Today’s MCM is an East End Boy turned Lord, business magnate, tv personality, political advisor, a former owner/chairman of the hotspurs, author and ever successful .. I present to you Lord Alan Sugar.Lord Sugar has himself repeatedly acknowledged possessing a flourishing business acumen, having garnered it from the young age of 13, by selling ginger beer and photographic film to schoolmates; earning him more than his Jewish tailor father at times. It’s no surprise then, that sugar created the ‘Junior Apprentice’ spin off; off the back of the hugely successful parent ‘Apprentice’ UK show. The show is based on the popular US version, in the same role President Trump had delivering the final verdict of “you’re fired”.Lord Sugar is a Self Made Billionaire and Founder of hugely successful business ventures such as Amstrad and has given jobs to thousands, thus I thought it only right to share his top ten tips for budding entrepreneurs.Here are his 10 tips for success.
- Only set up in a business you know something about. You can’t just wake up one day and think you’ve come up with the best thing since sliced bread if you’ve got no experience in that area. It may be an industry you have been working in for years or a hobby you have.
- Research your market thoroughly. Make sure that there isn’t something similar on the market already. Why would anyone want to buy something from you if it’s already out there?
- Listen to experts in the relevant industry. Don’t ask friends and relatives for their opinions – they will only tell you what you want to hear just to be nice to you.
- Draw up a proper business plan. You will need this to show you know where you are heading and you understand the market. It will help to make others take you more seriously.
- Take things one step at a time. Don’t try to run before you can walk. Start small. Get it right and then grow when you’re ready for the next step.
- Be prepared for lots of setbacks. Not everyone will be as enthusiastic as you are, but if you really believe in your idea and you have the determination and passion you will succeed.
- Find a niche. It doesn’t always have to be something brand new. There’s not many things that haven’t been done before – just come up with something better or a better way of doing it.
- Don’t expect the banks to throw cash at you. You have to put your money where your mouth is and prove to them that you are prepared to take a major risk, like remortgaging your house. If you show them how seriously committed you are, then they will be less hesitant to cough up.
- Get advice from lots of different sources. From small business advisers at your bank to organisations such as Business Link, The Prince’s Trust and Shell LiveWire.
- Be realistic. You may think you’ve come up with a great idea, But will anyone really want it? Do they really need it? Is it cost-effective? Is it practical to produce?Do you have any other tips, please do let us know in the comment section or tweet us @wegrowdaily and tell us whether you agree with the above.Until next time be good to yourselves, kind to others and above all GROW DAILY.Written by Karen Sherise