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the Entrepreneur Report
from Virgin Media Pioneers
by Nick Giles& Michael Hayman
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Changeisthelawoflife.Andthosewholookonlytothepastorpresentare
certaintomissthefuture.
JohnF.Kennedy
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contents
foreword
KPZY\W[P]LPU\LUJL
whythebeststorywins
whatif?
theinterviews
thepioneers
makeithappen
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about
thereport theChancellor,GeorgeOsborne,saidinhis
2010BudgetthatBritainneededanenterprise
-ledrecovery,orinotherwords,an
entrepreneur-ledrecovery.
Entrepreneursarehugelyinfluentialwithin
businessandsociety.Theymakeprogressby
disruptingtheirenvironments,creatingnew
opportunitiesforthemselvesandforothersand
byexertingdisproportionateinfluence.
AsthegovernmentlookstodeveloptheconceptoftheBigSociety,withasmallerstateandmore
activecitizenship,itwillneedentrepreneursto
beakeyagentofchange.
Buttoleadtherecovery,entrepreneursneed
tobebigger,fasterandsmarter.Thisdoesn t
onlymeanmoreentrepreneurs,itmeansbetter
businesses,betterbrandsandmoreeffective
reputations,inspiringemployeeandcustomer
communication.
VirginMediaPioneerswascreatedwiththatvery
ideainmind:toprovideaspiringentrepreneurs
withaccesstoexperiencedmentorsand
businessexpertstohelpthosestartingouton
theentrepreneurialjourneygetonthepath.
Thisreport,commissionedbyVirginMediaand
EnterpriseUK,capturesnewideas,predictions
andpracticaladviceforanyoneinterestedin
runningtheirownbusiness.
Itcontainstenuniqueinterviewswithsomeof
themostprominententrepreneursoperatingin
theUKtoday,representingtheentirebusiness
journey,fromearlystagebusinessesto
internationalsuccessstories.
Oftendisruptive,alwaysinfluential,thereport
capturesthebusinessstoriesofagroupof
businessleaderswhohavedaredtobedifferent.
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VirginMediaPioneersisajointinitiative
betweenVirginMediaandEnterpriseUK.
Wereworkinginpartnershiptocreate
opportunitiesforyoungentrepreneursto
sharetheirideas,learnfromeachotherand
gettheirbusinessesofftheground.
Launchedin2007,VirginMediaistheUKs
onlysinglesupplierofTV,broadband,phone
andmobile.Wepassionatelybelieveinthepositivepowerofthedigitaltechnologywe
provideandthewayitschangingthewaywe
liveandworkforthebetter.
Weknowthatoneofthebestwaystobuild
abusinessistoharnessthepowerofthe
digitalworldandastheprovideroftheUKs
fastestbroadband,wereproudtohelpthe
nextgenerationofbuddingbusinessbrains,
regardlessofbackgroundorcircumstance,
torealisetheirpotential.
Ourdeliverypartner,EnterpriseUK,is
committedtobuildingabusinesssupport
programmewhichsharestheirmissionto
givepeopleintheUKtheconfidence,skills
andambitiontobeenterprising.Together,we
havemadeacommitmenttosupportyoung
entrepreneurswhowanttomaketheirideas
happen.
Therearethreepartstotheprogramme:
VirginMediaPioneersOnlinean
onlinevideobloggingcommunityfor
youngentrepreneurs.VirginMedia
Pioneerslearnnewskills,shareideas
andconnectwithentrepreneurial
peopleallovertheworld.
VirginMediaPioneers:SparkYourIdeasaseriesofeventstodevelop
businessacumenandskillscrucialto
businesssuccessandgrowth.
VirginMediaPioneers:TheAwards
anawardceremonytorecognise
theachievementsoftheVirginMedia
Pioneerscommunity.
www.virginmediapioneers.com
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s tartingupyourownbusinessisabigchallenge.Manyoftheobstaclesaredaunting
and,attimes,canseemimpossiblytough.Ittakescourageandself-beliefandadesiretobe
disruptiveandcreatesomethingnew.
IstartedStudentmagazineasateenager.Nothing
todowithbeingabusinessman,Ijustwantedto
runamagazine,havefundoingitandtrytohelpthe
campaigntostoptheVietnamesewar.Iwantedtodo
somethingthatIthoughtwouldbeentertainingandfun.
Whenwelaterwentintotheairlinebusiness,we
^LU[PU[VP[ILJH\ZL^LOH[LK`PUNV[OLYWLVWSLZairlinesandwewantedtotrysomethingdifferent.
Wethoughtwecouldcreatethekindofairlinethat
0^V\SKSPRL[V`^OLYLWLVWSL^OVL^VUP[
couldenjoytheexperienceandwherethepeople
whoworkfortheairlinewouldbeproudofit.
Thisdesiretodosomethingdifferent,takerisks
andchallengeconventionhasbeenattheheart
oftheVirginstoryfromtheverybeginningandits
somethingIvealwaysbeenveryproudof.
Thereisahugeamountwecandotounlock
entrepreneurialpotential;tohelppeopletakethat
YZ[Z[LW[V^HYKZKVPUNZVTL[OPUNUL^
Thedigitalworldopensupnewopportunities
andexperiencesforpeoplefromalltypesof
backgroundsandwevelaunchedVirginMedia
Pioneers,anewonlinecommunitytoconnect
youngentrepreneurialtalentandsomeofthe
UKsbestbusinessbrains.Startingupyourown
businessisabigchallengebut,withtherightsupportandexpertadvice,youngentrepreneurs
JHUUK[OLPY^H`
VirginMediaPioneersiswiththemeverystepof
thewayofferingsupport,adviceandguidance.
Thisreportcelebratesthatdesiretobedisruptive
anddosomethingdifferent.
SirRichardBranson
foreword
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michaelhayman&nickgiles
abouttheauthors
MichaelHaymanandNickGilesare
communicationsspecialistsandfounders
ofSevenHills,acampaigningconsultancy
specialisinginpublicrelationsandbrand
communications.SevenHillshasaspecific
focusonentrepreneursandfast-growthbusinessesandisdirectlyinvolvedwithahost
ofinitiativestoencourageentrepreneurship,
includingDougRichardsSchoolforStartups,
MADE:TheEntrepreneurFestivalandVirgin
MediaPioneers.
Michaelisabrandcommunicationsspecialist,
anadvisortomanyleadingorganisationsand
chairmanofentrepreneursatCoutts&Co.He
isalsooneoftheCourvoisierFuture500,the
networkofthebestbusinesstalentintheUK.
Nickhasworkedwithahostofinternational
businessesandentrepreneurialstart-ups
advisingoncommunicationsstrategy.Clients
haveincludedIBM,Skype,Cisco,Philipsand
Match.com.
www.wearesevenhills.com
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JoeCohen
JoeCohenisthefounderand
CEOofSeatwave,Europes
leadingonlinefan-to-fan
ticketexchange.Joespent
thepasttwelveyearsbuilding
marketleadingconsumer
internetbusinesseswithin
InterActiveCorp,includingsenior
executivepositionsatMatch.
comandTicketmaster,before
launchingSeatwavein2007.
theentrepreneurs
SirRichardBranson
SirRichardBransonisone
oftheUKsmostprominent
businessleadersanda
championofentrepreneurs.
/LSH\UJOLKOPZYZ[I\ZPULZZ
aged16andwentontocreate
Virgin,oneofthemostwell
knownbrandsintheworld,with
around200companiesinover
30countries.
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SarahCurran
SarahCurranisco-founderand
chiefexecutiveofmy-wardrobe.
com,theonlinefashionretailer
thathasgrownintooneofthe
TVZ[PU\LU[PHSUL^I\ZPULZZLZ
inthefashionworldtoday.Sarah
wasrecentlymadeafellowof
theRSAinrecognitionofhercontributiontothefashionsector.
WilfredEmmanuel-Jones
BorninJamaicaandraisedin
innercityBirmingham,Wilfred
Emmanuel-Jonestalkedhis
wayintotelevisionproduction
introducingtopchefslike
GordonRamsayandJames
Martintothescreen.Heisnow
knownsimplyasTheBlack
Farmerandhasledoneofthe
mostsuccessfulfoodlaunches
ofrecentyearswithhisBlack
Farmerrange.
TheRtHontheLordHeseltineCH
LordHeseltineisoneofthe
UKsmostdistinguishedpolitical
N\YLZHUK[OLMV\UKLYVM
HaymarketMediaGroup.After
steppingdownfromfrontline
politicsin1997afterthreeyears
asDeputyPrimeMinister,he
assumedtheroleofexecutive
chairmanatHaymarketandwas
lastmonthappointedtochair
thegovernmentsnew1bn
RegenerationFund.
9
TheRtHontheLordHeseltineCH
LordHeseltineisoneofthe
UKsmostdistinguishedpolitical
N\YLZHUK[OLMV\UKLYVM
HaymarketMediaGroup.After
steppingdownfromfrontline
politicsin1997afterthreeyears
asDeputyPrimeMinister,he
assumedtheroleofexecutive
chairmanatHaymarketandwas
lastmonthappointedtochair
thegovernmentsnew1bn
RegenerationFund.
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theentrepreneurs
WillKing
WillKingisthefounderandCEO
ofKingofShaves,theshaving
brandhelaunchedin1993that
hassincebecomeagenuine
challengerbrandtoGilletteand
WilkinsonSwordinthecut
-throatshavingmarket.
WillhasbuiltKingofShavesfromacottageindustrytoa
multi-millionpoundbusinessin
Q\Z[M[LLU`LHYZ
JamesLohan&TamaraHeber-Percy
JamesLohanandTamara
Heber-Percyarethehusband
andwifeteambehindMr&
MrsSmith,theboutiquehotel
guideandonlinetravelservice
provider.Sinceitslaunchin
2003,Mr&MrsSmithhas
grownfromalabourofloveto
amulti-facetedboutiquetravel
providerandtransformedthe
travelsector.
PeterJones
PeterJonesshottofameonthe
BBCsDragonsDenandisnow
oneoftheUKsmostprominent
entrepreneurs.Hechairsboth
EnterpriseUKandtheNational
EnterpriseAcademyand
throughhisvariousbusiness
interests,generates250millionandemploysmorethan1,000
people.Hewasawardedthe
CBEin2009.
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SaraMurray
Saraisaserialentrepreneur
whofoundedbuddi,theGPS
personaltrackerwithemergency
support,whichlocatespeople
instantly.Previously,Sara
foundedNinahConsulting
whichshesoldtoPublicis
Groupe.Shealsofoundedtheonlineinsurancemarketplace
confused.com,whichshesold
totheAdmiralGroup.
SarahOwen
SarahOwenisco-founder
ofLucyinDisguise,thenew
vintagefashionstoreand
clothingrangethatsheis
launchingwithhersister,the
popstarLilyAllen.Theshop
aimstobe anantidotetothe
massconsumerismcultureofhighstreetshopping.
DougRichard
DougRichardisaserial
entrepreneur,investorand
founderofSchoolforStartups.
/LZ[HYYLKVU[OLYZ[[^V
seasonsofDragonsDenand
hassincegoneontobecome
VULVM[OLTVZ[PU\LU[PHS
voicesonsmallbusinessandentrepreneurshipinthe
UK,advisingthecoalition
governmentonunleashing
Britainsentrepreneurs.
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Thereasonablemanadapts
himselftotheworld.The
unreasonableonepersists
intryingtoadapttheworld
tohimself.Thereforeallprogressdependsonthe
unreasonableman.
GeorgeBernardShaw
Maxims for Revolutionists
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disruptivePU\LUJL
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successfulentrepreneursareeasierto
YLJVNUPZL[OHU[OL`HYL[VKLUL)\[[OLYLPZ
acommontraitinthattheyareadisruptiveand
PU\LU[PHS[YPILVMWLVWSL
Anyonewhowasdescribedasadisruptive
PU\LUJLPUHZJOVVSYLWVY[^PSS[LSS`V\[OH[P[
washardlyacommentthathelpedmaketheir
academiccareer.
Describeanentrepreneurinthesamewayandit
isabadgeofhonourandasymbolofbusinesssuccess.Thatsbecausetheydisruptthestatus
X\VJYLH[LVWWVY[\UP[PLZHUKL_LY[PU\LUJL
:VVU[OLVULOHUKZVJPL[`KVLZP[ZILZ[[V[
squarepegsintoroundholesinyoungerlife,while
atthesametimechampioningthosesamealleged
sinslateron.
KPZY\W[P]LPU\LUJLZ
THENDisruptiveDaydreamerDistractedPopularStubborn
NOWLeaderVisionaryCreative0U\LU[PHS
Determined
Thisreportcelebratesthecreativityandenergising
PTWHJ[VMKPZY\W[P]LPU\LUJLVUI\ZPULZZVU
marketsandoneconomies.
Throughthisreportweexaminetheroleofdisrup-
[PVUHUK[OLWV^LYVMPU\LUJL P[OPUI\ZPULZZ
Fromacombinationofpersonalobservation
andinterviewswitharangeofremarkable
entrepreneursworkingintheUKtoday,thisreport
exploresGeorgeBernardShawsassertionthat
progressrequiresunreasonablepeoplewho
believetheycandosomethingabetterway.
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0[^HZUV\RL:VTLVM[OLWPVULLYPUNUHTLZPU
businesstooktheirchanceinarecessionandwon.
Thatsbecauserecessionscreatedisruptions,
incrediblechangeandnewrulesofthegame.
Disruptionissomethingweinstinctivelyfearand
mostpeoplespendconsiderableamountsoftheir
livestryingtosuppresstheslightestchanceofit.
Butfortheentrepreneuritprovidestheopportunity
forsomethingspecial,somethingbrilliant-real
change.
Thatchangeisthetinderboxforprogress.Itis
intimesofupheavalandadversitythatthinking
ILJVTLZ\PKPU]LU[P]LHUKVWWVY[\UPZ[PJ
Thisiswhyfortheentrepreneur,amarket
downturnisoftentheirownpersonalupturn.A
uniqueopportunitytodisruptmarkets,upsetthe
statusquoanddosomethingdifferent.
Formostpeople,settinguptheirownbusiness
andbecominganentrepreneurremainsa
frustratingandunrealisedambition;whatcould
havebeenratherthanwhatactuallyhappens.
Youcouldarguethatthereisgoodreasonfor
this.Therateofnewbusinessfailuresremains
terrifyinglyhighandthelureofsafetyandcomfort
overriskandjeopardyoftenwinstheday.
Yettherulesforthemanydonotseemtoapplyto
HZPNUPJHU[ML^
Entertheentrepreneur.
(UV]LYSVVRLKI\[OPNOS`ZPNUPJHU[MHJ[PZ
howmanypeopletaketheplungetobecome
entrepreneursinthedarkestoftimes.
Recession,onthefaceofit,providesperilously
YVJR`NYV\UKMVYHLKNSPUNI\ZPULZZI\[P[PZUV[
necessarilythereality.Ithasbeensaidthatmore
wealthiscreatedindownturns,suchasinthe
greatdepressionofthe1930s.
uncertaintyandtheconditionsforchange
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Disruptionisallabout
risk-taking,trustingyourintuitionandrejectingthewaythingsare
supposedtobe.
SirRichardBranson
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L_LY[PUNPU\LUJL
Butdisruptionisnotanendinitself.Youhaveto
bemorethanalatterdayJamesDeanandarebel
withoutacause.Youhavetohaveacauseandto
KVZVTL[OPUN^P[OP[`V\ULLKPU\LUJL
Entrepreneursinstinctivelygetit.Quiteoftenitis
theirnamethathangsabovethedoorandtheir
reputationisonthefrontlineofsuccessorfailure.
)\[^OH[PZPU\LUJL&
Thepowerorabilitytoaffectsomeones
beliefsoractions
Apersonorthingwithsuchabilityorpower
Thepowerarisingoutofstatus,contacts,or
wealth
Thepowertoproduceaphysicalchange
-YVTHJVTT\UPJH[VYZWVPU[VM]PL^KLUPUN
PU\LUJLPZPU[PTH[LS`JVUULJ[LK^P[O[OL
reputationthatapersonoranorganisationmight
have.
Reputation,simplyput,istheimpressionthat
othershaveofyou.
Itisthekingofarangeofassets,oftendescribed
HZPU[HUNPISLZ[OH[KLUL[OLTVKLYU]HS\LHUKworthoftodaysbusinesses.
AccordingtoresearchfromtheInstituteof
PractitionersinAdvertisingin2005,78%ofthe
valueoftheFortune500isnowmadeupof
intangibleassetssuchasbrand,reputation,loyalty
HUKPU\LUJL
Toacertainextent,whatpeoplefeelaboutwhat
youdoisatleastasimportantasthereality.
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Sotoday,ifyouareseriousaboutrunninga
business,goodcommunicationisessential.In
ourdigitalageithasneverbeeneasiertogetyour
brandouttherefortheworldtosee.
Youhavetostandoutfromthecrowdifyouwant
tobememorableandakeypartofbuildinga
successfulbusinessisgettingyourstorytold.
Thisiswhyakeybusinessassetisanabilityto
communicateandcommunicatewell.
IftherecentBPoilcrisisteachesyouonethingin
thecorporateworlditisthatthedayofthesilent
CEOisdeadbecauseitislethaltothecommercial
fortunesofthebusiness.
From24-hournewschannelstobloggers,from
Tweetingtogivingspeeches,thereareavariety
ofwaystocommunicateaboutyourbusiness.
Increasingly,theseareobligationsnotoptions.
Foreverysuccessfulbusinessthereareahost
ofcompaniesstrugglingbecausetheyfailtoget
through.
Inaworldwherecustomershavemorechoice
aboutthemediatheyconsume,gettingattentionbecomesanevengreaterchallenge.Whichbrings
\ZIHJR[VPU\LUJL-VYPU\LU[PHSIYHUKZKVVUL
thingbetterthanallothersandthatistogettheir
storyheard.
Andgoodstoriesneedgreatstorytellers.
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ItsbettertobeapiratethantojointheNavy.
SteveJobs
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andhowyoucantellit
whythe
beststorywins
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a commonthemethatunitedtheentrepreneurswemetwasthepoweroftheir
storyandtheircommitmenttotellingit.
Theirstoriesareanintegralpartofthe
businessestheylead,providingcontextfor
themandtheirpeopleandreasonstobuyfortheircustomers.
Itseasytoseewhy.Intodaysworldwe
sufferfromaformofattentiondeficitdisorder
anditisthebrandsthatstandoutthatwe
remember.
Theentrepreneurstoryisoftenonethat
standsout.Itisanexcitingonetotelland
itsnotjustsmallcompaniesthatembraceit.
TaketheAppleThinkDifferentcampaign:
Herestothecrazyones.Therebels.The
troublemakers.Theoneswhoseethings
differently.Whilesomemayseethemas
thecrazyones,weseegenius.Becausethe
peoplewhoarecrazyenoughtothinkthey
canchangetheworld,aretheoneswhodo.
AppleThinkDifferentadvertisingcampaign1997-2002
Thisyear,Applewasconfirmedasthemost
valuabletechnologycompanyintheworld
withavaluationof$222billion.
Butinthemid-90s,Applewasindisarray.
SteveJobshasdriventhistransformation
fuelledbyabeliefininnovation,disruption
andakeenunderstandingofthepowerof
brandandstory;andtheApplestoryisoneof
themostpowerfulnarrativesinthemarket.
In1983Jobsfamouslytoldhisstaff:Its
bettertobeapiratethanjointheNavy,
callingthemrebelsandartistsandinculcating
themwithentrepreneurialvalues.
Thisattitudeanddesiretodosomething
differentandchallengeconventionsitsatthe
heartoftheApplestory.
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gettingyourstoryright
LordHeseltinedescribedentrepreneurs,
ratherpoetically,as: Peoplewhothrow
pebblesintothepond.
Peoplewhowillwillinglycreatedisruption
throwpebbles,butitistheirstorythatmakes
asplashintermsofawareness.
DougRichardputsitthisway:
Yougetinvestmentinyourideabecauseyou
arepersuasive,yougetitbecauseyouhavea
goodstorytotell.Ifyouareanentrepreneur
withastart-upbusinessyouareessentially
peddlingmythsaboutthefuture.Youareastoryteller.Thequestioniscanyouget
peopletosuspendtheirdisbeliefandjoinyou
VU[OLQV\YUL`&
Inourexperiencemostcompaniesstart
fromapositionofwantingtosaytoomuch.
Oftenthosethattrytobecomefamousfor
everythingusuallybecomefamousfornothing
asaresult.
Beinginterestingisnotadivineright;itisa
skillthatrequiresattentionandapplication.
Ifyouobservesomeofthegreatentrepre-
neurialcommunicatorstheytendto:
Makelessmore
BillClintonsaidthatyouneedto
KISSyouraudience,orkeepitsimple
stupid,tomakepeoplerespondto
yourstory.
Beemotional
Tellastorythatyouraudiencecan
relateto.
Bedisruptive
ThewriterSethGodintalksabout
remarkablecompanies,thecompanies
orpeopleyouwanttoremarkortalk
about.
Inturn,gettingyourstoryintoshapeneeds
theeyeofanartistandthewordsofan
author.Agoodchecklistofobjectivestowork
throughis:
Distil
Simplify.Lessismore.
Keepitbasic.
Differentiate
Standoutandbedifferent.
Bememorable.
Discover
Prejudiceandperceptions.Emotionalconnections.
Fromtherangeofcompanieswehave
advisedwewouldobservethathaving
somethingtosayisatleastasimportantas
havingsomethingtosell.
ItisforthesereasonsthatDavidPackard,
theentrepreneurandco-founderofHP,said:
Marketingistooimportanttobelefttothe
marketingdepartment.
Branding,marketingandcommunicationsare
essentialaspectsofbuildingasuccessful
business,asisanarrativethatdifferentiates
anddeliversacompellingpointofdifference.
Fromcustomerstoinvestors,journaliststo
employees,youneedamessageanditneeds
tobeonethatgetsthemtositupandtake
notice.
Nostoryisthesameasnochance.
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RachelBridge,enterpriseeditoratThe
SundayTimes,writesextensivelyaboutsmall
businessandentrepreneurs.
Inherlatestbook,HowtoMakeaMillion
BeforeLunch,shewritesaboutthepowerof
gettingoutandpromotingyourself.
Asthecreatorofyourbusinessandthe
personwhoknowsmostaboutit,youare
alreadyeffectivelythepublicfaceofthat
businessawalkingtalkingbillboard,brand
ambassadorandrovingrepresentativeall
rolledintoone.Allyouneedtodonow
isrealisethatandmakeitworktoyour
advantage.
theentrepreneurascommunicatorin-chief
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Arguablynobodyembodiesthisroleasa
24-hourambassadormorethanSirRichard
BransonandhisleadershipofVirgin.
Hiscommitmenttopushtheboundariesisnot
onlycentraltoSirRichardsoutlookbutalso
tothenarrativeofthecompanyheleads,as
Virginscommunicator-in-chief.
Ifpeoplewantastorytheyalsowanta
storytellerandalltheentrepreneurswemet
sawspeakingforthebrandasanintegralpart
oftheirrole.
Thisroleoftendisplaysmanypolitical
characteristics:theloveofcampaigning,
advocatingcausesandbattlingforideas.
Theseskillswereoncethekeysto10DowningStreet.Todaytheyopenthedoorto
newmarkets.LordHeseltinewentasfaras
tosaythatentrepreneurialskillsandpolitical
talentwerecloselyrelatedcousins.
Partoftherelationshipisthesharedpursuit
ofchallengeandchange.Mostentrepreneurs
seethemselvesaschallengersinthatthey
seektoreplaceproductsnotpolicies,people
notpartiesandbusinessesnotbureaucrats.
Theseskillsareintegraltoboththepromotion
andprotectionofbusinesses.
Theresultisacommercialsurvivalkitthat
needsacommunicator-in-chief.
Itsanassetthatentrepreneursneedto
understandmore,harnessruthlesslyanduse
tocreateadvantage.
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Itshowyourespond
tosetbacksthatreallymarksyouout.LordHeseltine
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whatif?
learning
thelessonsoftriumph
anddisaster
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triumphanddisasterweredescribedinRudyardKiplingspoemIfastwoimpostersthatshouldbe
treatedjustthesame.
Forentrepreneurs,disastersoftentendtobemuch
betterinhindsightthantheywereatthetime.
Undoubtedlytheyprovideimportantlessonsand
M\SS[OLVSKHKHNL[OH[^OH[KVLZUtkillyoumakesyoustronger.
Atthetimeofacrisis,itisoftenpainful,hugely
Z[YLZZM\SHUKZVTL[PTLZUHUJPHSS`KPZHZ[YV\Z@L[
itisalsoatimethatbringsoutthebestinus.So,
thelessonfromthepeopleweinterviewedwasnot
somuchhowtoavoidacrisisbutwhattodowhen
onehappens.
WefoundWillKingparticularlyinterestingwhenhesaid:
IntheUS,failureisdescribedasamilliondollar
MBA;ifyoucrashandburnthenyouhavelearnta
veryvaluablelesson.Youjusthavetogetoutthere.
Sometimesitworksandsometimesitdoesnt,but
youneedtoknowwhichwaytogoandhavethe
drivetosucceed.
Inturn,theinnerself-beliefoftriumphoverdisaster
waswellmadebyLordHeseltinewhenhesaid:
Youmakeacalculatedjudgmentandyougoforit.
Youhavetobelieveinyourselfandyourjudgments
andthemarketsandtheopportunityitsacombi-
nationofallthesethings.Youbackyourselfintheend.
Historyisrepletewithexamplesofbusinesses
thathitthewallandneverrecovered.Alltoooften
thesewerebusinessesinthestart-upphasethat
SHJRLK[OLYLZLY]LZ[VNO[HUV[OLYKH`
Theentrepreneursweinterviewedshareda
commonviewthatthekeythingistokeepon
goingandpushonthrough.
Thehotelentrepreneur,ConradHilton,oncesaid:
Successseemstobeconnectedwithaction.
Successfulpeoplekeepmoving.Theymake
mistakesbuttheydontquit.;OPZYLWVY[JVUYTZ
thatview.
Theentrepreneurswhostandoutarethosewho
NO[IHJRHUKW\ZOVU
TakeTamaraHeber-Percy,onehalfofthecouple
behindboutiquehotelguidebooksMr&MrsSmith,
whosays: Wetendnottodwellonthecompanys
failures,justmoveon.Youneedtolearnfromany
setbacksandjustkeepmoving.Itsoftenhowyou
bouncebackthatsthemostimportantthing.
Ifyoudothingswell,dothem
IL[[LY)LKHYPUNILYZ[ILdifferent,bejust.
AnitaRoddick
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James,herpartner,doesntletthepossibility
offailureholdhimbackfromtakingarisk:
Ialwaysthink,whatstheworstthatcan
OHWWLU&
7LYOHWZVULVM[OLIPNNO[IHJRZ[YH[LNPLZ
isaboldandeffectiveone:reinvention.
Somesaythatacrisisisabitlikeasuntan
inthatiteventuallyfades.Itcertainlyfades
fasterwhenyoumoveonanddosomething
new.
WhenRoccoFortelostcontrolofthe
TrusthouseFortefamilybusinesshewas
widelywrittenoffasabusinessfailure.His
reappearanceasaboutiquehotelplayerwith
theRoccoFortecollectionwasswiftand
reinventedhimasaniconofstyleandtaste.
So,ifthereisacentrallesson,itistoonlylet
MHPS\YLKLUL`V\[V[OLL_[LU[[OH[P[PUMVYTZ
yournextmove.
Reinventingyourselfmeansunderstanding
yourmarket,beingrelevanttoitand
ultimatelyhavingsomethingtosayand
somethingtosell.
WilfredEmmanuel-Jones,akaTheBlack
Farmer,alsoencouragesentrepreneursto
stickatitthroughtheworsttimes.Being
anentrepreneur,youhavetoworkextremely
hardtobreakthrough.Someonenew,an
upstart,isoftentreatedwithcontempt,hesays.
Self-beliefisthemarkoftrueentrepreneurs.
Itswhyfailingoftenbringsouttheverybest
HUKZW\YZ[OLTVU[VNO[HUV[OLYKH`
ifyoudontlikethemessage,changetheconversation
Businessesencounterstressfulissuesevery
daybutoccasionallythesecantipintomore
seriouscriseswherecommercialsurvivalis
ontheline.
Inthesemomentsitiseasytounderstand
whyreputationiscalledtheCinderella
asset inthatyoudontknowwhatyouhave
untilyouhavelostit.LondonSchoolof
EconomicsProfessorMichaelPowerargues
thatreputationhasbecomethenewsourceofanxiety.
Entrepreneurs,bytheirnature,tendtobe
optimisticpeopleandoftenarecaught
unpreparedbycrises.Badnewsoftenis
justnotpartoftheplanbut is all toooftena
painfulpartofthereality.
Protectingyourreputationinstressfultimes
requiresaresponsethatputsyoubackin
thegame.Italsorequiresanordertoyourargumentstoensureyourvoiceisheard.
Youcantaskfortheperspectiveofyour
pastrecordtobeconsideredifyouhavent
expressedconcernoractionfirst.So,ifyou
haveatoughstorytotellthinkaboutthe
followingframeworkforyourmessage:
concern
Thefirstthingpeoplewanttoknowis
thatyoucareandhaveconcern.
action
Youneedtobeclearaboutwhatyou
aregoingtodoabouttheproblemyou
haveencountered.
perspective
Onlynowdoyouhavetherighttoask
forobjectivityandperspective.
1
2
3
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Wegotlucky.Itdoesntmeanweregeniuses.
BizStone
Twitter co-founder
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theinterviews
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the
ticketking
Joe Cohen
Seatwave
JoeCohenisthefounderandCEOofSeatwave,
theonlinefan-to-fanticketexchangethatinjust
threeyearshastransformedthewaymusicand
sportsfanscanbuyandselltickets.
Sinceitslaunchatthebeginningof2007,
Seatwavehasbecomeoneofthefastestgrowing
digitalmediacompaniesinEuropeandhas
radicallydisruptedamarketthatwasripefornew
thinkingandafreshapproach.
AnativeofCleveland,Ohio,Joehadspentseveral
yearsastheinternationalheadofMatch.com,the
worldslargestonlinedatingsite,andtookitfrom
beingasuccessfulUSbusinesstoatrulyglobal
operation.
HehadalsoheldseniorrolesatTicketmasterand
hadaninsidersviewofthelimitationsoftheresale
marketforticketsandsettoworkexploitingthe
gapintheUKssecondaryticketsector.
WecaughtupwithJoeatSeatwavesLondon
headquarters.
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WhatwastheoriginalinspirationforSeatwave?
Seatwavewasfoundedinthebeliefthatfans
neededasafeandsecurewayofbuyingtickets
onthesecondarymarket,aworldthathadbeen
thepreserveoftickettoutsindarkcarparks,or
theuncertaintyofeBaywithitslackofconsumer
protection.
Wesetaboutcreatingasafeandsecureplacefor
fanstotradeticketsandwenowhavemorethan
1,000,000ticketsonsaleatanyonetime.Every
ticketisfullyguaranteedalevelofprotectionthat
fanshaveneverexperiencedbeforeandwedo
thistoensureourbuyersareneverletdown.
Soyouspottedanopportunitytocreate
somethingnew?
@LZ;OLYL^HZUVLMJPLU[THYRL[WSHJLMVY
secondarytickets,noteveneBaywhichwas
themainalternativetotickettouts.Peoplewere
chargingwhattheywantedbecausetherewasno
pricingpressureandthewholesetupwasvery
unappealingforalotofpotentialticketbuyers.
Sellingticketsisnotanewbusinessbutinnovating
aroundacoreideamakingiteasyandsafefor
fanstoexchangeticketswasradicallydifferent.
Igenuinelybelievethattheopportunityistherefor
peoplewithbrightideasandagreatworkethictodo
somethingnew,bedisruptiveandchangeamarket.
Didyoualwaysthinkyouwouldbean
entrepreneur?
Iveneverinmylifehadaplan.NorhaveIeverhad
anexpectationonhowitwasgoingtoturnout.Ive
alwayssaid,thisseemsliketherightthingtodo,
ITNVPUN[VKVP[HUK^LSSN\YLV\[OV^[VTHRL
itsuccessful.IthinkthatsbecauseIneverfeltthat
riskwasafactor.Ivealwaysthrownmyselfintothe
deepend,notsureifIcouldswimorshouldhavea
SPMLQHJRL[Q\Z[HILSPLM[OH[0^V\SKN\YLP[V\[
IT[OLM[ONLULYH[PVUVMLU[YLWYLUL\YZPUT`
family.IvebeenarounditmywholelifesoIdont
knowifIgottheentrepreneurbuggeneticallyor
myfamilytaughtmebutIdistinctlyrecallmyfather
andgrandfathersaying:WhythehellwouldIwork
MVYZVTLVULLSZL& Itmusthavestuck!
Youneedacertaintemperamenttodothisa
thickskinandabeliefinyourselfandyouneedto
trustyourinstinct.
Thenoteunderyourpictureinyourreception
ZH`Z`V\^LYLYLKMYVT`V\YYZ[QVIMVY
lackinginitiative.Isthattrue?
Absolutely.Iwasabusboyatadinerin
Clevelandclearingtables.Ihatedthejob,Ihad
noattentionspan,Iwas16yearsoldandIhad
nointerestindoingit.Ittookalloftwoweeksfor
themanagertositmedowntosay: Joey,you
lackinitiativeforthisrole.
0^HZZHJRLKMYVTT`YZ[
jobforlackinginitiative.
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IthenwenttoworkonmyGrandad scarlotand
startedsellingcars.IlikeditandIlearntalot
moreaboutbusinessdoingthatthananything
elseIvedone.
ThemostimportantlessonIlearntduringthattimewasthatifyoutrytosellsomethingto
someonethattheydon tnecessarilywantorisn t
goodforthem,theymaybuyit,buttheycertainly
wontbuyfromyouagain.
Isdisruptionanimportantpartofbeingan
entrepreneur?
Sure.Ivealwayshadproblemswithauthority
PUT`SPML0^HZHWVVYZ[\KLU[0UL]LYUPZOLK
university.Ijustwantedtogetonanddostuff,Ididntwanttohavetowait.Thepeoplewhohave
therightstufftobesuccessfulgenerallyhave
anideaorasparktodosomethingdifferent,do
somethingforthemselves.Youdon thavetohave
alotofthings,butyoudoneedtohavethemental
stimulusfortheideaorthespark.
+V`V\OH]LHKLUP[PVUVM^OH[THRLZHU
entrepreneur?
Tome,trueentrepreneurshipiscreatingsomething
whenyouhavenocontrolovertheresourcesyou
needtomakeithappen.Whatdoyoudowhen
youdonthaveanymoney,youdon thaveany
technology,youdon [OH]LJ\Z[VTLYZ&@V\OH]L
[VN\YLV\[OV^[VJYLH[LHSSVM[OH[ZV`V\^VYR
[OYV\NO[OLVW[PVUZ@V\Z[HY[N\YPUN[OLZL[OPUNZ
out,getadvice,lookforanswers.Anentrepreneur
issomeonethatwillmakeithappen.
Doyouthinknowisagoodtimeforpeopleto
startbusinesses?
Yes.Theworldhaschangedsomuchin20years
-fromthegrowthofinformationtechnologyto
softwaredevelopment-thatyoureallycancreate
acompanybyyourselfnow.10yearsagoitcost
$250,000foradatabaseserver.Justlastweekwe
signedupwithAmazonWebServicestodolargelythe
samefor$10ayear.Thatelementofitthatwasso
capitalintensive10yearsagoisnowacommodity
whichmeansyoucanreallyfocusonthecoreidea.
Whatadvicewouldyougivetoaspiring
entrepreneurs?
TheadviceIdgivepeopleisthatifyourereally
passionate,ifyoufeellikeyoucantnotdoit,ifyou
wakeupeverymorningthinkingIhavetodothis,
thengodoit.Reallyfocusontheideaandthengo
andexecuteit.
Hiretherightpeople.
Youwillfeelunderpressureto
hirepeoplequicklybutyoucan t
letthatpushyoutohirepeople
whoarentgreat,justtohirea
setofhands.Itseemslikethe
rightanswer,butitissuchthe
wronganswer.
Setthestandard.
Noonewillcaremoreabout
yourbusinessthanyoudo.Your
love,commitmentandcareis
theceilingbywhicheveryone
elsewilloperate.
Moveon.
Dontdwellonthepast.Learn
fromyourmistakesandmoveon.
Trustyourinstinct.
Peoplewilltellyouthatyour
ideaswontworkbutyouvegot
tobelieveinyourselftomakeit
happen.
Keepinshape.
Donteattoomanydairy
products!
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2
3
4
Joestoptips
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Sarah Curran
my-wardrobe.com
thecounter
revolutionary
SarahCurranisfounderandCEOofmy-wardrobe.
com,theonlinefashionretailerthathasgrown
rapidlysinceitslaunchin2006bybringing
accessibleluxurydesignerfashiononline.
Withabackgroundinonlinemediaandfashion,
havingworkedasasub-editoratTheTimes
Onlineandrunherownfashionboutique,Powder,
Sarahtooktheopportunitytoexpandthefashion
businessonline.Withherhusbandandbusiness
partnerAndrew,shehasspearheadeditsgrowth
PU[VVULVM[OLTVZ[PU\LU[PHSUL^I\ZPULZZLZPU
thefashionworldtoday.
my-wardrobe.comhaswonahostofindustry
awardsforinnovationandcustomerexperience.SarahhasalsoreceivedManagementToday35
Under35andYoungGunsaccoladesand,most
recently,hasbeenlistedasnumberthreeofthe
OnlineFashion100.
InrecognitionofSarahsentrepreneurialskillsand
expertiseinthefashionsector,shehasbeenmade
afellowoftheRSA.
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Didyoualwaysthinkthatyouwouldbean
entrepreneur?
Ihavealwaysbeenveryambitiousandknewthat
Iwantedtoownmyownbusiness.AtthetimeI
didntknowwhatthatwouldbe,butIhadalways
lovedfashion.WhenIhadtheopportunitytoset
\W7V^KLYT`YZ[IV\[PX\LPU*YV\JO,UK5VY[O
London,whichIhadfortwoyearsbeforelaunching
my-wardrobe.com,Iknewthatitwasthestartofmy
ambitiontobeabletobuildaglobalfashionbrand.
Whatgotyoustartedandwhatwasthemotivation?
Ihavealwayslovedfashion,butIbelievedthatthe
industrycouldbequiteexclusiveandintimidating
forsomeconsumers.Iwantedtocreateabrand,
whichretainedtheaspirationofluxury,butthatfelt
accessibleandinclusive.Thiswasthevisionthat
IhadforPowderandthenwithinafewmonths,I
couldseetheopportunityintheonlineretailspace.
Nobodywasprovidingthistypeofoffer-itwas
eitherhigh-endluxury,orcheaper,fastfashion.
Ihavealwaysbeenonetolookatthenextbigthing,
alwayslookingatthemarketandthewaythe
environmentisevolvingandhowyoucanadaptyourbusinesstomeetthatdemandfromtheconsumer.
Didyoucomefromanentrepreneurialfamily?
Myfatherownedhisownbusinessandheis
KLUP[LS`YLZWVUZPISLMVYKYP]PUNT`HTIP[PVU
Growingup,Iwasawarethatowningyourown
businessmeantitwasa24/7roleandmeant
THRPUNZHJYPJLZI\[P[HSZVZOV^LK[OLILUL[Z
andalsothepassionthatitcreates.Infact,the
YZ[T`^HYKYVILJVTVMJL^HZIHZLKH[T`fatherZVSKVMJLZWHJLPU5V[[PUNOHT
Didyouhaveanybusinessrolemodels?
Ihavenothadaparticularbusinessrolemodel,but
T`MH[OLY^HZHIPNPU\LUJLPUT`SPMLHUK0OH]L
beenluckyenoughtobesurroundedbystrong
independentwomenwhilstgrowingup.Ihave
beenbroughtuptobelieveanythingisachievable
ifyoubelieveinyourselfandarepreparedtomake
ZHJYPJLZHUK[HRLYPZRZ[VNL[`V\[OLYL
Whatsyourattitudetoriskinbusiness?
Whenthebusinessstartedwesoldourhouseand
investeditstraightintomy-wardrobe.com.Its
agoodmotivatorforgettingyourmindfocused
onmakingthingswork.InbusinessIbelieve
sometimesyouhavetotakerisks.
Whatwasthetoughestchallengeyouhadto
overcome?
Everydaycanbechallenging,butcanalsobevery
rewarding.Probablyoneofthebiggestchallenges
thatwehavehadtofacehasbeenhavingthe
workingcapitaltoinvestintheproduct.The
businesshasgrownveryquicklyandithasbeen
essentialtoprovidetherightdepthandbreadthof
producttoensureasuperiorbrowsingexperience,
butyouneedtohavethecapitaltobeabletodothis.
Anythingis
achievableifyoubelievein
yourselfand
areprepared
tomakeZHJYPJLZHUK
takerisks.
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Whatsbeenthebiggestsuccessyou ve
experiencedtodate?
Therehavebeensomanysuccessesforthe
businessoverthelastfourandahalfyears.Imso
proudofwhattheteamhasachieved.December
ZH^V\YYZ[TTVU[OVMZHSLZHTVU[OHM[LY^L
wereawardedBestCustomerExperienceatthe
DrapersE-TailAwards.
Werecentlysecureda6minvestmentfrom
]LU[\YLJHWP[HSYT)HSKLY[VU*HWP[HSMVY^OPJO
thefundingroundtookplaceinanextremelytough
LJVUVTPJJSPTH[L(Z^LSSHZILPUNHZPNUPJHU[
recognitionforwhatthebusinesshasachieved,its
goingtotakemy-wardrobe.comtothenextlevel,
providingworkingcapitaltoinvestinproduct,
marketingandteamresource.
Whatadvicewouldyougivetohusbandand
wifeentrepreneurs?
Workasateamandensureyoubothfocusonyour
areasofstrength.Ideallytheseshouldnotoverlap.
Dontgetintopowerstrugglesbetweenyou.It
willultimatelydamageyourbusinessandyour
marriage.
Whatsthebestpieceofadviceyouve
received?
Dontgetoverwhelmed.Ifyouhaveaproblem
breakitdownintobite-sizedportionsanddeal
withit.Everydayisdifferentandnevergive
up.Dontbescaredtosurroundyourselfwith
peoplewhoarebetterthanyou.Youwilllearn
morethatwayalso.Itshouldneverbeabout
ego,itshouldbeaboutbuildingabusinessthat
everyonesharesinitssuccess.
Howimportantwasthebrandinbuilding
yourbusiness?
Itsveryimportanttocreateapersonalityto
yourbrand,throughthetone,designandmarket-
ing.Thisiswhatcreatestheemotionalconnec-
tionamongyourcustomersthatdrivesloyaltyand
wordofmouth.Wehavealwaystriedtocreate
asenseofattainabilityandinclusiveness,while
retainingtheaspirationofbeingaluxurybrand.
Isnowagoodtimetostartanewbusiness?
Aslongasthemarketisthere,youhavethe
rightproduct,youunderstandyourtarget
marketandthefundingbehindyou,thenIdsay
yes,itstherighttimetostart.
Doyourresearch.Understandyourcustomer,yourproductandyour
marketcompletely.Dontavoiddoingyourhomework.
Developexpertise.Buildateamofspecialistswhoareexpertsineach
VM[OLPYLSKZ
Keepevolving.Beonestepaheadofthecompetitionwitharelentless
focusoninnovation.
Takerisks.Tomakeachangeyouneedtotakearisk.
Nevergiveup.Problemscanbesolved,youjustneedtofocushard
andnotgetoverwhelmed.
1
2
3
Sarahstoptips
4
5
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therural
radical
Wilfred Emmanuel-JonesThe Black Farmer
WilfredEmmanuel-Jones,akaTheBlackFarmer,
YZ[SH\UJOLKOPZ)YP[PZONS\[LUMYLL
sausagerangein2004.Hisexpandedfoodrange
isnowstockedbyeverymajorsupermarketchainintheUK.
Emmanuel-JoneswasborninJamaica,butinthe
1950shisparentsmovedtoinnercityBirmingham.
Afterhelpinghisfathertendthefamilyallotment,a
loveofbeingoutdoorswasinstilledinhim.Atage
11hemadeapromisetohimselfthatonedayhe
wouldownhisownfarm.
@LHYZSH[LYOLM\SSSLK[OH[JOPSKOVVKKYLHT
havingboughtasmallfarminDevon,andthenhe
launchedTheBlackFarmerbrand.
In2005Emmanuel-JonessetuphisYoungBlack
Farmersruralscholarshipscheme,throughwhich
youngpeoplefrominnercitycommunitiesare
giventheopportunitytoexperiencewhatitislike
toliveandworkinruralBritain.
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Doyoucomefromanentrepreneurialfamily?
Imfromanimmigrantfamily.Forapersontoleave
theircountryoforiginandtrytostartanewlifeis
averyentrepreneurialthingtodo.ButmyparentsexperiencewhentheycametotheUKwas
disappointmentandsurvivalandtheyhopedthat
thesecondgenerationwouldfarebetter.
Ifyoulookatcertainimmigrantgroups,theycame
totheUKpennilessandhavemadefortunesby
beingindustriousandentrepreneurial.Everyone
whocametothiscountrydecidedtochangethe
statusquo.
Whatwasyourbackgroundbeforeyoubecame
anentrepreneur?
IwasbroughtupinSmallHeathinBirmingham,
adeprivedarea.Ihadatoughtimeatschool
ILJH\ZLVMT`K`ZSL_PH0MV\UKP[KPMJ\S[[VYLHK
andwritebutitmeantmyintuitionwasmorehighly
developed.
0ULLKLK[VUKHUV[OLY^H`[VHKHW[HUKZ\Y]P]L
Myfathersallotmentbecamemyoasis;itgave
mesomethingtoaimfor.Ileftschoolat16with
UVX\HSPJH[PVUZHUK0QVPULK[OL(YT`H[I\[0
waskickedoutafterjustayear.
IdecidedIwantedtoworkasaTVproducer.Iwrote
toeverysingleproducerintheRadioTimesandnot
VULYLZWVUKLK)\[0RLW[NO[PUNHUKZVTLVULH[
theBBCdecidedhewouldtakeapuntonme.
Howdidyoubeginyourjourneyasan
entrepreneurinthefoodindustry?
-VY[LU`LHYZ0[YH]LSSLK[OL^VYSKTHRPUNSTZMVY
theBBC;IgavepeoplelikeGordonRamsay,Brian
;\YULYHUK(U[VU`>VYYHSS;OVTWZVU[OLPYYZ[
breakonTV.ButIalwayshadtheplantogofrom
beingasalariedpersontobuyingafarm.
Isetupmyownfoodanddrinkmarketingagency,
workingwithentrepreneurialclientslikeLoyd
GrossmanandCobraBeer.ThenIboughtmyfarm.
Howdidyousurviveinsuchacompetitiveindustry?
Ispottedanopportunitytocreateabrandthat
wouldhelppeopleinteractwithruralBritain.
Farmershadlosttherelationshipwiththe
consumersandthesupermarketswereableto
dominatethechain.
Iwantedtoproduceareallygoodpremium
sausageforpeoplewhowerewheatintolerant,but
Ididntwanttogetinvolvedwithmanufacturingor
distributionasthesearenotmyareasofexpertise
andtheyalsoincurmassiveoverheads.Thefresh
foodindustryisanightmarebecauseitsareally
lowmarginbusiness.
IknewthatwhatIhadtodowasgetpeopleto
WYVK\JLZH\ZHNLZ[VT`ZWLJPJH[PVUZHUKMVJ\Z
onthesalesandmarketing.Lotsofbusinesses
getthisthewrongwayround.
Howdidyougoaboutcreatingyourbrand?
Thekeythingwascomingupwithaname.There
werenoblackpeopleinDevonandmyneighbours
wereallcallingmeTheBlackFarmerandit
stemmedfromthere.
IwantedtocopyRichardBransonwhenhe
launchedtheVirginbrand,whenatthetimeitwas
risqutosaythevirginwordinpublic.Thename
TheBlackFarmerhadasimilareffect.
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Whatarethequalitiesyouneedtobean
entrepreneur?
Youneedapositiveattitudeastheworstthing
entrepreneurscandoishavedoubt.Icantbear
negativity.
Youmustruthlesslykeepfocus,tothedetrimentof
everythingelse,butnotmanypeopleareprepared
todothat.Themostimportantthinghastobethe
business,beforeholidays,beforeeverything.The
YZ[]L`LHYZHYLJY\JPHSS`PTWVY[HU[HUK[OLOPNO
failureratescomeasaresultofpeoplenotliving
andbreathingtheirbusiness.
Whatisthebestadviceyou vebeengiven?
Nevereverdoanythingwithoutpassionasyoull
needittoovercomehurdles.Thethingthatstops
mostpeoplebeinganentrepreneurisfearandthe
antidotetofearispassion.
Ifyouvisitsomeoneinintensivecare,allthe
doctorsaredoingeverythingtheycantokeep
thepatientalive.Thatsexactlywhatrunninga
I\ZPULZZPZSPRLPU[OLYZ[]L`LHYZ
Dontwasteyourenergyonpeopleorthingsthat
areirrelevant;inthestart-upworldtherearelotsof
peoplewhowilldistractyouandnothelp.
Doyouthinkmoresupportshouldbeofferedto
youngentrepreneurs?
Thegovernmentcoulddothingstomakeiteasier
forinnovatorsandIwouldliketoseealotmore
personalmentoring.Itsimportanttoshowpeople
fromlessprivilegedbackgroundstheopportunities
availabletothem.Plentyoforganisationsare
preparedtogiveyouadvicebutintheenditwill
comedowntoyourownpersonaleffort.
Doyouseeyourselfasdisruptive?
Imregardedasamaverickandeverythingabout
mybrandisaboutdisruption.Youneedtobe
adisruptivetypetobeanentrepreneur,totake
personalresponsibilityandgiveitago.Youneed
tobeabitofanupstart,anuisanceandmaybe
L]LUKPZSPRLK(UK`V\^PSSUKH[PWWPUNWVPU[
whenyouarelistenedto.
)YP[HPUOHZH]LY KPMJ\S[H[[P[\KL[V^HYKZbusiness.Youarelookedatwithsuspicion.We
havealongwaytogobeforeourentrepreneurial
spiritiscelebrated.
Everygreatchangethecomputer,theinternet
hascomefromentrepreneurialthinking.Weare
thepeoplewhochallengethestatusquoandbring
aboutchange;thepioneersthatarebraveenough
tostandupanddoitdifferently.
Bepositiveandavoidthedoubters.
Keepfocusedonthebusinessaboveeverythingelse.
Dontshyawayfrombeinganuisancetogetthingsdone.
Bepassionateaboutwhatyoudo.
Dontwastetimeonthingsthatareirrelevant.
1
2
3
Wilfredstoptips
4
5
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thechange
maker
The Rt Hon the Lord Heseltine CH
Haymarket Group
In1957,LordHeseltinefoundedHaymarket,now
oneofthelargestindependentmagazine
companiesintheUKwithextensiveoverseas
interestsandaglobalstaffofover2,500people.
SinceLordHeseltinefoundedthecompanyhalf
acenturyago,Haymarkethasbecomeahighly
entrepreneurialbusinessthathaslaunchedaseries
ofgroundbreakingmagazinetitlesincludingWhat
Car?,FourFourTwo,StuffandManagementToday.
LordHeseltinewasalsoaMemberofParliament
fortheConservativePartyfrom1966,holding
manyseniorpositionsincludingDeputyPrime
Ministerforthreeyearsuntil1997.
HethenrejoinedHaymarketaschairmanofthe
groupboardandhissonRupertisnowchairman
ofthecompany.
LordHeseltinewasrecentlyappointedtohead
upthegovernmentsnew1bnRegionalGrowth
Fund,designedtohelpgrowingcompaniesand
entrepreneursthrive.
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>OLUKPK`V\YZ[Z[HY[HZHULU[YLWYLUL\Y&
Istartedataveryyoungage.WhenIwas12at
schoolIstartedsellinglemonadeata100%mark
up.Whenmymoresportypeerscameoffthefootball
LSK[OL`^LYL[OPYZ[`HUK0ZWV[[LKHUVWWVY[\UP[`
Atuniversity,Iplayedabigentrepreneurialrolein
promotinginvestmentintheOxfordUnion.
Theninthe50sIboughtaboardinghouseinLondon
^P[OHMYPLUK^OPJO^LZ\ISL[>LZVSKP[H[HWYV[whichwethenusedtobuyahotel.
Thosewereabsolutelyformativemomentswhere
IrealisedIcoulddosomethingdifferentand
earnaliving.
/V^^V\SK`V\KLULHULU[YLWYLUL\Y&
Someonewhoisabletospotagoodideawhen
theyseeit.Thevastmajorityofpeopleseethese
opportunitiesbutonlyatinyproportiontakethemupandtheyaretheoneswhobecome
entrepreneurs.
Theissueofwhetherentrepreneursarebornor
madeisbeingferventlydebatedanditwouldtake
anarmyofresearcherstocometoanysortof
conclusion.However,ifyoulookatmyforbears
youcouldarguethatthereisanentrepreneurial
streakinmygenes.
Isdisruptionanimportantaspecttobeing
successfulinbusiness?
Absolutely.Entrepreneursthrowpebblesintothe
pond.Theyarepeoplewhojustwonttakenoforanansweriftheybelievetheyreright.
SomeofthebestthingsIveeverdonehavebeen
foughtagainstentrenchedopposition.Thatispart
ofthebuzzforme.Itistheachievingofambition,
ofconcepts,whichinvariablyaredifferentfromthe
statusquo.
+VLZYPZRPU\LUJL[OL^H``V\^VYR&
Itdoestoanextent,butitispossibletomakeacalculatedjudgement.Youhavetobelievein
yourself,themarketsandtheopportunity.You
backyourselftodoit.
Howhavetheconditionsforentrepreneurs
changedsinceyoustarted?
Whatiscleartomeisthattheopportunities
availabletoentrepreneurshavebecomelegions
biggerinrecentdecades.Thisisinnosmallpart
duetotheimpactoftheinternet,whichhasbeenhuge.Nooneknowswhereitsgoingtoend.
Howmuchimportancedoyouplaceonhiring
therightpeople?
Youneedthemosttalentedpeopleyoucanafford.
TheluxuryaswellastheproblemofHaymarketis
thatithasareputationforveryhighqualitypeople,
sotheyarealwaysbeingpoached.Wewanttobe
[OLILZ[PUHU`LSKPU^OPJO^LVWLYH[L
Whenyouwereonthepoliticalfrontline,did
youmissbeingabusinessman?
Ineverdrewadistinctionbetweenthetwo.My
politicalcareerwasallaboutbeingentrepreneurial
ingovernment.Ivealwaysbeenquitegoodat
tryingmyideas,someofwhichwereverybad,out
onpeopleIlikeandrespectandlisteninghardto
whattheysay.
Spotitwhenyouseeit!
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Thecoalitiongovernmentistalkingaboutan
enterpriseledrecoveryandencouragingpeopleto
bemoreentrepreneurial.Doyouagreewiththat?
Yes,itsadesirableobjective.Itunleashesenergiesandenthusiasms,spreadsresponsibilities;itmakes
accountabilitymuchmorepersonal,muchmorelo-
cal.Itsverymuchthesortofatmosphereavibrant
societywants.Thereisahugeroleforthegovern-
mentinstimulatingentrepreneurialbusiness.
Doyouthinkthatfailureisanimportantpartof
anentrepreneursjourney?
Therewillbealotofbusinessesthatfail,thatsthe
natureofit.Obviouslyitsbestavoided,butifyoustareovertheabyssitdoesfocusthemindandwill
bringoutthebestofyouintermsofingenuity.
In1962wetookbigrisksinbothpropertyand
publishing.Althoughsomeprojectswentwrong,
Idevotedmyselftoearningenoughtopaybackall
thedebts.
Itshowyourespondtosetbacksthatreallymarks
youout.
Howdoyouchoosetheareasyouinvestin?
Theresanelementofopportunism.Itakewhatever
opportunitiesIcangetwhentheyreonoffer.You
weightuptherisksbutyoudontknowwhats
goingtohappeninthefuture,likeIcouldnt
foreseethatthemediaworldwouldtakethe
hammeringthatitdidin2008/9.
Towhatdegreedoeshavingafamilybusiness
PU\LUJL[OLWLYZVUHSP[`VM[OLI\ZPULZZ&
Ihaveaverycloserelationshipwithmyson,weve
beenheretogethernowfor10yearsinclose
proximity.Iknewthatwhentheopportunitiesfor
KL]LSVWPUNZ[HY[LKV^PUN0Q\Z[OHKU[[OLLULYN`
todothethingsthatshouldbedone.Sincethe
changeover,thecompanyhasgoneontoatotally
differentmodeofmanagement.Butintermsofour
outlook,thereisatotalidentityofapproach.
Manyentrepreneursarefocusedontheexitbut
youhavebeenatthehelmforover50years.
Wasthatalwayspartoftheplan?
Alotofentrepreneursaresinglegeneration
stories;theyllcreate,buildthensell.Myheroes
aretheRothschilds,theSwiresandtheKeswicks,
thegreatdynastiesthathavecreatedglobal
companiesandheldontothem.
Thatisfundamentaltomyapproach,butImfully
awarethatinmycircumstancesitwaspossibleto
obtain100%oftheequityformyfamilyandalot
VMWLVWSLJHU[KV[OH[0[PZ]LY`KPMJ\S[[VUK
peoplewhowillcomeinforthereallylongterm.
LordHeseltinestoptips
Spottheopportunity.
Spotagoodideawhenyouseeit.
Tellthetruth.
Alwaystellanycreditorsthe
truth.Theymustbelieveinyou
andyoumustbemeticulousin
preservingthoserelationships.
Takecalculatedrisks.
Takerisksbutmakesurethat
theyarecalculatedrisks.
Beresilient.
Donttakenoforananswer.
Learnfromyourmistakes.
Manybusinessesfailandhave
setbacks;thesecanfocusthe
mindandbringoutyourbest.
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Peter Jones CBE
thePU\LU[PHS
investor
PeterJoneshasstarredinDragonsDensince
[OLOP[;=ZOV^YZ[HPYLKVU[OL))*PU
Hehassincebecomeoneofthemostprominent
entrepreneursintheUK,knownforhisdirect,
straight-talkingstyleandeyeforadeal.
HeisachampionforBritainsyoungandemerging
entrepreneurialtalent.
Afterastringofentrepreneurialendeavours
throughhisteensandtwenties,Peterfounded
PhonesInternationalGroupin1998,whichwas
generatingrevenuesof44millionbytheendofits
secondyearoftrading.
Today,hehasinterestsinawiderangeof
companiesandavarietyofmarketsthat
collectivelygeneratesalesofmorethan250
millionandemploymorethan1,000people.
PeterisalsochairmanofEnterpriseUKwhich
partneredwithVirginMediatocreateVirginMedia
Pioneers.
TheNationalEnterpriseAcademy(NEA),which
Peterlaunchedin2009totrainthenextgeneration
ofaspiringentrepreneursisabouttoopenitsthird
IHZLPU:OLMLSK
WecaughtupwithPeteraheadofthelaunch.
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>OH[PZ`V\YKLUP[PVUVMHULU[YLWYLUL\Y&
Beingentrepreneurialisaboutmanagingand
exploitingrisk,itsaboutbeingcreativeand
innovative,itsaboutchallengingexistingpractices
andtheexistingwaysofdoingthings.Interms
ofbeinginnovative,Ithinkofthisasdoingsomethingbetterthanyourcompetitioninan
entrepreneurialcontext.
Promotingentrepreneurshipiskeytodriving
businessstart-ups,butitsalsokeytodriving
I\ZPULZZNYV^[OPUL_PZ[PUNYTZ;OH[swhythe
NEAsprogrammeofenterpriseeducationwillnot
onlyequipyoungpeoplewiththeskillstosetup
theirownbusiness,itwillalsoencouragepeopleto
beenterprisingintheworkplace-theabilitytobe
JYLH[P]LHUKL_WSVP[YPZR^P[OPUL_PZ[PUNYTZ
WhatwasthemotivationtolaunchtheNEA?
Ihavealwaysbeenextremelypassionateabout
improvingtheentrepreneurialcapabilitiesoftheUK
andlikeanyentrepreneurworthhissalt,Ispotted
agapinthemarket.
Idevelopedtheideaofcreatingaschoolfor
futurebusinesstycoonsandafterdiscussingthe
visionwithgovernment,employersandeducationexperts,itbecameclearthetimewasrightto
createastep-changeinthedeliveryofenterprise
education.
Nowthatwearesuccessfullyupandrunning,
0YTS`ILSPL]L[OL5,(JHUOLSW[YHUZMVYT[OL
entrepreneurialcultureoftheUK,helpmakethe
UKagloballeaderinenterpriseeducationand
ultimatelystrengthenoureconomy.
Canentrepreneurshipbetaught?
Therealityisthatentrepreneurshipisaskillthat
canbetaughtlikeanyotherandthesuccessofthe
studentswhograduatedfromtheAcademythis
yearprovesmypoint.
Everydayourstudentsareexposedtoreal
businessesandrealissues.Workingwith
localbusinesses,globalorganisationsand
entrepreneurs,theyareequippedtohittheground
runningwhentheyleaveusandentertheworldof
workwhetherthatsasentrepreneursintheirown
rightorwhethertheychoosetostarttheircareerinanexistingbusiness.
Whatqualitiesdoyoulookforinbudding
entrepreneurs?
Ithinkweneedtogetawayfromthisbelief
thatsuccessfulentrepreneursaresomekindof
homogenousgroupwithsharedcharacteristics.
Entrepreneursarenotborn,theyaremade.
AttheNEA,wearelookingforpassionate16-19yearoldswhopossessapositiveattitude.Wethen
workwiththeyoungpeopletounlocktheirtalents
andequipthemwiththeskillstothriveinthe
modernbusinessworld.
DragonsDenissimilar.Wereessentiallylooking
forpeoplewithsmartideas,passionandanability
toexecute,regardlessofwhattheideamightbe.
Towhatdegreehaveyoubeendisruptiveasan
entrepreneur?
Togetthroughtheperiodofmylifethatfollowed
myownbusinessloss,Igotanormaljobbecause
Iwasdeterminedtodigmywayoutandgetmyself
backintoanentrepreneurialrole.
Itwasduringthistime,thatIbeganlookingat
themobilephonesector.Ihadavisionforsmall,
mobiledevicesbecomingubiquitousandtheone
thingthatnobodywouldleavehomewithout.I
alsofeltthattechnologywasgoingtomakethemobilephoneacomplete,powerfulmobile
computerinyourpocket.
In1998,afewpeoplethoughtIwasnutsbutI
hadavisionforadistributionbusinessmodelthat
addedvaluetothesupplyofmobilephonesand
relatedproductsintoUKretailchannels.
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Tothatextentitwasapositivelydisruptivemove.
Thelessonwasspottinganopportunitytodo
somethingdifferentanddoingsomethingaboutit.
Howimportantistheabilitytobounceback
fromadversity?
Theresnohiddensecrettomysuccess,or
indeedanykindofbusinesssuccess,butasan
entrepreneur,Idobelievethatyouneedacertain
typeofmindsetIcallitacandoapproach.I
oftensaytoyoungentrepreneursthattheresno
suchthingasfailure,onlyfeedback.
ThatshowImanagedtoovercomeadversityin
myearlycareerbyadoptingapositivemindset
andinterpretingmymistakes,notasfailure,butas
feedback.
HowimportantisentrepreneurshiptotheUK?
ItsnosecretthatBritainsentrepreneurial
talentisessentialtothefuturesuccessand
competitivenessofoureconomy.Tocoinaphrase,
Britainsgottalent,butasanation,wehaveto
ensurethatwefosterthatentrepreneurialtalent.
Forme,unlockingthepotentialofBritainsyoung
entrepreneurialtalentisessentialtothefuturesuccessandcompetitivenessofoureconomy.
Nowmorethanever,weneedentrepreneursto
stimulatetheeconomyandbusinesses,bothbig
andsmall,willneedinspiredemployeestohelp
theircompaniesinnovate,growanddevelop.Its
importantthatbuddingentrepreneurshaveaplace
togoforinformationandadvicewhichiswhy
initiativessuchasVirginMediaPioneersareso
valuable.
Whatadvicewouldyougivetoaspiring
entrepreneurs?
Ifyoudonttry,youcantsucceed.
Haveavision.
Letyourimaginationrunriot;thensitdownandworkoutveryclearly
whereyouwanttogowithyour
ideas.
)LJVUKLU[
Believeinwhatyou redoing,
OH]LJVUKLUJLPU`V\YV^U
abilitiesanddontwaver.You
wontpersuadeotherpeopleto
believeinyouifyoudontbelieve
inyourself.
Beresults-orientated.
Thinkcarefullyaboutwhatyou
want,thenfocusonhowtoget
there.Youdbeamazedhowmany
peopledontdothis.
Takeaction.
Theresnopointcomplainingthat
0OHK[OH[PKLHYZ[ifyoudont
doanythingaboutit,itwillalways
bejustanidea.
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Will King
King of Shaves
WillKingcameupwiththeideaforhisbusiness
afterusinghisgirlfriendsbathoiltocombatrazor
burn.Afterbeingmaderedundant,helaunchedhis
shavingoilproductsin1993underthebrandname
KingofShaves.
>P[OPU]L`LHYZ[\YUV]LY^HZTHUK[OL
brandhassincegrowntobeagenuinechallenger
togiantsGilletteandWilkinsonSwordinthecut-
throatshavingmarket.
>PSSMHTV\ZS`OHUKSSLKHSSIV[[SLZPUOPZ
RP[JOLU^OLUOLZ[Y\JROPZYZ[KPZ[YPI\[PVUKLHS
withHarrodsbossMohamedAl-Fayed.Despite
VUS`ZLSSPUN^VY[OVMWYVK\J[PU[OLYZ[`LHY
hewasdeterminedthattherewasamarketfortheproductwithmen,likehimself,whowerent
enjoyingusingtheotherproductsonthemarket.
KingisalsotheauthorofHowtoBuildaGreat
BusinessinToughTimes:TheKingofShaves
Story.
Hetalkedtousabouthisexperiencesasa
successfulentrepreneur.
thesmooth
operator
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Thereisadelightindoing
thingsdifferently,butwehadtoovercomealackofawareness.
Didyoualwaysplanonbeinganentrepreneur?
No,notatall.Ireallywantedtobeayacht
designerandcompletedadegreeinmechanical
engineering.ButIwasnevergoingtobeanygood
atit,asmymathsskillswerentgoodenough.
IendedupsellingadvertisingspaceforMarketing
magazineandthenIwentintoeventproduction.Thosejobstaughtmethatifyouputintheeffort
yougetthereward.Butintheearly90sthe
recessionhappenedandIwasmaderedundant.
IwantedtomakeaproductsothatIcouldkeep
goingiftimesgottoughagainandcontrolmyown
destiny.
Doyouthinkitsimportanttobedifferent?
Itisimportantthatyouhaveaproductthat
solvesaproblemandisdifferentiated.KingofShavessolvedtheproblemofrazorburnand
rashanditdidsoinanunconventionalway;it
hadaquirkinesstoit.Lotsofpeoplehaveasked
mewhyIdidsomethingcrazylikegoupagainst
Gillette,amultibilliondollarbrand,butIjustfelt
thatifIlikedtheproductIwasselling,there
wasagoodchanceotherswouldtoo.Myonly
challengewasnotbeingknown.
Whenyoubroughtyourproducttothemarket,
didyouhaveanyideathatitwasgoingtobe
disruptive?
No,Ididnthaveanymoneyformarketresearch
soIworkedonthebasisthatitworkedformeand
soitmightworkfortwomillionothermen.Ididnt
haveanyideaoftherealpotential.Ignorancewas
HJ[\HSS`HNYLH[ILUL[MVYTLILJH\ZL0KPKU[haveanypreconceptionsofhowchallengingit
wouldbeandjustwentforit.
Howdidyoucomeupwiththebrandnameand
beginbuildingabrand?
MyDadproposedthenameKingofShaves,over
agameofcards.Weactuallystartedoffcalling
[OLYZ[WYVK\J[2PUNZ^P[O[OLZSVNHU2PUNVM
Shaves,butKingofShaveswasthenamethat
stuckwithpeople.
InthebeginningIhadtomakemybranding
decisionsbasedonthefactthatIhadnomoney,
andstartedtolookatnewoptionsthatcostless.
IwasanearlyuserofCompuServeandsomehow
knewthattheInternetwasgoingtobebig,sobuying
shave.comin1995for$35wasagreatmove.
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Youarewellknownforbeinganadvocatefor
socialmediaasamarketingtool.Howcan
entrepreneursutiliseit?
Socialmediaisafree,quickandeasywaytocon-
nectwithpeoplewhoarewillingtobuyintoyour
brand.Butalotofpeopledontunderstandthat.I
makeinformedguessesastowhatisandisntgo-ingtowork,butitprovidesyouwithadirectwayto
communicatewithyourcustomerswhichisinvaluable.
Whatwasitthatkeptyougoing?
0[[VVR]L`LHYZMVY[OLJVTWHU`[VTHRLHWYV[
andIthinkthethingthatkeptmegoingwasthat
Iwastakingbitesizeportionsofsuccess.Ireally
believethatyoushouldrewardyourselfdailyand
enjoythesatisfactionofeverysuccess,evenifit
meansjusthavingaCrunchiebareachFridayforgettingthroughtheweek.Itsatoughroadsoyou
needtoenjoythejourneyalongtheway.
Howhaveyoucopedwithcompetitionwithin
theindustry?
KingofShaveswasadifferentiatedproductwith
HNVVKWYPJLHUKNVVKWYV[THYNPUZMVYYL[HPSLYZ
sotheywerekeentostockus.Thereisadelight
indoingthingsdifferently,butwehadtoovercome
alackofawareness.Everyyearwewereliningupnewproducts,retailersandhavingnewideas.
Therewasalwaysamomentumtothebusiness.
Doyouconsideryourselfarisk-taker?
Ifthereisnoriskthereisnoreward.Youwontget
wealthorwhatyouwantunlessyoudosomethingto
achievethat.ButKingofShavesisnotacompletely
riskybusiness,aswehaveagloballyaddressable
marketandalimitednumberofbigcompetitorsthat
arenotgoingtochangedirectionquickly.
Howimportantishavingtherightteam?
ItrytohirepeoplewhocandowhatIcantand
delegate.PaulAdrian,whomentoredmewhenI
soldadvertisingspace,joinedmethisyear.Heis
abettersalesmanthanmeandIgenuinelybelieve
youneedtohiretheverybestpeopleyoucan.
Isbeinganentrepreneursomethingthatyou
wouldrecommendtopeople?
Yes.Therearenobarrierstoentry,youdonthave
tohaveadegreeorGCSEsandyoudontneedto
spendmuchtogetgoing.Itsaboutgoingoutand
doingwhatyouwanttodo.Ithasalwaysseemed
liketheultimatejobtome.
Irrespectiveoftheeconomiccycle,aslongas
yourideaisgreat,youaregoingtotackleitwith
persistence,youareabletolearnandengagewithwhatisgoingonintheworld,thenyoucan
doit.
Passionandpersistencearecritical.
Doityourway.
Youaregiventwoearsandonemouthforareason,sousethemandlisten.
Enjoythejourney,dontworryaboutthedestination.
Itisimportanttosometimesbewrong,otherwiseyouwontknowwhatrightlookslike.
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James Lohan andTamara Heber-Percy
Mr & Mrs Smith
JamesLohanandTamaraHeber-Percyarethe
co-foundersofMr&MrsSmith,theboutiquehotel
bookingserviceandguidebookpublisherthathas
soldmorethan250,000bookssinceitslaunchin
2003.
JamesandTamara,areal-lifecouple,wererunning
separatebusinesseswhentheystartedMr&
MrsSmithbuthadtheinspirationtostartanew
businesstotakeontheestablishedhotelguides.
Despiteresistanceandmanydoubtersfrom
thetravelandpublishingbusinesses,Mr&MrsSmithhasbeenphenomenallysuccessfulinthe
sevenyearssinceitslaunch.Withtheaddition
ofahotelbookingservicein2005,itprovidesits
customerswithanentirelynewwayofenjoying
theirweekends.
Weaskedtheduoaboutthehighsandlowsthey
haveencounteredalongtheirbusinessjourney.
theundercover
agents
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WheredidtheideaforMrandMrsSmithcome
from?
TamaraHeber-Percy:>OLU^L^LYLYZ[KH[PUN
Jamestriedtoimpressmewithweekendsaway
butfaileddismally.Therejustwasntaguidebook
outtherethatspoketousasabusy,twenty-
somethingLondoncouple;therewasnothingthatgaveyouhonestinformationaboutthethingsyou
reallywantedtoknow.
JamesLohan:Ihadastronggutinstinctthat
therewasagapinthemarketforourbook,butit
wasstillimportanttodoresearch.Wegotfamily
andfriendstoinvestandwehadtoremortgage
ourhousetoputinourshareofthemoney.ButI
justknewthattherewasachancetodisruptthe
hotelguidemarketbecauseitwassotiredandnot
relevanttopeoplelikeus.
Didyoufeelyouweretakingariskwhenyou
started?
THP:@LZI\[^LOHK[OLJVUKLUJL[VPNUVYL[OL
publisherswhoturnedusdown,becauseourre-
searchandpeerstoldanotherstory.Wesetupour
owncompany,SpyPublishing,andthedistributor
thateventuallytookitontolduswewouldonlysell
5,000copiesoverthreeorfouryears.Thiswould
havemeantthatwedbecompletelybrokeandoweallourinvestorsmoney,butthreemonthsafter
itlaunched,wedhit20,000sales.
Atthebeginning,itfeltalotmorestressful.The
amountofmoneywassmaller,butitcamefrom
friendsandfamilysoitfeltalotmorepersonal.
Nowwereanestablishedcompany,thechallenges
aredifferent,butitsnotthesameasworrying
aboutlosingmoneyfromthoseclosetoyou.
Howimportantwasyourchoiceofname?
JL:TheworkingtitleswentfromTheLong
Weekend,whichwastoodry,toTheDirty
Weekendwhichwastooovert.Mr&MrsSmith
wasamomentofinspirationfromourdesign
agencyBloomDesign.Assoonastheysaiditwe
knewitwasrightbecauseitsummedupexactly
whatwehadinmindcouplesonromantic
weekendsaway.
Theresatemptationtogowithsomethingstraight
away,butthenamingofyourcompanyisso
important.Ifyoucanstrikeachordwithsomeone
justwithyourname,youvealreadydoneabitof
yourjob.
Howimportantwasittogettherightpeopleon
theteam?
JL:Hugelyimportant.Webuiltateamaround
usthatmadeithappen.ThePRagency,the
photographer,theeditors,thedesigncompanyand
everyoneelseinvolvedtookahalf-fee,half-share
arrangement.Wewereallinittogether,alltaking
theriskandallputtingskillsintothebusinessto
bringittolife.Weknewfrompastexperiencewhat
ourstrengthsandweaknesseswereandthatwe
ULLKLK[VSS[OVZLNHWZ^P[O[HSLU[LKWLVWSL
Whatmadeyougofrombookpublishingtoan
onlinetravelservice?
THP:WerealisedthroughvisitingaBrighton
OV[LS^LKMLH[\YLKPUV\YYZ[IVVR[OH[^LOHKdelivered50%oftheirweekendcustom.Wehad
UL]LYYLHSPZLKOV^T\JOPU\LUJL[OLIVVRZ
weregoingtohave,sotakingthesameideaintoa
digitalformatwasthenextlogicalstep.
JL:Wewerealsolisteningtofeedbackfromour
customers.Theyweretellingusthattheywanted
tobeabletobookonlineandhaveushandle
thewholeprocessforthem,fromrecommending
wheretostaytotakingthebookingsdirectly.
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Howdoyoumakesurethatthecustomerwill
buythroughyou?
JL: Wesetourselvesupas trustedexpertswithour
guidebookandhaveabest-priceguaranteeanda
loyaltyschemerundigitally.Wealwaysdoourverybest
toprovideagreatserviceandalwayschampionthe
customer,sopeoplecomebacktousagainandagain.
Canbigbusinessesstillbeentrepreneurialin
theiroutlook?
THP:Wevehadtobeentrepreneurialalltheway.Weve
constantlyevolvedthebusinessandhadtolearnwithit.
Ifyoucouldgoback,whatadvicewouldyou
havegivenyourselfatthebeginning?
JL:Idsayjustgoforit.Asthecompanywas
growingIbegantoquestionmylong-termroleas
*,6ILJH\ZL0TUV[X\HSPLK[VY\UHUL_WHUKPUN
globalorganisation.Butifyourecognisethatmotivat-
ingyourteamandgenuinelycaringaboutthebrand
anditsfutureasthecornerstonetosuccess,thenthefoundercanoftenstillbethebestpersonatthehelm.
Whathastheexperiencetaughtyou?
JL:0[OPURYZ[HUKMVYLTVZ[`V\OH]L[VILM\SS`
committed.Itsnotahobby,itspeoplesmoney
andlivelihoods.Thehighsareveryhigh,thelows
areverylowandifyoudontlikerollercoasters,then
dontgeton!Naivetyisafantasticentrepreneurial
toolbecausewithoutityoumightnevertakerisks.
THP:Wetendnottodwellonthecompanys
failures,justtomoveon.Youneedtolearnfrom
anysetbacksandjustkeepevolving.Itsoftenhow
youbouncebackthatsthemostimportantthing.
Whatisanentrepreneur?
JL:Someonewhocontinuallywantstoprogress.Itis
aboutbeingdifferent,beingdisruptiveandnotresting
onyourlaurels.Youhavetohaveahungerforit.
Whatisthebestpieceofadviceyouvebeen
given?
JL:Myfatherwasalsoanentrepreneurandhetold
me:Ifitwaseasyeveryonewouldbedoingit.It
remindsmetohangintherewhenitsbloodyhard
workandtrustme,itwillbe.
Doesthisjourneyhaveanendpoint?
JL:No.ThatswhatImscaredof.Ifyouretrained
torunbusinesses,youwonderwhatyouaregoing
todoafterwards.Generally,mostentrepreneurswanttobuildsomethingandthensellit,thendream
oflyingonabeach.Butwhentheygetthere,they
getbored,comeupwithanotherideaandstart
again.Ithinkitmightwellbethesameforus!
Buildadynamicteam.Makesureyoubringinoutstandingpeoplearoundyou.
Getthebrandright.Dontjustpickaname,makesureyougetsomethingthat
reallyworksforyou.
Dontdwellonsetbacks.Learnandmoveon.
Believeinyourself.Trustinyourselfandyourabilitytogetthingsdone.
Focusonthecustomer.Giveyourcustomersthebestpossibleserviceyoucan.
JamesandTamarastoptips
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Sara Murray
buddi
the
insatiableinnovator
SerialentrepreneurSaraMurrayisoneoftheUKs
TVZ[WYVSPJLU[YLWYLUL\YZOH]PUNMV\UKLKHU\TILY
ofsuccessfulstartupsincludingNinahConsulting,
Confused.comandherlatestbusiness,buddi.
Alwaysdeterminedtobeanentrepreneurand
beherownboss,Sarastudiedphilosophy,
psychologyandphysiologyatOxfordand
IYPL`^VYRLKPU[OL*P[`ILMVYLZ[HY[PUNOLYYZ[
business,aged22.
In1999shefoundedinsurancecomparisonsite
InspopwhichwasrenamedConfused.comaftershe
soldittotheAdmiralGroupafteronly22months.
Herlatestventure,buddi,isaportableGPS
trackingdevice-designedforchildren,theelderly
andthevulnerable-thatshehadtheinspiration
MVY^OLUOLY`V\UNKH\NO[LY9V^LUHIYPL`^LU[
missinginasupermarket.
WetalkedtoSaraaboutherserialsuccessesand
spottingoportunitiestodisruptmarkets.
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Whatmadeyouwanttoworkforyourself?
Ialwayshaditinme.WhenIwasakidIalways
hadsomemethodofmakingmoneyandatage
]L0Z[HY[LKHQVIPU[OLSVJHSZOVW4`IYV[OLY
hadapaperroundandIthoughtitwasreallyunfair
thatIwasntallowedonesoItalkedtheshopownerintohiringme.Ipickedthesweetsthatthe
kidswouldbuy,whereashepickedtheonesthat
wouldstayontheshelf.Intheendhejustleftme
tomakethedecisions.
Iwascleveratschoolsoitwasassumedthat
Iwouldgodownthedoctor/lawyertrackbut
HM[LYT`UHSZ0^LU[[V^VYRMVYHU(TLYPJHU
consultancy,thenworkedintheCityforHambros.
TobesuccessfulintheCityyoudon thavetobe
brilliant,youhavetobepatientandIgotboredquickly.
>OH[^HZ`V\YYZ[I\ZPULZZ&
WhenIwas22andanengineer,Iwrotesome
softwarethatallowedpharmaceuticalcompanies
tooptimisetheirsalesforces.IthoughtIdstart
whenIhadnokidsandnomortgage.Ihadthe
JVUKLUJL[VILSPL]L[OH[P[^V\SK^VYRHUKPMP[
didntIwouldjustgetanotherjob.
Whenyoustartoutyouhavetocreateyour
UL[^VYR6\YYZ[THQVYJSPLU[^HZ[OLJOHPYTHU
atSmithKlineBeechamInternational,whichcame
aboutfromacoldcall.ItoldhimthatIcoulddo
hissalesforcestrategybetterthanhecould.When
heaskedmehowoldIwas,Irepliedthatyoudont
askaladyherage.HeguessedthatIwasaround
30soIlethimbelieveIwasandhehiredme.
Whatrolehavementors,advisorsandcontacts
had?
WegrewquicklybutIdidnthavetheCitynetwork
[OH[0OH]LUV >OLUZVTLIVK`TLU[PVULKVH[PUN
thebusinessIdidntunderstandwhatthatmeant.
Ivespent10yearspickingthebrainsofJohnKay,
theFTcolumnistandeconomistwhoIbumped
PU[VVUHPNO[/LZHS^H`ZILLUHUL_JLW[PVUHS
mentorandhenowsitsontheadvisoryboard
forbuddi.Heusedtoanswermyquestionsbut
recentlyhesstartedtellingmethatInowhavethe
experiencetomakemyowndecisions.
Ivealwaysbeenamassiveadvicetaker.WhenI
YTS`ILSPL]LPUZVTL[OPUN0JHU[OLSWI\[HYN\LP[
quitestrongly.IfImstrugglingtoconvincepeoplethenIthinkagain.
Youwererunningasuccessfulbusinesswhen
yousuddenlywentintoinsurance.Whatwas
theinspirationandhowimportantisitto
innovateasanentrepreneur?
Innovationisessential.OneofmyclientsatNinah
wasNorwichUnionandwesuggestedthattode-
veloponline,theyshouldgetotherinsurancecom-
paniestoeachinvest1milliontocreateamarket
^OPJO^V\SKNP]LJVUZ\TLYZHO\NLILUL[
TheydidntwanttodoitsoIraisedthemoney
togetitstartedandweveryquicklygotalot
ofinterest,butthenthedotcomcrashmadeit
PTWVZZPISL[VYHPZLUHUJLVMHU`RPUK(KTPYHS
madeanofferforthebusinessandwesaid:great,
letsdoit.
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Ofcoursewithhindsightitwasntrighttosell
thenbutmoneyisneverthedriverafterthatinitial
period,itistobeseentobesuccessful.Icould
haveeasilydonethesamethingagainbutIalways
havetothrowmyselfinthedeependofthepool.
Whatarethecharacteristicsofsuccessful
entrepreneurs?
Theyarepeoplewhogetthingsdoneandare
irrationallyoptimistic.Itsnotaboutsuccessor
failure;entrepreneursjusthaveapassionfor
businessandwanttobuildsomething.
Afterconfused.comIthoughtIdretireinmyearly
30s,butItwiddledmythumbsforsixmonths,then
hadlotsofbusinessideasandbuddicameup.Iknewitwouldsellbecausepeoplecouldntbelieve
thattheproductdidntalreadyexist.
Doyouthinkentrepreneursarebornormade?
Therearetwotypesofentrepreneurs,onetype
hasagoatabusinessandgetsluckyandsome
ofthemgetarrogantandbelievethatitwasdueto
theirownskill.Thesecondgrouparethosethatcome
upwithideasandtheyjusthavetodoit,likeme.
Alotofpeoplethinkbusinessesareaquickway
tomakeabuckandifitdoesntworkaftertwoor
threeyearstheygiveup.Ivealwaysimaginedthat
Icouldspendtherestofmylifeworkingoneach
one,butthenanotherideacomesalongthatis
morecompellingandIhavetodoit.
Sarastoptips
Naivety.
Itactuallyhelpswhenyoudont
knowanythingaboutamarketandcomeintoitinadifferentway.
Networking.
Dontbeafraidtowalkintoaroom
with50peopleyoudontknowand
startchattingtothem.Everyones
gotastory.
Delegation.
Delegateevenifyouknowthey
wouldntdoitaswellasyouwould.Ifyouwantsomethingdonegiveit
tosomeonebusy.
Feedback.
Dontkeepideastoyourself,tellas
THU`WLVWSLHZWVZZPISLHUKYLULP[
Justdoit.
Youdontneedanideatostarta
business,ifyouwaitforthebigidea
tocomeupyouwillnevergetgoing.
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thevintagevisionary
Sarah Mary Owen
Lucy in Disguise
SarahMaryOwenisco-founderofLucyin
Disguise,thenewvintagefashionbrandthatshe
andherhalf-sisterLilyAllencreatedafteryearsof
talkingaboutrunningavintagefashionbusiness.
Withaninnovativeapproachtofashionretailfrom
pop-upstorestorentingvintagedesignsthepair
HYLJHYLM\SS`UH]PNH[PUN[OLJY\JPHSYZ[ML^TVU[OZ
ofrunninganewbusiness.
:VVU[VIL[OLZ\IQLJ[VMH`VU[OL^HSS*OHUULSdocumentary,LucyinDisguiseissettobeoneofthe
must-watchfashionbrandsemergingfromtheUK.
>L[HSRLK[V:HYHOHIV\[[OLYZ[JY\JPHSTVU[OZVM
settingupLucyinDisguise,workingwithafamous
siblingandtheexperienceofrunningabusiness
MVY[OLYZ[[PTL
Fromleft:LilyAllen&SarahMaryOwen
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Whatwasthemotivationforrunningyourownbusiness?
Iveonlyeverbeenhappybeingmyownboss
butbeforeitsonlyeverbeensmallventureslike
marketstallsinPortobelloandIbiza.Onabasic
level,thatgavemeanunderstandingaboutselling,
WYV[HUKSVZZI\[[OPZPZ[OLYZ[[PTL0]LKVUL
HU`[OPUNVU[OPZZJHSLHUKKLUP[LS [OLYZ[[PTL
Ivehadpeopleworkingforme.
WhendidyoucomeupwiththeideaforLucyinDisguise?
Havingaclothesshophasalwaysbeenadreamof
ours,althoughweinitiallywantedtosellhigh-end
MHUJ`KYLZZ0[^HZ3PS`^OVTHKL[OLYZ[Z[LW"
shewaslookingforotherprojectstobeinvolvedin
whilsttakingastepbackfromthemusicindustry.
Werealisedtherewasntmuchscopefor
commercialsuccesswithfancydress,butnoticed
OV^HWHZZPVUMVY]PU[HNL^HZS[LYPUNPU[V[OLOPNO
street.
Wefelttheclimateinretailwasrightforrenting,as
consumersarebecomingmoresociallyawareand
eco-friendly.Itworkswithvintagebecauseyouve
alreadyboughtintothefactthedresseshavebeen
wornbeforesowefeltstronglythatitwasanidea
thatcouldwork.
Wheredidthenamecomefrom?
Itsactuallythenameofatackyromancenovelfromtheearly80sthatourmotherfoundina
IVVRZOVW0[Q\Z[[Z>L^HU[LK[VTHRLP[
personal,likeyourewalkingintothisgirlsworld.
Wewantedtofusemusicandfashion.Lilybeing
Lilyitseemedtherightthingtodo.
Howdidyouwriteyourbusinessplan?
Iliterallydidntknowthedifferencebetweennet
HUKNYVZZWYV[0NV[H[LTWSH[LMYVT[OLIHUR
HUKZH[MVY[^V^LLRZKH HUKUPNO[PU[OLVMJL
HUKKPKP[;VZ[HY[^P[OV\YN\YLZ^LYLIHZLKVU
a1,500squarefootstore,butnowtheplanhas
completelychanged.Iwouldntsayitwasfunbut
whenyoustartprojectingyourrevenuesandcosts
itsanexcitingpartoftheprocess.
Howdidyoudecideuponyourlocation?
Wetookalongtimetodecide.Initiallywelooked
atdestinationshops,placesthattendtobeset
backfromthehighstreet,becausewewanted
thespacetocreateabeautifulexperienceforthe
consumer.Butweknewthatmightberisky.
EventuallywedecidedonCoventGardenbecause
ithasafarhigherfootfallarea.Theareaissteeped
inhistory,itsinthemiddleoftheatrelandandits
perfect.
Howareyoudifferentiatingyourselffromthe
competition?
High-endvintageshopsarereallyexpensiveand
exclusive;somecancharge1,200tohireagown.
Wewantedtomakethesepiecesaccessibleto
everyonesoourrentalpricesstartat55.Ifyouhire
fromusanumberoftimes,thenyoullbeinvitedto
ILJVTLHTLTILYHUKNL[HKKP[PVUHSILUL[Z
Ourstockwillalsobeavailabletobuy,butwere
goingtohavetogoonlineifwereallywantto
makemoney.Vintageisahardthingtosellover
theinternet,asgarmentsizesdontmatchtoour
moderndaysizesandthatswherethevintage
inspiredcollectioncomesin.Wewantedtodo
somethingdifferentandsawagap.
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Risksareanimportantpartofbeinganentrepreneur.Whatsyourattitudetorisk?
Ihaventgottoohungupontherisks.Were
justgettingonwithbuildingthebusinessand
establishingthebrand.Butitsescalatedso
X\PJRS`WHY[PJ\SHYS`MYVTHZ[HMUNWVPU[VM]PL^
Iveneverhadtomanagepeoplebeforeandwere
alreadyupto10peopleonceyoucountourretail
manager,PRmanager,projectmanager,interns,
buyerandsalesstaff.
Whatdoesitmeantohaveacelebrityatthe
helmoftheproject?
WereobviouslyusingLilysfanbaseasa
springboardandthemediainterestthatshewill
generateishugelyvaluable,butLilyscorefans
areanythingbetween13and45yearsold.Sucha
widemarketmeansthatmakingdecisionsabout
[OLZOVWHUK^LIZP[LHYL]LY`KPMJ\S[>LHSZV
havetoensureeverylastdetailisperfectbecause
wereunderevengreaterscrutiny.Itsahugeadvantagebutitaddstothechallenge.
HaveyouandLilyalwayswantedtoworktogether?
Onlyforthelastcoupleofyears.Beforethat,we
didntgetonatall!Butactuallyitwasabigdriving
forceformeindoingthis.Ilikeworkingwitha
partner,mycreativebrainworksmuchbetterin
tandemwithsomeoneelse.
WhatdoyouthinkthefutureholdsforLucyin
Disguise?
Weremockingupthesamplesforourvintageinspired
collectionnow,anditisdueforreleaseinJune,tobe
ZVSKPU]LV[OLYJV\U[YPLZ;OPZJVSSLJ[PVUPZYLHSS
importantandwillmeanwecangrowthebusiness
atafarquickerpacethanouroriginalplan.Weve
beenconservativewithourturnoverestimationsandif
theyrebetterthanthat,thengreat.
Sarahstoptips
/H]LJVUKLUJL
Havetheself-belieftogiveordersevenwhensurroundedby
experiencedpeople.
Trustyourinstinct.
Findabalancebetweengetting
advicefromothersandtrusting
yourintuition.
Getready.
Bepreparedforsuddenchange.
Adaptwhenyouneedto.
Iftheworsthappens,keepcalm
andadapt.
Enjoyit.
Takesatisfactioninsmallvictories.
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the
ideasman
Doug Richard
School for Startups
DougRichardisasuccessfulentrepreneurwith
20yearsexperienceinthedevelopmentandleadershipoftechnologyandsoftwareventures.
/LMLH[\YLKPU[OLYZ[[^V;=ZLYPLZVM+YHNVUZ
Denandisachampionforstartupsandsmall
businesses.
HefoundedmentoringenterpriseSchoolforStart-
upsin2008,afterteachingaone-dayclassinentre-
preneurship.NowDougisdedicatedtocoaching
WLVWSL[VZ[HY[IL[[LYTVYLWYV[HISLI\ZPULZZLZ
andhastaughtthousandsacrosstheUK.
+V\NPZHUPU\LU[PHSHK]PZVYVUZTHSSI\ZPULZZ
policyintheUKandwrotetheRichardReport
whenservingaschairmanoftheConservative
Partyssmallbusinesstaskforce.Healso
authoredtheEntrepreneursManifesto.
WecaughtupwithDougforsomelessonson
disruptionandgettingstarted.
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Whyaresuccessfulentrepreneursadisruptive
PU\LUJL&
Theymakethingsfaster,betterorcheaper.Some
businessesdestroytheindustrytheyareinandare
thenthesolesurvivorofthenewsmallerindustry
theycreate.Entrepreneursaredisruptivebecausetheydosomethingdifferentandmakethingshappen.
Ifyouwentback20years,whatadvicewould
yougiveyourselfasanentrepreneur?
Iwouldlistentothepeoplearoundmemore,
becausetheyhavesomanygoodideas.Iwould
runbusinesseslikeIdonowanddelegatefar
more.Iusedtotrytodoeverythingmyself,
becauseIdidnttrustotherstodoitaswell.NowI
delegateeverything.
Howdothechallengesdiffernowforyoung
entrepreneurs?
Ithinkthatthefundamentalconditionsfor
entrepreneurshavechangedverylittle.The
challengestheyfaceofgettingstarted,beingsmart
anddoingitright,areverymuchthesame,but
peoplemakethesamemistakes,everysingletime.
However,inBritaintheculturalcontexthaschangedalot.Twentyyearsago,becomingan
entrepreneurwouldhavebeenseenasalotmore
riskyandalotofpeoplewouldhavetoldyou
thatyouweredoingastupidthing.Nowthathas
changedandpeoplewantingtostarttheirown
businessarefarmoreadmired,understoodand
accepted.
Andhowhavetheopportunitieschangedfor
entrepreneurs?
Itsactuallymucheasiertostartasmallbusiness
nowthanitusedtobe.Manythingsthatused
tocostmoneydontcostanythingnow.Thereis
thefreedomtostartabusinessusinglessc