Entrepreneur Jamie Murray Wells, founder of online retailer Glasses Direct, has shared the five lessons he has learnt from launching his successful business seven years ago.
Speaking at the South West Entrepreneurs Forum in Bristol, Jamie, who launched Glasses Direct while a student at the University of the West of England, said he was inspired by a number of entrepreneurs when he started out.
Among them were Tim Martin, founder of pub chain JD Wetherspoon – who took his firm's name from a teacher who wrote him off at school as a failure – William Hewlett and David Packard of HP, and the teams behind Google, Microsoft and Marks & Spencer.
Looking at his own business's growth – it now sells a pair of glasses every three minutes – he said it was essential to have an absolute belief in what you were doing and a total commitment to your staff and customers.
His five lessons were:
* Your customer is your boss. "Do anything you can to make your customer smile," he said. "One of our customers was so pleased with us they wrote us a poem."
* Ruffle some feathers. "There will always be people who will try to stop you when you start out," he said. "At one time, when we were battling with Specsavers, no supplier was prepared to supply us with glasses. We made fun of Specsavers. We drove sheep into one of their shops to point out that they were fleecing their customers. We received an interesting letter from their lawyers!"
* Invest in your product. "It's important to get it right. Research it and market test it and invest in technology that makes the business more efficient."
* Get the right people to work with you. "When I started out I had some great people who mentored me. Then I recruited the best people I could find," he said. "It's crucial you know what you're good at and then recruit the right people to fill the gaps."
* Empower your team. "Give people decision-making roles. Give them responsibility and make sure they know the principles the company is founded on."
The South West Entrepreneurs Forum is sponsored by accountants RSM Tenon, law firm Thrings and Barclays Bank.
