There is no better time to become an entrepreneur: Lalwani
According to Tej Lalwani, former star of Dragon’s Den, investors are looking for a personality in the form of a product to back a new business.
The Vitabiotics CEO said he was confident investing in the weaving business – not his area of expertise – because the woman running it showed skill and proved she knew her business inside out.
“If you give enough money to someone you will get a sale, but it is about how you can maximize your resources and do it creatively,” he told the audience at the Evening Standard’s SME Expo on Thursday. Huh.”
“Transparency and honesty are also important for an entrepreneur because the last thing I want is to find out that there is a big issue and they are not telling me about it, because we can probably solve it together. “
He said he wanted to see that people were on a “mission to solve a real issue” when deciding whether to invest in a business.
Founded in the 1970s by Lalwani’s father Kartar, Vitabiotics is now Britain’s largest vitamin company and has forged tie-ups with top sports stars and brands, including Disney and Marvel.
Lalwani said the pandemic has opened many opportunities for entrepreneurs aspiring to set up their own business.
“I think this is a great time to be an entrepreneur. This is the best time in history to set up a business because the friction and barriers to entry are very low.
“You don’t have to mega-buy to get the products in the store—you can directly [the] consumer. You don’t have to beg a journalist to write a story about you – you can [promote yourself] on social media.
“So you can actually launch and test and build products a lot easier right now.”
Credit: www.standard.co.uk /