We never had any formal training as such. Instead, we opted to dive straight into things and learned from our failures along the way – something that is still a frequent occurrence. We were extremely lucky to bring on board an excellent team of advisers and investors early on and they helped with the knowledge required to run, manage and grow a business.
However, there is a clear information gap here. Current resources are clunky and ineffective to the point that a collection of our investors are working to change this with a new app for entrepreneurs that they are launching later this year.
With regards to learning about money, there was a large part of naivety on our side. We believed that navigating HMRC and Companies House couldn’t be that tricky. After a few stern letters from HMRC, we realised that was far from the case.
Ultimately, however, all this expense could have been avoided if there was an effective way to educate new business owners. HMRC have tried to address this but their help emails etc are far from sufficient.