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Well, I felt. Yeah. Identify with. We’ve got experience as an entrepreneur in many ways, especially when when you get to investments and how you prioritise. So I would say I mean, it’s almost inevitable unless you have a lot of experience on what you’re doing in your industry. But at some point, you didn’t have that experience. So you need to go through it. But I would say the safest would be just under they say as well that. Usually entrepreneurs rarely regret or firing people.
So low yourself nice, it really needs to justify the cost of hiring someone we re justified. So just be careful on that or on increasing costs, because most of start-ups fail lie within like nine, nine or eight out of 10 within the first three years. So at least those are the studies. So it’s important to stay on business, in business.
So and you will need to adapt. You need to go home yet change your business plan and adapt quickly. And you may not have money or resources.
So you better build a low running cost company, make sure it works. You cut the margins and great from there.
So that’s the like, most common advice. What makes sense?
But yeah, probably it doesn’t apply to every industry in some industries. You would need to take, you know, a bold investment choice or if you are innovating, for instance. Yeah. You know, I like space industry. So all if you are going to send rockets or all these satellite companies buy one web, which was highly controversial. Now, the UK government bought a stake there, probably because of Brexit, that they are being left aside, the European initiative and so on. And they wanted to have, you know, some stuff out there on space. These satellites were promising for Internet connectivity and so on, but it was massively loss making company. Actually, it went it filed for bankruptcy. So. So they take a bold. Decision to go invest? I think they invested hundreds of millions or more. Yes. Five hundred million. Yes.
So I think yeah. So. So but. But that company was Marsal really so was out of business. So at some point, yeah.
You still need to make those difficult situations. It doesn’t mean if you do that in the wrong order doesn’t mean you cannot fix it.
But if you have the option, our if you’re unsure, the safest is to just spend the least possible if you were to spend any money at all. Yeah. I would always say that sales is the most important. To just hired salespeople or do marketing or anything that can drive sales for your business. The approach on building a certain technology or a product that is so, you know, it takes years of. Development, therefore, loss making, because you no sales. It’s a risky one. So sometimes it’s needed. But you need to play it very carefully. And definitely even if you’re planning that, you should go and keep an eye on sales.
So I think the. This is a lesson that you learnt through experience, right? So if, you know, the longer that you’ve been involved in business and taking these decisions, you eventually led, which decisions are have were the ones taken out of order? Which ones were right and which ones were wrong and things like that. So if you are an entrepreneur with not much experience, what are the telltale signs that the decisions you’re making or the things that you’re doing have the potential to be out of order? Or you know what? What were the warning signs that something like this might be going on in your experience?
So many things there. If you’re unsure. You can go seek mentors.
Just talk to people. You can find mentors for free as well. You really surprise onboard directors or non-executive directors or just advisers to your company.
Probably tried to avoid, you know, asking family and friends because usually they will be highly complimentary on what they’re doing. So you don’t need that. You need critical advice or, you know, critical thinking off from people with experience in the monitor. So I think that is a like a free I’m kind of valuable guidance you can get. And also, when you’re looking for hiring, probably that’s also a good way to look at it. So hire for sure people that complement your skillset. So don’t find people like minded. Just go find people that have different ideas or skill sets that will certainly complement your weaknesses and tried to build teams and align interests as well.
Yeah. So build groups at the end. Ultimately, companies are just a group of people that that that hopefully have a common goal. So yeah, if you’re thinking if you think up as a company and that way it may help you all when you need to hire. So human resources usually say HIAS. So your overheads are your highest cost usually. So people, which is probably your main asset at the same time. So yeah. Hiring them. It’s yeah. It’s an important process probably. You wanna go hiring hiring spree like too fast. That’s unlikely unless you have something really trendy or cool going on. I’m brawly. You will need to have money anyway so you will be backed by the investors who will hopefully know what they are doing as well. So but as a Start-Up, I don’t think so. It’s more about Braly. It’s not about the investment, but the choices you do on what you prioritise. First is the product that we took before you podcast about distribution versus brother.
Which one is most important person to complete the distribution? So sales is more important.
So if you go out and focus on sales, so understand that you will need to sell the product. Start with then, you know, low cost lean Start-Up model, where you do MBBS to test the market and adapt.
The brand as much as you can to build trust and to have more resilience and opportunities as well to try it and then hire people who compliment your skills and go grab advise from outsiders, people you may not know. Just there are many ways to reach them. LinkedIn. Just do it. Do your research and enrich and just contact them directly. It was a price within social media that they will come back. I’m sure they will help you. There’s loads of programmes for entrepreneurs, incubators, etc.. So, yeah, if you wanted, you will get it. So yeah, you can minimise your errors. The more information you have. Certainly.