James Watt, co-founder
of Scottish beer firm Brewdog
Work like a demon,
work stupid, stupid hours. So make sure you are enjoying yourself. Running your
business shouldn't feel like work, it should feel like a hobby. This is what
sustains you if things are ever difficult. And only employ amazing people. You
need to get the most out of your staff, so don't employ anyone you aren't sure
about.
Don't be scared to
take risks [in growing your business], as the biggest risk to your company is
when you stop. Yet at the same time, you need to be forensic with your
finances. This is something that a lot of small firms don't pay enough
attention to, and therefore risk failing. It isn't the fun or sexy part of
running a company, but it is vital, and you need to be clued up about it.
Danae Ringelmann,
crowdfunding website Indiegogo
As Gandhi once said,
"be the change you want to see in the world". I whole-heartedly
agree. As a leader, I believe actions speak far louder than words. People
follow what they see, not hear. So whether it's greater workforce diversity,
faster innovation, or more accountability, change starts with you.
Paul Lindley, founder,
Ella's Kitchen
“Inspire your team with purpose and leadership”
As an entrepreneur,
the people you work with both inside and outside your organisation will help
shape and influence your actions.My tip for any entrepreneur would be to
inspire your team with purpose and leadership and to foster strong working
relationships with those beyond your own organisation. Collaboration is key for
achieving success with a more purpose driven and socially responsible business.
Angus Thirlwell, founder
of Hotel Chocolat
How your customers
view your business is the only view that counts. I always find it useful to try
to zone out from my usual view to obtain this perspective. It seems to be
easiest when on a long haul flight. When you have good people with you,
anything is possible. Most of the regrets I have in business are around the
theme of keeping the wrong people on for too long. It's the honest thing to do
on both sides to tackle the issue as soon as you know it is there. When you get
the right person, it's such a fresh breath of air.
Sophi Tranchell,
managing director of Divine Chocolate
My top tip for anyone
running a new business, or thinking of starting one, is to utilise all the
support and advice available. I suggest planning what you want to achieve
within the next year, and work out what external support and internal skills
are needed to get you there.
Charles Rolls, chairman
of soft drinks firm Fever Tree
My advice is directed
to any owner of a successful small firm who is thinking of selling up. What I
would say is, stay with a good business. I understand that it
may be tempting for an entrepreneur to take an early offer for all the company,
to bank the cash, and unwind from what may have been uncomfortable levels of
financial risk and stress.
Yet, if it is a good
business, and one potential buyer sees value in the company, then there may be
ways to stay with it, releasing some cash while still keeping a significant
stake in the future of the business.
Nick Hungerford, founder
of investment company Nutmeg
“Don’t
over-complicate, and instead think about what your customers genuinely need”
Any business should go
back to basics. Don't over-complicate, and instead think about what your customers
genuinely need. What will make their lives easier, richer and more convenient?
When it comes to assembling your team, create one that is built for the future.
The better your team you have, the more likely your business will exceed its
objectives. So take maximum care when hiring, and don't be afraid to double and
triple check references.
For your business to
grow, trust is essential. Be open and honest about your business and team
weaknesses. Trust your employees and customers. And accept feedback, even if
the feedback hurts your feelings, as it can be a positive chance to improve.
And finally, don't
fool yourself that as the owner or boss that you can do everything. Even if you
desperately want to make all the decisions, allow those who are specialists to
guide you. Sometimes you have to learn to let go.
Simon Woodruffe, founder
of restaurant group Yo! Sushi
“Be willing to fail -
only by putting yourself on the line can you achieve success”
If you dream of
setting up a business, then do it. I have never met the person who went out to
do what they really dreamed of, and then regretted it, regardless of whether
they later succeeded or failed.But I have met many people in later life who
wished they had taken more risks to follow their dreams. In running a business,
figure out what you are good at, and what you are not good at. Then spend 90%
of your time doing what you are good at.
And be willing to fail
- only by putting yourself on the line can you achieve success. When picking
your team, work with people you like, and give them massive respect. Finally -
as a general rule, reduce the number of meetings you take.
Edwina Dunn, chief executive of social media firm Starcount
The key for any small business is to keep your original big idea front of mind. It's so easy to be distracted and take an easier or low-risk route. Throughout the journey, people will offer their insights and tell you what they think your business should be.
Edwina Dunn, chief executive of social media firm Starcount
The key for any small business is to keep your original big idea front of mind. It's so easy to be distracted and take an easier or low-risk route. Throughout the journey, people will offer their insights and tell you what they think your business should be.
Of course, it's
important to be opportunistic, adaptive and to take on board good advice. But
it's easy to be diverted and your proposition diluted. Maintaining your passion
and vision through all the ups and downs will take courage and stamina.
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