BIBLE: The Ten Commandments
Published: 10 Nov 1999 14:40 GMT
1) Thou shalt need a great idea not just a good one
"We went to investors and said: "This will work regardless of the Internet." -- James Oliver, founder Lastorders.com
"You have to have deep content in areas that are obsessions" -- David Hendon founder Webbaby.co.uk
2) Thou shalt execute that idea
"If people think this is just about raising money then they don't understand the question. It's not so much about having an idea anymore, its about showing that you can execute it" -- David Lethdridge, founder Confetti.co.uk
3) Thou shalt believe
"No-one will give you money unless you believe in yourself." -- Julie Myers. Organiser of First Tuesday Club.
4) Thou shalt get great people
"You don't need all that much money. Just a good team, but you have to win them over." -- James Oliver. Founder Lastorders.com
"There are a few very good people and everybody wants them" -- David Lethbridge, founder of Confetti.co.uk
5) Thou shalt get thy great business plan out fast
"One of the hardest things is coming up with a domain name that hasn't been taken." -- Richard Downs. Founder Iglu.com
6) Thou shalt get cash. Lot's of it, fast
"£100,000 to £150,000 will buy you a beta Web site, a good management team and the supply contracts you need, and not much else. But that's all you need." -- Steve Schlenker Chief Investment Officer Vest@ Capital.
7) Thou shalt not believe the hype "The mainstream media have got hold of this and have made it out to be very easy." -- David Lethbridge founder Confetti.co.uk.
8) Thou shalt not be beaten
"The European attitude to risk and failure is still a concern, there's still a lot of stigma attached to failure." Ernesto Scmidt, Peoplesound.com
"In the UK, if you've done something bad or underhand with your money people don't forget, and they can't say 'congratulations you're 20 years old and you're a millionaire." -- Isabel Maxwell.
9) Thou shalt be choosy with partners
"Most incubators charge too much for the real value they add to a business. If you're an entrepreneur, to sign away 40-50% of your business just to have a roof over your head is ridiculous." -- Steve Schlenker, Vest@ Capital.
10) Thou shalt enjoy your success "It's enormous fun. Just watching everything grow is great" -- David Lethbridge founder Confetti.co.uk.
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