I have learnt a number of valuable lessons over the course of my career which have helped me build on my skills and experience and achieve great success. I offer the following advice to anyone looking to stand out from the crowd and get ahead.
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1. Observe the masses and do the opposite
It is much easier to be part of the crowd than not, but an entrepreneur may need to swim against the tide.
2. Ambition is nothing without passion
Anyone can be enthusiastic. Passion is having the character to continue with an idea once that initial emotion has gone. You have got to have that conviction and unquestioning belief in what you are doing in order to be successful.
3. Presentation and preparation matter
If you do not make the best of yourself and present your idea in a clear manner, how can anyone believe that you will do the best for your business?
4. Prove your product
Have you got a good product with verified market acceptability? Market acceptability means that it has been demonstrated to a number of people who have come back and said yes, this is something I would like to buy. I certainly wouldn't invest in something that is no more than a plan on a piece of paper. Showing that you are able to execute your plans effectively is paramount.
5. Do your sums
Make sure that the figures stack up. Nobody is going to be interested in doing business with you if they can't see a return.
6. You can and must learn from failure
Entrepreneurs need to be prepared for things not working out as planned. They have to be prepared to make sacrifices for the business and be prepared for taking risks. Persistence is essential - who dares wins!
7. If you win, somebody else doesn't have to lose
Adopt a win-win formula. A lot of businesspeople walk around with an attitude of "I must win", which in practice often means "winning" at the expense of someone else. To really succeed in the long term, you need to make sure that the people around you win too.
8. Your people are your business
How are your leadership skills? Successful entrepreneurs are rarely one-man bands and exceptional communication skills are vital.
9. Complacency is your enemy
No matter how successful you are, you should never rest on your laurels. Every year you should be wondering how to replicate or build on the success of the year before. It's an ongoing thing - you're never home and dry.
10. Don't work too hard
There are times in business when you have to put everything on one side and really go for it, but there's no point working seven days a week if you don't take time to enjoy life.
Tips from the top
Wondering how to give your idea a fighting chance? With my experience of building businesses by investing in people, I know what it takes to succeed at the highest level.
Here's what I look for in an investment - the seven P's:
Preparation
Have you prepared and really thought everything through? Product, market, figures, research, market opportunity, sizing, themselves. Preparation is crucial.
Passion
Do you really want it? There is a difference between enthusiasm and passion – I want passion. To me, passion is having the character to do something about it once the emotion has gone. You have got to have that conviction and unquestioning belief in what you are doing in order to be successful.
Are you willing to make sacrifices? If you are not prepared to put yourself out, and you think success will come to you simply because you’ve got a great idea, then you are not the person I’m looking for.
Presence
Are you credible & believable? Could I do business with you?
Persistence
Have you been knocked down and got up again? How long have you been trying? What will you do if you get refused today?
Product
Is it a good product with a market need? The first thing I need to know is that the idea is tried and tested. I probably won’t be interested in something that is just a plan on paper.
I need to know that it has been developed, it works and it has market acceptability. Market acceptability means that it has been demonstrated to a number of people who have come back and said yes, this is something I would like to buy.
Projections
Do the figures stack up? Can I see a return?
Presentation
How have you prepared for today and what sort of presentation are you giving? I must be convinced that you are passionate enough about yours idea to showcase it effectively.
