Tips from an expert: Starting out

21/07/13

James Averdieck, founder of Gü Puds recently joined our panel for Inspiring Entrepreneurs. Here are his top tips taken from Tessa Stuart’s book, Packed.

Equity is precious

If you’re considering funding or incentivisation, don’t give it away easily just because your business is successful, 1% of it could be worth £300k – which puts it into perspective.

Have a small company mentality – even when you get bigger

Small companies should focus on their strengths, which is being small, dynamic and flexible. You don’t need lots of fancy expensive marketing or lots of employees. It might be tempting – especially if lots of “experienced” people are advising you to scale the business. But do as much yourself as possible for as long as don’t get too stressed!

Don’t stop innovating

Even when you’ve got a product, spend lots of time on innovation. Look out for clues in other product areas the whole time and make links. Trust your gut instinct over research, but remember to sleep on big decisions!

Leave aside time for fun

Remember to relax. Think about the reasons you wanted to have your business in the place. I bet it was all about freedom and independence, and not about money. So make sure you enjoy the freedom.

Don’t think about the “exit”

Don’t waste time thinking about your exit strategy. If someone wants to buy your business, they’ll approach you. Then, if you’re interested, the best thing to do is hire an agent and get an auction going.