Your decision of becoming a business owner is the start of a journey like none other. What comes after the decision is what will determine whether or not your new business is a success. In this fraction of an interview between Dale Beaumont and Tom Potter you will find worthwhile advice to assist you on the road to success.
Tom Potter is the Managing Director of Eagle Boys Pizza, which now has over 150 stores right across the country.
What advice would you give to an aspiring entrepreneur who wants to get started in a business of their own?
- The number one recommendation that I would make would be to ensure that you have a couple of good coaches or mentors (who have no hidden agenda) helping you. People who have made their own business mistakes in the past, and achieved success, become a great sounding board, and it’s always better to learn from someone who has already made mistakes rather than to have to learn through trial and error by doing it all yourself.
- You need a certain drive and leadership skills to become a successful entrepreneur. I advise people to keep a clear focus on what their goals are and to face the very tough issues head-on. [[You must lead your business and your employees with a steely resolve and a cool head.]] And finally, make sure that you maintain your integrity. I have found that when you put other people’s interests before your own, especially in the beginning, people will be more than willing to help you along the way.
There have been times over the years when we have spoken with other companies about acquisition opportunities. And after much discussion, we’ve decided not to go ahead with these companies because it became clear to us that they were trying to rip us off by selling at hugely inflated prices. As these acquisition opportunities broke down, some of the people involved have become quite abusive.
They’ve laughed at us and told us that we would live to regret the day that we chose to not buy their businesses, and that we would fail miserably. Those companies have slowly but surely collapsed and crumbled. I think this illustrates the importance of maintaining your business integrity. It is critical that you establish the key values of your business and that you adhere to them.
For more on Becoming a Business Owner and this interview check out Secrets of Male Entrepreneurs Exposed!