National Entrepreneurs’ Day
National Entrepreneurs’ Day, what is it and why should we recognise it? It’s a day to celebrate and give recognition to all of those amazing people out there who have managed to create a product or build an empire from nothing.
It’s easy to take for granted all the fantastic products that are on the market, as well as all the amazing services, systems and conveniences that we can benefit from in our everyday lives. But without all the amazing entrepreneurs and self-starters having created those things and building something out of nothing, such things would simply not be available to us.
Our MD and Tiny Box Company founder, Rachel Watkyn, knows all too well how hard being an entrepreneur can be. But, likewise, how rewarding it can be. Here she offers a few tips and pointers that she has learnt along the way:
Don't try and do everything yourself! Focus on what you're good at because if you're a jewellery designer, a cushion maker or a candle maker, that is your skill. It doesn't mean you're going to be a fantastic business person, so focus on what you can do and accept your limitations. If you're bad at finance, it doesn't matter. Get somebody in to do it and buy the best people you can afford to support you.
Cash is King! If you think you're making money, but you've got no cash, it will stop your business. Even the most successful businesses often have a cash crisis, especially if you're growing because growth takes money and if you don't have the cash people won't lend you any, and then, even if you think your product is profitable, you can't sell it if you don't have cash.
Don't fritter your pennies. It's really, really easy, if you get investment, or if you make a bit of money to think "Oooh, I'll get some lovely swanky business cards and a nice leather chair" and so many businesses fail by frittering money in the first few months.
Brand your product according to your target market. If you're selling cupcakes, having sausages in the title of your business is not ideal. People think that it's trendy to make it a bit different or not relevant, but it just confuses customers. Brand your product or business with relevance to what you are selling.
Have fun! It does get really serious sometimes, especially with cash flow, banks and not having enough money and everything else. Growth, customers and exchange rates, Brexit and politics, and you get points where you forget why you're doing it, and if you don't enjoy it then it’s too big of a time of your life to not have fun and enjoy it.
Are you an aspiring entrepreneur? Think of your potential, think of what you could create and absolutely go for it. Take inspiration from some of the biggest entrepreneurs the world has seen – for example, Bill Gates, the founder of Microsoft Corporation, or Elon Musk, the founder or SpaceX and co-founder of Tesla, PayPal and Neuralink. Just imagine where you could end up…
Not sure where to start with your new business venture? We can help with your packaging as well as branding and logo design. Take a look here at some of our previous work.