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Founder’s Stories: Best business advice series

Joel Watson

Richard Lloyd, founder of social travelling app MileHi, speaks to Hot Topics about the best business advice he's received.

Who dares wins: from its SAS origins, to its use by Del Boy in Only Fools and Horses, it’s been a motto, bordering on cliché for a number of years.

However, for some entrepreneurs, it still holds true, and Richard Lloyd says it’s the best business advice he’s been given.

Lloyd has certainly taken a bold approach as he founded MileHi, a social app designed to put airport travellers in touch with one another in a specialized social network.

So far he’s bootstrapped MileHi with his own funding before seeking investment later in the development process, and he hopes that the mitigated risks will see him achieve more funding than he would have done had he pitched his idea to investors in its current form.

What’s the best business advice he’s been given as an entrepreneur? “Be persistent.” He says “You’ve absolutely got to go for it.” If you combine some ambition with a good work ethic there’s no reason why you can’t create the next big thing.

MileHi is Lloyd’s first entrepreneurial venture; his background is in headhunting and team building, a skill which will be a fundamental part of running his own startup.

He says he knows a lot of people who’ve had great ideas who’ve never acted on them. “If I had a quid every time a friend of mine said they wish they’d done something, I think I’d be a bit more wealthy than I am.”

MileHi is the latest in a line of verticalized professional networks that focus in on one demographic or sector.

There are a number of social and professional media platforms that have managed to succeed despite the seeming omnipresence of Facebook, Twitter and LinkedIn.

Academia, Doximity and EyeEm have all thrived as specialized networks in the shadow of the social media giants, and Lloyd is hoping the same can be true for business and leisure travel.

To hear more about what Lloyd had to say, as well as his best business advice, watch the video above.