As I have said in recent blogs, high growth equals high personal risk. What comes with high risk is the need for a safety net that cushions any potential falls or scary moments encountered along the way. A CEO of one of the North’s leading companies stated this week:
What would have helped early on, would have been investment and advice from another entrepreneur who had already built and sold a business.
The safety net here is very clear – “advice from someone who has been there and done it”. Entrepreneurs need to operate in a safe environment, typically with those who get it! The notion of an entrepreneur being a nut case risking personal assets every day of the week is totally wrong. My experience is that great entrepreneurs embrace strategies that de risk the potential challenges they face (courage is a necessary ingredient because 100% de risk is not possible). Going forward hopefully public sector will roll out support that provides a safety net of been, there done, it operators who can encourage, motivate and help set clear direction. Being able to anticipate the risks and surprises ahead is what the stars of the future need.
My own personal experience of business support in the past has been that it was too light touch, lacking depth and credibility. Often delivered by individuals who had no empathy with a personal/business high growth journey. This must change in the future.