Jordan Daykin is the owner of GripIt fixings; a £14 million business that’s now the most successful idea to have survived the BBC’s Dragon’s Den. Here are Jordan’s top tips if you think you could be sitting on your own million pound idea.
- Age is just a number
It’s doesn’t matter how old or young you are, a good idea is a good idea. I started my business when I was 13 years old and I’m really glad I started when I did as it’s meant that I’ve been able to learn along the way and be in a great position early on in my career. Plus, think of all the added experience that you can apply to your idea if you’re a bit older; money can’t buy the market knowledge gained by actually doing the day job.
- You have to take your idea seriously before anyone else will
It’s easy to get cold feet and start questioning how good your idea really is. I found that if it’s based on a problem that you come across every day, or that everyone moans about, then you’re on to a winner. Don’t be afraid to develop your idea into a proposal or to talk to someone who’s been there and done that; otherwise you’ll never know if you’re sitting on the next big thing.
- Get in front of the right people
My only choice was to go on television to secure investment, develop my product, and get a foot in the door with national stockists. The good news is that large companies are starting to understand that it benefits them to get on board as soon as possible. My product is stocked in branches of Travis Perkins and Wickes stores; their parent company Travis Perkins plc is currently searching for good trade or DIY product ideas that they can help fund or sell.
- You are one of your strongest business assets
Don’t underestimate how important you are as the face of the company – it’s the first thing that potential investors or customers will buy into. You’re likely to be asked some tough questions so it’s crucial to be prepared and to practice your answers.
- Be patient
Remember that the greatest rewards can take some time and a lot of hard work to achieve. To be a successful entrepreneur, you need to be determined and dedicated to your idea. With this in mind, make the most of every opportunity to be inspired by other entrepreneurs as well as getting in front of as many potential investors as possible.