Seven Lessons from Seven Years of Building a Business

Starting a business is like trekking through uncharted territory without a map. You’ll lose your way, make lots of wrong turns, but as long as you’ve got a solid compass, you’ll eventually get back on track. Here are seven lessons I’ve learned in seven years of founding and operating a business.

1. Your Idea Doesn’t Matter as Much as You Think It Does

This might sting, but the truth is most ideas never succeed. And the ones that do? Many seemed ridiculous at the start. Airbnb? “Strangers sleeping in your house.” Uber? “Getting into cars with random people.” Apple? People turned down the great Steve Jobs when he pitched the idea of an alternative vision for personal computers

What matters is your purpose, your why. Make it your North Star. The entrepreneurial journey will demand that you pivot, adapt, and occasionally take detours, but if your purpose remains clear, you’ll find your way. You might be delayed, you might even trip over a few rocks, but you won’t be lost.

2. You Need an Accountant (and Good Contracts)

Here’s a harsh truth: if you skimp on financial and legal support, you’ll pay for it later literally. Get yourself an accountant, and make sure they’re a proper expert, not your mate’s cousin who “does taxes on the side.”

Equally, you need airtight contracts and solid HR support. Why? Because no matter how fair and decent you are, there will be employees/business partners etc- who aren’t happy, and some of them will try to take you to court. Don’t leave yourself exposed. Protect your business, and you’ll save yourself a world of stress.

3. Forecasts Are as Reliable as the British Weather

Forecasts are like the British weather: one minute it’s sunny, and the next it’s tipping it down. You can hope for sunshine, but you’d better be prepared with an umbrella.

Instead of pinning your hopes on predictions, focus on building strong operational standards. Standards set the tone for excellence, attract the right talent, and keep your team accountable. They’ll also impress your customers and keep them coming back. “We don’t rise to our goals- We rise to our systems”.

4. You Don’t Know What You Don’t Know

Running a business is a constant reminder of your ignorance. Accept it. Stay curious, and when you inevitably make mistakes, forgive yourself quickly, learn from them, and move on.

Failure isn’t optional it’s guaranteed. Losing people, missing targets, and falling short is part of the process. Don’t waste your energy trying to change the world in one fell swoop. Instead, focus on changing yourself and how you react to things.

5. Retail Is All About the Details

If you’re in retail, know this: details matter. Every single one of them.

Margins are often razor-thin, so you’ve got to know your numbers inside and out. Understand your product cost, sale price, and margins. Scrutinise your lease terms. Master customer service. Know your operating costs and keep them balanced.

Here’s a cheat sheet:

Rent: 10–15%

Staff: 30-35%

Taxes: 20%

Marketing: 5–10%

R&D: 1–5%

Profit: 10–20%

If you can keep those percentages in check, you’re on the right track.

6. Scaling Is Harder Than You Think

Ah, scaling a word that gets every entrepreneur’s pulse racing. But here’s the reality: scaling is harder than it looks. The initial excitement of growth will wear off quickly after scaling, replaced by the grind of unforeseen challenges. Your forecasts will be wrong (again), and you’ll work harder and longer than you ever imagined.

Take your time. Growth is great, but profitability is greater in todays economic climate. Focus on building a sustainable business before you chase turnover.

7. Own Your Sh*t

At the end of the day, the buck stops with you. As the founder and leader, the success or failure of your business falls squarely on your shoulders. It’s not the economy, or your competitors, or the weather. It’s you.

So, when times are tough, take accountability. Don’t point fingers. And when you win? Celebrate. But remember, leadership isn’t about shifting blame or taking credit—it’s about showing up, every single day.

Final Thoughts

Seven years in, and I’m still learning. These lessons aren’t a guarantee of success, but they’ll certainly help you avoid some of the common pitfalls. Business is tough, messy, and unpredictable, but it’s also one hell of a ride. Keep your purpose in sight, surround yourself with the right people, never stop learning and stay curious.