Last updated: 28 March 2024.
Entrepreneurial spirit is at an all-time high. One in seven people plan to become entrepreneurs according to NatWest's Global Entrepreneurship Report.
Launching a startup is life-changing. It’s no mean feat, and it's likely that, if you’re thinking about it, then you're probably searching the web for advice from those who have done exactly that.
As part of our ongoing AMA series, we ask founders to share their perspectives on the highs and lows of entrepreneurship and cover all kinds of topics, from company culture to remote working.
One question we often ask is - if you were going to invest in a startup business, and you could only give one piece of advice to the team running that company, what would it be?
We asked our Twitter followers too.
We collected the best answers to share with first-time founders and their teams. Read on for nine nuggets of wisdom from successful entrepreneurs and business mentors.
Make mistakes and don’t hold back on jumping right outside the box.
Be aligned in your personal objectives before you align the business objectives.
Make sure there is a market for your product, a passionate team and a well-thought-out business plan!
Enjoy it - life's too short to do it otherwise.
Mission and purpose will be the thing which keeps you going. If you do not have a clear ‘why’ then it will likely fail. This is your own business so make it what you want it to be.
Definitely spend some time building up a good, trustworthy team around you. Keep track of the different types of personalities, who is better at leading others, and who is best at sorting out problems that arise.
Just do it - it’s very easy to fall into the trap of planning everything, talking about things for a long time, and never getting anything real done. Try things, fail fast, and find out what works for you.
When you enter the market with high competition, just build dramatically better products, better solutions and don’t be afraid to show off.
What you think your customers want is probably wrong. Be ready to adapt, survive and thrive.
A big thanks to everyone for their excellent advice. First-time founders, take note! For more learnings, check out our collection of interviews, case studies and founder stories.