Monday 27 May 2024 8:00 am
Damian Skendrovic takes the pen to tell Ambition A.M. how to bring your business idea to life, while managing the growing pains of change along the way.
Every week, Ambition A.M. passes the pen (or keyboard) to a founder eager to share the unfiltered stories fuelling Britain’s entrepreneurial spirit.
This week, we spotlight Damian Skendrovic, general manager for EMEA at founder consultancy VeUP, who speaks about bringing a business idea to life.
What does it take to successfully bring a business idea to life?
The road from the initial business idea to operating successfully and profitably is long and challenging so it needs to be something that you love.
It’s a journey that will test your character and resilience so it’s important to surround yourself with the best people you can, from both a human and professional perspective.
Most importantly, never give up! The business journey will have plenty of ups and downs but done right and it’s invaluably rewarding.
What questions should a founder ask themselves when looking to scale?
As you scale, it’s important not to lose sight of the core reason why the business exists in the first place.
Of course things can change and pivots are often required to adapt to the changing business environment but continue to ask yourself and your senior team; what is our mission?
What is that North Star that we’re all striving to achieve? Once you have this, consider whether you have the relevant data and assets to support your growth plans.
Do you have the cash to execute? Do you have the right team of people and support network to execute?
Why is a ‘growth mindset’ needed to bring a business idea to life?
There’s a saying that you are the average of the people you spend the most time around and I believe there is truth in that, particularly in the business environment.
Surrounding yourself with the people and network that have the mindset that you admire and are looking to replicate, and you’ll stand in good stead.
Damian Skendrovic
Visualisation is another useful tool so start to map out what it is you want to achieve and work back from there with a series of actionable steps you can take to get there.
Everything is created twice. Once in our minds and then again in reality.
What are some external/internal factors to consider when scaling a business?
There are five core factors that can influence the rate and scale that a business is able to grow.
Having the finances with which to operate and facilitate your growth plans.
Having the support around you to help navigate challenges that can, and likely will, arise.
Then there’s the more human elements – your network, the team of people that you have around you and the culture that you build and nurture as you grow can all have an impact.
How do you learn to manage the ‘growing pains’ that come with scaling?
The best advice I have ever received was to speak to people who had experienced growth in my sector.
By spending time with people who had been there, done it, got the t-shirt before you, you have an unrivalled opportunity to learn from what went well for them, but also to learn from the mistakes they may have made along the way.
It’s not an easy thing to do, or to accept, but the most prepared you can be for the pains that come with growing a business the better. It’s coming, just a matter of when.
On the topic of learning from those who’ve been there before you, here’s a top tip.
The greatest pain usually revolves around money and people, so consider what preemptive measures you can put in place to control the extent to which these variables will impact you and your business.
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