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Dear Entrepreneur,

Contained within this letter are the key learnings that have lead me to be where I am today. Some I have been lucky enough to stumble across but most I know simply because I got it wrong the first time! So let’s start with that…

1 Be prepared to make mistakes – I have lost money and sleep over taking the wrong path. This is inevitable there is no ten-stage plan to launching a great business. It is simply how we deal with these mistakes that determines whether you are an entrepreneur.

2 Love what you do – Even if, like BoginaBag, it may not appear glamorous you have to believe 100% that you have what the market needs. Throughout your journey you will meet people who doubt your product or service.

3 Understand your numbers – Your idea might be great but if you don’t understand your cash flow, profit and gross/net margins you will not have a business.

4 Listen to others – Meet, connect and blog with as many people in business as you can. This will not only give you a network of valuable connections but will also keep you sane. Being an entrepreneur can be lonely, especially in the early days.

5 Limit costs – At the start keep your day job, work from home and outsource everything. Costs can escalate easily and any profit will be hard to earn.

6 Take risks (“who dares wins”) – No entrepreneur ever got to be successful by taking the easy path. Put yourself on the line and if you aren’t willing to do that then you haven’t got #2 sorted. Dragons’ Den was terrifying but it took my business to the next level.

7 Never be complacent – Understand your customer, exceed their expectations and listen when they say you have got something wrong.

8 Know your limitations – Try everything from managing accounts to pulling in sales, but be realistic. If it isn’t working then bring in others that can make it happen.

9 Have fun – Finally, remember why you started and focus on where you want to be.

Good luck,

Kate Castle

Inventor and Director, BoginaBag

www.boginabag.com