Richard Branson: The worst career advice I've ever received is this.

While "Do what you know" is often given as career advice, billionaire Richard Branson of Virgin Group considers it to be the least wise counsel he has ever received.

Branson achieved success by going against the norm, as he shared on a recent episode of the Work Life with Adam Grant podcast. "The majority of my successful businesses were in fields where I had no prior experience," he stated.

Branson, with a $2.6 billion net worth, built his career and fortune through the Virgin Group, a venture capital and holding company that he co-founded over five decades ago with Virgin Records.

In 1992, Branson sold his music label for nearly $1 billion, and now the Virgin Group owns companies in various sectors, including airlines, hotels, media, and spaceflight.

A Wharton organizational psychologist, Grant, stated that exploring new projects and fields is wise to avoid "cognitive entrenchment."

Research from Rice University published in 2010 suggests that as employees and scholars gain expertise, they may become less flexible in problem-solving, adapting to new situations, and generating creative ideas.

Grant stated on the episode that when you're new to an industry, you have the ability to see what's taken for granted and challenge it.

Thinking of himself as more than 'a pure businessman'

Branson doesn't like to be restricted by traditional beliefs or labels. He finds it demeaning to be referred to as a billionaire and instead of identifying himself as a businessman or entrepreneur, he defines himself as someone who takes pride in creating things.

Branson stated that focusing on the quality of ideas rather than their earning potential is a key aspect of his mentality. He added that many of the things they've accomplished wouldn't have been possible if they had followed the advice of accountants.

The loss of $502 million incurred by Virgin Galactic, the spaceflight company of the group, necessitated staff cuts and a temporary halt in commercial flights.

Branson stated to Make It that if he were solely a businessman, he would never have chosen to enter the space industry.

Branson evaluates new business ventures based on three criteria: creating a superior product, making a positive impact on the world, and producing something that can be universally celebrated.

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