thriveunlimited.co.uk Is there a gap? Many brands haven’t identified a true gap in the market for a product. Anyone can come up with an idea. But being an entrepreneur is about more than ideas. Are you meeting an existing need better, or creating a new need? Is it an irreplaceable product that really matters to people in their lives, or is it jumping on a passing trend – the same trend that others are jumping on? Trade, channel, and consumer need have to come together for an idea to work – it’s not just about being pretty.

thriveunlimited.co.uk Do you think it’s all about you? It’s easy to become self-absorbed if you have a good idea. But wise entrepreneurs listen as well – and pick up advice from many sources and use this information. Trade and retailers want an idea that will do something for them – not a fancy package and name. As an entrepreneur, a sense of humility is important.

thriveunlimited.co.uk Is pride getting in the way? There’s nothing wrong with making a mistake as long as you listen and act to reinvent your product. This takes confidence and humility. You need to admit you have got something wrong rather than “sticking to your guns” and burning through cash with a poor idea.

thriveunlimited.co.uk Are you looking for the right investment? Investment is about more than cash. It’s about the right people who will work with you. Money can easily take over everything. People are important – having the right people on board is a key success factor. If money takes over, you can put yourself under pressure to do things in the wrong order. Spending money too early (often out of vanity) can end in tears.

thriveunlimited.co.uk Have you defined your real goal? There is no right or wrong answer about how big or small you want to be. It's about defining your target at the beginning rather than just letting it happen to you and being dragged around by events. If you defined you want to be a half-million brand then it’s not wrong to stick to that goal and forego additional growth. Similarly, if you have major growth ambitions then you need to have that inform your thinking for the whole journey there – so you may have to be less opportunistic.

thriveunlimited.co.uk So what’s next… are you a one product wonder? It’s important to look forward and anticipate what people will be looking for in five years. One-product wonders can’t grow – a pipeline of new products needs to be thought through strategically, so that it can feed the business and make it less susceptible to changing consumer fashions.

thriveunlimited.co.uk Inspiring Examples: Fruit shoot A product that was launched in a novel way by abandoning the usual emphasis on product content. Instead, it is based on how people drink the product. This was about new ways of drinking – creating a breakthrough product through packaging that really excited kids and parents.

thriveunlimited.co.uk Inspiring Examples: Fever Tree A company that really understood how to fill a gap. They thought about how they could enter a market in a simple, quirky way – and to meet a need by allowing people to match their premium spirits with comparably premium mixers. Ingredients and flavours can become an obsession and lead to over-complexity – Fever Tree demonstrates that simplicity can be as powerful as complexity.

thriveunlimited.co.uk Re-cap You’ll never lose out by listening – take info on and do something with it. Be proud of doing one thing well – it’s not necessary to be everything to everyone. Never stop challenging, keep reinventing – complacency is death. “Perfection” is the enemy! Get help – don’t work in a vacuum of self Don’t let financial paranoia drive business paralysis. Find the right partners and allow them to nurture your business.

Accelerating growth & innovation Make your business thrive. Claire Nuttall +44 (0) thriveunlimited.co.uk