Key Lessons from a Seasoned Entrepreneur
At a recent Surrey Institute of Directors (IOD) event, I found myself in the spotlight, sharing my story and valuable business insights with a diverse group of business enthusiasts. The event, held at the elegant Foxhills Country Club, offered an exceptional opportunity to reflect on my nearly thirty years of entrepreneurship. In this article, I share one key learning from each of my six business ventures, hoping that these lessons can guide and inspire other entrepreneurs.
First Lesson: Reconsider Business Partnerships
My first business was a recruitment agency for the Optical Industry. I started this business in partnership, a common approach for first-time entrepreneurs. However, disparities in commitment, effort, and vision led to conflicts and eventually a split. This experience taught me to question the necessity of a partner and the potential for independent entrepreneurship. According to Breezy.io, 60-70% of business partnerships fail due to misaligned expectations and goals, or a breakdown in trust and communication.
Second Lesson: Master the Art of Delegation
My second venture involved two classic wine bars and restaurants. The success of the business, however, was hindered by my tendency to be overly hands-on, limiting time for strategic planning and growth. From this, I learned the importance of delegation and strategically utilizing time to focus on the business rather than ‘in’ it.
Third Lesson: Maintain Professional Boundaries
The third venture was a beauty salon with a creche for pregnant women and new mothers. As a new mother myself, I blurred the lines between professional and personal relationships, which resulted in lost respect and damaged relationships. The lesson here is the absolute necessity of maintaining professionalism at all times.
Fourth Lesson: Don’t Fall in Love with an Asset
The fourth business was a high-street retail outfit for children. The business was booming until a ‘super’ Tesco opened nearby, offering similar products with added convenience. Despite the immediate impact, I held on too long, leading to the downfall of the business. The lesson here is to be realistic and not to fall in love with an asset.
Fifth Lesson: The Importance of Detailed Planning
The fifth venture was an online retail gift business. Due to a lack of attention and detailed planning, this business never took off. The takeaway from this venture was the importance of a comprehensive business plan, attention to detail, proper research, and accountability.
Sixth Lesson: Implement Proper Governance Early
The sixth and current venture is a trade association, a not-for-profit organization aimed at improving ethics and standards in the mentoring world. One crucial lesson from this venture is the importance of proper governance, processes, and procurement. Implementing these aspects early can future-proof a business and allow for a healthy rotation of talent and diversity in key roles.
Business, like life, is full of mistakes, failures, and lessons. These experiences should be embraced as long as we learn from them and share these lessons with others. I continuously learn from my mentors and mentees, and I am always open to sharing my experiences and lessons to help others avoid similar pitfalls.
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