Losing My Virginity: How I've Survived, Had Fun, and Made a Fortune Doing Business My Way

I can honestly say that I have never gone into any business purely to make money. If that is the sole motive then I believe you are better off not doing it. A business has to be involving, it has to be fun, and it has to exercise your creative instincts.

It is only by being bold that you get anywhere. If you are a risk-taker, then the art is to protect the downside.

to be successful, you have to be out there, you have to hit the ground running

In the same way that I tend to make up my mind about people within thirty seconds of meeting them, I also make up my mind about whether a business proposal excites me within about thirty seconds of looking at it. I rely far more on gut instinct than researching huge amounts of statistics.

I have always believed that the only way to cope with a cash crisis is not to contract but to try to expand out of it.

There have been times when I could have succumbed to some form of bribe, or could have had my way by offering one. But ever since that night in Dover prison I have never been tempted to break my vow.. My Parents always drummed into me that all you have life is your reputation: you may be very rich, but if you lose your good name you'll never be happy.

the best motto to follow is ‘Nothing ventured; nothing gained’.

Fun is at the core of the way I like to do business and it has been key to everything I've done from the outset. More than any other element, fun is the secret of Virgin's success. I am aware that the ideas of business as being fun and creative goes right against the grain of convention, and it's certainly not how the they teach it at some of those business schools, where business means hard grind and lots of 'discounted cash flows' and net' present values'.

Throughout my business life I have always tried to keep on top of costs and protect the downside risk as much possible. The Virgin Group has survived only because we have always kept tight control of our cash. But, likewise, I also know that sometimes it is essential to break these rules and spend lavishly.

What we are trying to do at Virgin is not to have one enormous company in one sector under one banner, but to have two hundred or even three hundred separate companies. Each company can stand on its own feet and, in that way, although we've got a brand that links them, if we were to have another tragedy such as that of 11 September - which hurt the airline industry - it would not bring the whole group crashing down.

Live for the present –’ I heard my parents’ old maxim in the back of my head ‘– and the future will look after itself.

I don’t believe it can be taught as if it were a recipe. There aren’t ingredients and techniques that will guarantee success. Parameters exist that, if followed, will ensure a business can continue, but you cannot clearly define our business success and then bottle it as you would a perfume. It’s not that simple: to be successful, you have to be out there, you have to hit the ground running; and, if you have a good team round you and more than your fair share of luck, you might make something happen. But you certainly can’t guarantee it just by following someone else’s formula. Business is a fluid, changing substance.

how slim the line is between genius and insanity and between determination and stubbornness.

Capitalism – which in its purest form is entrepreneurism even among the poorest of the poor – does work; but those who make money from it should put back into society, not just sit on it as if they are hatching eggs.

If you go around the world saying that, in order for the world to survive you have to make huge changes in your way of life, it does help if you yourself walk the walk and talk the talk.

We call this the spirit of Ubuntu, that profound African sense that we are human only through the humanity of other human beings.

I was too young to contemplate failure.

Dream Big. Play Big. Take Risks !! Keep working towards things that really matter. It is only by being bold that you get where you wanna get.

Why did the sheep bells of the Falkland Islands ring louder than the church bells of Jerusalem?’ —

I would have loved to have spoken to these fishermen. Probably they were as stressed about their money and families as anyone else, but their life seemed so tranquil and rooted in such an ancient tradition that I felt they must have come to terms with time in a way I never had.

Our wedding on Necker. A week later Sam said of a friend’s wedding, “But they can’t be getting married. They haven’t had any children yet.” Private Collection.

On impulse, Joan and I decided to fly down to the Virgin Islands. We had nowhere to stay and not very much money, but I heard that if you expressed a serious interest in buying an island the local estate agent would put you up for nothing in a grand villa and fly you all around the Virgin Islands by helicopter.

Soon a number of journalists from the national papers came to interview me to see what all the buzz was about. We developed a foolproof way of impressing them. I sat at my desk, the telephone at my elbow. ‘Great to meet you. Take a seat,’ I would say, waving the journalist down into the beanbag opposite me. As they shuffled around trying to retain their dignity, get comfortable, and remove the drips of houmous and piles of cigarette ash from the folds, the telephone would ring. ‘Can someone take that, please?’ I would ask. ‘Now –’ I turned my attention to the journalist ‘– what do you want to know about Student?’ ‘It’s Ted Heath for you, Richard,’ Tony would call across. ‘I’ll call him back,’ I’d say over my shoulder. ‘Now, what did you want to know about Student?’ By this time the journalist was craning round to watch Tony tell Ted Heath that he was sorry but Richard was in a meeting and he’d call him back. Then the telephone would ring again, and Tony would pick it up. ‘David Bailey for you, Richard.’ ‘I’ll call him back, but will you ask if he can change that lunch date? I’ve got to be in Paris. OK –’ I’d flash an apologetic grin at the journalist ‘– now, how are we doing?’ ‘I just wanted to ask you –’ The telephone rang again. ‘I’m sorry to interrupt,’ Tony would apologise, ‘but it’s Mick Jagger for you and he says it’s urgent.’ ‘Please excuse me for a minute,’ I’d say, reluctantly picking up the phone. ‘Mick, hello. Fine thanks, and you? Really? An exclusive? Yes, that sounds great…’ And on I went until Jonny couldn’t stop laughing in the call box opposite or the pips went. ‘I’m sorry,’ I’d say to the journalist. ‘Something’s cropped up and we’ve got to dash. Are we finished?’ The journalist would be ushered out in a daze, passing Jonny on the way, and the telephone would stop ringing.

Helium-3 is made under extreme pressure and extreme heat. It was made when the moon ripped out of the Earth and flew into orbit around it, and continues to be made by solar winds down countless millions of years. Scientists can make only minuscule amounts, at a cost of billions of dollars, in the accelerator at Cern. Getting it from the moon – where it would be ‘mined’ from the dust and then heated to release the gas itself – would not be wildly expensive, nor beyond our ability. Helium-3 could supply all of the Earth’s energy needs way into the future by using fusion, which is both clean and safe.

The second was that I could also clearly see a vision of the future and answer many people’s questions: why does space really matter; and why have you got involved in it? Many people seemed to think that Virgin Galactic was some kind of challenge, a personal plaything, albeit an enormously expensive one. The truth is that space is the future of mankind. Everybody, from Dr Tim Hansen at NASA’s Goddard Institute, who is one of the fathers of space science, right the way through to Professor Stephen Hawking, the father of modern physics, agrees that better access to space and the utilisation of space is going to be crucial to the reorientation of the world’s industries in coping with climate change.

One of the things I’ve learned over my years in business is that, once you have a great product, it is essential to protect its reputation with vigilance. It’s not just a question of getting it into the marketplace. As a result, every day I receive a bundle of press cuttings – everything that mentions Virgin. These – and staff letters – are the first things I read in the morning.

Convention also dictates that ‘big is beautiful’, but every time one of our ventures gets too big we divide it up into smaller units. I go to the deputy managing director, the deputy sales director and the deputy marketing director and say, ‘Congratulations. You’re now the MD, the sales director and the marketing director of a new company.’ Each time we’ve done this, the people involved haven’t had much more work to do, but necessarily they have a greater incentive to perform and a greater zest for their work.