On Thursday I was very fortunate to find myself back at the Radisson to be part of Durham University’s 4th Enterprise Lecture. Lord Billamoria was a very inspirational speaker and it was so enjoyable to listen to him; I couldn't believe the time went so quickly - it was a shame he had to run to catch a train because I think everyone in the room would have very happily continue to listen all night! His personal story offered so much encouragement. He offered so much valuable advice, and again I would love to share some snippets which I took away with me from the evening:
*Foresight: continually looking ahead. ‘Maybe I can change the market place’
*You need to want to be in business. This is an important decision which will let you take the plunge and make the necessary sacrifices/commitment to this path. And while you’re young you’ve got nothing to lose anyway, so why not just have a go!
*Business is risky – there’s no running away from that but it is about how far you push the limits of those risks. And a supportive partner always helps!
*Most ideas are simple but difficult to put them into action. It’s about going and making them happen, against all odds and the people who say ‘you don’t stand a chance’.
*As a start-up you have to overcome the credibility gap and it is your passion, faith and belief in your product/service which will drive you through and give people confidence. Be passionate and most of all be proud of your product/service.
*Customers are key! Define your target customers. Know where you stand against other brands and position yourself. Customers and the feedback they can give you about your product/service are so important. At every opportunity undertake surveys/research and they will tell you what they want from you. Always check with your customers before going forward with your idea. They will tell you and help you make your big decisions.
*Don’t forget that sometimes the answers/solutions are right under your nose!
*Entrepreneurs converting ‘no’ into ‘yes’ and threats into opportunities.
*Building your team. Don’t be frightened to taken on people better than you. Bring in experts and getting them working together as a team. If you can’t afford the experts now you’ll need to get them to buy-in to your vision. You need people with attitude and passion. ‘ Hire for will not skill.’
*You can’t stand still. This doesn’t mean you always need drastic changes but step (small) changes are good. Protect your brand – its your most valuable asset.
*”Aspire and achieve against all odds, with integrity”
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