During a recent radio interview on the BBC, the host asked me what advice I would give to young people who want to start their own businesses. In the 46 years since I launched Student magazine, the world has certainly changed. The uncertain economic outlook and the relentless pace of technological advances make replicating Virgin’s success much more challenging for today’s young entrepreneur.

For entrepreneurs, knowing how to communicate clearly and effectively is critical in leading a company — and selling your business ideas. But the words you speak and hear are only a small part of getting your message across to your employees, customers and investors. It is the way you speak and listen that makes all the difference in the world.

The managers who inspire employees and colleagues to achieve greatness tend to share these characteristics. Do you?

Stephen Covey teaches time management and prioritization.