A Quote by Bhavin Turakhia
Never compromise on hiring the best talent. Build value, not valuation. We have never used tactics like giving discounts, cashback to make customers use our product. This way no one can create a sustainable business.
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I've never gone into business to make money. Every Virgin product and service has been made into a reality to make a positive difference in people's lives. And by focusing on the happiness of our customers, we have been able to build a successful group of companies.
I don't look at business as a zero-sum game. I don't. I've never seen it play out that way in our industry, and I think you innovate and you add value, deliver value back to customers, and you get value back from the world.
If you have a strong business idea, then it is comparatively easy now to get capital. It is a positive thing that increasingly more people want to join the startup bandwagon. However, to build a successful business, focus on creating more value through the product, and direct your efforts on solving real issues. If you manage to build a sustainable product, revenue will follow. A lot of startups fail because they concentrate on incremental innovations, increasing user base, and monetisation before strengthening the core of their business.
The Virgin brand is not a product like Coca-Cola or Famous Grouse whisky. it's an attitude and a way of life to many. That attitude is about giving customers a better time and better value in a fun way that embraces life and seeks to give the customers something new.
No matter what your product is, you are ultimately in the education business. Your customers need to be constantly educated about the many advantages of doing business with you, trained to use your products more effectively, and taught how to make never-ending improvement in their lives.
Customers are a great way to finance a business for many reasons. First, customer financing is typically non dilutive. They want something from you other than equity in your business. Customers also help you fit your product to the market. And customers will help debug and improve the quality of the product.
My goal is to create a sustainable long-term business that, we're committed to print, we're rooted in print, but we're expanding into digital and into modernizing the way we sell to customers through e-commerce and things like that. And it requires different skill sets; it requires different ways of doing business.
We also never undercut representatives' prices. A representative will always be able to sell the discounts in our core business, which are not offered at retail. So it's never more advantageous to buy there.
Valuations are always much-debated. I try to center on what is the value to us. Is it solving a problems for us? If it is, we find a way to proceed. If the valuation has been overhyped on something and it doesn't make sense, we won't. It's very simple for me. I tend not to worry too much about the valuation. It's really what the value is to us.
When the functionality of a product or service overshoots what customers can use, it changes the way companies have to compete. When the product isn't yet good enough, the way you compete is by making better products. In order to make better products, the architecture of the product has to be interdependent and proprietary in character.
One of the things I truly enjoy about my job is the dynamic nature of having a foot in each world - the world of the talent, who create our product - and the world of our business in which we market, distribute, and monetize that product.
I tell my graduate students [at Bard College], ‘There are two ways to change the world: through policy, or through sustainable business.’ With sustainable business, individuals build solutions within the current system… Sustainable business asks, ‘How would nature do this?’
It's extremely hard to build a company with a product that everyone loves, is free and has no business model, and then to innovate a business model. I did that with Kazaa, had half a billion downloads but that wasn't a sustainable business.
The goal should be to build a sustainable lifestyle business that does good for employees and customers - and that steadily builds wealth.
From the early days, Booking.com has been disruptive. Our aim is to create the best product for our customers, and we do that through constant innovation and testing.
Google was founded to get information to everybody. A by-product of that strategy is that we invented an advertising business which has provided great economics that allows us to build the servers, hire the employees, create value.
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