Insights from the Founder of Wine Startup CoolerSomm
Last Updated: By TRUiC Team
Any entrepreneur can tell you, launching a startup is a learning process. Therefore, one of the best things you can do prior to launching a startup of your own is to learn from those who have blazed the trail. We were fortunate enough to hear some valuable insights during our interview with Sarah Newton of wine startup CoolerSomm that will inspire, motivate, and teach aspiring and established entrepreneurs alike.
What advice do you have for aspiring entrepreneurs?
“Don't be tempted to do things the easy way by massively discounting or over-promising and under-delivering. Creating a successful business does not happen in one day, or one month, or one year; every small step taken with integrity and power is a step towards your business goals. Don't rush it!”
What is your advice for entrepreneurs in your industry specifically?
“Quality products and services, even though you may sell less than cheap and cheerful, will win out in the end and cause you less [fewer] headaches.”
What is your advice for coming up with a unique startup idea?
“Really do your market research, understand how much a customer is going to cost you, and ensure you're in a business with margins to cover it. A niche is far less likely to have a huge player blowing cash for market share in it, start small, start specific, learn the industry and expand from there.”
What is your advice for overcoming challenges and failure?
“Try to put things into perspective. When you're 20 and an entrepreneur, every decision feels so important, but by 40, you realise that you win some and you lose some … It's how you behave in these circumstances that truly determines character and likely success. Basically, chill out.”
What is the biggest lesson you learned and what can aspiring entrepreneurs take from it?
“Creating a successful business is a marathon and not a sprint. Don't cut corners or dump prices to get ahead. Instead, do solid market research, create a good reputation over time, honour your promises to customers and suppliers and don't be in a rush; the numbers will come with the effort you put in. Enjoy it!”
Next Steps:
- Check out CoolerSomm’s company profile!
- Keep up with more startup companies by following Startup Savant on Google News!
- Start your own startup by reading our guide on how to start a startup.
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