Entrepreneurship – Top 10 Tips

If somebody challenged me to come up with my top 10 tips for a budding entrepreneur, and present them in “tweet length”, this would be my response to the challenge:

• Look in the mirror – capitalise on your self-awareness; leverage strengths and mitigate weaknesses.
• Find a mentor – he/she can help combat loneliness and act as a sounding board re attitude, mindset and business idea.
• Surround yourself with quality – don’t compromise on business partners, associates, staff or service providers.
• Launch “eyes wide open” – make sure you know what you are getting into.
• Work on your personal brand – make sure it is consistent and coherent across all touchpoints.
• Understand your financial drivers – margins, breakeven, liquidity, debtors.
• Work to a plan with simple performance metrics – where are you going, and how will you get there.
• Learn the art of networking – how to build rapport, trust and relationships; “be interested not interesting”.
• Develop your communication skills – written and verbal. Don’t forget to listen.
• Never stop investing in your own personal development.

Each of these merits an article in its own right, but as a high-level checklist this is a good place to start. If I were to sneak an extra one in, it would be “strap yourself in and enjoy the ride!”

ABOUT DAVID

Between 2010 and 2015 I published my trilogy of self-help books:

• From Crew to Captain (how to start a business)
• From Crew to Captain – A Privateer’s Tale (how to set up as a sole practitioner consultant or equivalent)
• From Crew to Captain – Commander of the Fleet (how to grow a business or create a consultancy practice).

The three books neatly cover the universe of clients I work with in the entrepreneurial community. They also reflect the journey I had been on personally between 2001 (when I came out of the corporate world) and 2010, and the experiences I had had, both good and bad! Part of the rationale behind the books was “I wish these had existed when I set off on this adventure”!

The three biggest lessons I learned are captured in 3 of the 10 top tips which I have shared.

Firstly, I had not realised how lonely it can be running your own business. (Tip 2)

Secondly, I was hurt (both financially and emotionally) on more than one occasion, as a result of lacking discernment and intuition at times, and engaging with people who let me down (Tip 3)

Thirdly, I was somewhat naive in terms of my expectations around getting paid (Tip 6)

Hopefully, if you see yourself as an aspirational entrepreneur, these tips will help you to avoid some of the common pitfalls. Going into this type of career “eyes wide open” gives you a huge advantage.

David Mellor spent more than 25 years as a senior executive for two of the world’s biggest banks, working mainly in international investment divisions, dealing with a portfolio of technology start-ups. He set up his own business consultancy in 2001 and is a lecturer in entrepreneurial thinking and strategies at the Cass Business School, where he holds the title Honorary Senior Visiting Fellow. His books, including Inspirational Gamechangers and the From Crew To Captain trilogy, have made him a sought-after conference speaker and media commentator; and he continues to lead business startup and growth workshops while acting as mentor to many aspiring and established entrepreneurs. In 2015 David was admitted to the London Guild of Entrepreneurs. He lives in Horsham, Sussex, with his wife, Anne.