Rare interview: Building a Business Empire with Lord Sugar

Lord Sugar has built an empire and is known globally as a successful entrepreneur. He discusses with Nick what it takes and shares key business advice for any aspiring empire builder. Knowing the numbers and learning from the challenges are a vital part of the entrepreneurial journey but salesmanship and innovation are key in the growth of any business and Lord Sugar discusses why it’s  important to recruit the best people with the right skills for your business bringing the success you want to your organisation as it grows.   KEY TAKEAWAYS Start a business you have some knowledge of and only go into a business you understand and have knowledge or experience of. Focus on the size of the market and sales. Set yourself targets and if you don’t make them ensure you spend the following week compensating reaching those targets and doing more. It’s vital to undertake weekly reconciliation so you are always clear about where you are and how the business is progressing. Knowing the numbers is vital and understanding that organic growth comes through the appetite in the market and responding to this will make a difference. At some point every business will come across a major challenge and it’s all about adapting and learning from the situation. When recruiting it’s important to have a trial period so you can get the best people for your business - a 3-month trial period helps everyone. You can’t write a process for someone to sell - the individual has to have the skills to sell the product or service. If you have a problem and believe in yourself you can solve it and always be moving towards your goals.   BEST MOMENTS ‘When I floated my business, I started to meet other business owners who were inspiring’ ‘I didn’t create my profile it was created by others looking in and commenting on what I was doing – this young lad from Hackney’ ‘One of the things that helps to sell a product is enthusiasm and understanding of the product’   ABOUT THE HOST Nick James Nick dropped out of university at the age of 21, and failed spectacularly with his first coaching business, which forced him to take a £16k/yr telesales job.  Within 12 months he was top performer and left to start his second business at 24. This time he discovered a winning formula and before long had a multi-six-figure company. He then made a huge mistake which nearly put him out of business and cost him £50,000 in personal cash! Fortunately, Nick kept it afloat, turned it round, and sold that business 2 years later in a seven-figure deal.  He then co-founded a multi-million-pound marketing company, which he exited in 2015, and created Expert Empires. Today, Expert Empires is known as the UK's number one business event for Experts, with world-renowned celebrity speakers like Gary Vaynerchuk, Grant Cardone, Chalene Johnson, David Goggins, and Lewis Howes gracing the stage. Nick also specialises in helping Coaches, Consultants, Speakers, Trainers, and Authors take their businesses from zero to six figures and beyond through his Expert Empires Mastermind programme.