Dear Entrepreneur. Danny Bailey
ever receive, so always use and work on these!
Don’t give up when things go wrong as they invariably will do along the way. We have found these can sometimes be a blessing in disguise. Keep motivated and work your way through any obstacles that arise and, as we do, keep saying, “Those were and still are the good times”!
On a lighter note, you will always be an entertaining dinner guest!!
Key words: Determination, Gratitude, Dedication, Passion, Faith, Compassion, Gracious, Positivity, and last but not least, always Profitability.
Suzy & Judy
Founders, Cuski Baby Ltd
Karen Darby
I started my first business when I was 22 years old and I very nearly didn’t do it. I was afraid that I didn’t know enough and that maybe I should wait until I had more experience. Then a friend and mentor said: ‘Karen, sometimes you just have to grab the opportunity when it presents itself’, and he was right. Several successful businesses on, I still don’t know all the answers but I know one thing: the universe applauds action. So my advice to you dear reader is to put this book down and just do it. Stop looking for answers and advice and hot tips from entrepreneurs, just take a gulp of breath and take the plunge. And if you are afraid, ask yourself: ‘What’s the worst that can happen and can I live with it?’
Karen Darby www.karendarbydirect.com
Degree Art
Dear Entrepreneur,
Welcome to the ride of your life – nothing can beat the feeling of doing it for yourself. You are answerable only to yourself and now own your achievements as well as your failures!
Over the past ten years we have had so many experiences, all of which have made our business what it is today. There is much we didn’t know or understand at the start of our journey, none of which would have altered our conviction and belief in our business’ potential.
We have put down the key pieces of advice that have stuck with us along the way and which we continue to refer to.
FINANCIAL ADVICE
Know your numbers – It’s your business and no one else can tell the figures for you so make sure you learn how to speak the language of finance even if it’s not your thing.
Cash really is king (or queen) – Monitor your cash flow. Nothing kills a business faster than running out of cash.
Get your banking right – Know your bank manager and make sure they know you. This is a relationship worth pursuing.
Free money v earned money – Don’t let the allure of pursuing sponsorship or grants prevent you from concentrating on earning money, which is the only way to build a sustainable business.
MARKETING
Consider yourself a brand – Don’t feel shy about selling yourself as much as you do your business. You are at least half the reason people will buy into your idea.
Protect your ideas, don’t hide them – Businesses that don’t talk about what they do, fail. Ensure you safeguard by copyrighting, posting and keeping sealed copies of your business plan, patent if necessary, but don’t hide it away from the world or it will simply fester whilst someone else succeeds in the space you have left vacant.
SURVIVING AS AN ENTREPRENEUR
Maintain a supportive community – It can get lonely so ensure you have support whether it be a business partner, family or friends who can give you a boost or lend a willing ear.
Understand that competition is healthy – It can be painful but know your competitors.
Select your mentors – Accept advice from mentors you chose and feel free to sack self-appointed or unhelpful advisors.
Network – It can be painful but is always surprisingly rewarding. Find the networks you enjoy.
Never be afraid to ask questions – better to ask than not to know.
PREPARING FOR GROWTH
Always be preparing for growth – Be organised and put systems in place from the outset. This will save you an unbelievable amount of time down the line.
Be prepared to do everything (at first) and then be prepared to let go later – You can’t be an expert at it all but understand how things work so that you can be confident and knowledgeable. As you grow you can confidently outsource knowing you are freeing up your time to concentrate on your skilled areas.
Finally, never lose sight of your original destination or goals. Be adaptable, brave and don’t let the inevitable cynics knock your confidence.
Good luck from us both.
Elinor and Isobel
Co-Founders, Degree Art Ltd
Duedil
Dear Entrepreneur,
Get experience
When I first started I didn’t have a lot of experience. If I could go back I would gain experience by working as an intern. With the right experience I would have avoided a lot of mistakes.
Do what you know
By starting a business in a market you are familiar with you are a lot more prepared than you would be if you started in something you had no idea about.
The idea for my business came from my past career in risk assessment. I spotted a gap in the market and I went for it.
Work for yourself, but not yet
It is not a bad thing to work for someone else, not to begin with anyway. Before starting a business make sure you have the relevant experience and training in your field. The best type of training is in the workplace. Get a job with a company that does something similar and learn from their mistakes. This way you can make sure you are ready to start your own business. Too many people want to make a quick buck with zero experience.
You can start from scratch
Poverty is often an environment in which creativity can flourish. If you have nothing to lose then you might as well go for it, right? Constraints can make you look at things a different way.
Daily routines
Keep meetings to days you know you won’t be distracted.
Give your staff freedom to work from home if they need to.
Set times to check your email, e.g. twice a day or once an hour.
Only write three sentence emails.
Persistence wins!