"Having said that, he was such a genius that people wanted to work for him and Steve achieved remarkable things."

In fact, Branson said that if he had stayed in the music business with his original company, Virgin Records, he would have had a tough time staying afloat due to Jobs' innovations such as iTunes.

"When I started Virgin Airlines, I was told that I should stick to what I know but we carried on diversifying into other businesses such as trains and airlines," he said. "If we had stuck with Virgin Records, Steve Jobs would have put us out of business with the iPod and the internet."

Branson also admitted that he had learnt an important security lesson following a fire that burnt down his house on Necker Island in the Caribbean during August 2011. While all his files were backed up, the back up tapes were stored in the house.