Celebrity | Best Business Advice from Lord Sugar

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Watching The Apprentice and Lord Sugar’s success to date, it is hard not to get inspired to set out up your own business. But there are some words of wisdom from the man himself that you should take heed of before you do. 

When it comes to making money and running businesses, Lord Sugar obviously knows what works and what doesn’t. Many of us have that desire to be our own boss, and work according to our own rules. But actually doing it involves a lot more than just an idea, and a bit of hard work as Lord Sugar shares.

Have a clear business plan. “No bank’s going to give you money on the basis of your ideas and no one’s going to lend you any unless you’ve got some collateral you can put up there,” he says. You need a business strategy, clear plan, balanced sheet and informed backers.

Stick to what you know. “Do not start a business on your own if you haven’t had experience in it,” he says. Few entrepreneurs take the leaps into unfamiliar sectors, and succeed.

Differentiate yourself from the competition. Am I going to be any different to the 30,000 people already in the marketplace? What are my customers going to get from me that they aren’t going to get from someone else? These are the type of questions that you need to ask before you set out in business, according to Lord Sugar.

Build a decent team. “Sometimes you need partners who are competent in areas of the business that you’re not good at,” says Lord Sugar. If you are not good at technical aspects or social media, for example, seek out advice from mentors or friends that may be able to help you.

Finally, don’t panic. In the hard world of business, if you lose your head, mistakes will happen. Learn from them and move on.