We were very interested to recently read some interviews on BBC’s website with entrepreneurs of high tech companies. Each of the “Tech Titans” interviewed had invaluable advice to impart to any entrepreneur or small business owner, whatever sector they are in. Here is our summary of seven of the key points made:
- New businesses can fail. It happens and need not necessarily be a disaster: but you do need to have other options to follow should it happen.There is in fact a school of thought that failure can be a positive thing and you should not be afraid to "fail fast", "fail often", "fail better". Don't invest all your money in one thing. If the worst should happen, give yourself a chance to “reboot" and start all over again.
- Think outside of the box. Don’t be restricted by the market as it is now. Follow the advice of Nicolas Brusson of BlaBlaCar, one of France's most successful web companies: "If you do something truly new, your market does not exist, you are going to create your own market."
- Do something that makes you proud. Google’s early mantra was “Don’t be evil”, Facebook’s mission is to "connect the world". A sense of idealism has become the trademark of many internet companies, particularly in the U.S. Many entrepreneurs also speak of the need for a level of passion you don't have in a more established business.
- Don’t let your passion lead you to burnout! It’s important to take time out for yourself and look after yourself properly. Constantly working too long hours will - sooner rather than later - invoke the law of diminishing returns and impair your effectiveness.
- Prioritise! If work is becoming overwhelming, revert back to the old adage of eating the elephant one bite at a time. Identify the three or so things that are going to make the most significant contribution to you achieving maximum results.
- Work together. If you are going into business with others then choose wisely. The right person or people will build camaraderie and be there with you to take the rough with the smooth.
- Go global! Whatever your line of business, the reach of the internet enables you not only to think big from the outset, but also to find customers wherever you may choose to engage social media users around the world.
Whatever your line of business, and however young your company, there is a lot to be gained from the above advice. Why not get in touch and let us know how you implement one or more of the above? We would love to feature you in a future blog!
Meanwhile, should you need any financial assistance or a small business loan to help you with your plans, do get in touch with us at Fair Business Loans!