The do’s and don’ts of successful entrepreneurs
28th April 2016
It is heartening to hear, that even the most successful entrepreneurs have made some mistakes along the way. Here are some ‘do’s’ and ‘don’ts:
  1. Do remember that a brand follows a great service or product, not the other way around.
  2. Don’t project your hopes for the product or service onto your customer; what do they actually want?
  3. Do ensure your product or service has ‘natural inertia’ which means that it has to have enough of a differential on the current market to warrant customers using that product or service, and to ensure others don’t  copy what you are doing.
  4. Don’t fail to understand your customer – be the customer yourself.
  5. Do recognise that your product or service doesn’t have to be perfect before your launch – go for a ‘beta launch’, or is it possible to pitch and sell your product or service before it’s fully developed?
  6. Don’t delay getting early professional help and advice, e.g., legal and accountancy advice, for the sake of saving early costs – it will save you in the longer term.
  7. Do try doing a ‘Mum test’ before you pitch your business idea! If you can clearly and succinctly describe and explain your business idea to your Mum, then it’s more likely others will get it.
  8. Don’t settle for people who are ‘fit for purpose’. Aim to hire the best that you can possibly afford.
  9. Do be wary of bartering equity in return for expertise – you might regret it later on!
  10. Don’t overlook the importance of having very clear financial objectives from the outset - entrepreneurship can be a financially risky.
  This article is based on 2016 interviews by Nicola Gardiner with Oxfordshire-based entrepreneurs and those who support local entrepreneurs.

About the author

Nicola
Gardiner
Nicola Gardiner
Nicola Gardiner Executive Search head hunts senior talent for Oxfordshire‰Ûªs start-ups and SME‰Ûªs, across all tech based sectors. We focus on providing a local and cost effective alternative to using London search firms.

Latest news

Research, industry, and AGI

Research, industry, and AGI

A transfer of knowledge to industry is a good thing:  One purpose of a university is to benefit society by disseminating knowledge, and one way this can be done is by commercialising research. Universities and research institutions are a dynamo for entrepreneurship, and for innovation in large companies. READ MORE

For success in product development – start at square zero

For success in product development – start at square zero

When it comes to the commercial success of a technology-led product, there are a number of factors that come into play along the development journey. Have the regulatory requirements been met? Can the design be produced at a viable cost? Is it possible to ensure the quality of the manufacturing process? The list goes on. READ MORE

The not-so-small matter of scale: Making it big in microfluidics

The not-so-small matter of scale: Making it big in microfluidics

Microfluidics is a key technology enabling the development of rapid in-vitro diagnostics (IVD). With applications including COVID-19 testing, cardiac arrest assessment and STD screening, decentralised rapid diagnostics are shaping up to be a major part of the future of healthcare and wellness monitoring. READ MORE

 

PARTNERS

Visit Britain

Keep in touch

Sign up to the Venturefest Oxford newsletter to make sure you are the first to hear the latest news. The next #vfestox newsletter will be coming out soon! Make sure you're on the list!

 

 

 

 

 

Email Preferences

Make connections that lead to new investments, new businesses and new ideas in the high-tech sector in Oxfordshire.