Starting a business is tough. Data from the Bureau of Labor Statistics notes the first years of a new business can be unstable (unsurprising) and volatile.
A third of all of young companies fail within two years and about half fail within five. Although these figures seem upsetting, all hope isn’t lost. It simply indicates that good business strategies and quality management are key to pushing through the initial volatile period. If you’re hoping to strike out on your own and launch the world’s next successful start-up, you’re going to need every bit of advice and support you can get. That’s why we’ve asked successful entrepreneurs to share their advice for the next generation of young business minds.
Here’s what they had to say.
‘Surround yourself with great people’
Team spirit is the defining factor for Danny Scott’s company CoinCorner. He said: “I think the most important thing is to surround yourself with great people. “You want to be able to trust your team to tell you when you’re going in the wrong direction or to be there as support when hard times come knocking. The team makes the company at the end of the day, and you’ll want to spend your time with people who believe in you and the business.”
‘Get ideas down, however silly or small’Leiho aims to help people feel good by doing good for others. Founder Joey Li says the company’s journey began by selling socks to help homeless people – for every pair of socks sold, Leiho gives another to a homeless person. Li said: “Our socks are also made with bamboo because we believe in sustainability and social impact.” When it comes to launching a business, Li said the most important thing to do is take that first step: “Get ideas down on a piece of paper however silly or small it is. Once you see it in front of you, that brings your idea to life and more ideas come rushing to your head. “Don’t prolong the start – try to sketch out website ideas, packaging ideas or anything that will literally make you see the potential of whatever you’re selling.”
‘Don’t fear failure’
Li also told us that mistakes and setbacks shouldn’t be treated as the end of the road. “Fail fast and fail cheap. The earlier you make mistakes and fail, the cheaper and better it is for the future of your business. Don’t be disarmed by failure and don’t fear failure. Learn to accept it and learn to improve, develop and try again.”
‘Take the criticism because you never know how helpful it might be’,
Li added: “There will be people out there who don’t believe in your idea and there will be a lot of people out there who support it. Listen to both. Take the criticism because you never know how helpful it might be. “Ask them what else you could do, what else they like about your idea and what else they would suggest. This is the best market research you could ever do – get to know your customers!”
‘Keep an eye on your cash’
Cara Holland started her business Graphic Change 13 years ago, going on to work with brands including TimeWarner and Google, and now even has an online academy with students from over 70 countries learning to work more visually. She told us: “Keep an eye on your cash. For lots of businesses, you don’t need much to get started. Start with your minimum viable product and only spend what you absolutely need to evolve.
‘Trust yourself and be true to your vision and your values’
Holland also places great important on positivity and self-belief. She said: “Trust yourself but don’t be afraid to get input from potential customers and other people whose views you respect. Don’t just ask your family and friends because they’ll never tell you the truth for fear of hurting your feelings. “Be true to your vision and your values. The right customers and clients are out there. The more authentic you are, the easier it will be for them to find you.”
‘Don’t forget to enjoy the process’Dhruvin Patel is the founder of Ocushield, the world’s only medically rated screen protector. Ocushield protects eyes and improves sleep while protecting your digital device, by limiting the amount of blue light emitted from the screen. As a qualified optometrist, he understands the importance of blue light protection in today’s society. He said: “Since qualifying, I was able to raise investment which allowed me to grow the business, the team and improve our products. When asked for his advice for other entrepreneurs, he said: “When launching a business, too many founders can get caught up in the end goal and forget to enjoy the process. Remember that developing a start-up can truly elevate your life both professionally and personally.”