Treat failure as a lesson on how not to approach achieving a goal, and then use that learning to improve your chances of success when you try again. Failure is only the end if you decide to stop.
Richard BransonRead
When you are making a decision about how best to serve your customers, your own experience is often a better guide than a more sophisticated analysis of the market.
Interpretation
Trust your personal experiences when making decisions about customer service over complex market analyses.
Richard Branson emphasizes the value of personal experience in decision-making, particularly in serving customers. He suggests that intuition and firsthand knowledge can be more effective than sophisticated data analyses, as they are rooted in real-world encounters and understanding of customer needs.
In practice
During a business meeting to discuss a new product, you could use this quote to advocate for focusing on customer feedback.
Treat failure as a lesson on how not to approach achieving a goal, and then use that learning to improve your chances of success when you try again. Failure is only the end if you decide to stop.
It's a common misconception that money is every entrepreneur's metric for success. It's not, and nor should it be.
Some 80% of your life is spent working. You want to have fun at home; why shouldn't you have fun at work?
Values cannot be speedily forgotten if it is inconvenient or commercially expedient. Values have to have meaning and longevity; otherwise they are valueless. You cannot embrace innovation up to a point or only sometimes. Branding demands commitment; commitment to continual re-invention; striking cords with people to stir their emotions; and commitment to imagination. It is easy to be cynical about such things, much harder to be successful.
Please donβt get hung up on this question of whether you need to have experience in an industry before you launch your startup.
What's the most critical factor in any business decision you'll ever have to make? Basically, it boils down to this question: If this all crashes, will it bring the whole house tumbling down like a pack of cards? One business matra remains embedded in my brain - protect the downside.
Business isn't some disembodied bloodless enterprise. Profit is fine - a sign that the customer honors the value of what we do. But "enterprise" ( a lovely word ) is about heart. About beauty. It's about art. About people throwing themselves on the line. It's about passion and the selfless pursuit of an ideal.
Smart companies fail because they do everything right. They cater to high-profit-margin customers and ignore the low end of the market, where disruptive innovations emerge from.
If all you needed to do is to figure out what company is better than others, everyone would make a lot of money. But that is not the case. They keep raising the prices to the point when the odds change.
Competition is the keen cutting edge of business, always shaving away at costs.
Eventually, all companies are replaced.
No one knows the cost of a defective product - don't tell me you do. You know the cost of replacing it, but not the cost of a dissatisfied customer.
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