Turning inexperience into an asset.

Some lovely wise words from Richard Branson - all about the key to turning inexperience into an asset.

He thinks it is to pitch what is new about your product or service. Classic #greatmarketing.

How does your approach differ from that of other businesses? How will you reach out to target markets?Some Why should people choose your products and services over your competitors'? Present prospective partners with a fresh take on a tired industry, and you will grab their attention.

I really hope this is the case - as this is what we are trying to do with goAugmented - based up in Manchester - and the UK's only award winning AR company.

Our group's history has taught us to target new industries and markets where we feel we can add something new, improve the customer's experience and carve out a successful position. Our move from publishing into music retailing is a case in point. When we sensed that Student magazine's circulation was reaching its peak, we looked for more ways to make money, and decided to start selling records by mail order. A postal strike stopped the business in its tracks, but we had caught the music bug. Instead we set up our first record store. So our inexperience did cause us a near-miss, and it's likely that if people are asking you about your lack of experience, your ability to spot problems is on their minds. But many startups fail each year; a founder's background has little correlation with success. A couple of failures on a beginning entrepreneur's record should not be considered an issue. Indeed, investors need to become better at accepting that as our dynamic, innovative economy constantly reinvents itself, businesses will inevitably become obsolete. A young entrepreneur who has dusted himself off and started again, learning from his mistakes, has proved that he has what it takes.

Constrained by a lack of capital after the strike, we found a former shoe shop on Oxford Street in London, and we talked the owner into letting us use the empty space. We were not trained retailers, but we liked music and wanted to create a cool hangout for young people. Instead of building displays designed to move merchandise quickly, with huge racks of records and no place to sit down, we brought in big, comfy cushions and built listening booths -- it was a place where you could chat about music with your friends and share your favorites with them.

All this added to the Virgin Brand experience - so perhaps sometimes having little money and no experience is a good thing. Great news for a lot of my clients :)