Before last year, if the world had a magic crystal ball that could see into the future, I doubt many would have chosen 2020 to launch a new business. I don’t need to remind anyone of the immense human and financial impact the pandemic has caused across the globe, so on the surface you would think it would be better to be more conservative.
As it turns out, 2020 ended up being a great year to launch a start-up business. As history has often shown, out of the ashes of a recession often emerges the green shoots of new businesses formed by the minds of ambitious and forward-thinking groups or people ready to push humanity forward. Change is needed to progress as a species, and new ways of working, new technologies and new ideas, often embraced by start-ups, provide the impetus for change.
Cox Automotive is a business that doesn’t like to stand still. We are forward-thinking and ambitious, always ensuring we are at the very forefront of the automotive industry and best placed to help our customers overcome challenges and realise opportunities.
With that in mind, I was extremely excited to launch Manheim Express in Germany on 15th June last year, a new digital business with an ambition to transform online trade-to-trade auctions in Europe. Now a year on, and with many lessons learnt along the way, I’d like to share some of my experiences in the hopes that I can help anyone who also might consider taking a leap of faith and starting a new business themselves.
1) Be adaptable
Running a start-up means you are often living in a world of tension. You may find yourself challenging norms which can lead to people questioning your ideas. When this happens, it’s important to have absolute belief in your idea, but also be willing to adapt as you go. There will inevitably be unexpected challenges along the way, so being agile while sticking to your core vision will be necessary.
2) Believe in your vision
There will be ups and downs along the way, so it’s important to realise that one bad week is not a bad thing. Instead, see difficult periods of time as an opportunity to learn something that will ultimately better your business. When you look back, a bad month will just be small blip in your overall progress.
3) Motivate your people
Your people are your greatest asset. Learn to understand who is helping you towards your vision, but most importantly be there for them as a leader. Keep a positive mindset and outlook and your people will also be motivated to achieve the same goals. At the same time, be prepared to lose people on the journey. Some people will not share your vision and that’s ok. Having a cohesive team is especially important to a business in its early days.
4) Be ambitious
One of my favourite sayings is ‘shoot for the moon, if you miss you will be among the stars’. This perfectly encapsulates the mindset that is needed to build a successful start-up. Don’t be afraid to challenge norms - as a species we would never get anywhere if we always did things the same way.
5) Accept your vulnerabilities
Choosing the path of a leader requires strength, but your powers are not endless. Don’t be afraid to make mistakes and most importantly don’t be afraid to take breaks. Everyone needs to recharge their batteries once in a while and your business will be all the better for it in the long run. Plus, if you’ve surrounded yourself with the right people then they will be there to help when you need to take a break.
6) Dare to leap
Be bold and be prepared to take leaps of faith. While you’re still small, do the things that your competition isn’t prepared to do. Making the move now will make you a more competitive company in the future versus one that needs to reinvent itself at scale. For Manheim Express, AI and Fintech integration are just two ways we’ve done this.
7) Stay connected
The connections we make throughout life help us to progress faster. With this in mind, stay connected to your team, your customers, but most importantly the outside world. During difficult times the people you connect with will lift you up and your customers will be a constant source of inspiration. Never stop exploring new things – you never know where the next spark for a great idea will come from.
Manheim Express is a digital auction app for dealer-to-dealer transactions in continental Europe. The platform redefines the meaning of ease and convenience for dealers with stock to trade and forecourt spaces to fill. To learn more, visit our website.