Why entrepreneurs need to stay focused

We have published some essential features and interviews this week that offer a unique insight into leadership, the UK economy and the reasons for business success and failure. 

First, make sure you check out Tom Beahon’s new column. The co-founder of sportswear brand Castore has written about the importance of entrepreneurs staying focused.

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He says: “The single biggest lesson I have learnt throughout our journey so far is the importance of keeping the Main Thing the Main Thing: what is the single factor that makes your business special and different from anyone else – and that makes customers choose you? In its purest form, it is what made you start the company in the first place. Understanding this, and remembering it, is a true superpower for all entrepreneurs. 

“This can be incredibly difficult, particularly for fast-growth scale-ups. The array of stakeholders you manage grows exponentially, from banks and investors to suppliers and customers, your team internally, the media and of course yourself. If you are not coming into the office excited every day about what you are building, it is unlikely anyone else will be. Each stakeholder has different priorities and managing them all can be incredibly complex, but that is exactly what great leaders do – and they do this while maintaining a laser focus on the overarching mission.” 

The column is a rare chance to hear the founder of one of the UK’s fastest-growing companies speaking candidly. You can find the column in full here. 

Second, do listen to Dougal Shaw’s interview with Fraser Smeaton, the co-founder and chief executive of MorphCostumes. This interview features in our latest podcast episode and is the story of how a quirky side hustle became a successful business – but then ran into big trouble.  

Smeaton explains how he had to make half of the company’s employees redundant as growth slowed and new rivals undercut MorphCostumes with cheaper alternatives. “We hired in hope rather than with a plan,” he says at one point. Now, however, MorphCostumes has fought back and is generating more than £40m in annual revenue. 

You can listen to the podcast episode here. 

Finally, Chris Maguire, our Northern correspondent, has spoken to the mayor of Greater Manchester Andy Burnham about why devolution matters so much for the economy and businesses. “This is as exciting as it gets for Greater Manchester given that we’ve blazed this trail,” Burnham says. “This devolution journey is tangible here. People can see the changes. They can see the growth in our economy. We have been growing faster than the UK economy for some years now.” 

The interview also covers how Burnham thinks about leadership and his views on Sir Keir Starmer, the prime minister. “I’ve got to know Keir across the years,” he says. “I got to know somebody who is very clear-eyed on decision-making. He takes his time, considers things but makes very clear decisions [and] doesn’t fudge things. He’s someone who has been used to office. I always had a feeling that he would, more than anybody before him, look like a prime minister from day one. The minute that he entered Downing Street, he looked like the PM.” 

You can find that interview here. 

What you need to know this week

1. The UK economy unexpectedly contracted by 0.1 per cent in October – its second consecutive fall and marking a blow for Labour’s promise to boost growth. The data suggests the economy was shrinking even before the Budget on October 30. Business leaders are still concerned about the impact that could have on growth, with Currys boss Alex Baldock warning about price rises. You can read more here.

2. Google has released a more advanced version of its Gemini artificial intelligence model as it looks to rival OpenAI, Meta and Apple in bringing assistants powered by the technology to consumers. The company unveiled its vision of two AI agents powered by the new model that can answer real-time queries across text, video and audio. Separately, Apple rolled out an update to its operating system that gives iPhone users free access to OpenAI’s ChatGPT. Read more about Gemini 2.0 here and find the challenge online here.