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

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.