Brilliant news that Peter Jones has pioneered a new Enterprise Academy backed by Gordon Brown, which will open in 2009.
The UK is on a journey here, and actually if we want to change the culture in my view it needs to start at the beginning of a child's education (and by that I mean from babyhood onwards), and must encompass giving our children the 'positive thinking' tools which foster self-belief, determination and drive. In my experience, if an entrepreneur has these three qualities embedded in their psyche, they don't actually need anything else.
Showing posts with label Tycoon. Show all posts
Showing posts with label Tycoon. Show all posts
Wednesday, 12 March 2008
Friday, 20 July 2007
Marketing Tips #37 - 'The Art of Flattery'
I lost my PA two weeks ago.
In your world this may have been a disaster, but I've found it quite refreshing to be back in control again - in particular of all the speculative emails I receive each day.
An efficient PA will see these as intrusions to be fended off in the politest possible way (or in the case of my last PA, irritations largely to be ignored). However, as my business is now 'Inspiring, Motivating and Helping Entrepreneurs Achieve Business Success', each one is at best a customer - and at worst a small piece of market research/feedback from which, at minimum, I can learn something.
99% of these emails are pretty positive - from people telling me about their business, sometimes asking for direct help or investment or simply sending me a few lines of positive words.
But yesterday I received the following from one Fakeidee43626824@aol.com:
'losses of £4.7million and you give advice , are you sure'
In the media meltdown and hate fallout that followed the crash of Red Letter Days two years ago, I learned that the best way to deal with such messages is to use the Delete button. The cyber equivalent of a dollop of birdshit landing on the windscreen of life, these occasional 'hate mails' are almost always anonymous, sent from dodgy internet based email addresses senders and I suspect from people who have never got up off their butt to achieve anything in life - let alone experience how difficult it is to create a business from scratch and run it for 16 years.
[Alternatively it could have been Peter Jones, having a bit of fun... But I digress.]
And so the message languished in my Recycle Bin, until 40 minutes later I received the following:
Hi Rachel,
I've just been leafing through your website and I think you're a star just for taking the time to put together some useful tips for people like me to take a look at -- it's comforting to think that even hugely successful business giants like you have been through the same exhausting process as the rest of us in your climb to the top. And it's encouraging to know that we all have the potential to succeed, because sometimes, despite your very best efforts, you can start to wonder if you're really up to the task.
So thank you for your words of encouragement.
Best regards,
Marc Jardine==========================
Biznis Cards ::: Online Print Solutions
www.biznis-cards.com
OK, it's a bit OTT - and I would hardly describe myself as a 'business giant' - but once my new PA is recruited, I know where I'll be getting her business cards from.
Enjoy your day!
Rachel
In your world this may have been a disaster, but I've found it quite refreshing to be back in control again - in particular of all the speculative emails I receive each day.
An efficient PA will see these as intrusions to be fended off in the politest possible way (or in the case of my last PA, irritations largely to be ignored). However, as my business is now 'Inspiring, Motivating and Helping Entrepreneurs Achieve Business Success', each one is at best a customer - and at worst a small piece of market research/feedback from which, at minimum, I can learn something.
99% of these emails are pretty positive - from people telling me about their business, sometimes asking for direct help or investment or simply sending me a few lines of positive words.
But yesterday I received the following from one Fakeidee43626824@aol.com:
'losses of £4.7million and you give advice , are you sure'
In the media meltdown and hate fallout that followed the crash of Red Letter Days two years ago, I learned that the best way to deal with such messages is to use the Delete button. The cyber equivalent of a dollop of birdshit landing on the windscreen of life, these occasional 'hate mails' are almost always anonymous, sent from dodgy internet based email addresses senders and I suspect from people who have never got up off their butt to achieve anything in life - let alone experience how difficult it is to create a business from scratch and run it for 16 years.
[Alternatively it could have been Peter Jones, having a bit of fun... But I digress.]
And so the message languished in my Recycle Bin, until 40 minutes later I received the following:
Hi Rachel,
I've just been leafing through your website and I think you're a star just for taking the time to put together some useful tips for people like me to take a look at -- it's comforting to think that even hugely successful business giants like you have been through the same exhausting process as the rest of us in your climb to the top. And it's encouraging to know that we all have the potential to succeed, because sometimes, despite your very best efforts, you can start to wonder if you're really up to the task.
So thank you for your words of encouragement.
Best regards,
Marc Jardine==========================
Biznis Cards ::: Online Print Solutions
www.biznis-cards.com
OK, it's a bit OTT - and I would hardly describe myself as a 'business giant' - but once my new PA is recruited, I know where I'll be getting her business cards from.
Enjoy your day!
Rachel
Tuesday, 17 July 2007
Sell or Fail
New research by NatWest has revealed that Reality TV shows such as Dragons' Den and The Apprentice are inspiring millions of new business start ups. Apparantly 17 million have considered an idea to create a business, with 30% intending to make their dreams a reality.
That's 5.1 million new businesses coming your way soon!
While on the one hand it is brilliant that so many are now being inspired to go into business, without wishing to sound like a pariah of doom, the sad fact is that within 2 years around two thirds of those new businesses will have failed. That's c3.4 million people dealing with the fallout of business failure and all that goes with it - piles of unsold stock in the garage, boxes of unused brochures/leaflets/letterhead, and in the worst cases bankruptcy proceedings and even marriage breakdown.
I know, not just because I have been there myself, but also because I receive a lot of emails from people who are in that early stage 'Pit' - where all the initial enthusiasm has evaporated, all the money has gone, nothing is working - and they are desperate for help.
The problem with most of these businesses is that they simply have no SALES.
You can have the best business idea in the world; the smartest office; the best website; the flashiest brochures - but without SALES you do not have a business. Yet so many businesses fail to put Sales as their Number 1 daily priority above all else that may be going on - tinkering around the edges of their business instead of going out there and getting deals.
This is the big myth of business - write your business plan, raise capital, put your product or service into production, then go out there and the money will just start pouring in. Personally I think it should be done the other way round - create your product or service in the smallest most inexpensive prototype form; go out to the market and test the reaction (even if that is a last minute cheap stall at an exhibition or a couple of meetings with retail buyers), and SEE IF IT SELLS.
Even if it doesn't, the feedback you will have gained will be invaluable in honing your product. Too big? Too small? Too expensive? Too cheap? Wrong Colour? Too fast? Too slow? Too sweet? Too salt? Badly packaged?
Using realtime customer feedback as your market research is the best way to protect your business from failure - so keep nimble and keep testing until you hit the magic formula.
And only then launch your business in a big way.
Good Luck!
Rachel
That's 5.1 million new businesses coming your way soon!
While on the one hand it is brilliant that so many are now being inspired to go into business, without wishing to sound like a pariah of doom, the sad fact is that within 2 years around two thirds of those new businesses will have failed. That's c3.4 million people dealing with the fallout of business failure and all that goes with it - piles of unsold stock in the garage, boxes of unused brochures/leaflets/letterhead, and in the worst cases bankruptcy proceedings and even marriage breakdown.
I know, not just because I have been there myself, but also because I receive a lot of emails from people who are in that early stage 'Pit' - where all the initial enthusiasm has evaporated, all the money has gone, nothing is working - and they are desperate for help.
The problem with most of these businesses is that they simply have no SALES.
You can have the best business idea in the world; the smartest office; the best website; the flashiest brochures - but without SALES you do not have a business. Yet so many businesses fail to put Sales as their Number 1 daily priority above all else that may be going on - tinkering around the edges of their business instead of going out there and getting deals.
This is the big myth of business - write your business plan, raise capital, put your product or service into production, then go out there and the money will just start pouring in. Personally I think it should be done the other way round - create your product or service in the smallest most inexpensive prototype form; go out to the market and test the reaction (even if that is a last minute cheap stall at an exhibition or a couple of meetings with retail buyers), and SEE IF IT SELLS.
Even if it doesn't, the feedback you will have gained will be invaluable in honing your product. Too big? Too small? Too expensive? Too cheap? Wrong Colour? Too fast? Too slow? Too sweet? Too salt? Badly packaged?
Using realtime customer feedback as your market research is the best way to protect your business from failure - so keep nimble and keep testing until you hit the magic formula.
And only then launch your business in a big way.
Good Luck!
Rachel
Tuesday, 3 July 2007
The Blog is Working...
Just as Steve Clayton Steve Clayton: Geek In Disguise promised (see first post 'Blog Virgin' below), the Blog seems to be starting to work...
Scott Barlow at UKpreneur http://www.ukpreneur.co.uk/222/does-rachel-elnaugh-have-a-husband/ thinks I am hot, wonders whether I have a husband (since when did that bother most men?) and has asked me for a date, while John Crickett at eCademy http://www.ecademy.com/node.php?id=86577 has taken exception to my Blog about Peter Jones' new 'Tycoon' show, posing the question 'Jones vs Elnaugh: Who Do You Think is the Better Entrepreneur?'
That last one is an interesting one John, and tells me instantly that you are an 'Alphapreneur' - one of those ghastly males that is always comparing dick size and wanting to know who is 'the best'. Take my free entrepreneurial profiling test at my own website http://www.rachelelnaugh.com/m_17.asp and tell me if I am right!
But it's an interesting question though - who IS the best?
How do you measure?
Is Tesco a 'better' supermarket than Waitrose?
Is The Sun a 'better' newspaper than The Big Issue?
Is Easyjet a 'better' airline than Cathay Pacific?
All comments are welcome.
Rachel
Scott Barlow at UKpreneur http://www.ukpreneur.co.uk/222/does-rachel-elnaugh-have-a-husband/ thinks I am hot, wonders whether I have a husband (since when did that bother most men?) and has asked me for a date, while John Crickett at eCademy http://www.ecademy.com/node.php?id=86577 has taken exception to my Blog about Peter Jones' new 'Tycoon' show, posing the question 'Jones vs Elnaugh: Who Do You Think is the Better Entrepreneur?'
That last one is an interesting one John, and tells me instantly that you are an 'Alphapreneur' - one of those ghastly males that is always comparing dick size and wanting to know who is 'the best'. Take my free entrepreneurial profiling test at my own website http://www.rachelelnaugh.com/m_17.asp and tell me if I am right!
But it's an interesting question though - who IS the best?
How do you measure?
Is Tesco a 'better' supermarket than Waitrose?
Is The Sun a 'better' newspaper than The Big Issue?
Is Easyjet a 'better' airline than Cathay Pacific?
All comments are welcome.
Rachel
Saturday, 30 June 2007
Why Products Fail
Since writing my blog below about Peter Jones' new show Tycoon, I set up a Google Alert which has since sent me every online piece documenting - in excruciating detail - the failure of Peter's latest TV project.
When you are entrepreneur just starting out, at least you can mistakes (and there always will be mistakes!) in private, whereas we 'Celebrity Entrepreneurs' are always under the full and often embarassing glare of the media spotlight.
Although I actually feel for Peter, having been through my own very public 'media meltdown', nonetheless it did prompt me to think about what makes a great product (whether that be a TV programme, or any other creation out of which you intend to make money).
When the Dragons were first approached by the BBC and introduced to the talented producer Martyn Smith, who had been commissioned to create the concept for Dragons' Den, I think we all expected an X-Factor type show in a studio at White City.
Instead we were sent to a desolate warehouse in one of London's less safe suburbs, sat on mis-matching chairs in a bleak set and had no real instruction on what was about to unfold.
But when the first series of Dragons' Den was aired back in January 2005, it was clear just from watching episode one that the BBC had a hit on their hands. Although it was quite raw and the entrepreneurs weren't brilliant, to me that first series was by far the best - it had a great energy; the Dragon egos had not become bigger than the Show itself and the entrepreneurs were truly desperate for funding and support - not just after a free primetime TV ad.
In short, Martyn Smith threw out all conventional TV wisdom - and took the risk to create something briliantly innovative and original, which would change the way business TV programmes were conceived forever. And the BBC has been milking the formula relentlessly ever since (in fact, some would say the cow has long since run out of milk).
The reasons why Dragons' Den was such a success are exactly the same reasons why Tycoon - and many other products like it - failed.
Playing safe and following what others have done before may seem like a solid option to achieve success, but in business it is actually often the riskiest approach you can take.
When you are entrepreneur just starting out, at least you can mistakes (and there always will be mistakes!) in private, whereas we 'Celebrity Entrepreneurs' are always under the full and often embarassing glare of the media spotlight.
Although I actually feel for Peter, having been through my own very public 'media meltdown', nonetheless it did prompt me to think about what makes a great product (whether that be a TV programme, or any other creation out of which you intend to make money).
When the Dragons were first approached by the BBC and introduced to the talented producer Martyn Smith, who had been commissioned to create the concept for Dragons' Den, I think we all expected an X-Factor type show in a studio at White City.
Instead we were sent to a desolate warehouse in one of London's less safe suburbs, sat on mis-matching chairs in a bleak set and had no real instruction on what was about to unfold.
But when the first series of Dragons' Den was aired back in January 2005, it was clear just from watching episode one that the BBC had a hit on their hands. Although it was quite raw and the entrepreneurs weren't brilliant, to me that first series was by far the best - it had a great energy; the Dragon egos had not become bigger than the Show itself and the entrepreneurs were truly desperate for funding and support - not just after a free primetime TV ad.
In short, Martyn Smith threw out all conventional TV wisdom - and took the risk to create something briliantly innovative and original, which would change the way business TV programmes were conceived forever. And the BBC has been milking the formula relentlessly ever since (in fact, some would say the cow has long since run out of milk).
The reasons why Dragons' Den was such a success are exactly the same reasons why Tycoon - and many other products like it - failed.
Playing safe and following what others have done before may seem like a solid option to achieve success, but in business it is actually often the riskiest approach you can take.
Wednesday, 20 June 2007
Peter Jones' New Show 'Tycoon'
I tuned in to last night's much hyped new ITV business series 'Tycoon' with much anticipation.
Not only am I an avid fan of the new breed of TV business shows, but also having known Peter Jones 'before he was famous' - when we filmed series 1 of Dragons' Den back in 2003 - I was interested to see how he had developed in his role as 'celebrity entrepreneur'.
But minutes in, as we were flown over the City of London in the opening credits and then had a street level view of his shiny new Bentley arriving outside a disused warehouse-type building, it became clear that we were destined to endure a lowest common denominator formulaic pastiche of The Apprentice meets Dragons' Den.
Jones has selected 6 would-be entrepreneurs to take part in the show, each trying to build their business in a 10 week period working in an open plan office, under the scrutiny and 'guidance' of Jones.
The problem with the show is that it quickly becomes apparent that Jones hasn't a clue about brands or marketing, constantly misguiding the businesses in his charge.
Thus we see the 'Gardening Girlies' being encouraged to re-brand to something more 'attention grabbing' - and then being heaped with praise for coming up with the new identity 'Sod Women'. Personally I can't think of a brand name more likely to alienate what is predominantly a female, middle England target customer.
Similarly, vodka juice girl was given a slating by Jones for her attempts at finding a name for her product - citing 'Death' cigarettes as a great example of an attention grabbing brand (yes, those were the fags launched in 1991 by the company which was in liquidation by 1999). She finally resorted to grabbing passing joggers on the South Bank for their suggestions.
Back to the warehouse office and Jones has summoned everyone to a meeting to discuss their progress. The Gardening Girlies, sorry I mean 'Sod Women', have arrived in navy pinstripe suits wearing ties - only to receive more praise from Jones for showing so much progress under his guidance. No doubt in a future episode they will arrive having undergone a complete sex change, only for Jones to coo 'Congratulations ladyboys, the penny has finally dropped with you that only men can be successful in business'.
Finally, Jones heads down a pier for a showdown with vodka juice girl - plus the inevitable threat of a sacking - when what she really needed most at this point is some friendly guidance from one of London's big branding agencies.
This is where I think the show was so disappointing compared to, say, the brilliant Mary Queen of Shops (BBC2 Thursdays 9pm). In that series, Mary Portas not only points out where the businesses are going wrong, but then really gives brilliant hands-on guidance - by bringing some of the top fashion professionals in to help show how it should be done.
As the show progressed, while Jones' teeth got whiter, his cufflinks got bigger and the Bentley got shinier, Jones personality got thinner and thinner. By the end of the epsiode I was left feeling that this was simply another TV vehicle for his now monstrous sized alpha male ego.
The penny finally dropped when we saw the last frame and realised that the show had been created and produced by Jones' own TV production company Peter Jones TV. Like his Max Clifford co-client Simon Cowell, Jones clearly sees TV production as his latest way to make some much needed money.
A quick peek at the latest Phones International accounts shows why the diversification is needed - £4million profit on £186million sales is a nice business to have, but hardly puts Jones in the 'Tycoon' bracket of a Branson, Dyson or Sugar. Especially when up the road at Red Letter Days (the business I started, which Jones acquired out of administration in 2005 in a flourish of 'I'm-a-Dragon-and-I-know-a-Great-Business-Opportunity-When-I-see-One' publicity) has just filed a loss of £7.1 million.
While the TV route may have worked for Simon Cowell, sadly I don't see the same happening for Peter. While the idea for the show was great, the execution was lousy, and as one of Britain's supposed new breed of business leader, Jones just doesn't have the X-Factor.
Not only am I an avid fan of the new breed of TV business shows, but also having known Peter Jones 'before he was famous' - when we filmed series 1 of Dragons' Den back in 2003 - I was interested to see how he had developed in his role as 'celebrity entrepreneur'.
But minutes in, as we were flown over the City of London in the opening credits and then had a street level view of his shiny new Bentley arriving outside a disused warehouse-type building, it became clear that we were destined to endure a lowest common denominator formulaic pastiche of The Apprentice meets Dragons' Den.
Jones has selected 6 would-be entrepreneurs to take part in the show, each trying to build their business in a 10 week period working in an open plan office, under the scrutiny and 'guidance' of Jones.
The problem with the show is that it quickly becomes apparent that Jones hasn't a clue about brands or marketing, constantly misguiding the businesses in his charge.
Thus we see the 'Gardening Girlies' being encouraged to re-brand to something more 'attention grabbing' - and then being heaped with praise for coming up with the new identity 'Sod Women'. Personally I can't think of a brand name more likely to alienate what is predominantly a female, middle England target customer.
Similarly, vodka juice girl was given a slating by Jones for her attempts at finding a name for her product - citing 'Death' cigarettes as a great example of an attention grabbing brand (yes, those were the fags launched in 1991 by the company which was in liquidation by 1999). She finally resorted to grabbing passing joggers on the South Bank for their suggestions.
Back to the warehouse office and Jones has summoned everyone to a meeting to discuss their progress. The Gardening Girlies, sorry I mean 'Sod Women', have arrived in navy pinstripe suits wearing ties - only to receive more praise from Jones for showing so much progress under his guidance. No doubt in a future episode they will arrive having undergone a complete sex change, only for Jones to coo 'Congratulations ladyboys, the penny has finally dropped with you that only men can be successful in business'.
Finally, Jones heads down a pier for a showdown with vodka juice girl - plus the inevitable threat of a sacking - when what she really needed most at this point is some friendly guidance from one of London's big branding agencies.
This is where I think the show was so disappointing compared to, say, the brilliant Mary Queen of Shops (BBC2 Thursdays 9pm). In that series, Mary Portas not only points out where the businesses are going wrong, but then really gives brilliant hands-on guidance - by bringing some of the top fashion professionals in to help show how it should be done.
As the show progressed, while Jones' teeth got whiter, his cufflinks got bigger and the Bentley got shinier, Jones personality got thinner and thinner. By the end of the epsiode I was left feeling that this was simply another TV vehicle for his now monstrous sized alpha male ego.
The penny finally dropped when we saw the last frame and realised that the show had been created and produced by Jones' own TV production company Peter Jones TV. Like his Max Clifford co-client Simon Cowell, Jones clearly sees TV production as his latest way to make some much needed money.
A quick peek at the latest Phones International accounts shows why the diversification is needed - £4million profit on £186million sales is a nice business to have, but hardly puts Jones in the 'Tycoon' bracket of a Branson, Dyson or Sugar. Especially when up the road at Red Letter Days (the business I started, which Jones acquired out of administration in 2005 in a flourish of 'I'm-a-Dragon-and-I-know-a-Great-Business-Opportunity-When-I-see-One' publicity) has just filed a loss of £7.1 million.
While the TV route may have worked for Simon Cowell, sadly I don't see the same happening for Peter. While the idea for the show was great, the execution was lousy, and as one of Britain's supposed new breed of business leader, Jones just doesn't have the X-Factor.
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