Richard Branson on the Best Places to Find Inspiration
By Richard Branson, entrepreneur.com, July29, 2013
Entrepreneur Richard Branson regularly shares his business experience and advice with readers. Ask him a question and your query might be the inspiration for a future column.
Q: Where do you go to find inspiration? -- Tomas Jonsson
Entrepreneur Richard Branson regularly shares his business experience and advice with readers. Ask him a question and your query might be the inspiration for a future column.
Q: Where do you go to find inspiration? -- Tomas Jonsson
Most entrepreneurs dream of having an idea that changes the world -- of inspiration
that comes in a flash, like Sir Isaac Newton and his apple, and results
in a business that transforms an industry. And a few ideas have come to
me out of nowhere, as if someone had flicked on a light switch, but
I've learned over time that most good ideas take a lot longer to
formulate and are the result of steady observation.
My best sources of inspiration come from the everyday frustrations I
encounter at work and in my personal life. Simply taking note of them
can lead to great ideas, because if you follow up and find that you can
offer consumers a better solution than the ones currently on the market, you may soon be running a successful business.
When a group of friends and I were running Student magazine in the
'60s, we all loved music and didn't have much money, and since we knew
that many of our readers were in a similar position, we rather casually
started offering a mail-order record service in the back pages. The
service was not a test case for a larger business - we were too
inexperienced at that point to have such an idea - but over many months
it became clear that there was a great demand among our readers for a
record distribution service. We were offering cash-stricken students a
better deal than they could get in the shops, and they didn't mind the
wait to receive their records by mail.
The new business we created, Virgin Mail Order Records, quickly took
off. Although the business was almost paralyzed by a postal strike in
1971, our knowledge about the strength of the market gave us the courage
to push ahead. That first idea led to the discovery of more problems,
along with the confidence to follow through on our solutions.
Soon we opened our first Virgin Records store in London, which
provided people with a place to hang out and talk about music. Our
contacts in the music industry increased, and when we heard that
musicians needed a place to stay when they were recording an album and
no one seemed to be providing one, we created Britain's first
residential recording studio, the Manor in the Oxfordshire countryside.
After we made that investment, we were approached by a young, unknown
artist named Mike Oldfield, whose hit album, "Tubular Bells," would
launch our label. The rest is history.
That's not to say that you will never be struck by sudden
inspiration, but you can't predict when it will happen. Richard Reed,
the co-founder of Innocent Drinks, walks through Shepherd's Bush in
London each morning on his way to work. One day he noticed that a
billboard had been covered with a beautiful picture, without any logo or
branding. The picture stayed up for a month before it was replaced,
during which time Reed noticed how great he felt after seeing it each
morning. He soon realized that this was something a lot of people would
love to see and the idea for Art Everywhere was born.
On Aug. 10 the Art Everywhere project will flood the nation with huge
reproductions of classic British masterpieces displayed on billboards,
effectively turning the country into one big art gallery. Corporate
sponsors quickly signed on because the project will increase foot
traffic and highlight and beautify spaces that wouldn't otherwise get
attention. Reed's experience just goes to show that even a routine
commute to work can result in a great idea.
I have mentioned before in this column that I always keep a notebook
handy to jot down ideas for improving our businesses; the same applies
for starting them. Whatever you use to record your questions and
observations, the important thing is to make a practice of it,
preferably every day. Curiosity is a great quality in an entrepreneur:
Since there are countless problems to solve, we are all exposed to many
different opportunities throughout the day -- all you have to do is
follow up.
If you are looking for an idea for a business, consider: Is there
something at work or at home that frustrates you? How much time do you
spend on solving it? Is there an even better way of doing things? Why
hasn't it been done before? If the answer is "Because that's the way it
has always been done," pay close attention. Take notes.
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