[New] Turning great ideas into great businesses

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Robert set up the annual Lord-Lieutenant’s Entrepreneurs Challenge in 2019. He explains the thinking behind the competition and why it is attracting increasing interest.

“The Lord-Lieutenant’s Entrepreneurs Challenge provides an ideal forum for new and young businesses to promote themselves at the Hertfordshire County Show. The winner receives thousands of pounds worth of financial, legal, marketing and branding advice.”

Turning a concept into a profitable firm

Often young entrepreneurs have fantastic ideas but their vision is lost because they have no idea how to take it to market. The concept may be fabulous but when it comes to staffing, business plans, funding and marketing – the skills sets are just not present.

This is where the Entrepreneur Challenge support system comes into its own. Advice is provided by those who have succeeded in business but who have also learned from making mistakes along the way.

The Lord-Lieutenant’s Entrepreneurs Challenge continues to attract entrants from a broad range of businesses from soap manufacturers and micro-breweries to a range of service providers.

“I have noticed when young companies have a chance to present at the County Show, that potential investors are impressed and make contact with them afterwards. It is not only the eventual winner that benefits,” Robert says.

“Any successful entrepreneur will tell you that you have to listen to those with experience.

The Lord-Lieutenant’s Entrepreneurs Challenge provides all entrants not only with an opportunity to impress potential backers but also receive guidance from well-established and respected business people.”

Hertfordshire has a population of around 1.2 million people and around 100,000 business of which about 96% are SMEs. As Robert explains they have all had to start from somewhere and there is a real duty to support the next crop of great new ideas coming through.

UK backing for exiting start-ups?

He believes the UK is generally more supportive of entrepreneurs now than ever before. The idea that we are light years behind the US in terms of backing fledgling companies may have been true a couple of decades ago, but not now.

Robert believes the gap between the US and UK has closed significantly in recent years. “Would the likes of Mark Zuckerberg have succeeded getting a business off the ground in the UK – probably not, as there was too much of the ‘old boys network’ then but things have changed a lot on these shores since.”

He points to entrepreneurial hubs that have been set up both nationally and locally (for instance an Enterprise Zone at Hertfordshire University).

“There are also local hot-desking hubs, Robert says, “so rather than working from a front room or garage, entrepreneurs can use offices in creative hubs where there is the opportunity to cross-fertilise ideas.”

There is plenty to be positive about judging by the growing numbers signing up to The Lord-Lieutenant’s Entrepreneurs Challenge and the prominence it now has at the County Show. “The important thing is to encourage those with great ideas that they can make a success of things – they just need a bit of advice and support to guide them on their way,” Robert concludes.

To find out more about the Lord Lieutenant of Hertfordshire’s Entrepreneurs Challenge, join us at the January Chamber Lunch, sponsored by Xpertex, on Thursday 19th January 2023 taking place at Brocket Hall, Welwyn.

2023 Entrepreneur Foundation Recruitment

Are you an ambitious entrepreneur looking to scale your business to the next level? The Chamber are now recruiting for their third cohort of Hertfordshire based Entrepreneurs for their Foundation.

A great initiative launched by Herts Chamber has been designed to nurture and grow a new network of enterprising individuals, offering a two-year initiative of mentoring, training, and support.

If you want your business to thrive, please contact the Chamber at AmyRich@hertschamber.com for application forms and more information.

Applications close on Friday 10th February 2023