3 Rules To Remember If You Want To Build a Multimillion Dollar Business

Richard Branson hands out three tips to fledgling entrepreneurs looking to transform their modest start-ups into global businesses...

When you're starting up a new business, it can be easy to get carried away as you dream and plan - and with good reason, since you're embarking on a thrilling journey, write the Virgin Founder in a recent blog. If you're like most entrepreneurs, at the moment your idea became clear, you got a surge of adrenaline, and since then your every waking minute has been devoted to getting your plan in motion. The question is, can you do it?

Check out Bransons three top tips for building a business below, and then let us know what your one piece of advice to a start-up trying to expand would be.

1. Do your research

That work should begin long before you make your first sale. You need to understand who your customers are and what they want. If you're looking to set up a stall to sell goods, for example, the market research may be as straightforward as asking people in your community what they'd like to buy but are having trouble finding in local shops and stalls.

many businesses fail because their founders are too headstrong to adjust course

2. Be nimble

"As you prepare for launch day, you must ensure that you're going to be nimble enough to cope with unforeseen problems and to take advantage of any valuable opportunities that arise. This may mean modifying your original idea, which can be difficult - many businesses fail because their founders are too headstrong to adjust course."

3. Get the customer service right from the start

When you are starting up from such a small sum, it will often be tempting to base your decisions on short-term profit. But that would be short-sighted, because no matter how big or small your business is, the key to success is attracting customers and keeping them coming back. When you're helping a customer, remember that each one is a resource, with the potential to provide your venture with funding and feedback, and to help spread the word.

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