Publisher: Virgin Books
Year: 2012
Format: Paperback
Pages: 343
Genres: Academic and professionals
Book Review
Like a Virgin: Secrets They Won't Teach You at Business School is a book written by Richard Branson, who is the entrepreneur, business magnate, philanthropist, and investor. Meanwhile, Richard Branson is the founder of Virgin Group. In this book, Richard will share his business philosophy, wisdom, lessons, and value in developing business and personal leading in managing his organization.
Summary of the book
Five secrets business to starting a business
If you don’t enjoy it don’t do it
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Building a business is all about doing something to be proud of, bringing talented people together and creating something that is going to make a real difference to other people lives
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Be innovative- create something different
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You have got to do something radically different to make your mark today
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Pride of association works wonders
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For me, there is nothing sadder than hearing someone being apologetic about the place where they are working. When people proud to be associated with their company it generates a special level of advocacy and dedication that is huge differentiator in a world full of mediocrity and indifferent
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Lead by listening
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To be good leader you have to be a great listener. Sure, you need to know your own mind, but there is no point in imposing your views on in imposing your views on others without some debate and a degree of consensus
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Be visible
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1. People power- the real engine of any business
Let’s get right to the point: good people are not just crucial to a business, they are the business.
Like the proverbial apple, a bad apple can destroy a business very quickly.
2. Nice guys can finish first. Teaming beats streaming
3. The weakest link – great customers is the chain
4. Business philosophy ( never criticize and rising from the fall)
5. Screw you, Goliath! Fighting the big wars
6. The perfect pitch
7.In life, I have always believed it is better to stick to a few simple values & aims; the same hold true for business. One guideline that we rely on is that if a new business has the potential to damage your brand in anyway, you should not invest in it.
8.They say “Third-person problems.”-Manager and business leaders should watch for this tendency. A company where the staff overuse the word ‘they’ is a company with problems. If employees are not associating themselves with their company by using ‘we’, it is a sign that people up and down the chain of command are not communicating- and if that turns out to be the case, you will usually find secondary problems throughout the company, affecting anything from development of customer service.
9. Don’t be afraid to take calculated risks. Sometimes they turn out to be less dangerous than the sure thing. Come to terms with the fact that the perfect 10 simply does not exist, and, when you hit the nine mark, don’t stand back and admire your handiwork. Start work on the next generation to make it still better.
10. If you never make mistakes, you will never make anything.
11. The customer’s always right, except when he’s wrong. The key to providing great customer service is for your management team to recognize the true worth of your front line staff, the most talented of whom are expert negotiators with the deep understanding of interpersonal relationships. (If your business proposition is innovative, your ultimate goal has to be ‘The customer always thinks that we are right.)
12.As you pursue your own entrepreneurial vision, take heart if building your company involves overcoming obstacles and ignoring your critics. Pursue your passion, admit it when you encounter something you are not good at, and either delegate it or find a way around it and when things go wrong, pick yourself up and keep going. This is an adventure that takes courage and conviction.
13.Manager and executives who want their companies to make positive first and second impression must learn to balance the web’s labor- saving efficiencies with real human beings who can help when things go wrong.
14.Like a fine wine-ageing brings many benefits. Offering part time jobs, jobs shares, flex time and full-time job with longer holidays may attract old workers. This would enable everyone – and not just old employees! –to strike a better work- life balance and allow companies to retain their skills, experience and make a team for the newer generations
15.If you are hoping to continue as CEO, you must learn the ins and outs of every area of the company. There are no shortcuts – getting this right requires patience and hard work.
16.Great manager seldom criticizes their team member. Just as plants and water, people need encouragement so that they can grow and flourish. As employee who makes a terrible error of judgements rarely needs to be told about it, so instead his manager should focus on helping, them learn from their mistake and recover their confident.
17. ‘Intrapreneur.’ An employee who is given freedom and financial support to create new products, services and system, who does not have to follow the company’s usual routine or protocols
18.Perhaps the greatest thing about this form enabled intrapreneurship is that often everyone becomes so immersed in what they are doing that they feel like they own their company. They don’t feel like employees working for someone else, they feel much like well, I think the only word to describe it is ‘belongers’
19.Don’t like the second opinion? Get a third. In business, asking questions may not save lives, but is can save you a lot of time and money. Don’t impose your own thoughts on the conservation until you have digested all the feedback and feel that you are close to a decision. Don’t tell people about others’ suggestion until you have heard what they have to say. In the end you may decide that the best advice is to walk away- and later find out it was the very best solution.
20. More walking and talking. Less typing and griping. Be egalitarian. Try to catch employees doing something goods- recognize and celebrate people’s strength and achievements on the spot. If, however, you stumble on a problem, it is far better to quietly bring the matter to someone’s attention later, rather than embarrasses the staff member by having the head honcho calling them out in front of their peers.
21. New ventures, which to pick? Exercising your creativity in other setting is not just relaxing; you will stay informed about developments in other fields and connect with a wider circle of people than you might encounter at work. Broadening your horizons keeps you thinking fresh and original and make goods business sense!
22. Get big, by staying small. Put your staff first, listen to them, and follow up their ideas.
23. Three keys make your products or service differently:
1. What makes your product or service different?
2. Will it improve your customer’s lives?
3. Why would people buy it?
24. If your proposal is rejected, it is not the end of the world. Ask for feedback.
25. Most of all, never forget that overcoming adversity is the true mark of a true entrepreneur.
26. What is success? The more active and practically engaged you are, the more successful you will feel
27.Living the Branson life. There is really nothing more important. You must find time for yourself and your body
28. Early endeavours. Can pay dividends later in life. Keys:
- Is the pricing right?
- Is the equipment up to date?
- Do some research to find your most likely customers
- Can you broaden the services you offer?
- Offer to donate some of your proceeds to a local charity
29. Change is good. As long as it is managed. Are you are able to pull off the small-and-specialized restructuring your staff may be in charge of a smaller company, but each contributor will have more clout and be much more focused. They will be able to take pride in their successes, and learn quickly and well from their failures.
30. Managing the launch. When the tough get going. Managers should never rule by fear. I find enthusiasm, genuine openness and camaraderie with your people are far better. Successful entrepreneurs usually have excellent people skills that exponentially increase their ability to making things happen. So remember: encourage, try to make work fun. Practice these skills at your small business; work on them every day. If you do, perhaps you will someday have the opportunity to continue practicing- at your large business.
31. A noose around the neck: Ties that don’t blind.On behalf of the oppressed tie-wearer of the world, here is my appeal to those corporate despots who still force their male employees to put nooses around their necks every day: Please think again.
32. Today’s failure. Can lead to tomorrow’s success. I should not spend too much time crying over spilled milk. I have always tried to bring discipline to my business career.
33. Be a leader, not a boss. If you are not frequently out there in the front line, leading the charge in lockstep with your employees, you simply cannot stay in touch with the realities of your business. Sitting in the boardroom listening to even the most comprehensive reports from the front can never compare with being there to see it and hear it first-hand.
34. While a bad school teacher, like a bad boss, will indeed teach or manage by cramming their opinions into their charges, a good educator or corporate leader will do the opposite and draw opinions and ideas of their students or associates. Perhaps the new corporate mantra should be ‘bosses should be seen and not heard.”
35.Great customer service, cultural, not optional. Making customer service key to your organization will keep your employees motivated and your customers happy, ensuring enduring loyalty, business success, and most importantly, a more fulfilling and meaningful experience for all.
36. Can bad news be good news? Two ways communication is vital. If you find yourself losing touch, one of the best solutions is to take some time to find out what the staff is actually doing on a day-to-day basis. If inertia has set in at your company, it is time to show people that their contributions are appreciated.
37. Choosing a partner. Going down the investor aisle. A partner who just brings in the capital is very useful, but a strategic partner who can also provide you and your team with space, time and freedom needed to build the business is a true friend- and one who is much more likely to stand the test of time.
38. Invest in your people. And they will invest in you.
- An investment in your people is an investment in your company. Starting a tradition of having lunch together every Friday and reviewing how the week went.
- Lead from the front. Executives and managers who want to learn how to improve their operation must step away from their desks and get to know their staff. If your company is too big for regular meetings, spending a few hours handling customers complaints yourself or working on the factory floor will help you do understand what’s really going on.
- Make sure employees have the tools they need to succeed. On the factory floor, you notice that employees are groping for answers, it is time to take action. Remove limits on access to databases, invest in new information technology; do whatever it takes to make sure that they can seize the initiative on their own.
40. Social services redefined, viral virgins all. To succeed entrepreneurs and business leaders must look at this digital world through a different lens; by working with your online sites, services and teams, you can transform these challenges into opportunities. He who resists can only lose!
41. Always be connecting dots
43. Launching a business. Four common mistakes.
- Stay on target
- Be realistic about costs
- Hire the people you need, not the people you like
- Know to stop when to CEO
44. Keep an eye on the details. The devil rests there too. Be sportsmanlike, play to win and try to avoid nasty confrontations with your enemies, If you do fall out with a partner, colleague or competitor, let the thing cool off then call them and suggest you get together for dinner. It is likely you have a great deal in common.
45. The lonely entrepreneur? Think again. Creating a start-up fail in their early years- but an entrepreneur cannot look at a setback as a bad experience; it is just part of the learning curve. In business, there is no substitution for experience. So if you are an entrepreneur, get on with it. If you have achieved success in business, think about giving back to the community by mentoring some promising entrepreneurs. Who knows? They may be the next Musa and Amos.
46. The planet’s problems, a world of opportunities.
47. Let’s shake on that, now get a lawyer in here. Please make a point of shaking hands on a deal- but then make sure to ask your lawyers to record the details.
49. Sharing life’s lessons. A mentor can make it happen.
- A good coach tells it straight
- Build a mentoring team
- Teach them to be bold
- Make the introductions
- Get the message out
- Persistence is key
- Show us the money
- Look overseas for investors
- Improve the infrastructure
- Keep it simple
- Zoom past fossil fuels
- Adopt ‘talent without border’
- Teach people to make things
- Abandon student ‘warehouses’
- Offer flexi time as well as full-time
- Restore stability
51.Rules of the road, everyone needs to know where they are going.
- What is your plan? Keep your team informed
- Define the rules of the road
- Focus, focus, focus
- Who is in charge? It is up to you
- Champion your people’s ideas
- When mistakes happen, learn from them and move on
- Celebrate your success
52. School of hard knocks. Education starts at school but goes on forever. Obtaining diploma only a first step, and in no way guarantee to success. You will ethic and determination to make it- both in business and life. You also need the fair share of good luck.
Advice from Richard Branson:
Good luck! Please hang in there and complete your education, throw everything into your studies and remember: whether you are working for a company or setting up your own business, work hard, persevere and smile, and you will be on the road to success.
My thoughts:
In this book, Sir Richard Branson has shared about his business experiences and values in leading his organization towards success level by emphasizing "think out of the box" and willing to lead people. In order to develop business in the market, creative and innovative is playing a prominent role in products improvement. This is because customers always like to try something new to fulfill their own desire. Therefore, before developing business, we should ask ourselves several questions:
1. What is the difference between our products and other products?
2. What is the competitive advantage about our products?
3. Why we develop this business idea?
3. Will customers will buy these products?
4. What is the future value and risk about this product toward our organization?
5. What are required resources and capabilities to develop this business idea?
If the business idea is great towards organization and society, the business should be inaugurated by the person to the market. Planning strategy and action must be strong so that the business can well stable while competing with other competitors.
Recommendation:
About this book, I recommend this book for people who like to explore new business ideas, reading biography, learn to plan business proposal, and preparing a business presentation.
If you are interested in this book, you can click this link below:
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