SIN #1 FAILING TO UNDERSTAND BUSINESS PLANNING Peter Cochrane Former CTO of BT and serial entrepreneur


“Simply having a good idea is not enough, nor is having a working prototype, as both can be had for an insignificant investment of time and money. Getting to market is the really big deal and takes 90% of the energy and money. Time spent analysing the market, understanding the customers and the competition is time well spent; the trouble is, most inventive people don’t understand either! Getting started is the bit they like, but setting off without everything properly thought through and with sufficient funding in place sees the death of the majority of new starts in the first 18 to 36 months.


“Business is like a game of chess, but more complicated and risky. Failing to have a plan, to think ahead, to anticipate change, competition or failures, and failing to build in contingency is a path to almost certain death for your business. Moreover, this is a team game, a place for multi-dimensional, multi- skill and multi-experience thinking. Business modelling and war gaming are the most effective ways of formulating a rugged and resilient plan.”


SIN #2 NOT ESTABLISHING A FUNDING ARCHITECTURE Simon Dixon CEO, BankToTheFuture.com


“One of the deadly sins for entrepreneurs is not planning their businesses funding architecture. If you need finance in your business tomorrow you are six months too late. Raising finance requires careful planning and you should know what funding you are likely to need over the next five years. Once you know this you need to plan the correct source of finance for the different stages of your business.”


SIN #3 MISSING OUT ON BUSINESS NETWORKING Charlie Lawson National Director of Business Networking International (BNI)


“Too many start up entrepreneurs approach networking as a desperate business card swapping and collecting marathon, but just how are all those business cards going to help? When you are attending industry events, exhibitions, and dinner parties, just focus on speaking to a few people with who you can build a rapport, take an interest in and share stories. Avoid selling, focus on being liked and remembered and be genuine.”


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