100 Great Business Ideas: From Leading Companies Around the World (100 Great Ideas)

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100 GREAT BUSINESS IDEAS • 41

luxury” hotel in central London, he commented, “The Hoxton is an
experiment. We’ll see if it works. There’ll be things that we need to
change, and we’ll listen to our customers if we need to do so.”


In practice



  • When starting a new business, do not expect to achieve a fl awless
    formula instantly. No matter how much abstract preparation is
    done beforehand, there will always be lessons that can only be
    learned on the “shop fl oor.”

  • Do not be discouraged when problems are encountered. View
    them not as obstacles or failures but as invaluable opportunities
    for learning. Analyze why they occurred, their signifi cance, and
    their impact.

  • Be prepared to make drastic changes to your business. Although
    it can be tempting to hold onto a particular formula, it may have
    to be altered, or in extreme cases discarded, for a more profi table
    alternative.

  • Combine abstract learning with hands-on experience. The two
    concepts do not have to be mutually exclusive.

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