At a recent Surrey IOD event, I was the lucky member in the spotlight. This means you rock up to an extremely decent breakfast first thing in the morning, 7 am, in a fabulous venue that partners with the regional group, in this case Foxhills Country Club and you have ten minutes to tell your story or you can share something that will be of value to the group, which is made up of members and guests however, everyone has a common interest which is business.
When considering what to share with this esteemed group, I settled on the key lessons I have learned from my years of entrepreneurship, which are now approaching thirty. This is extremely difficult to believe, as readers of a similar vintage will agree, and I must highlight that I began this journey at the age of 20!
What are they?
There have been many; however, I will pick one key learning from each of my six business ventures.
The first.
My first business was a recruitment agency catering to the Optical Industry. Not so random as I qualified as a Dispensing Optician as my first career. It began as a partnership, which isn’t uncommon. Many first businesses are structured this way by nature, due to the fear of the unknown, plus plugging skills gaps and provide camaraderie. However, statistics show that there is frequently one partner who commits more time, sometimes better knowledge, and more often than not, despite mutual entrepreneurial spirit starting on the same page to begin with, a disparity in vision and effort resulting in resentment and a parting of ways. This is indeed what happened. Both my partner and I felt the same frustrations! The lesson or rather the leading question is, do you need a partner? Can you do it independently?
More than likely, the answer is yes. Have faith in yourself. We can bring in expertise as is needed by the business. To illustrate the point, between 60-70% of business partnerships fail, particularly when expectations and goals are not aligned or trust and communication break down. Source: Breezy.io
The second. My next business venture was two classic wine bars and restaurants that served simple yet very good food at a reasonable price, where everyone felt comfortable dropping by for a glass of wine. The formula was successful. However, I fell in love with being the hostess. Too hands-on. This meant that the plan of growing from two venues to six was impossible due to the lack of time spent on strategy and growth. The lesson being mastering the art of delegation. Surround yourself with great people, capable in their roles and utilise your own time on the business rather than ‘in it’ which is a a classic scenario. We sold, having only reached 25% of our target.
The third. This business was a beauty salon equipped with a creche for pregnant women and new mothers. In fact, it was called Yummy Mummy, Tots and Tummies. The concept was the fruit of being pregnant myself and not able to find an effective massage followed by the intricacies of childcare with a little one in tow. This salon catered for the lot with specialty pregnancy massage table from the US that had holes strategically placed for bumps and boobs. As a new mum, I took a maternal approach to my employees which breeded familiarity and blurred lines between professional and personal relationships. I lost respect from many and a relationship I had held dear for many years. The lesson: Stay professional at all times. No exceptions. It was an emotional sale.
The fourth. A high street retail outfit for the 0-12-year-olds. Clothes, toys, equipment, party accessories and haircuts. This was a community hub for families in a small urban town bursting with great schools and open spaces. Business boomed in a short time frame. On the cusp of buying the freehold of the shop, a ‘super’ Tesco opened two miles down the road, catering for most of the above with the added convenience of parking, groceries, shoes, stationery, flowers etc. We were hit fast, we held on too long, and procrastination on the freehold purchase led to the opportunity falling through. The lesson? Call it early. Never fall in love with an asset. This business closed.
The fifth. Online retail. Gift etail. This business had charming products that were well received at launch. However it never really had my full attention. It came second even third to other activities and as a result never really got off the ground. The lesson here was the importance of a plan, attention to detail, proper research and accountability. It fizzled out. The investment lost.
The sixth. A trade association. A not-for-profit organisation. I was, still am, passionate about ethics and standards in the mentoring world and this business works toward filling the gaps in this arena in the UK. It goes from strength to strength, although not without entrapment. The resounding lesson this business taught was the crucial need for proper governance, processes, and procurement. Don’t be afraid to tackle these early when an organisiation is still young. Be a friend to the future business and protect its option for a healthy churn of talent and diversity in key roles.
Mistakes, failures, and lessons learnt are many in business and in life in general, which is expected and should be embraced, as long as we learn from them, discuss, share, and learn from one another. I have many others, and I am pleased to report that other mentors and the mentees I work with have a healthy curiosity about my failures and lessons learned, and vice versa. I am happy to share and to keep learning, although I now hope to avoid similar pitfalls.
Source: Breezy.io
