Julie Bort explains:

Earlier this week, Richard Branson and Elon Musk, two of the world's most daring and successful entrepreneurs, offered advice via a Google Hangout. That was cool, but Richard Branson, founder and chairman of Virgin Group, has been offering fantastic advice to business people for years.

We just found this YouTube of him from 2011 where he explains the most important thing every manager should do: praise people.

He then tells an amazing story of how he almost went instantly bankrupt when his bank manager came to his house and called all his loans. Moral of the story is don't be afraid to change banks (and it's good to have wealthy friends).

But it also underscores that in order to succeed, you have to live with the risk of failure because no matter how successful you are, failure is always a possibility.