As the CEO of Global Speciality Underwriters LLC, Dubai, Rob Tolley (former London broker) leads an organisation that underwrites specialist lines of reinsurance. This article will look at entrepreneurship, providing tips and pointers for those just starting out on their journey in the business world.

For any successful entrepreneur, self-belief is vital. When tackling challenges and obstacles, founders need confidence and a strong sense of self-belief. After all, if they do not have faith in themselves, who will? Even the most successful entrepreneurs make mistakes from time to time. Nevertheless, founders need to overcome the fear of failure rather than allowing themselves to be paralysed by it. Failure is an unavoidable part of business and can be used as a valuable learning opportunity and an instrument for development. The attached infographic delves deeper into the subject of start-up failure, providing some eye-opening statistics.

Rather than allowing problems to overwhelm them or bog them down, effective business leaders focus on finding solutions. As the business grows, they maintain flexibility, agility and adaptability, reacting to changing circumstances, and plotting a new course quickly where necessary. Great leaders also recognise the need to invest in building solid teams, surrounding themselves with a diverse pool of talented individuals with a variety of capabilities and viewpoints.

Every successful business is founded upon a solid business strategy covering considerations such as the target market, mode of operation and value proposition. When crafting and executing their business plan, it is important for founders to remain flexible, keeping an open mind so they can recognise unexpected challenges and opportunities as they go. The embedded video provides an overview of the key components of a great business plan.

Successful entrepreneurs conduct regular reviews, inviting feedback from stakeholders and treating them as bug reports. Every entrepreneurial journey features a learning curve including both missteps and victories. Although experience is an effective teacher, taking advice from others can help entrepreneurs to gain valuable insights, enabling them to poise their enterprise for success and smooth potential bumps in the road ahead.

Launching a business is never easy. For many founders, entrepreneurship can be a solitary endeavour where they run the risk of getting so wrapped up in their own thoughts that they overlook the bigger picture. For inexperienced founders, the importance of expert entrepreneurial guidance cannot be overstated, providing the benefit of experience and insightful opinions to help them avoid common pitfalls and position their business for success. The attached PDF explores the topic of business mentorship in more detail, exploring the key benefits from the founder’s perspective.