Wise words from StartUp 2019 

Last Saturday I was in London for StartUp 2019 – a wonderful diverse gathering of entrepreneurs at all stages in their business start-up journeys (it seems we all have to be on a ‘journey’ these days). I’d been so impressed by StartUp 2018 I just had to return; I wasn’t disappointed…  

On getting started

“You have to ask a lot of favours at the start. Talk to as many people as possible and you may get lucky.” Tugce Bulut @tugcebulut Streetbees

“Don’t start promoting your new business too early; people get bored. 6 – 8 weeks before you launch is enough time to build interest and excitement.”  Jo Tutchener-Sharp @scampanddudejo Scamp & Dude

 “At the start I was vomiting every day through stress. Stress is a function of uncertainty and when you start a business everything is uncertain. I didn’t understand all the elements [of starting a business] – all start-ups go through this at some stage.” Steve Moore @flightclubdarts Flight Club Social Darts

“ Startup is the hardest you’ll ever work; forget work-life balance. For success it will be all-consuming – it takes a lot, it’s not for the faint-hearted.“ Jo Tutchener-Sharp @scampanddudejo Scamp & Dude

“Don’t jump too soon [from your paid employment] … when you go fulltime so much more will happen. I took a sabbatical when our business started.”  Amber Fraser, @Bravefoods Brave Foods

 “There’s no point in turning up unless you’re going to do quality. It costs the same to do a bad job badly as a good job well.”  Mike Soutar @mikesoutar

“Hold off getting your first employee as long as possible. You’ll know when the time is right – for me it was starting to do a bad job, I was reducing my face-to-face contact [with clients and other stakeholders]” Amber Fraser, @Bravefoods Brave Foods

On funding your start-up

“Don’t raise money until you have to (and don’t listen to people that tell you otherwise)” Tugce Bulut @tugcebulut Streetbees

 “I told my first investors (43 friends) – ‘whatever you invest, expect to lose it’.” Steve Moore @flightclubdarts Flight Club Social Darts

“It was eight months before we got our first investment – through cold-calling but via connections… You need to be clear about your ambitions and risk tolerances. With money you can make mistakes but blowing your life-savings is best avoided!” Amber Fraser, @Bravefoods Brave Foods

On choosing an investor… “There’s a real difference between a ‘cash provider’ and a ‘passionate partner’… If you have the right partner it doesn’t feel like you’re giving away part of your business; more like you’re gaining.” Tugce Bulut @tugcebulut Streetbees

The importance of other people

“Employing the right people is almost the hardest part of any business – if you get it right everything else falls into place, bit it takes time and mistakes.” Tugce Bulut @tugcebulut Streetbees

“You can be a lone wolf, but if you want to scale your business you need to establish relationships you can trust early on. Draw on your past experience and contacts – you can’t be an expert at everything!” Ross Jones @brandfarmfilms Brand Farm Films

“Have a strong business partner or someone else you can share your bad days with.”

“Your support network is incredibly important. You need people around you to remind you it’s not good for your health to immerse yourself in your business.” Tugce Bulut @tugcebulut Streetbees

“Have someone to whom you’re ‘accountable’ – it could be someone in a different business.”

“When you’re feeling down, go back to your clients and users [why you’re in business] it will give you a lot of energy.” Tugce Bulut @tugcebulut Streetbees

Marketing – what works?

“It’s important you’ve got a point of difference. Imagine you’re opening a magazine of your choice – could it feature your product/ brand; is it newsworthy?   Jo Tutchener-Sharp @scampanddudejo Scamp & Dude

“Building credibility, trust, face-to-face relationships, and referrals” Tugce Bulut @tugcebulut Streetbees

 “Find influencers who believe in what you’re doing – not necessarily the people with the biggest following, it’s important they are the right sort of person’”  Jo Tutchener-Sharp @scampanddudejo Scamp & Dude

“Three mistakes with PR [press/public relations]: a fear of self-promotion; having no press hook [for your approach to media outlets]; going in cold [so do your research before approaching a journalist]” Amanda Ruiz @amandaruizuk

On PR on a budget… “Don’t ‘say and spray’ – personalise your message to journalists, get to know them, understand their work and interests. Get on their radar in a good way (don’t stalk them!) help them to help you. Pitch to the right editor in the right publication. Get into the head of the magazine’s readers (and the editor).” Amanda Ruiz @amandaruizuk

How to succeed

“I like the uncomfortable times, big challenges, building stuff, constructing a business.” Steve Moore @flightclubdarts Flight Club Social Darts

“Protecting my intellectual property was really important for me. I recommend you protect it and then stand up for yourself. I was supported by my online customers – whom I regard as friends more than followers – sharing [the infringements] and getting angry.” Jo Tutchener-Sharp @scampanddudejo Scamp & Dude

“If you go into a business with a plan to sell it, it’ll never work.” Steve Moore @flightclubdarts Flight Club Social Darts

“Ask yourself – will you still love what you’re doing in 5- 10 years? Your heart and soul should be in it when you start your business.”   Jo Tutchener-Sharp @scampanddudejo Scamp & Dude

“Base your price on the market, not your costs.” Steve Moore @flightclubdarts Flight Club Social Darts

“Not everyone is going to invent Facebook. Ideas are overrated – it’s the execution that matters.” Ross Jones @brandfarmfilms Brand Farm Films

“If you’re a good leader, it’s because you can make decisions, quickly, with limited data. Some will be good decisions, some bad…. Decision-making to a businessman is like clay to a sculptor.” Mike Soutar @mikesoutar

“We look at four areas of risk: financial (mainly cashflow); people (having good staff); operational (coping with growth, including space); change (limiting your ‘operational debt’).”  Steve Moore @flightclubdarts Flight Club Social Darts

On embracing change…

“Be brave, your business plan will change, go with it – be open to change, consider the implications of each new step.” Carly Menken, Head of SME Trading, Direct Line for Business

“Don’t be afraid of what you don’t know – find out, learn, it will get sorted.” Hayley McClelland, The Fairy Dogmothers

“Back yourself – talk to others in a similar position” Ross Jones @brandfarmfilms Brand Farm Films

“Be willing to accept change and reflect on making the most of it. Make time to step back from the day-to-day – let the thinking part of your brain take over from the execution part – to be strategic.” Amber Fraser, @Bravefoods Brave Foods

“Learn how to ‘chunk down’. It’s easy to get overwhelmed, so break down [your challenges] into parts, small milestones. Change your perspective – if you have a ‘freeze moment’ go away, re-think, take a chance, learn from failure.” Carly Menken, Head of SME Trading, Direct Line for Business

And finally…

A new word: Brexhaustion. Two new abbreviations: EIS – Enterprise Investment Scheme (‘like Giftaid for investors’) and UGC – User Generated Content. A career-change website with an emphasis on business start-up https://www.escapethecity.org A book recommendation: https://www.hive.co.uk/Product/Jamie-Waller/Unsexy-Business–How-12-entrepreneurs-in-ordinary-busines/22722516

What I learned at StartUp 2018  https://enterpriseessentials.wordpress.com/2018/01/15/enterprise-essentials-21-tips-from-startup-2018 

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