Richard Branson is pretty much audacity in human form. The billionaire English business magnate started out as a fresh-faced teenager who was frustrated with the high price of records in his hometown. By making bold choices and never settling for the status quo, Branson built one of the biggest media empires in the world.

He's also started an airline, invested in space tourism, and attempted to circumnavigate the world in a hot air balloon. He offered three tips for being bold in your own business decisions, and channeling your own inner Branson.

1. Start big. The initial stage of any project is the hardest. That's why it's so important to take those first steps with confidence. "The most difficult time is when you're starting from scratch with no financial backing, with just an idea," Branson says. "That is audacious. For somebody like myself, now, 40 years on, to do something audacious--it's an awful lot easier than it would've been when I was 15, [just] setting up in business."

2. Go all in. Doing something halfheartedly is the opposite of audacity. Giving your all may be nerve wracking, but it sets a bold tone that will help propel you forward. "My feeling is just throw yourself wholeheartedly into anything you do, and then do it to your utmost and best," Branson says. "You're setting good foundations for the long-term."

3. Don't fear failure. True audacity means taking risks--and with risks comes the potential for disappointment. But don't let that stop you. Branson says he's impressed by "those people who just have the pluck and the courage to say, 'I see a gap in the market, I see something that's not being done well, I'm gonna give it a go. Even though I may fall flat on my face and it might cost me everything." Now that's audacious.