Entrepreneurship

We started with an approval and a business case—a blank sheet of paper. There was no one with a motorsports job title in the company, so we had to build all the building blocks from scratch.

Being an entrepreneur is no harder than working for someone else; it's simply a different experience. I completely agree that the whole narrative of entrepreneurship being excessively hard is exaggerated and fundamentally untrue.

Having a purpose is the ultimate hack for making the entrepreneurial process enjoyable. It lets you move beyond endless discussions about work-life balance and the overused narrative that entrepreneurship is 'so hard.' The truth is, you've only made it difficult because it lacks personal meaning.

I wanted passersby to wonder, 'Have you seen that? What's going on there?' I understood that excellent food would ensure repeat customers, but initially, my primary goal was simply to astonish and differentiate myself radically enough to draw attention.

My goal was simply attracting large numbers of customers because mass appeal guarantees profit. I often advised not to obsess over immediate profits but to prioritise popularity. Like Amazon or Apple, success comes from creating something that garners mass recognition and love.

I don't believe there's a universal formula for success—I can only share what worked for me, which was driven by enthusiasm for new ideas. What I value most in people is enthusiasm—not passion, which I find overused—but genuine enthusiasm to see opportunities and act upon them.

You can make a vision real. You can make a vision for a product real, or an experience. A place where you can get really, really good food, really quickly, made by people who really care.

Founder of Pret A Manger, British fast-food entrepreneur and businessman

Let me be clear: 90% of what people like I do is about failure. I embrace failure every single day. It's not bad. In the pursuit of excellence, clearly every day is going to involve failure.

Founder of Pret A Manger, British fast-food entrepreneur and businessman

It is vital that you never, ever, ever stop pursuing excellence. And that is elusive. It's very elusive. It calls for a lot of honesty. A lot.

Founder of Pret A Manger, British fast-food entrepreneur and businessman

Unless you learn and grow continuously, you're probably going to end up as one of the 90% who don't make it.

When these people are under stress, they make bad decisions. They get reactive. One of the key findings in our conclusions is that the unsuccessful founders were more reactive. They weren't measured. They weren't deliberate. They didn't make decisions based on facts — their emotions carried them away.

The skills that get them to one point won't carry them the rest of the way. We talk about the ticking time bomb. The ticking time bomb is these very characteristics — when you're trying to scale, and things are getting more complex, and you have to work through other people — they blow up.

I mean, people ask me, 'Should I do a startup?' And I say, 'Well, how important is work-life balance to you?' And if they say anything other than 'It's not important,' I say, 'You shouldn't do it.' Because it's a killing field.

A lot of entrepreneurs don't make that switch. They cling to that brand identity of 'I'm an innovator,' still tinkering with the product while everyone else is saying, 'Hey, it's good enough — let's hire our first salesperson.'

As an entrepreneur, you're often doing things that haven't been done before, or doing them in ways that break the mould. All sorts of people are telling you, 'No, that's not how it's done,' and you're constantly running into obstacles. Without a lot of self-confidence, you can't even get started.

I particularly like the six-month shift for operational decisions. But for life choices, look at Jeff Bezos. When deciding to start Amazon, he projected himself into the far future. He asked: 'When I'm 80, what will I regret more — starting the company and failing, or never starting it at all?'

Former Navy submarine captain and author of "Turn the Ship Around!