2016 saw 25% of adults in the UK wanting to start a business, rising to 70% amongst those between the ages of 25-34. When hearing stories that detail the successes of a start-up business, it is easy to get caught up in the idealistic narrative of the all-important ‘million-pound idea.’ However, the actual business idea is just the beginning of the story. Oliver Warburton from EcigWizard gives advice to budding entrepreneurs on how to build a successful start-up:
It’s all about people
Finding the right staff that fit within the company’s ethos is hard. It is crucial that you nurture any members of the team that are within the brand and constantly build on their current skill set. As directors, it is easy to try and do everything yourself and take control of every aspect of the business. However, this is impossible so it is vital that you have a skilled trusting team that you can delegate tasks to.
Set the foundations and then make time to grow
Once the fundamentals of your business are in place and you have survived the start- up process, it is time to grow your brand. It is easy to go gung ho but it is key in the success of your business to hold back at times and follow a well-planned strategy. Always be mindful of budgets and remember that finances have to be healthy.
It takes time
It can be easy to work relentlessly for a period of time and hold the mindset that you will reap the rewards in the short term. However, for any business, patience is a virtue.
I used to work hard on a Monday and expect a reward the same day. It doesn’t work like that. The projects I am working on today, will come to fruition in 6, 12 maybe even 18 months’ time. The biggest discipline I have learnt in our success is that of delayed gratification. I.e., putting the hard work and effort in today for tomorrow, not now. You have to be incredibly patient and wait for success to come later on. I see this clearly in people now- those that aren’t blinded by instant gratification and are prepared to work hard and wait are those that find their way to success.
Just ‘being around isn’t enough’.
At some point you’ll get to a point where just being around isn’t enough to grow any bigger. Where you see real entrepreneurs at work, is where they build through these plateaus. Initially you may just assume by working harder, you’ll push through it. Then you will realise you have to get better as a business and a person. Work on your branding, write a marketing plan and start to bring in experience heads of department. Eventually you’ll push on and grow to a bigger size.