Speaker 2
And then when do you know when to shut down a venture? Like, is there a moment when when you actually, no, is it so simple as just looking at a profit in a last sheet?
Speaker 1
I don't really dislike so greatis profitin i ra rat a now, i think. And if a venture starts losing money, it will certainly be on read alert in my mind and n and we'll think very hard about how we can turn it around, you know. So cutting your losses reasonably early on is a good idea. I haven't always been good at that. I mean, for instance, virgin mega stores, we we clung on far too long and cost us a lot of money. But you know, sometimes emotions can get the way.
Speaker 2
When you're thinking about starting a business. Where do the ideas come from? I mean,
Speaker 1
as i've said, i think the best businesses come out of frustration. So if you have a bad experience, i with another business somewhere in your life, and you think, in a nice crit we do it better than this, even if you don't know much about it, just do it. D youno, get in there. I mean, like, many years ago, i wanted to invest some money, and somebody gave me a bit of paper. And at the bottom of the bit of paper it said, bid offar spread, five %. So i happened to say, what does that mean? And er he said, means we take five % of your money before we start investing it. You know, s ve, i thought, screw this. I'm going to set up our own bank and and, and we'll make sure that, you know, there isn't any jargon like that to hide the real charges. And will be a very transparent, very open bank. And virgin money is now in the im challenger bank in briton. And i didn't know, you know, my experience of banks was bank managers coming and banging on my door and trying to put us out of business. So i didn't know a lot about it. But i've found people who know a lot about it, who run it, and and left them get on with it.