What separates the successful from the so-close? That’s the question that every potential entrepreneur wants answered. And, in a recent report, titled 6 Successful Australian Entrepreneurs Share Their Advice on Start-Ups and Small Business, six people behind some of the most successful start-ups in the country shared their secrets.
- Nicole Kersch, founder of 4Cables, an online retailer specialising in technology cabling for consumers
- Bruce Jeffreys, co-founder of GoGet, an innovative car-sharing scheme
- Naomi Simson, founding director of Red Balloon
- Nick Palumbo, founder Gelato Messina
- Hamish Petrie, founder and CEO, Ingogo, a mobile taxi app
- Alec Lynch, founder and CEO of DesignCrowd, an online marketplace for graphic design and website services
Build a strong team
They’re a diverse group, and yet they share one main thing in common: they understand the value of a strong team.
“It’s crucial that you find a great team who share your vision and help to make it a reality each and every day,” says Simson. “We hire and fire based on our values of integrity, generosity, leadership, sense of humour and fun,” he added.
Petrie suggests you ask yourself the following questions when it comes to choosing your team:
- Do they share the same values?
- Do they have the same work ethic and ambitions?
- Do they bring new value added skills?
- Are they passionate about what you are going to achieve as a team?
- Can you have the most heated of debates, yet still respect each other and keep working in a positive manner?
- Are they adaptive? Optimistic? Persistent?
- Will they never give up – no matter how hard it gets?
Top 6 lessons for new entrepreneurs
The entrepreneurs were asked for their number one piece of advice for start-ups.
- Make a start. “Just get going,” says Bruce Jeffreys. “Don’t write that business plan, don’t sit there pondering all the things that might happen. Just make a start.”
- Solve a problem. “If you are driven solely by financial success – think again,” says Naomi Simson. “Great businesses solve problems; they make life easier, they make a difference. The first step to creating a viable business is to work out what problem you are solving.”
- Rethink your forecast. “It’s going to take double the time you thought it would for people to understand what you’re doing,” says Nick Palumbo. “Make sure the economics of your concept are sound, as nothing is worse than building a business that doesn’t make money.”
- Be persistent. “Get started with the leanest possible path to prove you can get customers that are willing to pay you,” says Hamish Petrie. “Make sure the market is big enough and the rest you will work out if you are stubborn, persistent and surround yourself with the right people.”
- Take action. Procrastination is the fear of failure and every successful entrepreneur has, at some point, overcome this and taken a first step,” says Alec Lynch. “The first step might be buying a domain name, creating a prototype, drafting a business plan or getting a logo. If you have a good idea, start working on it today and take that first step.”
- Have an exit strategy. “If you’re an entrepreneur in the true sense of the word, chances are you’ll be strategically planning an exit,” says Nicole Kersch. “Selling a business has many considerations and can be structured in a multitude of ways. If your exit is not planned correctly, with adequate legal and financial advice, it can get complicated.”
Read the expanded article here.