Every success story is a tale of constant adaption, revision and change.
—Richard Branson
While being an entrepreneur is in the mainstream, it is not always straightforward. Being your own boss is very empowering and can be very rewarding, but having your own business comes with a great deal of responsibility. Throughout the entrepreneurial journey, there are many lessons to be learned, decisions to be made, and factors to be understood and considered. In almost all cases, this will be reoccurring. So, it is vital to do your research and make an informed decision before going for it and taking the plunge.
There are potentially massive rewards and opportunities that come from starting and running your own business. However, there are a lot of practicalities and realities to it as well. In all honesty, it is a matter of continually weighing up the benefits and risks and making a clear and informed decision on how to continually progress, improve, and move forward.
Having a business plan is important at the early stage. There are many areas to consider and covering the bases at the first instance will mean that you have done some research and have an informed idea of how to start, build, and make a success of starting your own business.
In a nutshell, a business plan gives an outline of what your business will do, the market it will operate in, and how it aims to make money. This will ultimately outline and illustrate why your business will be a success.
Your business plan is a template, a foundation to build on, and offers a structure to work to. This can be referred back to at any time, and this could be useful at certain times in the entrepreneurial journey.
Broadly speaking, a sound business plan will:
• Clearly and succinctly clarify your business idea: It is important to keep things simple. (Or certainly not to make things sound needlessly complicated!) Your business idea should be easy to explain, so that anyone can understand what you are planning to achieve.
• Show an awareness of potential problems and how they can be mitigated or addressed: Be honest and open about issues that may arise, all businesses will encounter issues, and showing an awareness and appreciation of this is a good thing.
• Set clear, sensible, and measurable goals: Using SMART (Specific, Measurable, Achievable, Relevant, Timely) objectives is useful here.
• Show how and when progress will be measured: Set milestones for what you want to achieve and be clear about how you will measure success. Examples of how you could measure success could be by net profit, turnover, or number of customers.
The types of areas to consider and include will be discussed in this chapter.
What Is Your Business?
A new business can range from an idea to introduce something completely new or something that is already out there that the new business can deliver more effectively. Both are valid ways to start, and both come with different benefits and risks. Ultimately, at some time in the entrepreneurial journey, you are going to have to be prepared to take a risk but understanding the level of risk associated with your particular idea is a key starting point. This also informs any future decisions about expanding. While all businesses can be expanded, some models could be considered more “expansion friendly” than others.
Different Types of Business
Once you have decided on what product or service you offer, another important consideration is the type of business model you wish to use. In essence, how your business will run. This is important to consider not only in the start-up stage but also in terms of if and how you will wish to expand in future.
There are a number of different business models to consider, as shown in the following.
Sole proprietor: This type of business is owned and operated by one person and can be named after the owner or be given a fictitious name. Generally, this is recognized as the simplest and most common business type out there, as it is relatively easy to set up and taxation is also quite simple as it is calculated using income earned from the owner. However, a disadvantage of this model is the sole proprietor is responsible for everything the business does and there is no separation of assets and liabilities and is not a legal entity. Meaning the sole proprietor is responsible for any debts incurred by the business.
Examples of a sole proprietor could be a small home-based web business or a trade business such as a handyman, electrician, or plumber.
Partnership: This is a business where two or more people join forces and work together to start a business or a trade. Each person contributes resources, skills, or labor as well as potentially money and property and would therefore expect a share in business profits or losses. This business model is similar to a sole proprietorship as the business is not a separate entity from the owners, who have the responsibility for any business debts.
Some partnerships include individuals who all work for the business, whereas some partnerships include individuals with a more limited input into the business.
Examples of partnerships could be lawyers, accountants, or dentists.
Company: A company is a legal entity that is set up to sell goods and services to make money. A company is made up of an association of persons carrying out a commercial or industrial enterprise, but in this case, the company is a separate entity from its owners. Companies are owned by shareholders who each put an amount of money into a central pool. The pool of capital could then be added to by other forms of finance such as external investment or borrowing.
A company can be organized in a number of different ways for financial and tax liabilities depending on the relevant laws in the country it operates. It is that and the type of business that will determine the best structure to use.
SME: This acronym stands for small- or medium-sized enterprise with fewer than 250 employees. With this umbrella, there are three categories: medium-sized, small, and micro businesses. These categories are defined by number of employees and turnover. In the United Kingdom, SMEs make up around 99.9 percent of all businesses, as a result making a massive contribution to the economy.
Cooperative: These are businesses that are owned and controlled by its members. This, for example, can be staff, customers, suppliers, or any combination of these stakeholders. In this model, stakeholders have an equal say in how the business is run and members chose what to do with company profits, be it reinvesting into the business, giving to the community, or sharing among members.
Limited liability companies (LLCs): This is a corporate structure in the United States and a private company and business structure that combines the traits of a sole proprietorship and a company. In this business structure, owners are not personally liable for the company debts or liabilities. Most entities can form this business structure including individuals and corporations. LLCs do not pay taxes; their profits and losses are passed through to members who declare this via their personal tax returns.
Franchise: This is where an agreement or license agreement is entered into by two parties: the franchisor and franchisee. Franchises are where licensing arrangements are made where an individual can produce and trade under a well-known brand in a particular industry or certain area. This entails using another company’s business model and name to establish your own business. The advantage of this model is working for yourself alongside the reputation and established business of a larger organization.
Some of the most well-known brands in shopping centers are franchises. These cover a number of different industries, for example, Starbucks, Action Coach, McDonalds, Papa John’s, Subway, and, Europcar. All are well-known brands in their own right, and while there are several criteria to meet to become a franchisee, which will differ per opportunity, this is an attractive option to some entrepreneurs. This is due to the support the franchisor can provide and working with an already established brand. In these cases, you are not going to have to convince customers of the brand as it already has a reputation.
Criteria can include previous experience requirements and capital. For example, according to the Starbucks website, franchise requirements include £500k of demonstrated liquid assets and evidence of previous food and beverage experience. In return, Starbucks has a comprehensive franchise support program, including training, consultation, and new products. That is in addition to the advantage of having one of the best-known brand names to trade under.
Why Have You Decided to Start Your Own Business?
As we covered in Chapter 1, there are many reasons that an individual may decide to start their own business.
This can be a mixture of either you wanting to undertake the challenge of starting your own business, for example, wanting a new challenge or pursuing a passion. In some cases, the situation may have been forced on you, for example, being made redundant.
You may also decide to start your own business because your current or previous job is in an industry where the hours are particularly antisocial, and you want to have a more positive work–life balance. (As we will cover later, though, having your own business is by no means a guarantee of this.)
You may also be motivated by seeing others succeed and having your own business can be a platform for this to happen, either creating job opportunities and employment as you grow your business or by giving back—perhaps through mentoring, giving career talks at schools, or supporting a charity.
When making decisions about what to do next, it is worth revisiting your reasons and motivations for starting in the first place.
What Do You Need to Start and Expand a Business?
At the beginning of the entrepreneurial journey, there are a number of things that you will need to do.
One of the first things to do is decide what to name your business. A clear and powerful name can be an enormous help when it comes to branding and marketing. In the same way, a poor choice of name, which does not connect with customers or is open to legal challenge, can cause unwanted and avoidable difficulties.
When considering what to name your business, there are a number of key areas to consider:
• Brainstorm: Thinking about what your business stands for, your product, or service and how you want to deliver it is a good starting point to pinpointing what you want to call your business.
• Don’t pick a name that limits what your business does: Ideally, you would avoid having a name that limits your business to a specific product or city. (This is particularly important when thinking about future expansion.)
• Avoid names that are difficult to spell: This will lead to customers potentially finding it difficult to find your business online.
• Do thorough Internet research: This is to avoid choosing a name that someone else may be using. Having the same or a similar name to someone else’s business will only lead to potential unwanted complications in the future.
• Check if the domain name is available: One you are getting close to picking a name, it’s worth checking if the .com domain is available. It is important to check that you can use that business name on the social media sites you may be planning to use. This is a key consideration as you don’t want to go through the process of picking a name and subsequently discovering that you can’t use it as your domain name. (Setting up a website and social media is covered in more detail in Chapter 7.)
• Do a trademark search: To check if you can register a trademark against your company name for protection.
• Is the name catchy? Your business name has to resonate with your target audience and to be catchy. To get to that point, it is worth asking for feedback, having a few different names and asking a mixture of family, friends, and trusted business colleagues or mentors for some constructive and honest feedback on your proposals.
• Make sure you are happy with the name: It is important to take the time to get the business name right from the start of your entrepreneurial journey. As a business owner, you will have to live with the business name, so make sure you are happy with it, and it resonates with your customers.
In terms of resources, in the early stages, this will depend on the type of business you are planning to start. Some businesses need relatively little in terms of starting up. For example, if you are offering your services as a freelancer in a particular area, you may just need a computer, stationary, and a mobile phone to get begin with.
Some will require considerably more, particularly if you are selling goods: For example, if you are planning to open your own shop, you will need to look at premises and source suppliers and buy stock. In this type of business, a business loan or external funding may be needed.
Another area to think about is whether you need to import particular items, for example, products or parts of products. There will be logistics and regulations to consider, and this can be time consuming. The same logic applies to considering if you need to export any items. This area can range from straightforward to complicated depending on what countries you are planning to import or export from and to and what your home countries trading relationship is with them.
In some cases, you may also need to look at what specialist support you may need for your business. For example, solicitors or patent lawyers may be needed for certain types of business, particularly where you may have to protect an invention from being copied. Another specialist area to consider is accountants. Having accurate and compliant accounts is very important, and it is vital you declare and pay the right amount of taxes. While you always have to consider costs, having the services of a qualified accountant can be less costly than having the tax man chasing you and it may be more time efficient than doing it yourself.
Controlling costs are important through the whole entrepreneurial journey. This is particularly true in the early stages. It is critical to make sure you only spend money on what you really need to get the business started and functioning efficiently. It is important to focus on being practical and prioritizing on what is really needed and not focusing on the superficial. Having what you really need to run the business is much more important than having an expensive city center office or company car to pay for—if you have to prioritize, things like that can come later. Also, at the beginning, there may well be a potential gap (which can vary in length) between starting up and when you will actually start making money; so being pragmatic and practical in the early stages always makes sense.
Depending on what country you are operating from, there may be various types of government support available for new and small business. This can range from anything to start-up loans, support helplines, legal advice, outsourcing public sector work to SMEs, and local and regional business advice. Governments also tend to publish regular reports about the economy’s performance. Other relevant information about domestic trade, sector performance, and guidance about importing and exporting to other countries is also likely to be available. This will inevitably vary per country and will also depend on what attitude and approach the government of the day has to business and the economy. However, there will be information and resources available, and it is always worth checking what your business can get in terms of government support.
What Is the Current and Potential Size of the Market?
Whether you are planning to sell goods or services, or both, the current size and potential size of the market are vitally important to the success or failure of the business, particularly at the start-up stages. Ultimately, if there is no demand or potential demand, you may need to rethink your proposition or possibly look at starting a different type of business. If you have plans for expansion or believe that it is a possibility for the future, having an idea of demand in the future is important. Depending on the industry, this can be a matter of taking an educated guess in some cases.
No matter what the business proposition is not knowing your current and potential market size can ruin your credibility with your peers.
Judging market size is absolutely critical. This will ultimately be helping you judge how much potential business is really out there for your venture. It becomes even more important when attempting to raise external funding for your business, and ultimately, any bank or investor will have to weigh up the market size as part of their assessment of the business and its potential.
When considering market size, it is not only your domestic market that you need to consider. There could also be potential demand for your product in foreign countries. This is where international trade and importing and exporting comes in. An import is something that is brought into your home country from another country. It doesn’t matter how it is sent or what the good or service is; if it is produced domestically and sold to another country, the party bringing in the product is the importer, and the import in the receiving country is an export from the sending country.
This can be a massive opportunity if there is demand for your product from other countries; however, there are different logistics, bureaucracy, and regulations to consider when trading with other countries. Areas such as tariff and nontariff barriers need to be considered as well as potential outsourcing and distribution arrangements. Each country will have different levels of regulations, different trading standards for different product types, visa criteria and regulations, exchange rates, differing trade relationships, and “red tape” all of which will have to be factored into your calculations. While trading with other countries may be appealing, it has to be fully planned.
Your home country or the countries you wish to trade with may be members of trading blocs, which are a set of countries that engage in international trade together, usually via a free trade agreement or similar arrangement. Each has various processes, legal obligations, and tariffs, which member states have to abide by.
Examples of trading blocs are the European Union, Mercosur, The Central America Free Trade Area (CAFTA), and The North American Free Trade Area (NAFTA). (Trading blocs are covered in more detail in Chapter 13.)
International trade between countries can vary in terms of cost and complication, but it is another area where if you research thoroughly, you will make an informed choice and a success of how you approach it.
You have to determine market size and value, current, and potential future consumer trends and understand what your competitors have achieved via credible sources. This will result in an informed decision on how to proceed with your business idea.
What Is the Demand for Your Idea?
Once you have an informed idea of the size of your market, another important consideration is the current or potential demand for what your business proposes to offer. Even if there is a large market for the goods or services you are offering, that may not equate to high demand in a mature, saturated, or flooded marketplace.
To calculate this, you will need to look at data on the number of potential customers or number of transactions each year. It is important to look at various reliable sources when looking for this information.
Another area to consider is the volume of sales you need to do to make the business prosper. For example, if you are selling a relatively low-cost item, such as a toothbrush or a pencil, you will need to sell at very large volumes to make the business sustainable. On the other hand, if you are selling high-end cars, you would probably expect to be a lower volume, but because of the higher price, the number of sales needed to achieve sustainability will be lower.
Where Will You Locate Your Business?
Where you locate your business is an important consideration and does depend on the type of business. There are a number of factors to consider when looking at potential locations:
Access for customers: Is the location convenient for your customers to get to?
Staff: Is it the right demographic to get the right type of staff, who you can attract to work for you who are willing to work for the right wage?
Support services: Are there sufficient support services locally or in the vicinity of where you choose?
Cost: A key consideration; having a fancy office in the big city may look good, but the financial cost will be high. Particularly in the early stages, it may be better to have an office in a cheaper location or to work from home if possible. Saving on these costs can be a help, particularly where resources may need to be spread over a number of other areas.
Infrastructure: For example, are there sufficient transport links and accessibility to the location you decide.
Another consideration when deciding on location can be access to and availability of government support. For example, in some countries, governments may offer grants, loans, or tax breaks to business that decides to set up in areas where there is low employment.
Your Working Environment
This is a broad term that refers to all of your surroundings when you are carrying out your working day. This is something that is partly dependent on the type of business and partly dependent on the type of person the entrepreneur may be.
There are a number of different working environments an entrepreneur may find themselves in:
Office: This could be an individual office or could be a “business space” where you can rent a hot desk for whenever you need it.
Work from home: If you have a suitable space, you can use a room in your house and run your business from there. While this offers low cost, convenience, and flexibility, it also has potential drawbacks, such as having too many distractions. Working on your own can be a lonely place in any case but could be magnified by working from home.
Virtual office: This is where you rent a selection of business services that you can use while working from home. In this instance, you are not renting a physical office space. This can include services such as a city center postal address, mail handling services, and video conferencing facilities. This can be suitable if you have stakeholders in different parts of the world, and it is not practical for everyone to meet face-to-face at the regularity needed.
Traveling: For some types of businesses, you may have to travel regularly for face-to-face meetings with clients, suppliers, or other stakeholders.
Each of the aforementioned or a mixture could be viable and comes with its own advantages and disadvantages. It largely depends on what type of business you have, and some working environments go hand in hand with some businesses, whereas with some other businesses, you could have a choice of approaches. Once you are in a position where you know what the options are, you should consider what would suit you personally. We all have different working styles, for example, some people enjoy working alone and some do not. Some individuals will fit certain working environments more than others.
Can Your Idea, Invention, or Product Be Copied?
If you are entering a crowded market, it may be easier for your competitors to copy your idea or do what you are doing.
If you have an invention, have you registered a patent and protected your idea from being copied and produced and ultimately sold as a competitor?
Intellectual property protection stops people copying or stealing:
• Inventions
• The name of your brand and products
• The design and look of your product
• Anything you produce, design, or write
There are a number of protections to consider depending on whether you have a product or service:
• Patents: They are used to protect inventions. It gives the right to take legal action against anyone who makes, sells, uses, or imports your invention without your permission. To be granted a patent, your invention has to be new and unique, something that can be made or used and inventive (not something that is a modification of something that already exists). However, patents tend to be expensive, can take a long time to receive due to the research involved, and can be difficult to obtain.
• Copyright: It protects your work and stops others from using it without your permission. Copyright protection is automatic in the United Kingdom, and you don’t need to apply or pay for it; however, each country’s rules in this area vary and the regulations need to be checked.
• Trademark: It is registered to protect the brand aspect of your business. An example of this would be the name of the product or service. When you register a trademark, you are able to put a symbol next to your brand to show it belongs to you and therefore warn others against using it.
It is worth getting the relevant legal advice before proceeding here. While this is an important process, it isn’t always necessary and can be expensive, so getting the right advice before proceeding at the outset is vital. This is a complex and important area, but protecting your idea and your business is a worthwhile investment.
Do You Know Your Numbers?
In any business, particularly new ones in the early stages, knowing your numbers is nonnegotiable. You have to! If you don’t know and fully understand your businesses income and outgoings, their effects, and how they balance, you are going to run into some difficulties, potentially very serious or in some cases irreparable ones. (Understanding Financial Statements is covered in more detail in Chapter 9.)
In simple terms, your business needs to be making more than it spends. While that sounds obvious, it is not a given that this will always happen particularly in the short term or if your business is seasonal. In some cases, it may be a while before you are making regular profits. Outgoings have to be sensibly estimated and calculated as well as the potential income that you plan to generate. This will then show what that means for your turnover and how it translates to profit and loss.
Knowing your numbers is also vital in terms of credibility. When discussing your business, be it with peers at a networking event, potential investors, or even friends and family, knowing and understanding where your business stands financially can make or break your credibility as a business person. This in itself can have an effect on your personal brand and the likelihood of fellow business people choosing to work with and/or invest in you.
In terms of approach, a good “rule of thumb,” particularly in the early stages, may be to overestimate your costs and underestimate your income and expect the unexpected. That is not a defeatist approach; it’s more pragmatic and realistic. It allows for any unforeseen costs that may come up. Balancing that with a sensible approach to calculating income means you will have realistic expectations and in turn a healthy balance sheet.
How Strong Is Your Network?
A popular phrase in business and in life is “it’s not what you know, it’s who you know.” This is true to some extent and can be helpful at all stages of the entrepreneurial journey.
If you know people who can help promote your business or if you know an experienced business person who could potentially be a business mentor, this can be particularly advantageous if you are in the early stages or very new to running your own business.
However, that is not to say that you cannot build a strong and effective network from scratch. You have to start somewhere, there are many business networking events to attend, many different groups to join, and there is also the power of social media. If used effectively, a mixture or all of these can be used to build a strong network. This is covered in more detail in Chapter 7.
Will the Life of an Entrepreneur Suit You?
Broadly speaking, the entrepreneurial lifestyle is unpredictable and does not offer the predictability or security of set hours or of a guaranteed salary at the end of each month. So, there may be a need to sacrifice or compromise, as it is unlikely you will be doing “Monday to Friday, 9 a.m. to 5 p.m.” This can be particularly magnified when getting a business established and can stabilize in the time thereafter. Having a business that is yours and your responsibility will mean that you will rarely be able to switch off from it and that can be a mixture of exhilarating, exciting, and sometimes frustrating, all at the same time. It can also be a reality that you have to run your new business in addition to your day job while you are getting setup and established. This may be a necessity if you have fixed financial commitments and need a certain to generate amount of income (that your new business may not achieve straight away).
It also tends to mean that you may have to do everything to keep all of the business operations on track. Things can unexpectedly go wrong, and if you are a start-up or a small business, the likelihood is that, as is likely you are the only employee, you will have to fix it. If you have expanded, you may have employees who can take some of the responsibility, but the ultimate responsibility lies at the top.
Cash flow is another challenge for any business. Cash flow challenges can be caused by anything; from late invoicing by the business to late receiving of payment by customers or clients. This can lead to a potential “domino effect” where one delay can cause multiple delays in payments. This can lead to difficulty in paying yourself, your suppliers, and your bills. While steps can be taken to mitigate these problems, this is a very real consideration to make when deciding to start your own business and vastly different from a secure monthly salary that comes with most full-time employment.
The entrepreneurial lifestyle, with all of its potentially massive advantages and the inevitability of some challenges, is a big consideration in any case, no matter what business you are starting, working toward expanding, or have established. The effects can be magnified when entering a volatile market or introducing a completely new product or concept.
How Will the Business Affect You and Your Family?
The potentially long and unpredictable hours and potential unpredictability of income is a key consideration, particularly if you have a family who depends on you.
While being an entrepreneur can deliver big rewards, the time and attention that any business needs at all stages is considerable.
Being an entrepreneur isn’t always what you think.
Entrepreneurship has undoubtedly become more mainstream, and to some extent, the perception has arguably also shifted. For every successful millionaire, there will be start-ups that are struggling to establish themselves for various reasons. It is often said that “over half of new businesses fail”—a statement that is probably an over simplistic and over generalized. According to various sources, around 80 percent of businesses survive the first year, but when it gets to the five-year mark, between 45 and 50 percent fail at that point.
So, some ventures do not work and there are reasons, and some of which can be mitigated.
For example, some businesses fail due to:
• Lack of market research: Not fully understanding your market, your competitors, and the potential demand for the products or services that you offer.
• Lack of a solid business plan: Planning is important and gives a template to work against. Not giving enough thought or consideration to the key parts of the business, plan can lead to unforeseen problems.
• Financial shortfall and poor pricing: Not having the necessary funding to keep the business running or setting a price that is too low or too high.
• Poor choice of location: This is particularly important if you are setting up a retail business. You would want to have a location which has high footfall, attracts customers, and does not have too many similar businesses in the surrounding area.
• Poor marketing: Not having a targeted and relevant marketing plan will ultimately mean that the chances of people finding out about your business and what it can provide are considerably lower.
• Rigidity: The business world is constantly changing and the level or severity of that change varies in different countries and different industries. What is important is that any business is in a position to adapt to change and “move with the times” as quickly and efficiently as possible.
• Growing too quickly: As your business gets established and you make progress, the opportunity for growth goes from being something thought about to an exciting opportunity. However, there are risks to growing too quickly, and if your business is not fully prepared for growth, it can cause challenges.
When starting a business, there will be times that you will have to keep the faith and times where you will have to adapt. It is not always easy.
At times, there may be a divide between what you want to do and what you have to do. As an entrepreneur, there are multiple “plates to spin.” That means taking responsibility and having to make tough calls.
Making a Decision
A SWOT analysis is a useful tool that could be used throughout the entrepreneurial journey. It can provide an entrepreneur with a perspective on what a business can do well, where any potential problems lie, and which opportunities to pursue. A personal SWOT analysis can do the same for an individual.
The acronym stands for:
• Strengths: Any characteristics of the business or individual that give an advantage over others.
Examples of business strength could be high standard of process management, top-quality employees, or proven customer loyalty.
Examples of an individual’s strengths could be previous business experience and expertise, marketing or creative skills, and negotiation skills.
• Weaknesses: Any characteristics of the business or individual that give a disadvantage relative to others.
Examples of business weakness could be lack of resources, lack of available funding, or inefficient processes.
Examples of an individual’s weaknesses could be lack of mental toughness or poor listening skills.
• Opportunities: Any elements in the external environment that a business or individual could use to its advantage.
Examples of business opportunities could be potential to access new or emerging markets, looking to work with local government, or to embrace the opportunities of new technology.
Examples of an individual’s opportunities could be opportunities for networking and a potential to learn new skills.
• Threats: Any elements in the external environment that could cause difficulty for the business or individual.
Examples of business threats could be increased competition domestically and abroad, the need for greater levels of compliance, and increased levels of government bureaucracy. Examples of an individual’s threats could be economic uncertainty or rival products that are already in your marketplace.
When using a SWOT, it is important to recognize:
• That all four categories interrelate.
• The need to prioritize, probably in terms of likely relative impact, the factors identified in each quadrant.
• All four categories need to be populated and always applied, no exceptions.
• Because this framework is a snapshot and all businesses operate in an environment of relentless change, there is a need to regularly review and update the key issues placed in each quadrant.
A typical SWOT diagram could look like this:
Strengths | Weaknesses |
Opportunities | Threats |
If you decide to use SWOT to help with the decision-making process, the most important thing is to ensure that you are being honest. It completely defeats the object if you are not up front about each category.
While you strive for success, you also have to be prepared for failure. Things don’t always run smoothly or to plan, and unfortunately, in some cases, not all businesses work. There will be some failure at some point, minor, large, or something in between. An entrepreneur will typically fail fast, fix fast, and learn from it.
The reality is that the risk of failure is ever present and daunting when you are leading the business, but if you accept that, recover from it, and learn from it, it will keep stay on the right path and continue to strive for and achieve success.
The biggest risk is not taking any risk.
—Mark Zuckerberg