100 Stories of Growth - Insights from Entrepreneurs

9 8 INSIGHTS FROM ENTREPRENEURS FOREWORD Recognising the need for support Underneath this veneer of strength, the reality of scaling a business in the UK can be exhilarating yet bleak at the same time. It’s a rollercoaster of optimism and pessimism. High-octane peaks of self-belief, followed by plummeting drops to the depths of self- doubt. So what does it take to brave out one of the most challenging business journeys? The UK scale-up community offers great support programmes and initiatives that provide entrepreneurs and their teams with the tools and guidance to help them succeed. Entrepreneurs themselves and professionals in the wider SME ecosystem need to embrace these valuable support mechanisms as widely as possible. And they shouldn’t hold back from asking for more help where certain areas need to be improved. But with the extra effort that’s put in, the benefits could be very positive. While we’ll explore the idea of capital in greater detail throughout this insights report, it’s worth mentioning here how fully considering capital at work in its Growing a successful business today takes a massive amount of grit, determination and drive. While it’s true that many company founders share these enviable qualities, they often face a huge spectrum of challenges every day. Some of those experiences are recurring nightmares, others are very welcome surprises, while many appear totally out of the blue. Focused entrepreneurs tend not to crumble even in the face of the toughest knockbacks though. They’re a resilient and persistent bunch. Entrepreneurs who have a keen focus on success, powered by heaps of optimism, ambition and resourcefulness. The founders of small and medium-sized enterprises (SMEs) are rightly celebrated as UK growth heroes. After all, what other type of company can boast 20% year-on- year staff and turnover growth as scale-up companies can? So it’s no surprise that they’re courted by policymakers, investors and professional services advisers alike for their seemingly Midas-like qualities. FOREWORD Developing the confidence to succeed of entrepreneurs say growing their business has been one of the toughest experiences of their life 53%