A business campaign launched by the UK government has enlisted a number of entrepreneurs to share their advice and experiences with others.
The Business is Great initiative will publish the insights in a new guide, featuring 34 businesses that have received support from the Department of Business, Innovation and Skills or UK Trade and Investment.
Among them is Pact Coffee, founded by Stephen Rapoport, which supplies fresh, hand-roasted small-batch coffees. The London-based start-up accessed research and development tax credits and the Enterprise Investment Scheme (EIS), which helped them to secure investors’ support, after launching in October 2012.
Rapoport said: “We’re very proud of the business we have built and grown, and to pass on our most valuable piece of advice as part of the Business is Great campaign is fantastic. Here we join 33 other small businesses across the country highlighting their top tips for business growth, and we feel honoured to have been chosen to share our experiences with our peers.
“When looking for investors, make sure they understand your vision deeply enough to really, truly challenge you on it. If they don’t, you’re just raising money from them and not getting any other insight beyond that. EIS is one of the most valuable things that the government has done to support early-stage, high-innovation companies. It’s a tax break that encourages successful people to support other aspirant, successful people and something I suggest every business looks into.”
Rapoport’s top tip for growth is for entrepreneurs to “stop thinking like an investor, and just do the thing that you love”.
The UK government’s business minister Matthew Hancock added: “Coming from a small business background I understand how important it is to learn from failure – as well as success. Making sure that every small business can access the advice and support they need is an important part of our plan to make Britain the best place in the world to start and grow a business.
“The Business is Great campaign is run by the Department for Business, Innovation and Skills and UK Trade and Investment. It aims to celebrate and inspire small businesses and provides relevant advice and information for small and medium-sized enterprises looking to grow, hire, export, lead and access finance.”
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