Business Advice
Every entrepreneur needs these business tips
By David Bruce OBE, founder of Bruce’s Brewery and the Firkin pubs and author of ‘The Firkin Saga: Brewing up entrepreneurial adventures and pioneering tales with the Prince of Ales’
When I realised university wasn’t happening, I had to choose between apprenticeships at Courage brewery or Shell oil. I chose brewing because it sounded much more fun with its pubs and breweries than petrol stations and oil refineries. It was the best move I ever made, setting me up for life as an entrepreneur. That two-year training program gave me everything I needed: whisky blending, wine importing, accountancy, pub management, and most importantly, genuine empathy with employees. I understood every aspect of the pub business because I’d done every job myself. Without that grounding I would not have built a successful group of 12 pubs across London, eventually selling the chain for £6.6 million.
One of the most important tips I can pass on to anyone starting a new business is to get proper training and experience in your chosen field. But I picked up a few other lessons between finding a derelict pub and selling my chain. Here’s a top ten for you:
1: Follow Your Instincts…Even When Everyone Says No
When I first wrote up my business plan, I managed to get it in front of the top City analyst for brewing and pubs to review. He sent it back with a note scrawled across the front page: “This project has absolutely no chance of succeeding and I suggest you abandon it immediately.”
But I didn’t. I went to work on that derelict pub, my instinct and bloody-minded determination overruling “expert” advice. Perhaps it was a bit arrogant to assume I could do better where others had failed—every pub I took on was a failed big brewers’ pub—but sometimes arrogance is exactly what you need.
At every single step, someone tried to stop me. Licensing authorities, health inspectors, big brewers, local councils – they all had reasons why it wouldn’t work. The bureaucracy was relentless, but I’d learned something crucial: if you’re doing something genuinely new, resistance is inevitable.
The Lesson: Be brave, ambitious, and never give up – especially when the experts tell you it’s impossible.
2: Seize Every Opportunity (Don’t Take No for an Answer)
After my first pub, the Goose & Firkin, took off, opportunities started appearing everywhere. I went for every one of them, even when the odds seemed impossible. I didn’t get every opportunity I chased, but I learned that persistence pays off. “Don’t take no for an answer” became my motto. Sometimes the person saying no today might say yes tomorrow or know someone who will.
The Lesson: Once you have early success, more opportunities present themselves – go for every one.
3: You Don’t Need Your Own Money
I started my business while I was on the dole with absolutely no money. Everything was borrowed – some from friends, bank loans, free trade agreements with brewers, and even a second mortgage. I pieced together funding from multiple sources because no single lender would back the full amount.
The beauty of having no money is that it forces creativity. Since you can’t solve your problems by throwing cash at them, you find better solutions. Some of my best innovations came from having no budget. From the church pews I found in junk shops to the honky-tonk piano ─ all these ramshackle items became part of the charm that developed into the Firkin brand.
The Lesson: Rich parents or personal wealth aren’t prerequisites for entrepreneurship.
4: Hang Onto Your Equity
I’d rather have debt than lots of shareholders. Debt is expensive but temporary; equity is forever. When I sold the Firkin chain, I still owned 90% of the business. That’s why a £6.6 million sale actually put about £3 million in my pocket after paying off all my debts and £1.3m in tax but I had always kept control of my company.
Early on, various investors wanted to buy stakes in the business, often for ridiculously low amounts. I turned them all down, preferring to borrow money at high interest rates rather than sell equity cheaply.
The Lesson: Equity is where the real value lies – guard it jealously.
5: Control the Cash (and Hire People Better Than You)
By 1982, every pub was packed, and we had thousands of loyal customers. Yet we were on the verge of going bust (according to my accountants). I was so focused on creating great pubs that I’d completely ignored the finances. High sales don’t automatically mean profit – a lesson that nearly cost me everything. I realised I needed a proper finance director and real financial controls.
Having failed maths O-level five times, I clearly wasn’t the ideal candidate for managing the numbers. So, I found someone who was, we gained control of our cashflow and turned a nearly bankrupt business into a thriving empire.
The Lesson: Busy doesn’t mean guaranteed profit – you need proper financial controls.
6: Delegate and Build Culture Early
I put my stamp on the business from the very beginning. While each pub had its own character, they all shared the same irreverent, fun-loving culture. I built a team of loyal people who could handle every aspect of the business, from brewing to pub management to bookkeeping. We paid good wages and looked after our staff to encourage them to stick around, helping to keep a consistent culture going.
Entrepreneurs, by our very nature, are wild cards. We need focusing. That’s where a good network can come in handy. I surrounded myself with professional advisors who kept me on the straight and narrow while letting me maintain the anarchic spirit that made the Firkins special.
The Lesson: Create your culture from day one and hold on to your best people. They contribute to your brand culture and keep you focused.
7: Look After Yourself
I actually fell asleep behind the wheel at traffic lights once because I was brewing at 4am every day while running multiple pubs. I’d become a complete workaholic, and it was dangerous – literally. You can’t make good decisions when you’re exhausted.
I had to learn to take holidays, look after my family, and find balance. Running became my stress relief, and we bought a cottage in Wales where I could escape the madness and think clearly about the business.
The Lesson: Balance prevents burnout and bad decisions.
I always had the phrase “flog it or float it” in the back of my mind ─ sell the business or float it on the stock exchange. But it’s all about timing. You don’t want to hold on for too long and let the spark die out.
I realised I wanted off the merry-go-round one morning when I was stuck in M4 traffic, contemplating another week of meetings with lawyers and union officials.
I could see changes coming to the industry – big brewers were about to be forced by the government to sell thousands of their tied houses, creating chaos in the sector. And I was getting tired of it all. It stopped being as much fun and had become more about meetings and bureaucracy. It was time to flog it or float it.
The Lesson: The best time to sell is when you’re still successful, not when you’re struggling – quit while you’re ahead.
Even while building the business, I was speaking to MBA students and sharing what I’d learned. Later, I wrote books and started a charitable trust –it was important to me to give back, whether through sharing my knowledge and experience or finding ways to use some of my hard-earned money for public good.
Sharing knowledge builds your reputation, expands your network, and often leads to unexpected opportunities. Teaching others also forces you to clarify your own thinking.
The Lesson: Give back to the community and industry.
I was a rebel and a maverick, and that attracted attention. We did things differently – the awful puns, the irreverent atmosphere, what one industry director called our “professional standard of amateurism.” We savoured the special moments and had genuine fun building something unique.
If you’re not enjoying the journey, check the chemistry. Maybe it’s the wrong business, wrong partners, or wrong approach. Life’s too short to spend it building something you hate.
The Lesson: If you hate it, something’s probably wrong.
The Thread That Connects Everything
Looking back, these lessons all connect to a central truth: plans and credentials are good, but spotting opportunities, having the courage to act, and adapting as you go are all essential.
Start with what you have, not what you think you need. Surround yourself with people smarter than you. Be persistent and fight the bureaucracy. And above all, have some fun along the way.
If you’re going to fail, at least fail doing something interesting. But if you follow these lessons, you might just succeed spectacularly instead.
ABOUT THE AUTHOR
David Bruce OBE has enjoyed an extraordinary career as both an international entrepreneur and a philanthropist. After his early days in the world of beer at Courage and Theakston breweries, David struck out on his own, founding the eponymous Bruce’s Brewery and the first of its Firkin pubs in 1979. Following their sale in 1988, David not only co-founded and invested in several craft breweries across the globe, but also eleven new pub companies in the UK, as well as developing the Slug & Lettuce chain of bars. He also created The Bruce Trust and The Bruce Foundation to provide respectively canal and motorhome holidays for disabled, disadvantaged, or elderly. David was awarded an OBE in 2021 for his services to charity. His memoir, ‘The Firkin Saga: Brewing up entrepreneurial adventures and pioneering tales with the Prince of Ales’ is available from Amazon and all good bookshops. www.david-bruce.com
Sponsors
