As Dry January comes to a close this weekend, Karan Bilimoria’s beers may be a popular choice. Having founded Cobra Beer in 1989 and transformed it into a well-known brand, he stepped down as chairman last year. As a crossbench peer since 2006 and a two-time university chancellor, he shares his perspectives on entrepreneurship and education.

1. Embrace the risk. Launching a new venture can feel daunting, but the courage to proceed—especially when the odds seem unfavorable—is a hallmark of successful entrepreneurs. Cobra challenged the norms of a crowded market with its unique approach.

2. Address existing challenges. Cobra was conceived from my dissatisfaction with typical British lager, which I found too carbonated, and ale, which felt too heavy and bitter. Transforming frustration into creativity can spark product innovations that resonate with consumers.

3. Remain tenacious and don’t lose hope. Achieving success often stems from relentless dedication rather than one monumental breakthrough. Initially, I sold to restaurants directly, knocking on doors, and my perseverance ultimately led to fruitful outcomes.

4. Evolve alongside your market. Stay attuned to the choices of your customers, listen actively, and innovate accordingly. Understanding customer feedback is vital before tapping into new decisions.

5. View success as a continuous journey. Having nearly lost Cobra on three separate occasions, I realized that the notion of success can shift dramatically. Building success hinges on continual adaptation and improvement.

6. Maintain unwavering integrity. Fifteen years ago, I committed to ensuring my creditors were compensated and my shareholders’ interests were safeguarded. Today, I have accomplished this in 99 percent of cases. The guiding principle from my great-grandfather—”To aspire and achieve against all odds, with integrity”—has always directed my actions.