Enterprise Week, the UK’s annual celebration of all things enterprising, goes global this year. Taking place in more than 75 countries, Global Entrepreneurship Week aims to inspire millions of young people around the world to unleash their entrepreneurial spirit and join a growing movement to generate new ideas and to seek better ways of doing things.

As part of this drive Martha Lane Fox, shares her advice for those embarking on a new business venture.

1. Work with a partner. The idea for lastminute.com was Brent Hoberman’s, he generously included me. In the same way, I hired an old friend to run Lucky Voice. Two heads are always better than one

2. Be passionate. Not one of the great entrepreneurs I have met is focused on making money, they just love their idea

3. Hire the best people. You want people who could do your job – and hire women, we are better!

4. Just start. Nothing is ever perfect – just get going, start small, test keeping and adapting.

5. Don’t ignore the web. even if your idea is offline, no business can afford not to think of a web piece

6. Move fast. This is critical, speed can lead to mistakes but it also leads to a more dynamic atmosphere

7. Get a great board or team of advisors together. Industry experts or people with different experience – it will give you credibility and add masses of value to your day-to-day operations

8. Worry about cash all the time. Make sure you have working capital and constantly wonder if you should raise money from the bank or from venture capitalist or even friends and family

9. Give everyone in the company equity in the business

10. Remember they work for you, not other way around. It’s easy to spend too much time in a growing business worrying about lawyers and accountants.

Best known as the co-founder of online travel company lastminute.com, Martha Lane Fox is also a trustee of Reprieve, the prison reform charity, a non-executive director of Marks and Spencer and is a member of the Channel 4 management board.

www.enterpriseweek.org.uk

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