00:12 Eric Schurenberg: Your faith in entrepreneurship is legendary and well known. But do you think that in this day and age, in which 50% of the graduates of business schools want to start their own companies, and a lot of people, maybe, who shouldn't drop out of school to start companies. Do you think we're over-selling entrepreneurship and underselling the risks?
00:31 Richard Branson: Look, America will get back on it's feet because of it's entrepreneurial culture. I just came from Necker Island, where we had 30 Internet entrepreneurs who were also keen kitesurfers, and they came down for a week's relaxation, and a week's get-together and discussion. And every one of them, just brilliant, great ideas. And the future big companies of the world are all gonna come from these young entrepreneurs coming up with wonderful ideas. So they certainly should not be discouraged. If they do fall flat on their face, if they find that entrepreneurism isn't for them, I'm sure they're gonna have a much easier job getting a more conventional job in a big company as a result of everything they've learned in their attempt to become an entrepreneur. And so, I think, I absolutely wouldn't discourage people giving it a go. You know, obviously, you have to realize that, something like eight out of 10 people who do give it a go, do not succeed. Go into it with their eyes open. Work really hard to try to make your idea succeed, and if it doesn't, bow out gracefully and either try again or put it down to a wonderful learning experience.
02:06 Schurenberg: You've had a few failures yourself. You talked about Virgin Cola as one. What have you learned from that?
02:13 Branson: What have we learned from failures? I mean, I think the most important thing is not to be put off by failure. I will work day and night to avoid failure, and... If I've tried everything to avoid it, the very next day we'll pick ourselves up and we'll move forward. Our house was struck by lightning, and burnt to the ground. There was nothing we could do about it. Lunchtime the next day, the whole family was sitting down at the table and planning the next house and having fun trying to think of how we could make it better than it was before. And, so there's definitely no point in crying over spilt milk. Just be positive, and see what you can take from it.