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Thommy Stenvik shares his best advice for young entrepreneurs

November 18, 2021

He’s built two successful companies with millions in revenue in Norway. Now the electricity entrepreneur Thommy Stenvik wants to share his experience with other young entrepreneurs.

Thommy Stenvik is a Swedish entrepreneur who has had enormous success in the Norwegian market. In the last three years alone, he has started two electricity companies that today have a turnover of millions in kroner, and which supply electricity to thousands of satisfied customers across Norway. Stenvik Power Group has recently entered Sweden, and is also in the establishment phase in the Finnish market.

What do you want to tell today’s young entrepreneurs?

– I can say with confidence that it’s not an easy matter to be an entrepreneur. When I came to Norway 15 years ago, I had nothing. I had no capital, and I had no network. But I had a strong drive and I was willing to work day and night. I also had an incredible amount of faith in myself! If you have that, you can succeed at almost anything, says Thommy Stenvik.

Entrepreneur Thommy Stenvik of Stenvik Power Group shares 6 tips that he believes are most important for success as an entrepreneur.

1. Build a network

You need to get in touch with the right people who can open the right doors. A good network is the alpha and omega, no matter how good your business plan is. You have to be where it happens, you have to go to events and introduce yourself to people who want to help. Be ready to deliver your idea in an elevator pitch – this has to stick, so it’s important that you prepare well in advance.

Remember to always ask if you can contribute something in return.

2. Do your research

Before you pitch your idea, you need to map out if there are existing products or services on the market. You also need to find out if there is a market for your service or product, and if there is interest and willingness to pay. 

If your idea is redundant, you should consider starting over.

3. Build a solid team

Your team should be in place from the start. The more discussions and perspectives you have from the beginning, the better. Remember that the team works best with a set leader who ensures that everyone works towards the same goal and vision. 

Also remember that a good leader is completely dependent on having a good team around him. The people on the team should inspire each other, challenge each other and believe in each other.

4. Create a detailed business plan

Write down the main goal of the business, describe who the target group should be and include numbers and facts. Compare your company with competing companies through numbers and graphs. 

The business plan must also have a good and realistic budget that is made on the basis of activities and costs. Also set up sales forecasts for the first year.

How to make money is the core of the business, and this part of the business plan should be the most important. There must be absolute clarity in how to make money, how to pay yourself and how to manage your finances.

5. Find an investor

Once the business plan is ready and you can deliver a compelling elevator pitch, it’s time to find the right investors who can contribute capital and expertise. Find potential investors in your network, or by researching online and getting in touch. 

You can also apply for start-up capital as well.

6. Never give up

This is perhaps the most important of all the points – you must never give up! Never lose faith in yourself or your idea, and persevere even if you face adversity. 

Show everyone that you have the will and strength to carry it out, and that you have the ability to motivate others around you.

– Good luck!

Click here for further reading about Thommy Stenvik

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