Since his debut on Dragons’ Den, Steven Bartlett has experienced a meteoric rise to fame, becoming a household name and a trusted authority on all things business. At the launch of Vodafone Pulse Connect, Bartlett spoke as part of a panel hosted by Emma Jones, founder of Enterprise Nation, discussing the state of the economy and offering tips on how he manages his businesses. Here are just a few of the insights he shared.
1. The First Principles Approach: Bartlett highly values the first principles approach, whereby one can deduce a basic assumption no further. According to him, having the right mindset and tools in place is crucial when dealing with change in any business landscape. He suggests that honest conversations and prompt changes to one’s business can help ensure success. This radical first principles approach can be applied to any challenge in life, not just business. Bartlett believes that by adopting this philosophy, we can create better solutions than simply accepting conventional answers.
2. The 1% Philosophy: Bartlett and his team regularly strive for 1% improvements in their operations, whether saving £1, saving one minute, or achieving one more view. He admits that it may sound unpleasant but argues that this philosophy makes life more controllable, especially in turbulent times. He believes that focusing on what you can control is beneficial for one’s mental health.
3. Experimentation: Bartlett encourages entrepreneurs to experiment and to focus on incrementally improving their businesses. He believes that by increasing the rate of experimentation and incentivising failure, teams can make faster progress. Bartlett routinely reviews experiments conducted by his team and uses data to inform decision-making.
4. Knowing Your Numbers: Bartlett stresses that in order to successfully experiment, entrepreneurs must know their numbers. Without measuring results, it is difficult to determine the success of any experiment. Bartlett has used experimentation and data to inform changes to his YouTube channel, which has led to a significant increase in subscriptions.
5. Quality Sleep: Bartlett has learned that getting a good night’s sleep is crucial for being at his best. He recommends adopting healthy sleep habits such as avoiding caffeine after 2pm and thinking about diet before sleep. Tracking his sleep helped him learn that muscle restoration happens during stage three of sleep, while mental restoration occurs during stage four. With quality sleep, Bartlett can perform at his best.
6. Letting Your Stage Guide Your Focus: Bartlett believes that focusing on different things at different stages of your business is essential. He suggests focusing on the things you’re good at, and outsourcing tasks that are not your strength when possible. He is now at a stage where he can focus solely on what he’s good at, leaving tasks such as finance and website management to others.
In conclusion, Bartlett believes that adopting a radical first principles approach, striving for 1% improvements, incentivising experimentation and failure, understanding one’s numbers, getting quality sleep, and focusing on where you are in your business journey are key to achieving success. By following these principles, one can improve their mindset, increase efficiency, and boost overall performance.