Is your entrepreneurial journey a thrilling dance? You tango with ideas, markets, and opportunities, all the while hoping for that perfect synergy that leads to success. But what truly separates a good idea from a flourishing business? While passion and perseverance are crucial, one often-overlooked factor plays a critical role: timing.
This article delves into the three key moments I learned from Robin Knox, partner of ITC Homes, where timing becomes the entrepreneur’s secret weapon:
1. Identifying the Right Opportunity: Seize the Moment
Sometimes, an idea doesn’t choose you, you choose it. But what about those unexpected opportunities that tap you on the shoulder? In the case of Robin Knox, his initial plan was to run a paintball business. However, the mobile Point-of-Sale (POS) system he built for his own use, sparked something bigger – Intelligent Point of Sale (IPOS).
Robin recognised a gap in the market – a lack of accessible POS solutions. Striking while the iron was hot, he launched in 2013, built a basic SEO website, and connected with early adopters. He saw the opportunity and pounced at the right moment.
Robin went on to create Boundary, which arose from a frustrating home security installation experience. While vacationing, he saw innovative marketing strategies for security systems that weren’t present in the British market. This ignited a spark. While initially hesitant to dive back into business so soon, he realised there was a limited window to disrupt the market. He capitalised on the fresh inspiration and seized the timely opportunity.
2. Delegation: Trusting Your Team’s Rhythm
As your business grows, so does the need to delegate. In Robin’s experience, letting go was a challenge. At IPOS, his partner, Paul, was a one-man coding army. His initial reluctance to delegate was understandable. However, learning to trust other developers helped them build a strong team, each playing their role in the orchestra of success.
Hiring can be a tricky waltz. Some seemingly perfect applicants might stumble, while others with less experience waltz in with incredible hunger. Learn to trust your instincts and prioritise finding individuals who share your entrepreneurial tempo.
3. Investment: Knowing When to Seek Funding
Bootstrapping is often the entrepreneur’s initial move. IPOS began with an income from Robin’s paintball business and a small loan. Him and his partner were fortunate – SaaS businesses typically boast high margins. They scaled organically, hiring strategically as their customer base grew. Only when revenue was healthy did they consider investment – a £500,000 angel round in 2015.
This investment allowed them to build a robust management team, streamline systems, and amplify their online marketing. It ultimately positioned them for the successful acquisition by iZettle just a year later.
The key in startups is to bootstrap where possible to minimise dilution. Prove yourself to investors with a Minimum Viable Product (MVP), initial sales, and then approach them with a compelling case for further funding.
The Final Note: Your Entrepreneurial System
Entrepreneurship is an ongoing performance, demanding agility and constant adjustments. Mastering the timing of opportunities, delegation, and investment helps you create a harmonious business system.
- Share your entrepreneurial experiences. Have you encountered situations where timing played a decisive role?
- What advice would you give to aspiring entrepreneurs about identifying opportunities, delegating effectively, and seeking investment?
- Let’s create a conversation in the comments below.
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