Dr. Yuliana Topazly offers tips for your business to thrive
There is never a right time to start a business and, unfortunately, there is no perfect formula to follow. However, it does not mean that you cannot succeed in running a successful business. While having a passion for what you do and hard work are important, running a successful business is less about grand gestures and more about mastering the fundamentals and building confidence in what you do.
When I started my first business, I thought reading about entrepreneurship and how to run a business would be sufficient, however I was wrong, being able to understand what happens on the ground and how things really work was very different from what I have read in the textbooks.
Here are some of my tips to help you on your entrepreneurial journey.
- Build your personal network
The entrepreneurial journey is a marathon, not a sprint. Being a founder can feel isolating, so finding a mentor, advisors, and like-minded peers is crucial. Programmes like RDSBL Business Incubator and Help to Grow provide access to entrepreneurial networks and guided support as well as access to partnerships, finance and potential customers. The 1230TWC network helped me when I was starting my business. It is a female – entrepreneurs focused network, which helped me to find a mentor and access finance in quite a challenging business environment. It is important to surround yourself with like-minded people.
- Don’t Just Sell, Solve the problem
In today’s crowded market, you are not just selling a product or service; you are selling a solution to your customers’ needs. Think about the “why” behind what you do. Have you really listened to your customers? What are their daily frustrations? What do they truly value? Those questions are important ones to understand your customers’ needs and create the solution they are looking for.
- Be on a top of your cash flow
Cashflow is all about real cash in real time. It is very easy to lose track of what happens on a daily basis. Access to finance is always challenging especially in early stages of setting up a business and if you are female-founder, I am afraid, it is even more challenging. Unfortunately, women-led businesses receive less than 3% of global venture capital funding (PitchBook, 2022), one of the reasons for such a shocking statistic is that many studies suggest that female entrepreneurs are more frequently asked “prevention-oriented” questions about risk, while men are asked “promotion-oriented” questions about growth (Kanze et al., 2018). Feeling confident and being prepared to redirect conversations toward opportunities and strengths is something women in business need to embrace.
- Be honest with yourself
Many female founders experience pressures balancing entrepreneurial activities and caregiving and other responsibilities. I was one of them when I was starting my first business while looking after my one-year-old daughter and doing my PhD. It is a balancing act and all of us have a story to tell; however what is important is to be honest with yourself about what you can realistically commit to without burning out. It is important not only for you as a founder, it is also important for your business and especially important for your potential customers. The worst thing is when customers cannot get a reply or purchase what they need when they need it…If you disappear for a few days, your customers disappear and it will take longer to rebuild the trust.
- Do not forget to celebrate small wins
It is easy to get absorbed by everyday operations and it is very important to stop and celebrate those small wins on the way. Reflection and appreciation of great work you do is an important part of the entrepreneurial journey. This helps to build momentum, boost your confidence, and remind you of how far you have come. This practice of gratitude and self-celebration is a powerful tool for maintaining your motivation.
So, what is one “small win” from the past month that you are going to celebrate today?
By Dr. Yuliana Topazly
About the author
Dr Yuliana Topazly is an Associate Professor of Enterprise and Innovation at the Royal Docks School of Business and Law, University of East London, an Award-Winning Social Entrepreneur and an Experienced Business Adviser. In 2016, Yuliana was named ‘Top 100 Most Inspiring Mentors in the UK’; she was mentioned in the WISE 2020 List: ‘100 Social Enterprise Leaders Showing COVID, who is the Boss! Most recently was awarded an MBE for the Services to Business and Female Entrepreneurship.
Rubio, J. (2022) ‘Female founders take the good with the bad in a challenging 2022’ Pitchbook
