Michael Welch (Blackcircles.com) gives his 'Top 5 Tips to the Top'

[lordlancaster]

Since Michael Welch won the Shell LiveWIRE Young Entrepreneur of the Year Award in 2003 he hasn’t looked back and his company Blackcircles.com is now widely regarded as the market leader in the UK tyre retailing industry.



Whilst the search for our 2010 Shell LiveWIRE Young Entrepreneur of the Year takes place, Michael recently gave us his 'Top 5 Tips to the Top';

1. You need to want it more
   To succeed where others don’t you just don’t need to ‘want it’, you need to ‘want it more than the next guy’. Sometimes this can be the difference from succeeding and failure.
   I’ve often been asked how Blackcircles.com grew to what it is today, and I truly believe that a large part of the success was the fact that I just wanted it more.
   
2. Take Risks
   This is perhaps the most dangerous part of starting out, but it is also the most exciting. If you want your business to grow and thrive sooner or later (more than likely it will be sooner) you will need to take some calculated risks.
   
   Sometimes people are scared to take these risks because they are afraid that the risk will not pay off. But, by experiencing small failures every now and again we learn to pick ourselves back up and come back stronger. Tasking risks is an important part of owning your own business.
   
3. Make good use of all the resources available to you
   Make sure that if there is anything that can help you, take advantage of it. This can come in many forms. From someone offering you advice, to the chance of applying for a business grant – whatever it is, go for it.
   
   Starting up your own business is a long, hard process (an ultimately rewarding one though) so any help that you can gain along the way will seem like a godsend. These opportunities won’t come to you however, you’ve got to get out there and grab them.
   
4. Network, network and network some more
   Successful entrepreneurs are also fantastic networkers. It is not impossible to navigate through the mine field of owning a business without friends, but it is much harder.
   By meeting other entrepreneurs, you have the chance to share your experiences, success and setbacks. This is can prove to be invaluable. Not only will you have access to a vast collection of knowledge, but you will also have the chance to gain business in areas that you might not have considered possible before.
   
5. Be prepared to adapt
   This is something which a lot of people find difficult. Sometimes it doesn’t matter how well you’ve researched something, how strong your business plan is, how right you believe you are – you will need to adapt your thoughts and plans to meet with external factors.
   This could be anything from the demand in products changing, to a worldwide recession. No matter what the outside forces are doing however, you will be able to weather the storms as long as you are able and willing to adapt.

Read more about Michael’s 2003 win and subsequent success at:
http://www.shell-livewire.org/busine...lch-interview/

Apply for the £10k Shell LiveWIRE Young Entrepreneur of the Year Award 2010 at: www.shell-livewire.org/awards (deadline 5pm on 6th September)

[Richard.curran]

Michael Welch is a very good business man and is someone whom I look up to. His business model is innovative and his price point is very attractive to customers whilst putting money into the pockets of the mechanics who fit the tyres.

He is a great example to anyone who wants to succeed in the modern business environment. He was at a pitch that my brother and I went to and I had the pleasure to meet him and pitch my business to him and others from the industry. Like him we are trying to establish a business that provides a genuine value proposition to both learner drivers and driving instructors and uses the mechanisms available to us through the internet and mobile technologies to create a real value proposition.

He is a fan of Sir Tom Farmer, as I am, and I had the pleasure of meeting with Sir Farmer and discussing business. Now Michael's advice echoes a lot of what Sir Farmer discussed with my brother, Jamie and I. Having a passion for your business comes through when you meet people like these and I'd recommend everyone follows his advice and uses him as an example.