Every year, I have the privilege of being invited back to my business school to share a few lessons with a new wave of bright, ambitious executives - many of whom are thinking of starting their own business. As any entrepreneur knows, we spend most of our time looking forwards, not backwards. So preparing tonight's session was a rare moment to pause, reflect & try to distil some of what I’ve learned from the past 8 years of building Innovinco®. Here are a handful of those lessons I shared with them: 👇 1️⃣ Build a diverse team Complementary skills, shared values & mutual trust matter more than job titles. “If you want to go fast, go alone. If you want to go far, go together.” 2️⃣ Start selling BEFORE you feel ready Perfection is a trap. You’ll learn faster from your first customers than from your first business plan. 3️⃣ Surround yourself with peers & mentors Incubators & entrepreneurial networks are worth their weight in gold - for perspective, support... and also sanity! 4️⃣ Cash is critical Profit is a concept. Cash is oxygen. Always know your runway. 5️⃣ Pivoting is positive Every successful business evolves. Stay open, stay humble & keep your eyes on the long game. 6️⃣ Learnings, not failures Things inevitably go wrong. The key is to learn fast, adapt faster - and NEVER stop testing! 7️⃣ Be visible People can’t buy from you if they don’t know you exist. And that requires putting yourself (& your ideas) out there. In my experience, building a company is one of the most intense, humbling & rewarding experiences there is. You’re designing & building something that didn’t exist before, brick by brick. Just 1 important thing to remember: 👉 that Rome wasn’t built in a day! --- 🔔 Follow Tom Pullen for more practical tips on innovation & growth 🔁 Repost to help others boost their innovation & growth
So do all roads still lead to Rome...or back to your business school? 😉 Great that returning to support future entrepreneurs gives you time to reflect aswell.
Great list Tom Pullen. I think number 2 can be generalised: 'Start before you feel ready. Perfectionism is a trap.' (Just making a quick note to self...)
Your perspective on cash flow is particularly relevant; understanding financial health is vital for long-term success and stability.
Too many founders stall trying to “get ready” instead of getting real-world feedback Tom Pullen
Thanks for sharing these important lessons. I agree that pivoting is positive Tom. It’s about listening and being prepared to course correct.
Tom, thanks for sharing this! Really useful for all of us. Also, good luck.
great refresher, thank you!
Tom, each point rings true from hard-won experience. Entrepreneurship’s less about speed and more about stamina, humility and learning to find strength in uncertainty.
This is all sound advice, of course. Thank you for summarizing these key points. My personal fave "Start selling before you are ready."
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1wA fantastic list of reflections Tom. Your last one resonates - I have to keep reminding myself of that one!