For many, entrepreneurialism is one of life’s great challenges and rewards. However, this excitingly arduous journey of successes and failures can often be a lonely one. An idea is cultivated in one’s mind over months (if not years) before pen is put to paper in some form, and the ensuing long hours spent full of plans, prototypes and pitch decks are often spent individually, culminating in introspection and self-improvement through which a founder’s personality will grow alongside that of their business.
Equally, successful entrepreneurs often counsel to find good commercial advisers early, having learnt the lesson that it is far cheaper to get advice in the present then to try to fix it in the future when revenue is reaching healthier levels. Those able to advise you on navigating the pitfalls of Business Asset Disposal Relief (previously Entrepreneurs’ relief), capital gains tax, R&D credits and EIS/SEIS schemes are especially vital. Your peers and network will be invaluable in this regard – ask those around you who they’ve used and what they’ve thought. Some of the best competitors lean on each other.
Ultimately, a fine balance is required in spending enough time to vet such persons prior to a meaningful relationship without losing time in dead-ends, but success in collecting a series of mentors, colleagues and councillors along your journey can quickly transform a barren landscape into a fruitful one.