we should do what we do with a sense of fun and without taking ourselves too seriously, too! If Virgin stands for anything, it should be for not being afraid to try out new ideas in new areas.

Branding is also important. If you get your face and your name out there enough, people will start to recognise you. Many people know the Virgin brand better than the names of the individual companies within the group. A young girl once came up to me and told me I could be famous because I looked just like Richard Branson! Branding is everything. I think it's also wise to diversify; this enables you to have a contingency plan when the economy is going through a rough patch.

Finally, I'd better not forget luck. The odd bit of luck goes a long way. We were lucky to sign Mike Oldfield and we were lucky to get hold of the Sex Pistols in 1977. We've also been lucky that people liked Virgin Atlantic's unique airline service across the Atlantic, and I was lucky to survive all my balloon and boat trips!