Mel Morris, a self-made entrepreneur who left school at the age of 16, has a diverse range of business interests. From his early investments in the popular online game Candy Crush to ventures in online dating and his role as chairman of Derby County Football Club, he has established himself as a notable figure in the business world. Recently, as a co-founder of Corpora.ai, an innovative AI-driven research engine, Morris offers insights on how to maintain a competitive edge.

1 The value of an idea is often overstated: The true potential of a business lies not in the idea itself, but in how it is executed. Entrepreneurs frequently overestimate their concepts, yet the path to success is paved with effort, adaptability, and a commitment to excellence.

2 Use data as a guide—but trust your instincts: While data provides insight into past performance, it does not predict the future. Effective leaders should integrate historical metrics with their intuition to navigate unpredictable landscapes successfully.

3 Strengthen your foundations: In times of financial strain or competitive pressure, businesses need to react swiftly. Mobilize your team, refine strategies, and proactively tackle challenges before they escalate.

4 Attract and nurture ambitious young professionals: Early-career talent seeks opportunities for growth rather than just financial rewards. Cultivating an environment where ambition and continuous learning are encouraged can lead to a high-performing team committed to shared success.

5 Strive for a balance between authority and teamwork: Start-ups often begin with a clear directive from their founders. As the organization expands, so too should its decision-making processes. Transitioning from a top-down approach to collaborative leadership is essential for sustained growth, and sometimes relinquishing control is necessary.

6 Recognize when it’s time to step back. Founders should prioritize value creation over personal ego. Acknowledging when to step back can foster innovation and lead to greater achievements.