It is not often that we hear about the dark and not so glamorous side of the journey to success. We hear about the “how I made a million pounds from scratch” stories, which is great but little is said about the coming close to breaking point or packing it all in side of things. Not many successful business owners open up about the darkest hours of the journey. Thankfully Russ Hall, the founder of Hailo Taxi App did exactly that in an exclusive interview, revealing some deep personal story along the way. Below are three of the key lessons that stood out for me during the interview, which I am delighted to share:
1. Stick To Your Guns
Have you been in situation where you’re sat in a team meeting, and you know full well that the wrong decision is about to be made but instead of saying something you keep quiet because you don’t want to fee like you’re rocking the boat? Next time you find yourself in that situation make sure you stick to your guns and say something because failing to do so could be very costly.
Hailo received huge backlash from black cab drivers following the company’s decision to go into private hire.
Russ’s advice to fellow business owners and entrepreneurs who may find themselves in a similar situation is:
“if you know the business that well don’t go into something that you feel is going to be dangerous to the company. Whatever market you’re in you should really understand that market and try not to antagonise it”.
Trust your knowledge and stick to your guns no matter the pressure to do the opposite.
2. Make Sure You Hire The Right Fit
Claudio Ranieri of Leicester City, and Guus Hiddink of Chelsea FC are perfect examples of the difference a new manager can make to the success of an organisation. The former is on the verge of winning his Premier League with Leicester City FC, and the latter setting a new Premier League record becoming the “first new boss to go unbeaten in his first 12 games”, steering Chelsea FC away from a relegation battle.
By the right fit, I mean an individual who shares the same vision as you, understands the culture of your industry, and behaviour of your customers. Mix these with the right credentials and expertise then you are bound to climb up the table like Chelsea FC.
3. Have An Achievable Roadmap For Investors
Having an achieving roadmap gives investors the confidence they need to part with more cash.
Russ’s tip for anyone looking to continue raising capital from venture capitalists or investors is:
“make your roadmap achievable because when you say can I have more money to expand then they will understand that you’ve done that” previously.
The full interview will be published on the 2nd edition of Enterprise Lab magazine coming soon!