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I have invested in or acquired a lot of businesses over the years, but there have been only two companies I've been totally involved in building from scratch: CIA and now, The Ingram Partnership. In both cases, I've used the principles of momentum management, which I believe is of huge value in a rapid growth business.

So, what is this momentum management? Well, it’s all about getting your enterprise to a position of critical mass by substituting speed and mobility for size, and creating an aura of success that becomes self-fulfilling. Easier said than done you might think, but humans are animals. We instinctively send signals of leader and follower. And just as people can smell fear, they are easily able to detect the sweet scent of success.

Consultative dictatorship is the only option
How you lead though is very important. My preference is for consultative dictatorship. Democracy doesn't work – certainly not in business. It has to be absolutely clear who is boss – every step of the way. But, having said 'dictatorship', it's a special sort of dictatorship.

If you want to build a great business then, unless you're absolutely confident you have a monopoly on all wisdom, you had better take on board other people's ideas. That's the consultation bit.

You need to be always greedy for the very best ideas. This is done by watching your competitors and what they are doing very carefully. In addition, read all you can about business and the way it's done – real business, not theory. Above all, hire outstanding people and listen to them.

How to really motivate people
I emphasise this last point because, as I've grown older I have become a lot better at listening. Whatever I am doing, I want to hear all the ideas, select the best with the help of my team, and then drive them through.

If you really stick to this it's great, because the message goes out that anyone's idea can 'win' as long as it's the best. This is a huge motivator to people, particularly the smart ones. If you make it work throughout the organisation it motivates at every level. It makes people come with you every step of the way. And if you're moving fast, you need the entire team to be absolutely in step. In short, with consultative dictatorship, you debate, you decide, you go. All of you!

Decide or die
Momentum is fundamentally important here too. To generate it, you have to keep taking decisions – quickly.

I like to remind myself that seven or eight correct decisions out of ten is a good result. And it's immeasurably better than taking only five decisions, even if they're all correct.

As for the guy who's terrified of making mistakes and over-analyses everything; well, he probably takes one correct decision to my seven, so his company is going to get left way behind. In fact, I don't think any of us would regard that person as an entrepreneur anyway.

You must believe this or you won't make it. Of course, you and your team must do your homework in advance as much as possible or consult with people who can give you valuable advice or insight. But the momentum manager never confuses collecting information with taking decisions. And they certainly don't judge their importance by the number of emails they get every day.

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