From the course: Career Advice from Some of the Biggest Names in Business

Richard Branson on navigating tough decisions

From the course: Career Advice from Some of the Biggest Names in Business

Richard Branson on navigating tough decisions

- What kind of advice do you give small businesses right now about either how to start, whether to start, or how to survive this very odd time we're in? - Yeah, if I reflect back to when I had my first business, I think that, apart from looking after and motivating one's team, the only thing that mattered was survival. I mean, that one word. So we just had to fight day and night to survive and do everything we could to survive. But I think equally important, 'cause I'm afraid a lot of people will go through this, if you've done everything you can to survive and you don't survive, don't dwell on it and pick yourself up the next day. Work out what you've learned from running the business, brush yourself down, and be ready when COVID is over to start again. And I think there will be a lot of people out there who will be going through that really difficult time at the moment. Bigger companies like Virgin, because we value our reputation, we'll put our hands in our pockets and we'll bail out companies that maybe shouldn't really be bailed out, that financially we should have let them go. But fortunately, we can afford to do that. But I think for smaller business owners, they're at least blessed that in the 18th century, they brought in the ability to collapse the company without it taking people's private homes and so on or being put into prison or whatever. And I think people will respect people who take the tough decision and start again. (gentle upbeat music)

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