Starting a business is a well-trodden path, replete with guides, handbooks, and cautionary tales. This piece, however, aims not to add to the pile but to offer a personal distillation of lessons learned. Having witnessed countless ventures stumble over fundamental missteps—often at considerable cost—I am convinced that while unforeseen challenges can derail even the best-laid plans, a systematic approach significantly tilts the odds in favour of success.
What’s Your Why?
“People don’t buy what you do; they buy why you do it.”
—Simon Sinek
My early career in hospitality taught me an enduring lesson: identity is everything. As a manager—and a habitual critic when off-duty—I would dissect every aspect of an establishment’s offering. Décor, menu, clientele, music, ambience: each element came under scrutiny. Could tweaking the lighting or music encourage customers to linger a little longer? Would offering wine in smaller glasses prompt patrons to trade up to premium options, in keeping with upscale surroundings? When visiting a bar or restaurant, I became a relentless analyst. Were the lights too harsh? Did the wine pair poorly with the food? Why serve that dish in a venue with this particular theme?
The most successful operators mastered an elusive art: cohesion. Everything they did, from menu design to choice of tableware, aligned with a clearly defined identity. Customers, in turn, responded with their loyalty—and their hard-earned cash.
Years and industries later, I see the same principle at work in every successful business. Identity remains paramount, and it begins with the vision, mission, and values set by the leadership team. These form a business’s “North Star”: defining its character, charting its course, and shaping its personality. A well-defined identity does more than attract customers—it resonates with people, forging personal connections and inspiring loyalty. Employees and clients alike are drawn to businesses whose values align with their own. The relationship ceases to be merely transactional and becomes one of shared purpose.
Fundamental to any business therefore, is not what you do or how you do it, but why you do it. Take, for example, two iconic brands whose guiding principles illuminate the power of a strong “why.”
Apple: “To build the best products in the world that enrich people’s lives.”
For Apple, it is not merely about profit or shareholder returns; the focus lies on enriching lives—both of customers and employees. This unwavering commitment has translated into extraordinary loyalty, with customers treating the brand almost evangelically. The profits, as a result, have followed.
Patagonia: “We’re in business to save our home planet.”
This bold declaration might seem like marketing hyperbole, but Patagonia backs it up with action—funding climate research, crafting sustainable products, and even encouraging customers to repair rather than replace their gear. This coherence between message and practice fosters deep trust and loyalty.
Defining your business’s vision, mission, and values is not just a philosophical exercise; it creates a framework that guides both your decisions and those of your customers. At Trove, for instance, our vision is: “A world where everyone is empowered to launch thriving businesses that drive positive change.” This vision inspires us to create tools, knowledge, and networks to support entrepreneurs at every stage of their journey.
What Kind of Business Do You Want to Build?
Begin with the end in mind. Is your goal rapid growth and an eventual sale, or are you creating something for the long-term to sustain a team and your lifestyle? This choice shapes everything from your funding strategy to your operational model.
For example, a consumer SaaS platform may require rapid scaling to secure profitability before cash reserves run dry, whereas a service-oriented business might focus on bespoke offerings, commanding higher margins with fewer customers.
Understanding your target audience and the specific problem you aim to solve is equally critical. A clear focus will help you cut through the noise of the market.
Research: Your Business Compass
Launching without research is like setting sail without navigation. Before committing, investigate:
• Target Audience: Be specific. Attempting to cater to everyone risks appealing to no one.
• Market Size: Is your product niche or mass-market? This affects your growth trajectory.
• Competition: Competitors signal demand but also the need to differentiate.
• Uniqueness: What sets you apart? Is it superior quality, ethical practices, or an exceptional customer experience?
At Mina, we identified a gap in a very large potential market: a fuel card solution for charging company vehicles both at home and on the road. This insight gave us a compelling market entry point.
Start with an MVP
A minimum viable product (MVP) allows you to test your concept with minimal risk. Prototypes help gauge interest before scaling. If you’re opening a café for example, consider starting with a pop-up or market stall. Collect feedback, refine your offering, and only then commit to a full launch. An MVP isn’t just for starting out either, its a method for continual experimentation and iteration.
Leverage the Power of a Waitlist
A waitlist builds anticipation and validates demand before launch. From Apple to Tesla, creating scarcity has been a proven strategy for generating buzz. By the time you open, you’ll have an eager audience ready to engage.
Test Your Route to Market
Your ideal route to market might not be the one you first envision, it may be more than one route depending on the desired clientele. At Mina, we discovered unexpected traction through partnerships at charity events. Be flexible and open to recalibrating your approach.
Sell First, Raise Later
Contrary to the Silicon Valley ethos, most businesses benefit from generating revenue before seeking investment. Early sales validate your concept and improve cash flow, strengthening your position should you choose to pursue funding. You may even find you can forgo external capital entirely.
Get the Fundamentals Right
While the excitement of launching a business is palpable, neglecting the basics can create problems later. To future-proof your venture:
• Register with HMRC, Companies House, the information commisioners office and consider VAT early.
• Adopt accounting software immediately and build a P&L; cash flow is the lifeblood of any business.
• Build a polished website; first impressions matter, especially online.
• Monitor your business and personal digital reputation vigilantly.
• Automate or outsource routine tasks to free up time for strategic work.
• If working with co-founders, establish clear legal agreements from the outset.
Starting a business is never easy, but the journey is immensely rewarding. My experiences in the early stages of Mina, building Trove, and working with entrepreneurs and founders have shown that the effort invested in these foundational stages pays dividends.
If you’re contemplating leaving the corporate world or embarking on a new venture, reach out or join our waitlist. Let’s build something meaningful together.