At 15, Richard dropped out of high school to start his first business, a magazine for young activists titled Student.

By 1973,before he turned 24, he had sold records by mail, opened his first record store and studio, started his own record label and began the Virgin business empire.

Today, Virgin Airlines and Virgin Mobile, off the Virgin Group are flagship brands. But not all of Richard’’s business ideas have been successful – With big risks, sometimes, come big failures. Richard has a secret to success: determination even when failure seems inevitable.

During an exclusive interview with Inc.’s president and editor in chief Eric Schurenberg, Richard said, “Most young people with good ideas … will find that 99 percent of people will give them every reason why their idea’s been done before or why it’s not a good idea or why they’re going to fall flat on their face. In the end, you have to say, ‘Screw it. Just do it.’”

To hear Richard Branson talk more about taking calculated risks, watch the video below.