Business development · 31 July 2019

Advice on growing your business from Lord Sugar and Piers Morgan

It’s strange to think that Lord Alan Sugar and Piers Morgan, two people who seem poles apart, were, only a few weeks ago, sitting in a room together dolling out savvy business advice to the masses but that’s exactly what happened. The event in question? Climbcon, a dynamic and ‘inspiration first’ business event where industry leaders tell success hungry audiences how they made it big and what others can do to follow in their footsteps.

Whilst one is a globally recognised journalist and social-political commentator, and the other a self-made billionaire and host of one of the most successful reality TV shows in the world, they are more similar than you might think. After all, both have experienced massive success and can draw on their early experiences to help other entrepreneurs stay motivated whilst scaling up. Here’s the advice they offer our readers on entrepreneurship and hitting it big.

Business Advice, (BA): How can business owners expand their team without taking out a loan?

Alan Sugar, (AS):when you start to get sales coming in for the first time, it’s really exciting. But it’s hard to know when it’s the right time to expand your team to keep up with the new demand. The key is that you don’t need to go big right away. It’s ok to start small, sometimes even only with only one employee, and build the business up slowly.

BA: What advice can you give to people who are making the transition from employee to business owner?

AS:?Work hard obviously! It’s a competitive market out there, whatever sector you’re operating in. However, quality is the most important thing you need to build yourself a solid reputation when you’re starting out.

BA: What can entrepreneurs do to stay motivated whilst they’re working on making their business profitable

Piers Morgan, (PM): Retaining your passion is important. If you don’t have the passion then you won’t have the hunger to get out of bed in the morning.

The businesses you see that are successful have passionate people behind them. If you look at Rupert Murdoch, he has an absolute visceral love for print media. He can talk about for hours.

Look at Donald Trump, he loves real estate. Before he became president, he lived and breathed it. Ask yourself, do you have a passion for what you do? Or is it just a job?

BA: Is achieving success down to luck or right place, right time?

PM: Yes, you need luck. The old saying is the harder you work, the luckier you get. I always say that I worked harder than most of the people I worked with when I was a young journalist. If you work hard, you make your own luck.

Bur resilience is really important too. In modern life, I think we’re battling a bit of a problem with this at the moment – where everyone is a little ‘woe is me.’

Egg and spoon race concepts where everyone gets a prize is quite frankly ridiculous. In the business world, if something fails, you get nothing and that’s the reality.


 
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ABOUT THE EXPERT

Annie May is the Features Editor at Real Business and Business Advice. Following her graduation from LSE, she embarked upon a freelance career in current affairs journalism. Annie has written on subjects varying from African history and contemporary politics to community business and current affairs news in London. At Real Business and Business Advice, Annie is passionate about highlighting inclusive and diverse business disruptors and organisations for our evolving readership. Annie believes in fostering community inclusion and has volunteered for organisations such as Fairfield House, a UK based Rastafari centre and a senior citizen association for ethnic minority men and women.

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