Billionaire Richard Branson says family and business need not be separate, following your dreams emboldens your children

Billionaire Richard Branson says family and business need not be separate, following your dreams emboldens your children

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As we settle into the year ahead, it was wonderful to see so many enthusiastic submissions for my newsletter this month. As ever, it was a struggle to select just one question to answer, but something about this one from Derek Notnam really heartened me. He asked:

What advice do you have for ‘dadpreneurs’, and how do you balance being a great dad with building a great business?

My daughter, Holly, was born the same year that we released Phill Collins’ first solo album (Face Value) through Virgin Records, and she was just three years old when we launched Virgin Atlantic – so this question really resonates with me.

One of the best things about being an entrepreneur is the freedom to work in a way that is best for you. I’ve never worked in an office, and in the early days at Virgin I worked from our tiny houseboat in London with our two little ones crawling all over the place. It was chaotic at times, but I never wanted to work in a corporate environment anyway.

We held meetings there and everything, and if anyone looked down on us for it, they probably weren’t the kind of people we wanted to work with anyway. It’s empowering to show people that you’re a dad, and a human being. It also allows you to grow your business in a way where your kids can participate as much as possible.

Holly and my son Sam came to almost every Virgin party, launch event, and adventure send-off when they were young, and they always say it made for some of their best childhood memories.

As more people and businesses breakaway from the 9-5 o’clock mould, you should be as flexible as possible to find a routine that works for you and your family. If people understand the responsibilities you have as a dad, it makes the occasional 3pm radio silence and 11pm e-mails more palatable!

In saying that, I always preface late emails with a message saying, ‘please don’t look at this until the morning’. People will always understand (and appreciate) when you put your family first. It sets a good example as a leader, as it demonstrates that it’s OK to be human, and people should always come first.

I remember one time when Holly was a teenager and called me while I was on stage for a speaking engagement. I picked up right away because I knew she was waiting on an important exam result. She was excited to tell me she’d passed and when I told the audience she got a huge round of applause. I’m so glad I didn’t miss that moment with her. No one judged me for it, and Holly was only a little bit embarrassed!

The world has changed a lot since my early days as an entrepreneur though, when the internet still felt like fantasy. So I decided to ask Andy Fishburn (CEO of Virgin StartUp) to hear his advice for Dad’s to balance their work lives (some people call it ‘dadpreneurship balance’, which sounds like a bit of a mouthful to me!).

Not only does he deal with dads-turned-entrepreneurs almost every day, he’s also the dad of a wonderful toddler himself. Here’s what he had to say…

“One of the things I often hear from talking with Dads in the Virgin StartUp community – and entrepreneurial parents more broadly – is whether they’re doing the right thing. It’s one thing starting your own business, it’s another doing it with a family in tow. Would they not be better off just settling down they say? Getting a job and having a consistent income?

Here’s three things I’ve learned:

Most founders start businesses from a place of passion. They’re motivated to want to be their own boss, to bring something to life or to solve a problem they see in the world. Being an entrepreneur is part of who they are and their own personal purpose.

Having children can turn that on its head and change your outlook. Be sure to check back in with yourself, relook at your values and purpose and ensure the entrepreneurial journey is right for you. It quite often is, but it’s good to know that you’re still on the right path. It allows you to put those questions to bed and focus on the path ahead.

One thing that works well for entrepreneurial parents is to list out their non-negotiables. What are those things that you won’t compromise on? Is it that you always want to be there for bath time and bedtime for example. One thing about being your own boss is that you have greater control of what you do and what you don’t, so make sure that it works for you.

Family and business don’t have to be two separate things. Growing up in an entrepreneurial family can be amazing – your children will learn so much. There’s no better grounding for the world of work (whatever that might look like) than being involved in running a business, so lean into it. Get your children involved – they might even have some great ideas to bring to the table.

And remember, by being a founder and following your dreams, you’re not just telling your children to be brave and to follow theirs, you’re showing them. That’s such a powerful thing.”

Such brilliant, brilliant advice. I hope you’ve found this helpful Derek, and I hope it’s been useful for entrepreneurs in all walks of life.

Until next month,

Richard

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