In a recent article on his blog, Branson explains that in the several decades he has spend in the business world, he had to close a few companies, which was not pleasant, but crucial.
He shared the following lessons of leadership that emerged from his failures. He considers them to be key lessons for all entrepreneurs and executives.
1. Your journey can be your goal
Business is not about the goal we're trying to reach, but about how we're trying to get there. When Richard Branson thinks about the best moments in his business life, he doesn't think about economic results or his awards.
He thinks about celebrating partial achievements with his employees. He recommends that entrepreneurs live the journey to their goal, not just the goal itself.
2. Be optimistic
Many people perceive failure in business as a personal failure and it does them great emotional harm. Richard Branson recommends maintaining a positive attitude even though things aren't going well.
Optimism will help you keep focus on the future and hope for success. Your personal attitude is the basis of what your life and business look like.
3. Failure is not the end
There have been hundreds of companies within the Virgin group, some of which had to close. Even though it isn't easy, discontinuing a certain part of your business can be crucial to sustaining the whole. It's important to look ahead and start new things.
Be brave.
-kk-