Tuesday, February 20, 2024

Ian Wright – Business Financing – On Top 5 Mistakes When Starting A New Business

Leaders Perception Magazine is currently running an interview series called – What Are The Top 5 Mistakes People Make When Starting A New Business?

Today, we had the opportunity to interview Ian Wright who is a Managing Director at Business Financing.

Interviewee Name: Ian Wright

Company: Business Financing

Ian Wright’s favourite quote: “The past is a place of reference, not a place of residence; the past is a place of learning, not a place of living.” -Dr. Steve Maraboli

The Interview

Thank you so much for joining us today! Tell us a little bit about yourself. What is your backstory?

Ian Wright : I am currently the Managing Director of Brilliant British Ltd, which owns and operates several websites in the UK payment, energy and small business sectors.

Previously I was the Senior SEO manager for the EMEA region at Hotels.com and the Head of B2B SEO at MVF (Winner of the Sunday Times Tech Track 2013). I have over 13 years experience in SEO and online marketing and have worked for large corporations, startups and independently over that time.

In my spare time I continue to operate a few test websites to see what’s working in the world of SEO and also run my blog RandomlyLondon.com which has been featured in the Londonist, TimeOut and The Guardian.

In your opinion, what makes your company stand out? Any examples?

Ian Wright : Any company trying new and innovative things in the marketing arena and getting results stands out to me.

What are the TOP 5 mistakes people make when starting a new business? Please share advice/examples for all of them.

Ian Wright : “One big mistake people make when starting a new business is neglecting product market fit. In short, product market fit means that your product is meeting the needs of your target customers. Without it, your business will struggle to survive in the long run.

When thinking through a new and exciting business idea, it can be very easy to spin a positive narrative about your new product or service, and to arrive at a sense of certainty that it serves the needs of your target market. It is absolutely critical to go beyond this initial excitement and gather real evidence that your product is actually meeting the needs of customers.

So how do you ensure that you’re creating a product with effective product market fit? Here are some tips:

– Research and analyse your target market thoroughly. This will ensure that you understand your customers’ needs, as well as any pain points they may be experiencing.

– Consult experts and industry professionals to get their input on how to best address these needs. For example, if you’re developing a mobile app, it’s worth talking with an experienced app developer who can give you valuable feedback on the product market fit of your app.

– Ask for feedback from early users, whether they are paying clients or beta testers. This will give you a sense of how well the product is being received and whether it’s achieving its intended purpose.

If you’re having trouble establishing product market fit, don’t be afraid to pivot and adapt your idea as needed. The key is to keep listening to your customers and evolving your product or service to meet their needs.

To be successful, a business must have effective product market fit. To rush ahead without diligently working to ensure that this is established is one of the most common, and most fatal, mistakes people make when starting a new venture.”

Leaders Perception magaizne would like to thank Ian Wright for the time dedicated to completing this interview and sharing their valuable insights with our readers!

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