Disruptive Influence - The Entrepreneur Report

8/8/2019 Disruptive Influence - The Entrepreneur Report

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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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13

19

25

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75

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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.

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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-

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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


31/82

theinterviews


32/82

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.

30


33/82


34/82

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.

32


35/82

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!

1

2

3

4

Joestoptips

5

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37/82

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.

35


38/82

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.

36


39/82

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

37


40/82

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.

38


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42/82

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.

40


43/82

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

41


44/82

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.

42


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46/82

>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!

44


47/82

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.

2

1

3

4

5

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49/82

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.

47


50/82

>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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51/82

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.


52/82


53/82

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

51


54/82

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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55/82

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.

12

3

Willstoptips

4

5

53


56/82

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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58/82

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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59/82

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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4

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2

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60/82

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.

58


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62/82

Whatmadeyouwanttoworkforyourself?

Ialwayshaditinme.WhenIwasakidIalways

hadsomemethodofmakingmoneyandatage

]L0Z[HY[LKHQVIPU[OLSVJHSZOVW4ÌYV[OLY

hadapaperroundandIthoughtitwasreallyunfair

thatIwasntallowedonesoItalkedtheshopownerintohiringme.Ipickedthesweetsthatthe

kidswouldbuy,whereashepickedtheonesthat

wouldstayontheshelf.Intheendhejustleftme

tomakethedecisions.

Iwascleveratschoolsoitwasassumedthat

Iwouldgodownthedoctor/lawyertrackbut

HM[LYTÙHSZ0^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

YTSÌLSPL]LPUZVTL[OPUN0JHU[OLSWI\[HYN\LP[

quitestrongly.IfImstrugglingtoconvincepeoplethenIthinkagain.

Youwererunningasuccessfulbusinesswhen

yousuddenlywentintoinsurance.Whatwas

theinspirationandhowimportantisitto

innovateasanentrepreneur?

Innovationisessential.OneofmyclientsatNinah

wasNorwichUnionandwesuggestedthattode-

veloponline,theyshouldgetotherinsurancecom-

paniestoeachinvest1milliontocreateamarket

ÔPJO^V\SKNP]LJVUZ\TLYZHO\NLILUL[

TheydidntwanttodoitsoIraisedthemoney

togetitstartedandweveryquicklygotalot

ofinterest,butthenthedotcomcrashmadeit

PTWVZZPISL[VYHPZLUHUJLVMHU`RPUK(KTPYHS

madeanofferforthebusinessandwesaid:great,

letsdoit.

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63/82

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

Disruptive Influence - The Entrepreneur Report

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