Dragon's Den star shares top tips for those keen to start their own business

16 November 2023 , 15:05

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Four in ten entrepreneurs are keen to start their own business - but are scared to go it alone (Image: Getty Images)

A business owner who was credited with making the “best ever pitch” on BBC show, Dragon's Den, has shared his top tips for other budding entrepreneurs looking to set up their own enterprise.

Sam Jones appeared on the business reality TV show in 2021, securing a £60,000 investment for his internet browser, Gener8, which helps people turn their online data into rewards.

And now, he has offered his expert advice to the two in five Brits who are keen to start their own business – but are afraid to go it alone.

Sam, 31, said the top traits needed to be successful in a business start-up include focus, determination, and a sense of urgency – and encourages entrepreneurs to go for it now, rather than putting it off.

He also advises building up a strong network, by attending industry events and joining entrepreneurial groups, as well as mastering your pitch, and being confident and concise in your delivery.

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It comes as a survey of 2,000 adults found that half (49%) love the idea of being their own boss – but are held back by a fear of failure (36%), or a lack of confidence to launch their own business (35%).

Sam Jones charmed the Dragons with his pitch (Gener8)

It emerged that 45% have become more determined since the start of the Covid-19 pandemic to start up their own business. And almost two-thirds (63%) have a business idea they think could work well – but are lacking support and know-how to take it to the next level.

However, despite these apprehensions, one in three have either started putting plans in place, or are looking to get underway within the next 12 months.

The research was commissioned to mark the Santander X UK Awards, which gives innovative, early-stage start-ups the chance to secure up to £25,000 in equity-free funding, as well as business support and opportunities to network with other entrepreneurs.

Half love the idea of being their own boss, and almost two-thirds feel they have a good business idea (Santander)

Mike Regnier, CEO for the bank, said: “It is clear that many people want to embark on an entrepreneurship journey, but are intimidated by the prospect of setting up a business on their own. We are committed to supporting entrepreneurship and the vital role it plays in driving growth and productivity.

“The awards offer the most innovative and disruptive early-stage start-ups in the UK the opportunity to network, learn from experts, and potentially win up funding to help their businesses achieve success.

“I look forward to judging what I know will be another excellent set of pitches from some of the UK's most promising new business people.”

The study also revealed the business skills those wanting to go it alone most want to develop, including negotiating (23%), and financial literacy (23%). One in five (21%) also believe they need to enhance their leadership qualities, while 20% want to become more strategic thinkers.

But over a third are held back by a fear of failure, or a lack of confidence (Ljuba Photo/Getty Images)

But to accomplish their professional developments, 44% consider business training and education as an important step on their entrepreneurial journey.

Meanwhile, 43% stated access to financing will be the most helpful resource to kick starting their venture – and to secure this, 57% back their ability to pitch for funding.

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The research, conducted via OnePoll.com, also revealed 71% of adults admire the tenacious spirit of entrepreneurs – with Richard Branson, Bill Gates, Alan Sugar, and Deborah Meaden at the top of the list.

It also emerged 61% believe entrepreneurship is open to everyone, regardless of their background – and 69% think all successful businesses start with a simple idea.

This year, Sam Jones, founder of Gener8, is one of the Santander X UK Awards judges. Finalists in the awards this year include start-ups like Snowball Community, an app which supports the disabled community; Persium, which has created a world-first digital twin platform for tackling air pollution; and Scaled, a nature-inspired flexible body armour for sports performance enhancement.

Sam said: “It's brilliant to see so many aspiring entrepreneurs taking part and pitching in this competition. This competition is about so much more than securing the cash – it's about equipping entrepreneurs with the resources, knowledge, and network to set themselves up for success.

“Pitching in an environment like this is challenging. The entrepreneurs must craft a compelling narrative that captivates investors, and aligns their vision with yours.”

SAM JONES' TOP TIPS FOR BUDDING ENTREPRENEURS:

1. Be focussed: Concentrate on your goal with laser precision.
2. Be determined: It’s not just about passion, because passion fades. Determination is what makes you continue. You must be determined in driving towards your goal.
3. Have a sense of urgency: Don't wait. Do it now.
4. Keep focussed on the end goal, and don’t be put off by small set-backs. Maybe others don’t believe in your idea at first, or you encounter a few hiccups along the way. You must back yourself and keep going – use these challenges as an opportunity to learn and grow.
5. Build a strong network: Networking is a cornerstone of successful entrepreneurship. Attend industry events, join entrepreneurial groups, and connect with mentors who can offer guidance based on their own experiences. A strong network can provide advice, open doors to opportunities, and offer emotional support during challenging times.
6. Master your pitch: Practice your pitch rigorously. Be clear, concise, and confident in your delivery. Highlight the unique selling points of your business and anticipate questions investors might ask, and have well-thought-out answers.
7. Craft a compelling story: People remember stories more than facts and figures. Develop a compelling narrative around your business – why it exists, the problem it solves, and the impact you aim to make. Your pitch should resonate emotionally, making your audience feel invested in your journey.

Sarah Lumley