Start-up advice from Lord Bilimoria:
First, you need to have guts. Entrepreneurs have the guts to put their idea into practice in the first place and they have the guts to stick with it on their journey when others would give up. The most important thing is your attitude – always aim to aspire and achieve against all odds with integrity. You come up with an idea and, with all the odds stacked against you, go out there and make it happen. Then, when others might give up, you stick at it with integrity.
Secondly, have a mentor. Particularly in the early days, when it is important to choose the right partners, don’t be too afraid to seek help when you need to. Finding a mentor you trust and will be able to offer unconditional guidance is invaluable.
Be creative and innovative. Constant restless innovation from the time you start in business and throughout your journey can change your entire marketplace. Always find a way to do things differently and do things better. To innovate means to try to stay one step ahead.
Build a brand. Whether you’re a B2B business or a B2C business, build a brand because it can become your most valuable asset. In my business, Cobra Beer, the brand is my most valuable asset.
Lastly, think global from day one. London and the UK are the best places to start a global business. With today’s means of communication and travel, every business can reach every corner of the world instantly. Make the most of this. The UK has historically been a trading nation and in today’s tech environment we are better placed than ever to continue on our global mission.