“There is so much literature out there about starting but very little about exiting. If you’re an entrepreneur in the true sense of the word, chances are you’ll be strategically planning an exit. 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 quite complicated.”
“Nic (my business partner) and I knew very little about anything and part of the journey is that you learn and you grow. Wishing there are things you knew about before you start defeats the purpose and the fun of it. You start at one point and end up in a completely different place that you never imagined you'd be."
“I’m not going to claim that I knew exactly what was going to happen when I started RedBalloon nearly 13 years ago, and I certainly never imagined that my little “experiment” would be as big as it is today.
But you need targets and you absolutely need to be clear on your personal definition of success. When I started, I set the Big Hairy Audacious Goal (BHAG) of selling two million experiences, and we hit that in October last year."
“Make sure you have twice as much money as you think you need to get your idea off the ground. Surround yourself with people who are successful so you can learn from their mistakes and experiences. Also, don’t be in a rush–make sure you are the best at what you do, even if that means it will take a little longer.”
“Surrounding yourself with the right people is key, both the internal team and also the investors that join your team, everyone needs to be aligned to reach the same goal. This network of people is really important in accelerating and supporting your business, no man is an island!”
Alec Lynch is very pragmatic when it comes to giving advice on the “worst piece of advice” that he ever received. In fact, he is really clear about what entrepreneurs should never do.
Test and measure everything, because everything that is tested and measured improves.”