Good Morning Team – Tips from a man who has started over 100 companies in vastly different industries – Richard Branson
Q: I am a first-time entrepreneur. When I am asked what previous experience I have in this field, how should I answer?
A: Virgin’s history shows that a lack of experience is an asset. It is something you should play up when you discuss your ideas with prospective investors or partners.
From the first days of my career as an entrepreneur, I have always used my own and my team’s lack of experience to our advantage. In fact, at our first venture, Student magazine, we used our newcomer status to secure great interviews and generate publicity — people were excited about our new project and wanted to get involved and help us succeed.
Since our Student days, we have started hundreds of new businesses, in most cases knowing next to nothing about the industries we were moving into. And our inexperience has always allowed us to focus on how we can do things differently, rather than on the reasons we cannot. This gives us freedoms that other businesses don’t have, constrained as they are by past lessons and industry history.
The key to turning inexperience into an asset is to pitch what is new about your product or service. How does your approach differ from that of other businesses? Why should people choose your products and services over your competitors’? Present prospective partners with a fresh take on a tired industry, and you will grab their attention and your market share.
So when you are dealing with prospective partners,turn their questions about your inexperience to your advantage. Explain that it frees you and your team to follow your vision for the industry.
Live With Intention,
Dr Bill