Navigating entrepreneurship isn’t easy; but you don’t have to do it alone. As an entrepreneurship mentor, Laurence proudly shares his journey to becoming an entrepreneur, complete with all its ups and downs. Through his work as an entrepreneurship mentor, he hopes to pass on lessons learned to inspire future business leaders at all stages.
Laurence visited Cardiff & Vale College (CAVC) to act as a guest judge in our ‘Dewi’s Den’ competition, providing some excellent feedback and insights to our learners, which most have taken on and explored further during their coursework.
He fully played the role of Dragon and was a huge part of the day’s success, making the event exciting and engaging. I have no doubts on the impact this had on our students and we’d love to work with Laurence again soon!
Get in touch with Laurence today using the form below to state your business type and what advice and support you potentially need.
Alongside his role as an entrepreneurship mentor, Laurence delivers keynotes on the very subject, focussing on some of the startups that he has created in advertising, publishing and hospitality during his long career.
Highlighting the failures and the successes is important to Laurence, with the latter resulting in huge growth, acquisitions and exits across the media, pharmaceuticals and automotive sectors.
Becoming an entrepreneur is a thrilling journey filled with opportunities, challenges and the potential for significant rewards. Whether you have a ground-breaking idea or simply a strong desire to create something of your own, the path to entrepreneurship involves several key steps, areas that entrepreneurship mentor Laurence regularly discusses in his motivational and keynote speeches.
Identify Your Idea
Start by finding what excites you. Your business idea should align with your interests, skills and values. Passion is crucial—it will drive you through the ups and downs of entrepreneurship. Look for problems that need solving or gaps in the market you can fill. Your idea doesn’t need to be revolutionary, it just needs to address a genuine need.
Conduct Market Research
Validate your idea through market research. Market research is a vital step for any business, with the understanding it brings of your target audience, competitors and industry trends crucial to starting and scaling. This research will also help you refine your idea, identify your unique selling proposition (USP), and confirm if there’s a viable market for your product or service.
Create a Business Plan
A comprehensive business plan is essential. It outlines your goals, strategies, financial projections and the steps to achieve success. A strong plan is also crucial for securing funding from investors or lenders. Knowing how to execute business planning during the early days of your business venture will serve you well long into the future.
Secure Business Funding
Determining your financial needs through business planning is just the beginning. With your needs identified, you can move on to explore the business funding options available to you. These include but are not limited to personal savings, loans, crowdfunding, grants and investment. Be prepared to pitch your business plan effectively to secure funding.
Build Your Network
Networking is vital, whether you’re an entrepreneur that’s just starting out or a long-established business leader and entrepreneurship mentor like Laurence. Connect with entrepreneurs, mentors, industry experts and potential customers to create a network that can support you as your business grows. Attend events, join online communities and seek advisors who can guide you on the exciting journey ahead.
Start Small and Scale
Begin with a minimum viable product (MVP) or pilot program to test your concept before rolling it out to your entire target audience. Whether positive or negative, use the feedback you receive to refine your offerings accordingly to get the product or service you are so passionate about just right. From here, you can then begin to scale your business gradually, and prepare yourself and your company for market domination.
Stay Resilient and Adaptable
Entrepreneurship is a long journey. Challenges will arise, but resilience and adaptability are key. By learning from experiences (and entrepreneurship mentor Laurence), pivoting when needed and maintaining a positive mindset, you can turn your entrepreneurial dreams into reality.
