Building a successful business is no easy task. It involves research, motivation, passion and a lot of hard work.
Some of London’s most successful business owners share their story to success and openly communicate the mistakes they made in the hope of helping innovative minds reach success more effectively.
The 5 key learning points we can take away from some of London’s most successful business owners are:
- Dream big
- Do your research
- Build relationships
- Spend wisley
- Accept failure
The BIGGER the dream, the better!
As an entrepreneur, dreaming big is a fundamental part of your success journey and pushes you to reach new heights.
Richard Branson believes that “dreaming is one of humanities greatest gifts” which saw him create the Virgin empire. A simple vision of travelling to space built the foundations of Virgin, the 60 companies that surround and Virgin Galactic.
The realism of Branson dream coming into fruition has made him believe he is actually dreaming! The excitement of waking up and being “20 years old again” presents the opportunity for new dreams and possibilities.
The best advice Branson gives to businesses is the importance of embracing your vision, turning an idea into reality.
Do your research
Serial entrepreneur and Dragons’ Den investor, Peter Jones, can’t stress enough the importance of research.
‘The biggest cause of business failure at the moment isn’t that they’re struggling for cash and working capital, it’s a lack of research,’ says Jones.
Understanding the market which you compete in is a no brainer when launching or reevaluating your business. Think, you wouldn’t go out and buy a product without doing any research, you would search online, read some reviews and possibly get a recommendation from a friend, so why not do this for your business.
Jones believes the key to growing a successful business is to take action, “take a look at your business and find the right tools to do the job more effectively.”
A network of productive connections is what Lord Sugar believes is at the heart of any successful business.
“Never be so sure of yourself that you think you don’t need anyone else. Treat others with respect and when the time comes, that relationship will have a positive impact on your business.”
Keeping track of the people you meet and the connection that you make is a vital skill that should be adopted immediately. Lord Sugar recommends using LinkedIn as a virtual contact book to save the connections you make.
Most often than not, the failure of a task on Lord Sugars famous TV series, The Apprentice, is due to bad communication and lack of contact between contestants. The same feedback is always given by Lord Sugar, showing how passionate he feels relationships in business are.
Another investor from the Den, Duncan Bannatyne, is worth over £300million and shares tips on how to be smart with money, which he wishes he was when starting his businesses.
As opposed to Branson’s advice to Dream Big, Bannatyne suggests THINK and plan financially, as he believes your financial future is the first step to making it a reality.
A good way to implement this approach is to get organised and outline what you are earning NOW, allowing you to take control and plan out your next steps effectively. Collecting receipts and cutting back on the wants instead of the needs is a great way Bannatyne recommends to save money which could be invested in your business.
Before you buy your next coffee, THINK, do you really need to spend the money?
Although this isn’t what you want to hear, failure and knockback are inevitable in business. However, as hard as it is to believe, failure can actually work to your advantage.
Simon Cowell is an exceptional example of this.
The education system and Simon did not work well together, resulting in him being held back 1 year and attending 16 different schools until dropping out of secondary school.
At 17, Cowell went on to work as a Clerk at the EMI mailroom, a record publishing company, which he quit at 23 to start his own Record Label (E&S Music). E&S failed and his new venture Fanfare Records launched when he was 25.
5 years later, Cowell filed for bankruptcy and was millions of dollars in debt, now living with his parent.
After gaining a few years of experience and substantial success as a music consultant at BMG, Simon created S Records at 43 years old, which produced the reality TV series X Factor and Britains Got Talent.
Simon Cowell’s net worth to this day is 500million!
If you only take one point away from his story, it should be to never stop believing in yourself.
Business is hard and there is no way around it.
Here are the most important takeaways from successful business owners that you should implement into your business:
- Dreaming big is the best way to drive passion into your work and motivate you to turn your vision into reality.
- Researching your market can do nothing more than benefit your business and ensure you have a flying start in your industry.
- Developing valued relationships with customers and industry professionals can open new opportunities and assist you on your journey to success.
- Cut out the wants and spend smart. As a Digital Marketing Agency in London, it is important that you prioritise your marketing budget to drive awareness and sales for your business.
- Never be set back from failure, get back up and don’t stop believing in yourself. If you have a passion and the motivation to execute your vision, success will come naturally.
Done and ready to launch?