Branson: Make money now

LONDON - FOUNDER of Virgin, Sir Richard Branson, said on Monday that despite the current economic crisis, now is the time to make millions of dollars.

A self-made millionaire, Sir Richard said the economic downturn has provided entrepreneurs with their greatest opportunity in years, reported The Times.

'Fortunes are made out of recessions. A lot of entrepreneurs get going in the economic depths because the barriers to entry are lower,' he said. 'There are a lot of Richard Bransons that will come out of the next three or four years.'

According to a report on news.com.au, Sir Richard highlighted financial liquidity as the most important area for governments to focus on during the financial crisis.

'We cannot allow perfectly decent companies to go to the wall just because they cannot get liquidity. And if your bank is behaving badly, then shout about it because no business can afford to lose that lifeline,' he warned.

He also urged business leaders not to panic and cut jobs unnecessarily.

Sir Richard also offered small and medium-sized business some tips on how to get through tough economic times.

'You have to come up with imaginative ways of saving cash, like signing every cheque yourself. You would be surprised how much you can save even in large companies if the boss questions every purchase order that goes out,' he said.