Virgin Group founder Richard Branson shared the stage with Mahindra Group chairman Anand Mahindra at an interactive session in the city on Wednesday where the two business leaders discussed the recipe for entrepreneurial success. Mahindra, who spearheads one of India’s automobile majors, pointed out the importance of ‘failure capital’. Branson, meanwhile, pointed out that diversification is key to survival of businesses.
On failures in business, Mahindra said a businessman who had not experienced failure has not done business at all. “Look at your failure as capital… the question is, can you ever actually get up, just dust yourself off. And the phrase I created for myself is that I can prove that failure is capital… So I look at it as a wonderful piece of investment,” said Mahindra, whose net worth is reportedly over $1 billion.
Branson, a billionaire who has started several entrepreneurial ventures and is best known as the founder of Virgin Records and Virgin Airlines, said that a slowing economy should not be a deterrent for an entrepreneur.
“If you’ve got a vision for something and you can activate the imagination of people, you have the business… A business is an idea within hundreds of other people’s success. That is the system in a nutshell… so, you’ll find a way if it’s a tough economy or a good economy,” Branson said. Branson’s Virgin Group is working on cutting-edge transport system called the Hyperloop One, and also has a venture working on a space tourism programme.
Both entrepreneurs spoke on the importance of diversification in business. Branson explained that Virgin Records failed to adopt to technology, and without diversification, the group would have faced tough times.