Steven Bartlett is known as one of the most successful stories of early self-made millionaires and is an inspiration to entrepreneurs. When he was 18, he realized attending classes at Manchester Metropolitan University in England was not for him. Instead, he decided to become an entrepreneur.
Bartlett is now known for his social media marketing agency, Social Chain, which he built into a business worth $382 million. He once admitted that his drive to become a millionaire from a university dropout was rooted in his trying to prove that he could be successful with or without a degree. But how did he do this? Take a closer look.
Building Social Chain
Bartlett has often admitted that he didn’t have a set plan, but this worked in his favor. In an interview with AFROTECH, he said, “When I first started out, I didn’t have any business qualifications, mentors, or a solid plan. Everything I’ve done has been a series of experiments that led to valuable lessons.”
Social Chain, a social media marketing agency, was founded by Bartlett and his partner, Dom McGregor. His focus was to understand the behavior of young people on social media and use this to connect a brand with its audience. They started with their first client, a gaming app called Tippy Tap. It was a great success and even made the BBC headlines. Later on, Social Chain worked with brands like Spotify, Comedy Central, Microsoft, 20th Century Fox, Puma and P&G.
Embracing Risk and Learning From Mistakes
One of the ways Bartlett became a millionaire was to take calculated risks. From the moment he dropped out of university and founded his company, he has been taking risks. He also had to prove to himself, his friends, and his family that he was not wrong about dropping out of university.
Even after Social Chain, he made different investments and co-founded companies like ThirdWeb. All of these risks were his. Although he has admitted that he has also made mistakes and failed, he advises that you should “fail fast.”
As an entrepreneur, risk is something you have to consider often. It involves taking action, regardless of the potential loss. But it’s best to navigate this uncertainty and take calculated risks instead of jumping in without forethought.
Diversifying Interests and Investments
It’s essential to let your money work for you in the entrepreneurship journey. No matter how small, you should start investing in worthy companies while running yours. Bartlett has investments in over 40 companies, which include Zoe, Whoop, and Huel.
Bartlett has admitted that he focuses on the people behind a company when choosing one to invest in. He said, “If the founders don’t 100% believe in their own product, neither myself nor the potential customer will either.” He also invests in spaces that match his interests.
It’s essential to invest in different companies and securities while keeping your mind open to different opportunities. Using trading and research tools like the TradingView app can help entrepreneurs on their trading journey. Tools like these are invaluable for modern entrepreneurs and investors looking to track market trends, analyze financial data, and make informed investment decisions.
Leveraging Social Media
Another lesson you can learn from Bartlett’s entrepreneurship is to take advantage of social media. He focused on leveraging social media and overcoming a fear of being seen. Bartlett prioritizes social media and has a team to help him stay current with changing digital trends and social media algorithms.
Entrepreneurs can use social media to attract new customers and build trust in their brand. It can also grow your market overseas and is an excellent way to advertise and sell your products or services. Plus, you can use it to collect feedback and drive traffic to your website.
Working With a Strong Team
Steven Bartlett is known for having a robust and dedicated team. He focuses on creating a workplace culture that empowers employees. His advice? Build the right company culture from the start. Even if your business has three employees, you should implement the right company culture and adapt a hiring strategy.
As an entrepreneur, you should build a strong team that can help you build your business. It’s essential to be clear on your strengths, working style, and preferences so that the team can complement your efforts. Look for factors like values, vision, communication, personality, experience, and adaptability.
Networking and Mentorship
Steve Bartlett’s advice has always focused on networking and making friends. He has said that “effective communication, intentional networking, and fostering meaningful connections” are crucial for building a business.
Entrepreneurs should consider the importance of networking and being bold. Networking can provide access to opportunities, new ideas, professional connections, career advice, and valuable information. Additionally, having a mentor to guide you through business growth can help immensely.
The Importance of Starting Today
Whether you’re eighteen like Steven Bartlett was or much older, it’s never too late to start as an entrepreneur. Once he had a vision for his social media marketing company, he pursued it and took the necessary risks without hesitation. So, remember that it’s important to take risks and diversify your investments, allowing your money to work for you. Business owners should also take advantage of social media and focus on the right factors when building a team. By adapting Bartlett’s insights, you can gain the edge in starting your own business.
Also Read: From Startup to Stability: Financial Planning for New Entrepreneurs
