Surround yourself with smart people to reach your goals.

The most important thing about a business is its people. You don't have to be the fastest runner in the relay team or the best speaker on the debate panel as long as you surround yourself with great people and contribute in your own way. It's no secret that I wasn't the most academic student. Dyslexia held me back from focusing on school work and achieving good grades. However, I learned that if I flanked myself with people that complemented my weaknesses and shared my passions, I could work with them towards greater achievements. Over the past 50 years in business, I have used this as my model for collaboration - simply put: I just choose great people and shine in their shadows. In the very early days at Virgin Records, I entrusted my fresh-out-of-university cousin, Simon Draper, to take the lead on buying music for the company. While I had always appreciated music, Simon lived for it. He didn't just casually enjoy an album, he understood it.

Simon's taste in music became the single most critical element of the Virgin ethos. Our record shops were not just stores, but arbiters of taste. Simon's keen ear for talent, shown by his appreciation for Mike Oldfield, eventually led us to create Virgin Music -...