10 Questions for Richard Branson

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10 Questions for Richard Branson

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The business daredevil answers readers' questions with TIME's Carolyn Sayre

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Billionaire Richard Branson

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Does your thrill-seeking spirit help or hurt you in business? —Horacio Coutiño, Mexico City
I think it helps. Entrepreneurs are adventurous people who are trying to do things that have never been done before. Sometimes you fall flat on your face, but I think by going out there and giving it a go, in the end you might actually succeed.

Do you believe you have already faced your biggest challenges, or do they still lie ahead? —Michael Crayton, Seattle
The absolute biggest challenge for us all is global warming. I wish the American government would wake up to this fact, because it is going to have an effect on our children. Now, what is the answer to that problem? It could be that we are already too late and that the world is destined to heat up dramatically. That is why we have set up this $25 million prize that will be awarded to the person who finds a solution to global warming.

What is the most viable solution to our dependence on fossil fuels? —John Hall, Minot, N.D.
If there were one quick move, I would get rid of the importation duty on sugar. All cars and buses in America could be run on sugar-based ethanol—it is seven times more efficient to produce than corn-based ethanol. Interestingly, American cars used to run on ethanol. It was only when Prohibition came in, and people became concerned that car owners would drink petrol, that dirty oil replaced it.