Betfair founder Ed Wray's top tips for entrepreneurs

In his keynote at the London Entrepreneurial Exchange autumn meeting, entrepreneur-turned-angel Ed Wray had a few tips for his enterprising audience. 'Don't just look at market share,' he advised. 'Look at relative market share. If you have 55% of a market, that's great. But if your nearest competitor has 45%, you're in a dogfight. If you have 20% and your closest rival has 2%, you're in a much stronger position.'

by Rebecca Burn-Callander

Wray, who co-founded Betfair with Andrew Black in 2000, knows a thing or two about running successful businesses. Over the last 12 years, he has grown Betfair to become the world's largest internet betting exchange. The secret to his success? 'Never get complacent,' he said. 'If you do, pretty soon that guy in your rear-view mirror will be right behind you, and then speeding off in front.'

His second tip for the assembled entrepreneurs: 'Experiment, iterate fast and tweak constantly,' he said. 'Try something and if it works, great. If not, go again. If you're not making any mistakes you're not trying hard enough. And never believe people who tell you 'it's too early to tell'. If anyone gives you that line, tell them, 'That's absolute rubbish. If it was going really well, you'd tell me.''

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