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Martha Lane Fox, the founder of Lastminute.com, has told an Oxford Entrepreneurs meeting how the company became a success
Ms Lane Fox highlighted the areas of funding, web design, fresh ideas, staff, customer experience and service as the key drivers to a successful start-up and explained that approaching people bored in their current jobs that were keen to join a dynamic company was central to success, reports Growing Business.
However, a plan for profitability was the essential ingredient, she explained.
"Profitability was always core to the business, I dont think businesses can work without a plan for that," she said.
"To some people it comes second and they look to get the technology right and then the traffic to the site."
She added that together with business partner Brent Hoberman, she initially spent hours assessing customers feedback in an attempt to improve the site and keep people returning as well as enticing more in through web services.
"I think if we hadnt done that it would have sent the message across the company that people could back off from making it as good as possible and this could have been disastrous," she commented.
The 34-year-old, who formed Lastminute.com in 1998, remains a non-executive director of the firm, after stepping down from a more prominent role in 2003 to explore new challenges.
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