Bruce Walker – We Are The Future
Bruce Walker certainly isn’t lacking ambition. We asked him what the upcoming We Are The Future event on the 20th of November was all about,
Read More5 experts’ lessons about starting a business
There’s no shame in making mistakes. Whenever anyone starts something it’s pretty much guaranteed that they’ll make a few, and business is certainly no exception.
But to help budding entrepreneurs avoid simple pitfalls, we’ve put together various nuggets of wisdom from those who have already blazed the trail. After all, why make a mistake if you don’t have to?
1. Be more like Richard
Richard Branson, one of the most well known global entrepreneurs is someone whose advice is worth its weight in gold.
Two Live UnLtd Award Winners recently got to ‘Pitch to Rich‘. They were given the opportunity to explain their business ideas and be in with a chance of winning a cash prize (see our article about it here), and in this article on Entrepreneur.com, the Virgin founder gives his top tips for new businesses. While some might not apply to small businesses initially, they may come in useful sooner than you think…
- Know your mission – know what it is you want to change or achieve
- Get the basic structure right – sometimes getting help in is cheaper than doing something yourself
- Put the right team in charge
- Have a strong purpose and a sense of ethics
- Details count
- Listen to your customers
2. Embrace your mistakes
“Finding your way when you’re a young, aspiring entrepreneur isn’t easy; there’s a lot of uncertainty and mistakes. Embrace this. Those scars will make you stronger…” So says Jason Evanish, a young American entrepreneur and co-founder of a website for new businesses in Boston.
You can read Jason’s full article here, but because we’re so good to you, here are his four pearls of wisdom:
- Ask for help from the right people – you can’t do everything yourself
- Help others when you can. They may help you one day
- Be flexible – being stubborn doesn’t always pay off
- Learn to prioritise
3. Do it right from the start
Here we’re talking about paperwork, accounts and registering a company. Sure, they may be among the boring necessities of starting a business – but it’s just got to be done when you’re your own boss.
A way to ensure you manage to do it right from the start, or at least with as few wrong turnings as possible, is the UK Government’s own advice page called My New Business, which you can access here. It offers case studies, advice and even allows you to create your own task lists.
Photo credit: Bryan Costin (CC lisense)
4. Sell yourself
Marketing your product or services, as well as your brand/company is vital in any business. PR agency director Alistair Turner, writing for the Independent here, says having a strong message and brand is of vital importance to a business that is just starting out.
Alistair offers some great advice, which we’ve simplified below, but it’s worth reading the entire article.
- Develop your business’s message – and the story of how it came about which resonates with people
- Have a good, up-to-date website which uses engaging language
- Be creative when it comes to dealing with journalists. ”Don’t be afraid to inject your personality into your content.”
- Get active on social media (Facebook, Twitter etc)
Photo credit: Steven Depolo (CC License)
5. Dare to be different
From website under30ceo.com, young entrepreneur Carl Phelps offers nine pieces of advice for your first three years in business, which is well worth a read and includes the following:
“You have to stand out. You have to differentiate yourself. When you’re just getting started, the biggest thing you’ll be vying for is attention. Nobody is going to pay attention to a company that’s doing exactly the same thing as everyone else, but on a much smaller scale.”
