Even for the most experienced entrepreneurs, starting up a business can be a challenge, but mentorship has provided the advice so many start-ups need to make a success story.

There are few people on the planet with as much experience as Sir Richard Branson.

Founder of the Virgin Group, which controls more than 400 companies –from record stores to airlines, mobiles, media, even space tourism – he was at Virgin Media HQ last week, giving his advice to Irish business owners and entrepreneurs.

1Making a good pitch

You might have a fantastic idea, but communicating that to potential investors and customers can be a challenge. When it comes to making a good pitch, Sir Richard gave this advice: “KISS: keep it simple stupid. If someone can’t explain their business idea to me in two or three sentences, they’ve lost me.”

He also advises on seizing the opportunity. “I’ve had people pitch business ideas to me while cycling around Cape Town, puffing my way up hills and trying to figure out gears.” However, these people saw their opportunity and went for it.

2Be as good as your product

With 400 companies under his belt, what does Sir Richard consider when deciding to invest?

“There are lots of people who come up with the same idea. One or two people come up with something completely unique but mostly, it is the same idea, or a variation of that.

“So a lot of the time, it comes down to the individual, and whether they can execute it. The No 1 thing we look for is if this individual has got what it takes to carry out what they are promising. That’s not easy to judge, so it’s critical that those people completely believe in what they are doing.

“Running a business is hard work, and you have to be passionate about what you are trying to achieve and what you are trying to build. Those first two or three years can be all-consuming, and you have to be willing to accept that.”

3Motivating people

When it comes to developing a good team, the top piece of advice Sir Richard has is to treat people like human beings. “Don’t react to your business or treat your team any different to the way you would treat your family. People make mistakes, but people also make good things.

“You wouldn’t throw your siblings out of the house for doing something wrong. You deal with the mistakes. Treating people with decency is key.

“The best companies in the world are the ones where the MD has as much respect for the person cleaning the toilets as a fellow director. They know that person’s name and treat them with respect.”

4Setting goals and objectives

“I am a great believer in all of us setting objectives and writing them down. In fact, to reach these goals, write everything done. If you don’t write things down, you might not remember them. To run a good company, always have a notebook in your back pocket or jot things down in your phone.

“Some people think it’s slightly below them, that it’s someone else’s job – but everybody should be doing it. Keep notes on everything, every idea you have, and then make sure to follow it through.

5Follow through

This led onto Sir Richard’s final piece on advice: making things happen. “Deal with issues fast. Don’t leave them to fester, address them, tick that box and move on. Small things can become big things, which impacts the overall running of the company.” CL

Squash the habit and save €16,500 in life insurance

Those who started the year on a positive note – determined that 2018 was the year to give up the cigarettes – may find mid-month a little bit challenging. If you need a little renewed incentive to keep going smoke-free, think of all the money you could save.

We aren’t just talking about the €12 you are saving on a packet of cigarettes, but the longer-term savings, such as the impact on your life insurance. This time next year, you could be 12 months nicotine-free and potentially take advantage of a reduction in life assurance premiums, which can amount to tens of thousands in savings over the years.

Royal London report that a smoker turning 45 on their next birthday will pay over €16,500 more in premiums for Level Term Life Cover, over a 25-year term, than their non-smoking counterpart. A non-smoker turning 45 on their next birthday will pay €53 a month for life cover, over a 25-year term. If you smoke, this is more than double, at €108 a month.

If you are looking for a specified serious-illness cover, non-smokers are looking at monthly payments of €270, while smokers can expect to pay a whopping €482. So stick with it folks, it could be worth it, both medically and financially.

Airbnb: ensure you are insured

Airbnb has become a steady stream of income for households across Ireland. Currently, there are 22,000 host properties listed across the country and the average host earns €2,600 per year renting over an average of 40 nights.

While it is certainly an injection of cash, this does have tax implications, which have been highlighted in the media. What hasn’t received as much attention are the insurance implications. If you are an Airbnb host, you must highlight this to your home insurance provider.

Insurance broker Insuremyhouse.ie has warned that if the activity isn’t disclosed, you may not be covered in the event of a claim.

Deirdre McCarthy, home insurance expert with www.insuremyhouse.ie says: “People have been left not only stunned, but significantly out of pocket because their claims have been denied as a result of inadequate cover.”