Five Key Lessons I Learnt Whilst Building My Business

This article originally appeared in the January/February 2019 issue of Gatwick Diamond Business' The Source Magazine.

Some people make setting up a business seem easy, but that's rarely the case.

Nixplay Signage CEO Mark Palfreeman founded Nixplay Signage to provide accessible digital signage solutions for businesses, based on his experiences in developing digital photo frames. We asked Mark for advice he would give his younger self. Here are the key lessons he would give to his younger self and what he thinks entrepreneurs should keep in mind:

1. Do Adequate and Honest Research.

Too often an entrepreneur will try to make the market fit their big idea or do no research at all. You’ll have to be intellectually creative if there is no market data supporting your new product or service, but it possibly means you've got a novel idea.

2. An Idea is Neither a Product nor a Business.

An idea is hard to test with friends, family, and potential customers if it’s merely in your head. The feedback and constructive criticism from your peers will be much more productive if you specify and condense your business concepts to solicit better feedback.

3. Build a Great Team.

Your job as a leader is to help craft a culture where the customer is at the apex and all the great qualities your team possesses are brought to bear service to the customer. Your customers provide the resources to reward your team and stakeholders, not you.

4. Let Your Instincts Fill in the Blanks.

There will be times when you are ill-equipped to make a well-informed decision, but a decision must be made. Learn to trust your mind and your instincts to become a more formidable decision-making machine.

5. Put Your Customers First.

Your customers can provide long-term resources that your business requires. Find them, listen to them, and care for them.

Learn more about Mark Palfreeman and Nixplay Signage by reading CIOReview's 2018 Audiovisual special. Nixplay Signage offers a digital signage solution that can be used right out of the box. Get in touch with a member of the dedicated Nixplay team at sales@nixplaysignage.com to learn more.