It’s important to clearly define the purpose of a startup or existing business, as it provides a clear direction for the team and helps measure progress.

A purpose is different from a goal or ambition, as it provides a clear and measurable objective that can be achieved within a specific timeframe.

Purpose, plan and action link together and you can't start with the action. If these boxes are defined, everyone could articulate them.

Product obsession is overshadowing other important factors in business, such as branding and emotional connections with customers. There's nothing unique, and if it is, then it won't be for long.

The emphasis should be on other things: brand. Brands should start with personality, not just product features.

Distribution is key to success, prioritising over product and brand.

Most people start talking about the product, instead of starting with “you know how”, then you've got a viable business.

Then go on with “what we do”. The first thing is that what you're doing is a good thing, the second thing is what you are doing is answering a problem.

It’s important to clearly define who you are doing it for.

There's a natural thing in people – the investors want to know it, whatever that is.

The next thing is you've been taught some skills: so you build on the natural talent with some skills that you've been taught.

But the real thing that matters is the mindset, being able to cope with the ups and downs.

Get a sherpa: get people who've been there. They can be a non-exec or an advisor, but have somebody around who knows what it's like to be in this business situation.

Large groups of people, which provide events, education and facilities for successful distribution, are better for business networking than individuals.

You have to attend as many events as you can, it’s like matchmaking or speed dating. Talk to anyone about your business.

You could build your brand with AI in an hour, but it's about prompts. AI would do the start point, and then you can craft it. So you don't need an agency, you can do it yourself as long as you are clear on what you are.

Peter Wilcock emphasised the importance of perseverance in business, encouraging the audience to keep going despite challenges.