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
An important priority for me is a business must get their own house in order. Be or become an agent of positive change in your own enterprise and adopt responsible practices to eliminate the risks that often lie at the root of inequality and poverty.
Interpretation
Businesses should first manage their internal affairs responsibly to effect positive change externally.
Richard Branson emphasizes the importance of a business maintaining its internal operations effectively before attempting to influence larger societal issues. He suggests that companies must adopt responsible practices that address the root causes of inequality and poverty by ensuring their own organizational integrity and ethical conduct, thus positioning themselves as agents of positive change in the community and the world at large.
In practice
In a corporate training session on corporate social responsibility.
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 don’t 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.
Competition should not be for a share of the market-but to expand the market.
The central task for a business is to make a profit. The challenge is to make a profit by doing things which are genuinely good for people and good for societies.
In a period of economic downturn, the overwhelming instinct is to pare back, cut costs, and lay off. If you do that, do so with your strategy in mind. The worst mistake is to cut across the board. Instead, reconnect and recommit to a clear strategy that will distinguish yourself from others.
What is good for our customers is also in the long run good for us.
Customer service shouldn't just be A department, it should be the entire company.
The single biggest reason companies fail is they overinvest in what is, as opposed to what might be.
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