more time capsules from entrepreneurs

It seems to be that whenever I'm asked to be part of some business event where there's a panel of "successful entrepreneurs", questions from the audience tend to dry up very quickly and usually relate to either very specific/technical questions that are of limited interest to most people there, or are so general that most people would struggle to be able to relate to them...

However, as some readers of my blog may recall from previous posts, I've various 'standby' prompts for most instances, and in this one, its a question that entrepreneurs on any assembled panel seem to enjoy: "what one thing, with hindsight, would you want to impress upon your younger self when you were launching your enterprise?"

My most recent opportunity to wheel it out came as part of a startup bootcamp for students at the Univesity of Salford that I was supporting the delivery of. And the 'life lessons' that the panel of entrepreneurs had to share with these bright young startups of tommorow were:

• get better at managing time - things usually take longer than you think they will, and remember that you'll need to sleep at some point...
• spend more time at the start of a job agreeing the scope of work - it'll help with managing client relationships later...
• lock the door more (!) - working from home can be fraught with lots of distractions...
• breathe - don't forget to take time out to enjoy yourself (and watch netflix...)

Todmorden time capsules

I've always been a strong advocate of story telling as a great means to help share ideas and learning, and also of local networking - local businesses supporting each other. So the recent meeting of the Todmorden Business Network was doubly exciting for me, as a range of businesses based in and around Todmorden came together to share their stories of what they've learned in running their businesses that they wish they could go back and tell their younger selves about.

I thought it would be useful to capture these as a snapshot of the wisdom of the local business community I'm part of. Sharing it here hopefully means that others will be encouraged and supported, but it's also something that the Network can revisit in future years to see if the lessons we're learning are changing, or if despite the new management theories that always seem to be coming out form some university or other, the way we do business together, and the issues we face remains consistent.

So - our advice to our younger selves:

• listen to your gut more - be bold!
• you don't need a business plan (I've always argued this one too) - it's OK to make it up as you go along
• it's a roller coaster (and will make you feel sick at times...) - dare to be brave!
• don't be afraid to ask for advice - don't let your pride get in the way of letting other people help you
• you'll have more bosses that you did before in the form of all your customers
• don't be too cheap - don't undervalue yourself, and recognise the full extent of the time you're spending on making your products and running your business
• don't waste your money on consultants - pick and choose who to spend your money on, and what's important to you (rather than them)
• understanding basic bookkeeping and accounting is far more important that you realise
• just because you have a passion for it doesn't automatically mean other people will pay for it
• your friends won't tell you the truth - they're there to encourage you, not to be your customers
• always be kind - compromising isn't a sign of weakness
• success doesn't come overnight
• don't believe what letting agents and landlords tell you - if you're taking on retail premises, check the local footfall for yourself

And what we'd tell our younger selves to avoid doing at all costs:

 - Don't pay for (online) advertising; use networking, social media, and PR instead

 - Don't try and work from home: there are far too many distractions

 - Don't waste time trying to get government funded support: the best advice you'll get is from other businesses

 - Don't be afraid to stand your ground with larger customers who want to start to change agreed terms

 - Don't try and do it all yourself

 - Don't go anywhere without a spare pair of trousers/skirt (that one's mine...)

 - Don't work with family or friends

 - Don't put off having tough conversations with people

The Network currently meets the first Tuesday of every month from 6pm at the Fielden Centre in Todmorden, and thanks to sponsorship from others has no charge for membership or attending its events - 

http://todmordenbusiness.net/

https://www.facebook.com/TodmordenBusinessNetwork/

https://twitter.com/Tod_Biz

if you could have your time again... life lessons for social entrepreneurs

There’s a regular feature in a private business management magazine that asks prominent business leaders each issue if, with hindsight, they’d have done anything differently if they had their time again.

Recently, at a networking event organised by Social Enterprise Yorkshire & Humber and Unltd, I had the opportunity to ask a panel of prominent and successful social entrepreneurs what they, if they had their time again, and with the benefit of hindsight, might do differently.

I’ve transcribed their responses below, and get the feeling that it was the question that people in the room most appreciated being asked and answered:

* Recognise the timing – most successful enterprises (social and otherwise) are opportunistic in response to emerging or changing need

* thinking more about what you want to get out of it – it’s too easy to let it take you over (something that I always counsel start-up businesses about, and have developed a tool around to manage)

* finding more resources – you can never have enough people, support or materials

* being single or having a very understanding partner

* gaining more knowledge – however much you think you know, there’s probably something crucial you’ve overlooked so never turn down the chance to learn something new

* more partnerships – you can never have enough, and you never know when you’ll need them so always be seeking new groups to hook up with

* making more mistakes – ...and learning from them as they’re the greatest source of learning you have

* don’t go it alone – take every opportunity to get together with other entrepreneurs to be encouraged, re-invigorated and refreshed

all seems really useful insight - the sort of thing we perhaps don't talk enough about, but what would your answer be?