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
It's rare for a startup to make money immediately, so you need to make sure that you have enough saved or that you have another income stream that can support you.
Interpretation
What this quote means
Startups typically don't generate immediate profits; financial preparation is essential.
This quote emphasizes the importance of financial security when venturing into entrepreneurship. Richard Branson highlights that most startups take time to become profitable, indicating that entrepreneurs should either save enough money or have alternative income sources to sustain themselves during the early stages when profits may not yet materialize.
Themes
StartupMoneyIncomeFinancial SecurityEntrepreneurship
In practice
Example use cases
In a motivational speech for aspiring entrepreneurs, I might say, 'As Richard Branson wisely pointed out, it's crucial to have financial backup when starting a business.'
More from Richard Branson
All quotes →It's a common misconception that money is every entrepreneur's metric for success. It's not, and nor should it be.
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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.
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Please don’t get hung up on this question of whether you need to have experience in an industry before you launch your startup.
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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.
Richard BransonRead
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