00:12 Eric Schurenberg: A lot of founders have a hard time pulling away from their businesses, one of the hardest things about growing in a company. How did you master that and become what most people would agree is a real master in delegation?
00:26 Richard Branson: I think the best bit of advice I've been able to give people and the most "thank you's" I've had a few years later is to say to young entrepreneurs, "Early on in your career find somebody better than yourself to run the business on a day-to-day basis. Remove yourself from all... Maybe even from the building, but remove yourself from all the day-to-day nitty gritty. And in that way, you're gonna be able to deal with the bigger picture, you're gonna be able to become an entrepreneur and think about new areas to go into. You're gonna be able to have a family life, you're gonna be able to see your children." And, fortunately I've learned that because from a quite early stage in my life I was inquisitive and I was... Going from running a record company to building recording studios to building record shops to building a merchandising company to merchandise the products to building phone companies and so on. So, it was forced upon me but it was, but it was the right thing. And so, what I realized from that is you can oversee 300 or 400 companies, around the world. And in some ways it is easier today for me to oversee a few hundred companies than it was when I was hands on, running a business by itself, having to deal with all the nitty gritty... All the nitty gritty of it. So, learning the art of delegation is an absolute key, I think.
02:17 Schurenberg: You've talked about moving out of the office. It worked for you. You've worked remotely from the very early days of Virgin. Will it work for other people?
02:27 Branson: Absolutely. I mean I think, people always want to see the top person in the office. And so, if you remain in the office and you've delegated, you'll never properly delegate. People will be offended if they can't see the Editor-in... The Editor-in-Chief. But if you can give somebody else a good title like Editor, and not Editor-in-Chief, and you're not actually in the office, they'll be happy to deal with all their issues with the Editor. And then as Editor-in-Chief, you can think about the bigger pitches and you've got that time to spend doing the things that really, really matter.