The 67-year-old businessman might have found success with his business venture Virgin Group, but he admits he wasn't always so successful, as he was forced to call an ambulance for his partner during his first sexual encounter, when he realised she was having an asthma attack.
Speaking to Dave Berry on UK radio station Absolute Radio about the time he lost his virginity, Richard said: "I thought I must've been the greatest lover of all time, because the lady seemed like she was enjoying it until she whispered in my ear 'asthma attack, asthma attack'. The ambulance brought me down to earth with a bump."
Richard - who has daughter Holly, 36, and son Sam, 32, with his wife Joan Templeman - is gearing up for the release of his second autobiography 'Finding My Virginity', which follows his 1997 book 'Losing My Virginity'.
But the title wasn't Richard's first choice, as he admits that for both the upcoming memoir and his book about flying, entitled 'In The Air Tonight', he had raunchier titles in mind.
He revealed: "[I wanted to call it] 'The Second Entry'. I think our publishers decided that it would only be sold in Soho backstreet shops and not in WHSmiths so I was talked down of that one.
"I did a book about flying, 'In the Air Tonight', and I wanted to call that one 'Getting it Up' and the publishers wouldn't let me do that either."
Meanwhile, Richard recently spoke about hosting One Direction's Harry Styles at his private Necker Island, and joked that he made the star "sing for his supper".
He said: "He may have done, he may have knocked up a song or two. Well he's got to sing for his supper. I mean otherwise on an island you know, you don't get fed."