One of the main things I have come to terms with since I exited my business three years ago is that being a successful entrepreneur doesn’t qualify you for much.

I’ve tried countless things over the past two years - investing in a lingerie business, TV presenting for Sky, even at one stage advising government on economic policy (look where that got us!). I finally realised I had two reasonably marketable skills - spotting opportunities in food, and going for it. So I have gone back to my roots and started over, investing in a small dairy-free business called Bessant & Drury’s, which makes ice cream from coconut milk.

In some ways, success the second time around is more important. I’m tired of being called Mr Gü and yearn for a new title. Mr Coconuts? Lots of people doubt whether I can do it again, (and I suspect I’d give them some satisfaction if I did screw up) but I want to prove them wrong. I’ve always thought a relentless determination to defy the odds is one of the key hallmarks of an entrepreneur. So here I am, back on the road, sourcing ingredients, doing deals with manufacturers, meeting buyers and building a new team. I’m applying the same principles to the new business that worked for Gü. I think they work in any business:

  • Start with a great product: Being obsessive and fanatical about your product is a must. It’s a lifelong mission and if you take your foot off the gas at any time, things can go pear-shaped.
  • Stand out from the crowd: Working out what’s really different about your product and really shouting about it in your branding and packaging is critical.
  • Get people talking: Buzz doesn’t just happen, it’s about getting opinion-formers on your side. and works amazingly if your idea starts trending - i If you haven’t got good PR skills, hire them in.
  • Be seen in the right places: Seeding your product at the outset is key to creating a desirable brand. That’s why the upmarket independents play such a key role in a brand’s early development. Remember the old saying you are judged by the company you keep - it applies to brands too.
  • Treat your customers like royalty: It doesn’t mean being sycophantic, just being very focused on improving your customers’ experience.
  • Get a fantastic team around you: When I think back to the people who really made a difference at Gü they were all smart, optimistic, trustworthy and relentlessly ambitious. And make it fun: when work becomes part of people’s social lives, everyone starts enjoying coming to the office and good results follow.