FIVE MISTAKES I MADE IN BUSINESS: “Make lots of mistakes – but learn from each one quickly.”

JANUARY will see entrepreneurs across the UK making New Year resolutions for the 12 months ahead.

And although setting lofty ambitions for the future is vital, so too, according to one award winning entrepreneur, is not being afraid to make mistakes.

Matthew Hayes, the MD of Champions (UK) Plc, says entrepreneurs should attack 2024 with the mindset of not being afraid of failure.

Here explains the five biggest ones he’s made in two decades of business – and what he learned from them.

Matthew Hayes, MD of Champions (UK) Plc said:

Not making the grade:

“One thing we all have in common is that we all make mistakes. The first mistake I made was actually before I entered business, which was not getting the grades I hoped or wanted for. In some ways it wasn’t a “mistake” but it felt like one because like a lot of entrepreneurs, I felt like I needed to prove to myself and the world that I was better than a set of grades had given me.

“The other thing I would say about that is that there is a background of dyslexia that feeds that is relevant to the rest of my career in the fact that it’s about problem-solving.

“It’s about thinking laterally, which is another reason I suppose that I chose the entrepreneurial route rather than a more standard career-route.

People:

“Mistake two was not understanding the importance of people in business. I had a background of working with incredibly forward-thinking brands like Red Bull, I’d worked out what I felt was the magic of their formula, added different elements to it and made it applicable to other business types and business models.

“What I failed to understand was that you need more than a good idea, so I launched a business called First Degree Marketing Limited which lasted 20 months which I then folded into Champions.

“I made around £8000 gross but realised I needed far more than a good idea or a good product. People buy from people, so it was the understanding of the importance of people in business that made the difference.

Preparation:

“Mistake three was not understanding the importance of proper preparation particularly around contracts, NDA’S, etc.

“An example would be that in that first business there was an opportunity for a major client which I won’t name, on a UK-wide project.

“I did 6-months amount of work and never got paid anything because I didn’t sign any NDAs, I didn’t get the correct contracts and they then lifted it past their internal team and launched it, which then became their biggest growth area in that business, two years running.

Thinking small

“My fourth failure was not thinking big enough, quickly enough. I think that my first experience of business made me very grounded.

“We started Champions with a £3000 Prince’s Trust loan and a computer in a room next to my bedroom. It was very organic and because of that I probably didn’t think big enough quick enough.

“We’re now delivering to 66 countries worldwide with our speaker and advisory services, but we could and should have been doing that 10-15 years quicker than we are now.

“I think that a mistake was probably not being brave enough and that we weren’t thinking big enough between 2003-2008.

“So, the reality should be that every single day you try something, and it fails. The true element of success is reacting quickly enough to make the changes necessary so that mistake and failure is a very small term.

“The old saying ‘You learn far more from your failures than your success’ is absolutely true. Our ability to service our clients today is made up of all the learning of all the mistakes we’ve made previously.

“It’s understanding that making mistakes and having failures is an essential part of being successful in business.

100% perfection doesn’t exist

“My final mistake is thinking in the past, that you can deliver 100% perfection. If you aim for this model, you are wasting your time and you’ll be too slow to apply what you’re doing, and you’ll miss the opportunity in every instance.

“Shooting for perfection shouldn’t be part of an entrepreneur’s DNA, what should be part of an entrepreneur’s DNA is think big, be brave, make lots of mistakes but learn from each one quickly.”