Richard Branson says that delegation and compassion are the keys to running his $18-billion-revenue Virgin empire.
In this regard he considers himself the opposite of Steve Jobs
I admired Steve Jobs, although he was completely different from me. He used to shout at employees that made mistakes. He did not delegate much, and broke all the rules I believe in. Somehow it worked for him. Apple is one the best brands in the world.
This philosophy is why Branson has so much time for games and charity:
I devote most of my time to activities like The Elders [A South-African NGO], but I make it a point to take care of things that are important to Virgin, like hiring its key executives. I interviewed Josh Bayliss, the Group’s CEO, in the back seat of my car while waiting in a traffic jam that lasted almost two hours. Now, he makes money so I can spend it. Learning to delegate is vital in business. You have to be willing to let people do good things and let make them mistakes...
I think that criticising people is counter-productive. A good leader is someone who praises a person for his or her best efforts, not someone who criticises. People know when they make mistakes. Of course, sometimes I just can’t resist and end up saying something, but never more than once. The secret of success is finding good people.