Business Tips for Every Entrepreneur
I built a successful group of 12 pubs across London, eventually selling the chain for £6.6 million. Along the way I picked up a few lessons. Here are my top tips for any entrepreneur, regardless of sector.
1: Follow Your Instincts…Even When Everyone Says No
When I first wrote up my business plan, I managed to get it in front of the top City analyst for brewing and pubs to review. He sent it back with a note scrawled across the front page: “This project has absolutely no chance of succeeding and I suggest you abandon it immediately.”
But I didn’t. I found a derelict pub and got to work.
The Lesson: Be brave, ambitious, and never give up – especially when the experts tell you it’s impossible.
2: Seize Every Opportunity (Don’t Take No for an Answer)
After my first pub, the Goose & Firkin, took off, opportunities started appearing everywhere. I went for every one of them, even when the odds seemed impossible. I didn’t get every opportunity I chased, but I learned that persistence pays off. “Don’t take no for an answer” became my motto. Sometimes the person saying no today might say yes tomorrow or know someone who will.
The Lesson: Once you have early success, more opportunities present themselves – go for every one.
3: You Don’t Need Your Own Money
I started my business while I was on the dole with absolutely no money. Everything was borrowed – some from friends, bank loans, free trade agreements with brewers, and even a second mortgage. I pieced together funding from multiple sources because no single lender would back the full amount.
The Lesson: Rich parents or personal wealth aren’t prerequisites for entrepreneurship.
4: Hang Onto Your Equity
I’d rather have debt than lots of shareholders. Debt is expensive but temporary; equity is forever. When I sold the Firkin chain, I still owned 90% of the business. That’s why a £6.6 million sale actually put about £3 million in my pocket after paying off all my debts and £1.3m in tax but I had always kept control of my company.
The Lesson: Equity is where the real value lies – guard it jealously.
5: Control the Cash (and Hire People Better Than You)
By 1982, every pub was packed, and we had thousands of loyal customers. Yet we were on the verge of going bust (according to my accountants). I realised I needed a proper finance director and real financial controls.
The Lesson: Busy doesn’t mean guaranteed profit – you need proper financial controls.
6: Delegate and Build Culture Early
Entrepreneurs, by our very nature, are wild cards. We need focusing. That’s where a good network can come in handy. I surrounded myself with professional advisors who kept me on the straight and narrow while letting me maintain the anarchic spirit that made the Firkins special.
The Lesson: Create your culture from day one and hold on to your best people. They contribute to your brand culture and keep you focused.
7: Look After Yourself
I actually fell asleep behind the wheel at traffic lights once because I was brewing at 4am every day while running multiple pubs. I’d become a complete workaholic, and it was dangerous – literally. You can’t make good decisions when you’re exhausted.
I had to learn to take holidays, look after my family, and find balance.
The Lesson: Balance prevents burnout and bad decisions.
8: Plan Your Exit Strategy
I realised I wanted off the merry-go-round one morning when I was stuck in M4 traffic, contemplating another week of meetings with lawyers and union officials.
I could see changes coming to the industry – big brewers were about to be forced by the government to sell thousands of their tied houses, creating chaos in the sector. And I was getting tired of it all. It stopped being as much fun and had become more about meetings and bureaucracy. It was time to go.
The Lesson: The best time to sell is when you’re still successful, not when you’re struggling – quit while you’re ahead.
9: Inspire and Educate Others
Even while building the business, I was speaking to MBA students and sharing what I’d learned. Later, I wrote books and started a charitable trust. Sharing knowledge builds your reputation, expands your network, and often leads to unexpected opportunities. Teaching others also forces you to clarify your own thinking.
The Lesson: Give back to the community and industry.
10: Have Fun (Be a Rebel)
I was a rebel and a maverick, and that attracted attention. We did things differently and we had genuine fun building something unique. If you’re not enjoying the journey, check the chemistry. Maybe it’s the wrong business, wrong partners, or wrong approach. Life’s too short to spend it building something you hate.
The Lesson: If you hate it, something’s probably wrong.
The Thread That Connects Everything
Looking back, these lessons all connect to a central truth: plans and credentials are good, but spotting opportunities, having the courage to act, and adapting as you go are all essential.
Start with what you have, not what you think you need. Surround yourself with people smarter than you. Be persistent and fight the bureaucracy. And above all, have some fun along the way.
If you’re going to fail, at least fail doing something interesting. But if you follow these lessons, you might just succeed spectacularly instead.
ABOUT THE AUTHOR:
David Bruce OBE has enjoyed an extraordinary career as both an international entrepreneur and a philanthropist. After his early days in the world of beer at Courage and Theakston breweries, David struck out on his own, founding the eponymous Bruce’s Brewery and the first of its Firkin pubs in 1979. Following their sale in 1988, David not only co-founded and invested in several craft breweries across the globe, but also eleven new pub companies in the UK, as well as developing the Slug & Lettuce chain of bars. He also created The Bruce Trust and The Bruce Foundation to provide respectively canal and motorhome holidays for disabled, disadvantaged, or elderly. David was awarded an OBE in 2021 for his services to charity. His memoir, ‘The Firkin Saga: Brewing up entrepreneurial adventures and pioneering tales with the Prince of Ales’ is available from Amazon and all good bookshops. www.david-bruce.com