What do successful entrepreneurs have in common? Undoubtably a passion for their unique idea, a growth mind-set, sharp pitching skills and the ability to keep a work/life balance are all really important characteristics to have.
But are there any other tricks of the trade? What insightful gems can those who have 'made it' offer about the experience of starting up a business? What other knowledge has helped their businesses not only survive, but thrive?
Watch young entrepreneurs give us the inside wire on what has worked for them.
The secrets to success
Oli: I think the secrets to success are wanting it and being motivated enough to do something about it and you know, think about what you want to do. You know, you want to go into something you love, you want to find something that you absolutely love and that you're passionate about.
Ben: Using your hobby or passion to kick-start that puts you ahead by a long way because what you're doing is you're now doing something you love and when you're putting in the long hours and you're putting in all that extra time and energy, when it's around something that you like doing outside of business, what you like doing without being paid then it makes every day feel fun and energetic and you want to be doing it.
Oli: Do a lot of research. I literally have spent hours and hours and hours watching tutorials if I don't know how to do something, I'll watch it on YouTube, I'll buy a book about it, I'll ask people about it, there's no harm in asking and learning and developing your knowledge. I think your knowledge of what you want to do is the most important thing before you start it.
Jackie: The secrets to success I truly believe are about hard work. I think if you work harder than the next guy, you will always win and I am testament to that, I can tell you I worked harder than everybody else in my industry and probably everybody would agree that I did that.
Sian: One of my secrets to success is continuing to push on when people are saying it's not going to work.
Jeremiah: Don't think too much about the end goal and where you want your business to go. Of course I'm not saying don't say think about your goals and your targets and ambitions but when we think too much about that end goal, we forget that we need to enjoy the moment and we need to, you know, go one step at a time.
Jack: I underestimated the importance of network. It's not what you know, it's who you know. Meet a lot of people and learn!
Saima: Collaborating with others is also another great way to sort of build up a buzz for yourself or for your work but also a great way to like expand like your connections and your horizon and get new ideas and like it's always great to work with new people so definitely collaborate with others!
Jordan: There is so many advantages to having a teammate or having someone on your side to help you carry the load. I didn't collaborate at the start and I regret it because I would have gotten stuff done so much quicker and I would have had a much higher quality product.
Kayode: Ooh, the advice I'd give my younger self if I was starting out again is to reinvest into the business so when I first started I didn't realise that all the profits you, I'll put the tray into my pocket, I'll be more frugal with it! 'What's the minimum I can live off so I can then reinvest the rest of it into the business?
Caspar: You've just got to, whatever it is, even if it's a silly idea to begin with, just start going and you never know what it's going to lead to. That's what life is about so just get started and start betting on yourself! Don't gamble though!
So to recap:
- Be motivated by your own passion
- Be prepared – do the research on your industry
- Be harder working than the next person
- Be resilient - don't let people make you doubt yourself
- Be ‘in the moment’ as well as focused on the big end goal
- Be a great networker and collaborator
- Be a team player - but know when to delegate
- Be smart with money – reinvest your profits in your business!
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