Talent Founder and Executive Chairman, Richard Earl, shares his advice, lessons and personal experiences from his own startup journey in this series of “Startup Tales”.
The first instalment is all about being brave and taking the plunge…
For any company to get going, someone has to make that brave call to risk everything in order to launch their dream or bold vision. There will be plenty of reasons to not do this and if you’re looking for a scientific process to validate your thinking then forget it – there’s no such thing!
You should certainly run your thinking and ideas past trusted advisors – including a business plan that defines the rationale behind your idea and why you think it will work. Importantly, make sure you are adequately funded as insufficient cash-flow has brought many a good company undone.
Make sure you are starting your business for the right reasons.
Don’t just replicate exactly what you did for your previous company, or at the very least make sure there is a difference or improvement. If it’s a new concept then make sure you understand the industry you are targeting; if you haven’t worked in this industry before there are likely to be many things you have overlooked.
Don’t start a company purely as a statement of independence or as an effort to achieve some easier form of life – trust me, you will have to work twice as hard in your own business to be any chance of success.
Going solo vs. Partnering up.
A major deliberation often revolves whether to be a sole founder or enter into a venture with partners. There is no right answer here but ask yourself: what value does the partner or partners add? If they have a quite different and complementary skill-sets, then it makes sense. If their purpose is to simply provide comfort, finance or be an antidote to loneliness, then it might work in the short term but the relationship will probably tire – especially if their work ethic or drive is questionable.
If you examine some of the most highly successful companies you will find they were often created by a very driven and single-minded individual.
Instinct, desire and vision.
So, prior to launching Talent in 1995, I found out my wife was pregnant with our first child, my mother had been diagnosed with a serious illness back in the UK and the bank would only provide a business loan if I deposited the exact same amount into my home loan account (still don’t get that one!). There were potential business partners who I was tempted to involve but I didn’t feel that they were essential in the long-term.
I guess there were plenty of reasons to call it off and stay in a very comfortable well paid job, but that brings me to my final point about instinct, desire and vision: a successful entrepreneur needs all of these in large amounts.
– Richard Earl
Innovation is in our DNA.
At Talent, we are passionate about the startup sector – about giving brave and bold organisations and individuals the opportunity to flourish, grow and unleash innovative ideas and solutions into the world to help make it a better place for all.
The Talent Unleashed Awards was established to challenge and inspire the next generation of entrepreneurs, through promoting bold ideas and brave leaders. Showcase your hardwork and be globally recognised for your success and vision.
Enter the Talent Unleashed Awards now.
Click here to read the next instalment of Startup Tales…