Page 48 - 100 Great Business Ideas: From Leading Companies Around the World (100 Great Ideas)
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luxury” hotel in central London, he commented, “The Hoxton is an
experiment. We’ll see if it works. There’ll be things that we need to
change, and we’ll listen to our customers if we need to do so.”
In practice
• When starting a new business, do not expect to achieve a flawless
formula instantly. No matter how much abstract preparation is
done beforehand, there will always be lessons that can only be
learned on the “shop floor.”
• Do not be discouraged when problems are encountered. View
them not as obstacles or failures but as invaluable opportunities
for learning. Analyze why they occurred, their significance, and
their impact.
• Be prepared to make drastic changes to your business. Although
it can be tempting to hold onto a particular formula, it may have
to be altered, or in extreme cases discarded, for a more profitable
alternative.
• Combine abstract learning with hands-on experience. The two
concepts do not have to be mutually exclusive.
100 GREAT BUSINESS IDEAS • 41
