One of the world’s most well-known entrepreneur and owner of the Virgin companies Richard Branson discusses his life and career at TED. He has some interesting things to say.

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In an informative book called The Medici Effect about entrepreneurialism and innovation, there is a section with an anecdote about how Richard Branson started Virgin Airlines that shows the serial entrepreneur’s views of risk taking and research in business.

In 1984, Branson was already a successful record company executive.  But upon being presented with the idea to start an airline, he jumped at it.  His research consisted of calling a possible competitor, a discount airline called People Express.  When he tried calling to make a reservation, he was put on hold and couldn’t get through to a company representative for several days.  This led Branson to conclude that the company didn’t provide something that Virgin Records, Branson’s first company, did extremely well–good customer service.

This was the “in” he was looking for, his competitive edge.  A few calls later, he signed a year-long lease for a Boeing jumbo jet.  Six months later, Virgin Atlantic’s first flight departed from London.

As the author of the book points out, Branson hadn’t done “extensive research” into the airline business.  He had taken a huge leap into a business that many people knew way more about than he did.  The point of this anecdote, which is probably rather simplified, is that taking action without all the research and the “experience” you think you need may be a good way to get started.

You may be thinking, “well, someone who has the entrepreneurial instincts and past success of a guy like Richard Branson has a better shot at making a new venture succeed.”  And you might be right.  But going form the music business to trying to compete with huge airlines was not an example of “straight line” thinking.  And his research wasn’t what you would call extensive either.

Obviously, a big part of his success relies on the fact that he takes risks and goes balls out where others might play it safe.

It is easy to get bogged down in research and self-doubt.  Sometimes taking the leap is a great way to learn how to do something and figure out how to succeed from inside the business as opposed to getting stuck looking at it from the outside.  In the online business world, where you can start a website or blog in minutes and for little or no money, it has never been easier to take a leap of faith in a new direction and see what happens.

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The beauty of internet business is that it is possible to earn money every hour of every single day. You can literally earn money while you sleep. Picture it. Your head is on your pillow while you lie in your comfortable bed. At the same time, your website is working for you.

If you run a blog, website, or an online business, every single article you publish is out there working for you every hour of every day. They’re like little salesmen making cyber house calls. Actually, it’s the other way around. People are actively looking for content and information, so your pages are more like employees waiting for visitors they can assist.

If you are successful with a few websites, you may begin to earn a decent hourly wage. How does $8.00 an hour sound? It doesn’t sound like much when thinking about the traditional 8 hour day.

But multiply it by 24.

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An entrepreneur is someone who wants more control over his or her life. He or she is naturally curious and fascinated by the business and marketing of everything and the world in general. An entrepreneur wants to try new things and is willing (and eager) to take risks.

For true entrepreneurs, it’s not about the money as much as it is about doing something interesting. You might be an entrepreneur and just not know it yet.

The following are 10 Clues that you Have the Entrepreneurial mindset:

1) No cocktail napkin is safe from the frantic scribbling of your pen.

2) You wake up in the middle of the night and smile because you’re dreaming about multiple streams of income knocking down your door.

3) You decorate your cubicle with a copy of the famous Scream painting because that’s how you feel when you’re sitting in it.

4) It’s 2 a.m and you’re awake.

5) The next time you plan to go into an office is when it says “Boss” on your door.

6) Your idea of hell is a building that requires key card access.

7) You tell your children that they shouldn’t worry about monsters in closets or boogie men under their bed. They should worry about middle management.

8 ) You own one white collared shirt—for the eventual meeting with venture capitalists. Because even though your angel investors say they don’t want to see you dressed professionally, you know it will help you get them to give you a check.

9) Coffee isn’t a choice. It’s a necessity.

10) In an entrepreneur’s eyes, the piano key necktie is not just a novelty gag gift from the 80′s. It was a product created by an astute entrepreneur filling a demand in the marketplace. Okay, disregard this one. Move on to the real #10.

10) When you walk into a store, you think about what the rent costs, what the markup is, how much the employees cost, the store location, lighting bills, and the company’s position in the marketplace. In other words, you think too much.

But it’s this thinking that just might make you rich. Or better yet, happy.

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