From 600+ conversations with the world’s leading thinkers.
Different things energise different people. I get energised from building things that people like. I've met people who are totally motivated by being in the press, or motivated by money, and so many things… but for me, it's about making sure people enjoy the things we're building.
Initially, there was no intention of doing anything with Deliciously Ella – it was a personal project, and that allowed it to grow as a community, and a space, that wasn't commercially focused. I think this gave it a level of authenticity that perhaps some brands struggle with and in retrospect it's been a really interesting approach, albeit an unusual one.
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.
Starting a business is tough, you need resilience and a strong desire to succeed. Only start a business if you wouldn't forgive yourself if you don't try.
You become an entrepreneur, not by intent, but by accident. It may be that you see a need in a market and decide to act on it. Those for me are the true entrepreneurs- people that just start building, perhaps even without a plan, they just do it. Look at the most famous ones.... Jeff Bezos, Steve Jobs, they never went to shows or to training, they just got on with it.
The learnings I had as an athlete about communication and motivation- and even how we worked with companies and brands- really have helped me in this new journey but most important has been the realisation that I have to stay true to myself, and find that same passion and focus in entrepreneurship as I did in athletics.
Too often I feel there is also a search for 'the next' Steve Jobs or Joanna Shields. These are extraordinary people and yet I believe we should not treat entrepreneurialism as requiring a narrow checklist of certain characteristics. The key both in the US and the UK is to have hand-raisers – people who want to take a chance, and get involved.
Scaling any business is about creating a model, debugging the model, making sure you understand the ingredients that need to be scaled up, and making sure you have a process to scale. All of this needs to be wrapped-up in a financial model that allows the scale to be funded.
We adopted in Portugal a National Strategy for Entrepreneurship: Startup Portugal. A strategy that aims to make Portugal the ideal space to create, test, fail and try again.
80% of self-made billionaires we studied made their mark in mature, competitive markets. They weren't all 'exactly' new products that came out – they were maybe a variation of a business model or existing product that pleased the customer in a different way.
Starting a business is an exciting venture, often filled with enthusiasm, borrowed money, and a fair share of ignorance. In fact, a certain level of ignorance can be beneficial for an entrepreneur. If you were fully aware of the potential obstacles ahead, you might hesitate to start.
There are two different types of founders. A wartime founder – when things are tough, they act and a poor peacetime founder – it is really fun or nice to work for.