Sir Richard Branson, the successful billionaire founder of Virgin Group, started his own airline company as a scrappy young entrepreneur and is currently trying to bring tourists into space. He owns his own island and has achieved a level of success only few people in the world have achieved. He has a lot of knowledge to pass on to entrepreneurs.

During this week's Sage Summit in Chicago, Branson took the stage to share some of his advice for young entrepreneurs during a Q&A with Sage CEO Stephen Kelly. But perhaps one of the more odd pro tips Branson shared was about parenting:

"If they're going to have a joint, do it with them," Branson said, the Chicago Tribune reports. "Don't let them sneak off and do it on their own."

Kelly had asked Branson, who has two kids of his own, how he passed his values to his children.

The Chicago Tribune reports that after some awkward laughs Branson explained that he is on a global drug commission and he is of the school of thought that drugs are "a health problem and not a criminal problem," a comment which got a bigger positive response from the the audience of entrepreneurs.

Before leaving the stage, Branson explained how he balances work and life: "I'm lucky enough to work on an island," said Branson, who lives on his own private island in the Carribbean. "And one day you can all do that too."

For some extra inspiration, Branson told the audience how he started Virgin Atlantic Airways. Branson and a plane full of American Airline passengers ended up stuck in Puerto Rico overnight. So, he rented a jet with his credit card. The next day, Branson called Boeing, explained how he owned a record label with artists like The Rolling Stones and The Sex Pistols, and he wanted to buy some "second-hand 747s."

Published on: Jul 28, 2016