I feel incredibly privileged to have a life where I get to be involved in so much great stuff...
Tuesday I was at Cass Business School, working with a group of 25 MBA students in a three hour session to demonstrate how a business can be created on a shoestring marketing budget through a 'pull' marketing strategy.
Wednesday I was at the British Library Business Centre state-of-the-art training facility with three entrepreneurs who I will be working with as their mentor in 2009 in a great session looking at each of their businesses in detail.
Wednesday night the now infamous 'Business Nightmares' evening (see previous Blog post comment string) at the British Library conference centre, on a panel of 4 entrepreneurs who've each lived through a business meltdown scenario, sharing our experiences to a packed house. If you want to watch the event it will soon be on YouTube - the attack on me from our American 'Mrs Angry' comes almost at the end and it was great that the audience were so supportive of me and my response.
Then Thursday back at the BL Training Centre with a fabulous group of entrepreneurs for my quarterly Entrepreneurial Masterclass. Far from ending the week tired and drained I felt inspired and energised to have worked with so many great people.
Entrepreneurial energy is the best on the Planet, everyone so upbeat, supportive and it also feels that the tough times we are facing is bringing out a wonderful camaraderie in everyone helping and supporting one another.
And it's great to be living my dream of inspiring, motivating and helping others to achieve personal fulfillment and success.
Showing posts with label entrepreneurship. Show all posts
Showing posts with label entrepreneurship. Show all posts
Sunday, 25 January 2009
Tuesday, 18 November 2008
The Chain Reaction
It's not often that I attend conferences where I'm not due to speak, but something urged me to get along to the Chain Reaction event - all about international social leadership - yesterday at London's South Bank.
The attraction for me was a session entitled 'Can Entrepreneurs Change the World?' (to which the answer is of course 'YES WE CAN!') - but I was intrigued to know what the line up of Peter Jones, James Caan and Sir Richard Branson (albeit by video) amongst others made of the debate.
I often make the joke in my after-dinner speeches that Peter Jones rarely bothers to show up at enterprise events unless Gordon Brown is speaking - and true to form an unexpected bonus was the appearance on stage of our very own PM Gordon Brown.
And so we had them. Peter Jones swept in no doubt by his chauffeur driven Maybach to tell us that 'Scarcity is a real driver of innovation' and 'Am I the only one on the positivity bandwagon here?'; James Caan telling us that making money is brilliant because then you have lots to give away to charity like Bill Gates does; and then Sir Richard Branson beamed in via a pre-recorded satellite link where he was clearly sitting on the sun-drenched terrace of his holiday home on Necker Island, telling us how wonderful it is to encourage enterprise.
Finally Gordon Brown joined the debate, who reminded me of a Finance Director I used to have who arrived at every Board Meeting looking a bit shabby and crumpled, so busy scribbling notes on to a bit of a paper during the debate that he didn't really seem to be paying attention to much of what was going on, whose every bit of body language seemed to scream 'No you can't!', only to get up and tell us with as much gusto as he could muster that the UK economy was due to double in the next 20 years and that NOW REALLY IS a great time to be in business.
Meanwhile, back over here in the real world, before I set off for London yesterday morning I opened three emails all about entrepreneurs absolutely on the knife edge brink of bankruptcy, about to lose their homes, and in desperate need of my help (or anybody's help for that matter) while meantime at the weekend my own husband received a letter from his company stating that one person in his team of three at work would be made redundant this week, as a result of the tightening economy. By the way, I don't have an army of PAs handling all my correspondence, plus I go and talk to entrepreneurs around the country at business events every week, so I really do feel that I am at the sharp end of what is really going on.
Maybe I should reassure all of these people that, not to worry, in 20 years' time everything will be OK?
The only speaker who really captured the imagination of the audience yesterday was the fabulous Tim Smit, founder of the Eden Project, who spoke with passion about the ability of business to deliver so much more than the constricted City-lead profit expectation of big corporates, whose CSR initiatives are nothing more than a few marketing frills to attract extra shoppers. In other words the current system of capitalism and 'much to few' isn't working - not for business, not for individuals and certainly not for the environment. He would be my vote for PM (or at minimum Minister for Business) any day.
It was a great event and I'm glad I went but all of this left me a bit angry.
Real businesses currently on a knife edge don't need this patronising happy clappy rhetoric from those living in a fur lined sunshine bubble any more.
Firstly we need an urgent law which will suspend the ability of any UK citizen to lose their home until the economy has recovered. And we also need an emergency fund which can intervene to help struggling businesses re-finance in the short term as well as give them advice to help them to restructure and adapt their businesses to get back towards profitability in the long term.
And if I were involved in 'restructuring the global financial architecture' I would start with the premise that capitalism as we knew it cannot be the basis for generating future prosperity for our planet and its people.
The attraction for me was a session entitled 'Can Entrepreneurs Change the World?' (to which the answer is of course 'YES WE CAN!') - but I was intrigued to know what the line up of Peter Jones, James Caan and Sir Richard Branson (albeit by video) amongst others made of the debate.
I often make the joke in my after-dinner speeches that Peter Jones rarely bothers to show up at enterprise events unless Gordon Brown is speaking - and true to form an unexpected bonus was the appearance on stage of our very own PM Gordon Brown.
And so we had them. Peter Jones swept in no doubt by his chauffeur driven Maybach to tell us that 'Scarcity is a real driver of innovation' and 'Am I the only one on the positivity bandwagon here?'; James Caan telling us that making money is brilliant because then you have lots to give away to charity like Bill Gates does; and then Sir Richard Branson beamed in via a pre-recorded satellite link where he was clearly sitting on the sun-drenched terrace of his holiday home on Necker Island, telling us how wonderful it is to encourage enterprise.
Finally Gordon Brown joined the debate, who reminded me of a Finance Director I used to have who arrived at every Board Meeting looking a bit shabby and crumpled, so busy scribbling notes on to a bit of a paper during the debate that he didn't really seem to be paying attention to much of what was going on, whose every bit of body language seemed to scream 'No you can't!', only to get up and tell us with as much gusto as he could muster that the UK economy was due to double in the next 20 years and that NOW REALLY IS a great time to be in business.
Meanwhile, back over here in the real world, before I set off for London yesterday morning I opened three emails all about entrepreneurs absolutely on the knife edge brink of bankruptcy, about to lose their homes, and in desperate need of my help (or anybody's help for that matter) while meantime at the weekend my own husband received a letter from his company stating that one person in his team of three at work would be made redundant this week, as a result of the tightening economy. By the way, I don't have an army of PAs handling all my correspondence, plus I go and talk to entrepreneurs around the country at business events every week, so I really do feel that I am at the sharp end of what is really going on.
Maybe I should reassure all of these people that, not to worry, in 20 years' time everything will be OK?
The only speaker who really captured the imagination of the audience yesterday was the fabulous Tim Smit, founder of the Eden Project, who spoke with passion about the ability of business to deliver so much more than the constricted City-lead profit expectation of big corporates, whose CSR initiatives are nothing more than a few marketing frills to attract extra shoppers. In other words the current system of capitalism and 'much to few' isn't working - not for business, not for individuals and certainly not for the environment. He would be my vote for PM (or at minimum Minister for Business) any day.
It was a great event and I'm glad I went but all of this left me a bit angry.
Real businesses currently on a knife edge don't need this patronising happy clappy rhetoric from those living in a fur lined sunshine bubble any more.
Firstly we need an urgent law which will suspend the ability of any UK citizen to lose their home until the economy has recovered. And we also need an emergency fund which can intervene to help struggling businesses re-finance in the short term as well as give them advice to help them to restructure and adapt their businesses to get back towards profitability in the long term.
And if I were involved in 'restructuring the global financial architecture' I would start with the premise that capitalism as we knew it cannot be the basis for generating future prosperity for our planet and its people.
Tuesday, 29 July 2008
Will I return to the Dragons' Den?
One of the questions I am most often asked these days - especially given the new series which has just started on BBC2 - is: Will I ever return to Dragons' Den?
(Apparently people believe my re-appearance would introduce a slightly more feminine and compassionate element to the panel.)
The answer is, of course, no!
Firstly, because most of my work these days is in the small business sector, inspiring, motivating and helping entrepreneurs on their business journey - and I don't feel that the 'coliseum entertainment' nature of the show is conducive to encouraging entrepreneurship in the UK.
Secondly, because I'm still in financial re-build following the meltdown of Red Letter Days and not currently undertaking any angel investment.
And thirdly because I'm sure the BBC would never invite me back!!!
But I do agree that the show has become too formulaic and that the panel is in dire need of a shake-up...
But, hey, why ruin a good formula for 'entertainment of the masses' in favour of a show which is more representative and supportive of British enterprise?
(Apparently people believe my re-appearance would introduce a slightly more feminine and compassionate element to the panel.)
The answer is, of course, no!
Firstly, because most of my work these days is in the small business sector, inspiring, motivating and helping entrepreneurs on their business journey - and I don't feel that the 'coliseum entertainment' nature of the show is conducive to encouraging entrepreneurship in the UK.
Secondly, because I'm still in financial re-build following the meltdown of Red Letter Days and not currently undertaking any angel investment.
And thirdly because I'm sure the BBC would never invite me back!!!
But I do agree that the show has become too formulaic and that the panel is in dire need of a shake-up...
But, hey, why ruin a good formula for 'entertainment of the masses' in favour of a show which is more representative and supportive of British enterprise?
Thursday, 22 May 2008
Crisis of Confidence
You know that feeling that comes sometimes when you wonder whether you should keep going with what you are doing, or maybe consider changing your direction in life?
Well, it happened to me this week, and having completed my book (which was a real labour of love, and took me 18 months to complete), I did ask myself whether it possibly represented a closure on the entrepreneurial chapter of my life.
The answer came yesterday - I was asked to present the 2008 Enterprise Awards for the IAB at the House of Commons, and quite unexpectedly at the end of the event they presented me with their special award for 'Championing Entrepreneurship in the UK'.
I really thought my award winning days had ended when Red Letter Days crashed, so it was a real honour and delight to have my work in the small business sector recognised.
And I also think it was the Universe giving me the answer I was looking for.
So here in the office of Rachel Elnaugh Ltd today it's business as usual!
My thanks go to the IAB for giving me the wonderful gift of clarity.
Wednesday, 12 March 2008
Enterprise Academy
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.
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.
Friday, 11 January 2008
Cosmic Ordering
This may sound like a strange departure from previous posts, but one of the things I am investigating this New Year is how people have utilised Cosmic Ordering to help them in their business.
Let me explain...
Lots of writers have talked about utilising the 'Power of the Universe' in achieving business success; it is a theme which runs through Napoleon Hill's Think and Grow Rich and it is also the basis of the cult DVD The Secret. Essentially it is based on the Law of Attraction - whatever you focus on most will ultimately manifest in your life.
And whenever I mention it at business events (usually only those mainly attended by women I must admit), as well as many heads nodding in the audience, ladies always come up to me afterwards with their stories of how they have used 'Cosmic Ordering' to attract new customers, the exact amount of money they needed just in the nick of time, or key contacts to help them with a problem in business through the strangest of coincidences.
I've also been told of how the Law of Attraction has worked against people through accidentally focusing on the negative - for example, the woman who hated her car and constantly told her husband she 'wanted to get rid of it' - only to have it written off in a car crash a couple of weeks later.
So my question to you is, have you experienced this phenomenon in business?
If so, please either post and let me know or email me at rachel.elnaugh@rachelelnaugh.com. I would be interested to hear your stories!
Alternatively, if you think it is a load of rubbish, I am sure you will be forthright in your views, as ever.
Let me explain...
Lots of writers have talked about utilising the 'Power of the Universe' in achieving business success; it is a theme which runs through Napoleon Hill's Think and Grow Rich and it is also the basis of the cult DVD The Secret. Essentially it is based on the Law of Attraction - whatever you focus on most will ultimately manifest in your life.
And whenever I mention it at business events (usually only those mainly attended by women I must admit), as well as many heads nodding in the audience, ladies always come up to me afterwards with their stories of how they have used 'Cosmic Ordering' to attract new customers, the exact amount of money they needed just in the nick of time, or key contacts to help them with a problem in business through the strangest of coincidences.
I've also been told of how the Law of Attraction has worked against people through accidentally focusing on the negative - for example, the woman who hated her car and constantly told her husband she 'wanted to get rid of it' - only to have it written off in a car crash a couple of weeks later.
So my question to you is, have you experienced this phenomenon in business?
If so, please either post and let me know or email me at rachel.elnaugh@rachelelnaugh.com. I would be interested to hear your stories!
Alternatively, if you think it is a load of rubbish, I am sure you will be forthright in your views, as ever.
Monday, 3 December 2007
Success in Business Survival
Following on from my last post about the results of my entrepreneurial profiling test which drew lots of comment, here are the entrepreneur types who are MORE LIKELY to still be in business after the crucial and most difficult early first 3 years (together with my suggested reason why):
Alphapreneur (very assertive, highly ambitious and ruthless)
Bosspreneur (short term deal driven)
Dadpreneur (have built a lifestyle businesses out of a previous corporate existence where they were highly successful)
Passionpreneur (high energy, able to attract the right people and support to help them push through problems)
Sociopreneur (refuse to give up on their mission)
And the types who are LESS LIKELY to survive the first 3 year 'start up' phase:
Execpreneur (used to the corporate support system; build in way too much overhead early on instead of focussing on sales)
Mumpreneur (realise business takes a lot more time and committment than they first thought)
Safepreneur (give up when the going gets tough)
The above is not to say that these types cannot achieve business success - I'm simply highlighting the strengths and weaknesses of each type. Two thirds of all UK business start ups fail; we need to try to find ways to reduce the failure rate.
Self understanding is a good start.
Alphapreneur (very assertive, highly ambitious and ruthless)
Bosspreneur (short term deal driven)
Dadpreneur (have built a lifestyle businesses out of a previous corporate existence where they were highly successful)
Passionpreneur (high energy, able to attract the right people and support to help them push through problems)
Sociopreneur (refuse to give up on their mission)
And the types who are LESS LIKELY to survive the first 3 year 'start up' phase:
Execpreneur (used to the corporate support system; build in way too much overhead early on instead of focussing on sales)
Mumpreneur (realise business takes a lot more time and committment than they first thought)
Safepreneur (give up when the going gets tough)
The above is not to say that these types cannot achieve business success - I'm simply highlighting the strengths and weaknesses of each type. Two thirds of all UK business start ups fail; we need to try to find ways to reduce the failure rate.
Self understanding is a good start.
Slow Train Coming
Just recently I went to speak to the sixth formers at Repton public school in Derby about my experiences as an entrepreneur.
And I just received the following lovely letter from the Headmaster:
"Dear Rachel,
Thank you so much for coming to Repton today to inspire us with such a magnificent talk! The buzz amongst the boys and the girls this evening has been terrific - you certainly got through to many hearts and minds and persuaded your audience even more effectively through your message about the importance of giving rather than simply making money.
This has really made us all think and ties in so neatly with all we are doing at Repton. Thank you too for taking such a personal interest in the aspirations of the pupils whom you were kind enough to meet afterwards in The Hall. I am sure that you will have influenced all those who spoke to you in a very positive way and, who knows, maybe sown the seeds that will create an entrepreneur of the future!
Very many thanks once again for coming to speak to us, especially at such a busy time for you both personally and professionally.
Best wishes,
Robert Holroyd"
It just occurred to me that this is the first time a Headteacher has had anything positive to say about me in my lifetime!
And it has taken me 43 years to achieve it.
Enjoy your day!
Rachel
And I just received the following lovely letter from the Headmaster:
"Dear Rachel,
Thank you so much for coming to Repton today to inspire us with such a magnificent talk! The buzz amongst the boys and the girls this evening has been terrific - you certainly got through to many hearts and minds and persuaded your audience even more effectively through your message about the importance of giving rather than simply making money.
This has really made us all think and ties in so neatly with all we are doing at Repton. Thank you too for taking such a personal interest in the aspirations of the pupils whom you were kind enough to meet afterwards in The Hall. I am sure that you will have influenced all those who spoke to you in a very positive way and, who knows, maybe sown the seeds that will create an entrepreneur of the future!
Very many thanks once again for coming to speak to us, especially at such a busy time for you both personally and professionally.
Best wishes,
Robert Holroyd"
It just occurred to me that this is the first time a Headteacher has had anything positive to say about me in my lifetime!
And it has taken me 43 years to achieve it.
Enjoy your day!
Rachel
Wednesday, 14 November 2007
The Best Business Show on Telly...
...has to be the latest series of Ramsay's Kitchen nightmares (Channel 4 Tuesdays 9pm)
The last two episodes I watched have both been brilliant - restaurants run by entrepreneurs in complete denial about the state of their businesses, with Gordon arriving to give them a much needed (and often abusive) wake-up call.
It all echoes a theme which I talk about in my business talks which is about the true meaning of 'persistence' in business. It is not about relentlessly trying to flog products or services which no one wants, it is about being super self-critical and constantly assessing everything through the eyes of the customer - and then honing and refining the business offering until everything starts to work.
Brilliant entertainment Gordon - as well as a serious education for entrepreneurs everywhere who are currently struggling to make things work.
And now the penny has finally dropped why my publisher is so insistent on calling my forthcoming book (all about lessons entrepreneurs learned the hard way) 'Business Nightmares'...!!!
The last two episodes I watched have both been brilliant - restaurants run by entrepreneurs in complete denial about the state of their businesses, with Gordon arriving to give them a much needed (and often abusive) wake-up call.
It all echoes a theme which I talk about in my business talks which is about the true meaning of 'persistence' in business. It is not about relentlessly trying to flog products or services which no one wants, it is about being super self-critical and constantly assessing everything through the eyes of the customer - and then honing and refining the business offering until everything starts to work.
Brilliant entertainment Gordon - as well as a serious education for entrepreneurs everywhere who are currently struggling to make things work.
And now the penny has finally dropped why my publisher is so insistent on calling my forthcoming book (all about lessons entrepreneurs learned the hard way) 'Business Nightmares'...!!!
Tuesday, 13 November 2007
Helping Launch a CoVE
This week is Enterprise Week, and what better way to celebrate it than helping Leicester College/South Leicestershire College launch their Centre of Vocational Excellence in Enterprise at a breakfast event this morning.
Another last minute gig (this time it was Levi Roots who pulled out), but it was great to be asked to step in and to have the opportunity to hopefully inspire some of the students to follow an entrepreneurial path once they have completed their vocational training.
If I think back to when I was young the words 'Entrepreneur' and 'Enterprise' weren't even on the agenda in the careers discussions so it is brilliant that we now have so many initiatives in this country to encourage budding entrepreneurial talent.
I hope more youngsters will start to believe that they too have what it takes to become an entrepreneur and take the plunge to start their own business.
Another last minute gig (this time it was Levi Roots who pulled out), but it was great to be asked to step in and to have the opportunity to hopefully inspire some of the students to follow an entrepreneurial path once they have completed their vocational training.
If I think back to when I was young the words 'Entrepreneur' and 'Enterprise' weren't even on the agenda in the careers discussions so it is brilliant that we now have so many initiatives in this country to encourage budding entrepreneurial talent.
I hope more youngsters will start to believe that they too have what it takes to become an entrepreneur and take the plunge to start their own business.
Monday, 6 August 2007
How To Create A Vast Fortune, In Three Easy Steps
One of the greatest luxuries of my new existence is having the time to read all those business books that I have seen reviewed or have had recommended to me.
Two I've just finished (hey, I know I'm way behind the game here - both were released back in March) are Richard Branson's latest update of his Screw It, Let's Do It and The Tao of Warren Buffett , a collection of Warren Buffett's reflections on investing - which led him to become one of the world's wealthiest men.
There are now hundreds of books on wealth creation out there, all promising to reveal the magic 'Secrets of Success', but to save you a little time and money, here's my 5 minute simple guide:
1) All great fortunes are built on GIVING great value
...whether through creating companies which give customers brilliant products, fantastic services or unforgettable experiences (like Branson), or investing in them (like Buffett).
The judge in this process is always The Customer - whose perception is your only reality - so if what you're offering isn't turning them on (or enough of them on), then you need to change what you're offering until it does.
[There are virtually no exceptions to this rule, apart from a few dotcom millionaires. Then again, if you think about it, the commodity the dotcoms were selling which made them rich was actually the SHARES in their companies, which their 'customers' (the investors) held the perception would make them very rich. The promise of quick wealth is, in itself, a very seductive product... even if totally illusory.]
2) Most fortunes are built on 'One Big Thing'
Branson = Virgin, Gates = Software, Sugar = Electronics, Murdoch = Media. Even Buffett admits the majority of his vast fortune was built on major investments in just 10 great US companies. The moment most entrepreneurs start to diversify is the moment they tend to run into trouble. The problem most entrepreneurs have is that they throw off an idea a minute and consequently spread themselves far too thin. You're far better to choose the one thing that really turns you on - and then focus, focus, focus.
3) It takes time...
In Branson's case, probably at least 20 years until he really got past the point of worrying about money - according to the book even his purchase of Necker Island was highly leveraged. In Buffett's case, he always played the longer term, buying vast tranches of stock in great companies when they had fallen out of favour with the stock market and holding them often for over a decade while the market corrected itself and the underlying value continued to grow.
Take a look at The Rich List and you'll see that the vast majority of those included are 50+.
By the way, three small corollaries to the above:
- Many of those Rich List 'businessmen's' fortunes were not based on business at all - but on the underlying value of the property contained within their companies' balance sheets. Probably not such a great bet now, but over the long term, property is a great base upon which to build your wealth.
- Most of the people who you think are wealthy, aren't really wealthy at all.
- Most people who achieve great wealth see that it's all an illusion - and end up giving it away anyway.
So, to me, the more I read the more it reinforces one great fact: don't chase money; spend your time in business doing the thing that you love - and everything else will come to you naturally in the end.
Have a great day!
Rachel
Two I've just finished (hey, I know I'm way behind the game here - both were released back in March) are Richard Branson's latest update of his Screw It, Let's Do It and The Tao of Warren Buffett , a collection of Warren Buffett's reflections on investing - which led him to become one of the world's wealthiest men.
There are now hundreds of books on wealth creation out there, all promising to reveal the magic 'Secrets of Success', but to save you a little time and money, here's my 5 minute simple guide:
1) All great fortunes are built on GIVING great value
...whether through creating companies which give customers brilliant products, fantastic services or unforgettable experiences (like Branson), or investing in them (like Buffett).
The judge in this process is always The Customer - whose perception is your only reality - so if what you're offering isn't turning them on (or enough of them on), then you need to change what you're offering until it does.
[There are virtually no exceptions to this rule, apart from a few dotcom millionaires. Then again, if you think about it, the commodity the dotcoms were selling which made them rich was actually the SHARES in their companies, which their 'customers' (the investors) held the perception would make them very rich. The promise of quick wealth is, in itself, a very seductive product... even if totally illusory.]
2) Most fortunes are built on 'One Big Thing'
Branson = Virgin, Gates = Software, Sugar = Electronics, Murdoch = Media. Even Buffett admits the majority of his vast fortune was built on major investments in just 10 great US companies. The moment most entrepreneurs start to diversify is the moment they tend to run into trouble. The problem most entrepreneurs have is that they throw off an idea a minute and consequently spread themselves far too thin. You're far better to choose the one thing that really turns you on - and then focus, focus, focus.
3) It takes time...
In Branson's case, probably at least 20 years until he really got past the point of worrying about money - according to the book even his purchase of Necker Island was highly leveraged. In Buffett's case, he always played the longer term, buying vast tranches of stock in great companies when they had fallen out of favour with the stock market and holding them often for over a decade while the market corrected itself and the underlying value continued to grow.
Take a look at The Rich List and you'll see that the vast majority of those included are 50+.
By the way, three small corollaries to the above:
- Many of those Rich List 'businessmen's' fortunes were not based on business at all - but on the underlying value of the property contained within their companies' balance sheets. Probably not such a great bet now, but over the long term, property is a great base upon which to build your wealth.
- Most of the people who you think are wealthy, aren't really wealthy at all.
- Most people who achieve great wealth see that it's all an illusion - and end up giving it away anyway.
So, to me, the more I read the more it reinforces one great fact: don't chase money; spend your time in business doing the thing that you love - and everything else will come to you naturally in the end.
Have a great day!
Rachel
Friday, 3 August 2007
The Power of Rubber
I was amused to see that research undertaken by Abbey Business amongst Britain's SME Bosses reveals that 3% would choose me as their mentor - ahead of current Dragons Theo Paphitis and Deborah Meaden, who each scored 2%.
While I would love to think that this was a result of my all-round skills in entrepreneurship and excellent business acumen, I suspect it has more to do with THAT picture of me, dressed in rubber astride a red Ducati motorbike.
Just think, if the Dominatrix pics which were shot at the same time had ever been released, I could be rating ahead of Duncan Bannatyne :-)
Have a great day!
Rachel
While I would love to think that this was a result of my all-round skills in entrepreneurship and excellent business acumen, I suspect it has more to do with THAT picture of me, dressed in rubber astride a red Ducati motorbike.
Just think, if the Dominatrix pics which were shot at the same time had ever been released, I could be rating ahead of Duncan Bannatyne :-)
Have a great day!
Rachel
Saturday, 7 July 2007
The London Bombings - and other acts of Terrorism
Yesterday was 7 July, and as well as being the 2nd anniversary of the atrocities in London, was also a poignant reminder for me of the day that one of the last nails was driven into the coffin of Red Letter Days - the company I originally founded which went into administration in August 2005...
Earlier that year we had been diverted off course from other re-financing options, by a rescue deal offered by a major company within in our sector - accompanied by all the usual 'you can trust us' assurances.
We had 'opened the kimono' on Day 1 regarding all aspects of the Company, its financials, its problems, its contingent liabilities etc., and yet, despite having got to absolute 11th hour - with all the legals completed and ready to sign - the other side suddenly pulled out.
The CEO of said company (who I have since found out is something of a laughing stock within his industry, and I also think fancied himself as something of a reincarnation of Marcus Aurelius/Julius Caesar) initially placed the blame on a pot of 'Rachel's Organic Forbidden Fruit' yoghurt which his wife had placed in the fridge that week, which he took to be an omen of doom (yes, really).
When we tried to get the deal back on track (on vastly revised terms - of course! - why else does anyone pull out at the last minute if not to take the piss regarding deal structure and price?), 7 July unfolded.
If the pot of yoghurt had a de-stabilising effect, you can imagine what the unfolding scenes of carnage in London did for the deal.
(Didn't stop them coming back a few weeks later to suggest mounting a 'pre-pack' deal to buy the company out of administration for peanuts, but it would be cynical of me to suggest that was the real reason for reneging at the 11th hour.)
If the administration had unfolded during the week (when said company would have been contactable), and not at the weekend, he may well have got it too. Given Red Letter Days' recently filed first year post administration trading loss of £7.1million, that would have truly served the old codger right.
It's naive for anyone to think they can gain value in a highly branded business by pushing a company through an administration process to wipe the debt before acquiring it. It simply causes too much damage to the brand. But I digress...
So, back to 7 July, and all in all it was a most terrible day on all fronts, which will always remain lodged in my memory.
Here we are, 2 years on, and life is very different in so many ways, but in other respects old patterns still continue to emerge.
If you've ever been through an administration you will know that the DTI goes through an investigation process. This was particularly the case with us given that Red Letter Days had been such a high profile crash.
In fact, the Insolvency Service at the DTI put a full time solicitor on the project - who spent 18 months trying to mount a prosecution to disqualify the directors - before finally giving up and admitting there was no case.
The thing that massively counted in our favour (apart from the fact that we were innocent of course!), was getting a top legal firm acting on our behalf.
In a Director's disqualification proceedings, while each prosecution is served on the directors as individuals, typically if one is found guilty, all are guilty - there are just different levels of culpability which affect your period of disqualification.
So it is vitally important that the Directors act collectively, rather than splintering off, blaming one another and generally trying to cover their own arses.
But despite trying to coralle my co-directors, do you think this was possible? No - because no one wanted to commit to the legal cost of fighting the case. And of course, my inept co-Director who was in charge of the company's insurance policies, had not thought to ensure we had adequate Directors' Liability insurance in place to cover us for the running off period, which would have covered the legal bill.
So, while the other directors either ignored the DTI letters altogether or sent back a flimsy 2 page response (or in the case of a certain Finance Director a response which absolved himself totally while stabbing me in the back for all that had gone on), muggins here took it all a lot more seriously (I obviously had more at stake given my profile) and brought in the brilliant insolvency lawyers Ian Grier and Nicholas Hughes at SGH http://www.sghlaw.com/ to fight her corner.
Luckily I had had the foresight to retrieve 18 archive boxes full of all my copies of every Board Meeting, consultant's report, management accounts and cashflow forecasts the company had produced during the period the troubles unfolded (it is strange how things 'disappear' once the company goes into administration and you are no longer allowed access to the building - after all it is hardly in the new owners' interests for you to come out of any of it looking squeaky clean).
All of which meant that my legal team was able to put together a several hundred page response to the DTI, which covered in detail every event of the 2 1/2 year period - every supporting document, right down to copy emails, showing (in absolute excruciating detail) the lengths we (or should I say I?) went to, to try to save the business.
At a personal cost to me of something like £20k in legal fees.
And the contribution from my co-directors? A measy four hundred quid.
I learned a lesson that day, which was once again resurrected for me this week (not just through the 7 July anniversary, but via a series of other events).
When you are running a successful business, or indeed, if you have the 'tag' of being a high profile entrepreneur, everyone wants to hitch their wagon to your star. They love the status of being a 'director', they love connecting themselves to your name, but more than anything they love the thought of 'getting rich quick'.
Yet the sad fact of business is that - whoever you are, from Branson to Sugar - business is tough, there is no 'magic formula', no 'Midas touch', no 'guarantee' of success. The people who are eventually successful get there through putting in an unmitigated amount of effort, focus, committment (both in terms of time, as well as personal cash) and sheer bloody hard work.
Anyone can be a director of a business that is spinning along nicely.
It's when the sh*t starts hitting the fan that you can usually see the true colours of the spineless, penniless ones unfolding - refusing to commit time, effort or hard cash to the cause, running for the hills and leaving you to carry the can.
My advice from all this (and I promise I will get to the point of this Post very soon!) is be very careful of who you allow to hitch their wagon to your star in the first place.
The world is full of lazy passengers looking to make a fast buck, and very few people have really got what it takes to be a real success in business. Choose the wrong business partners and they will dramatically slow you down. So, unless there are very, very good reasons for you to go into business with others - or unless you find a magic person who is the exact complement to your own skills, and is as committed as you are in all respects - you will almost always find it much easier to achieve success by 'going it alone'.
And with that off my chest, I will sign off and enjoy the rest of my Sunday!
Best wishes,
Rachel
Earlier that year we had been diverted off course from other re-financing options, by a rescue deal offered by a major company within in our sector - accompanied by all the usual 'you can trust us' assurances.
We had 'opened the kimono' on Day 1 regarding all aspects of the Company, its financials, its problems, its contingent liabilities etc., and yet, despite having got to absolute 11th hour - with all the legals completed and ready to sign - the other side suddenly pulled out.
The CEO of said company (who I have since found out is something of a laughing stock within his industry, and I also think fancied himself as something of a reincarnation of Marcus Aurelius/Julius Caesar) initially placed the blame on a pot of 'Rachel's Organic Forbidden Fruit' yoghurt which his wife had placed in the fridge that week, which he took to be an omen of doom (yes, really).
When we tried to get the deal back on track (on vastly revised terms - of course! - why else does anyone pull out at the last minute if not to take the piss regarding deal structure and price?), 7 July unfolded.
If the pot of yoghurt had a de-stabilising effect, you can imagine what the unfolding scenes of carnage in London did for the deal.
(Didn't stop them coming back a few weeks later to suggest mounting a 'pre-pack' deal to buy the company out of administration for peanuts, but it would be cynical of me to suggest that was the real reason for reneging at the 11th hour.)
If the administration had unfolded during the week (when said company would have been contactable), and not at the weekend, he may well have got it too. Given Red Letter Days' recently filed first year post administration trading loss of £7.1million, that would have truly served the old codger right.
It's naive for anyone to think they can gain value in a highly branded business by pushing a company through an administration process to wipe the debt before acquiring it. It simply causes too much damage to the brand. But I digress...
So, back to 7 July, and all in all it was a most terrible day on all fronts, which will always remain lodged in my memory.
Here we are, 2 years on, and life is very different in so many ways, but in other respects old patterns still continue to emerge.
If you've ever been through an administration you will know that the DTI goes through an investigation process. This was particularly the case with us given that Red Letter Days had been such a high profile crash.
In fact, the Insolvency Service at the DTI put a full time solicitor on the project - who spent 18 months trying to mount a prosecution to disqualify the directors - before finally giving up and admitting there was no case.
The thing that massively counted in our favour (apart from the fact that we were innocent of course!), was getting a top legal firm acting on our behalf.
In a Director's disqualification proceedings, while each prosecution is served on the directors as individuals, typically if one is found guilty, all are guilty - there are just different levels of culpability which affect your period of disqualification.
So it is vitally important that the Directors act collectively, rather than splintering off, blaming one another and generally trying to cover their own arses.
But despite trying to coralle my co-directors, do you think this was possible? No - because no one wanted to commit to the legal cost of fighting the case. And of course, my inept co-Director who was in charge of the company's insurance policies, had not thought to ensure we had adequate Directors' Liability insurance in place to cover us for the running off period, which would have covered the legal bill.
So, while the other directors either ignored the DTI letters altogether or sent back a flimsy 2 page response (or in the case of a certain Finance Director a response which absolved himself totally while stabbing me in the back for all that had gone on), muggins here took it all a lot more seriously (I obviously had more at stake given my profile) and brought in the brilliant insolvency lawyers Ian Grier and Nicholas Hughes at SGH http://www.sghlaw.com/ to fight her corner.
Luckily I had had the foresight to retrieve 18 archive boxes full of all my copies of every Board Meeting, consultant's report, management accounts and cashflow forecasts the company had produced during the period the troubles unfolded (it is strange how things 'disappear' once the company goes into administration and you are no longer allowed access to the building - after all it is hardly in the new owners' interests for you to come out of any of it looking squeaky clean).
All of which meant that my legal team was able to put together a several hundred page response to the DTI, which covered in detail every event of the 2 1/2 year period - every supporting document, right down to copy emails, showing (in absolute excruciating detail) the lengths we (or should I say I?) went to, to try to save the business.
At a personal cost to me of something like £20k in legal fees.
And the contribution from my co-directors? A measy four hundred quid.
I learned a lesson that day, which was once again resurrected for me this week (not just through the 7 July anniversary, but via a series of other events).
When you are running a successful business, or indeed, if you have the 'tag' of being a high profile entrepreneur, everyone wants to hitch their wagon to your star. They love the status of being a 'director', they love connecting themselves to your name, but more than anything they love the thought of 'getting rich quick'.
Yet the sad fact of business is that - whoever you are, from Branson to Sugar - business is tough, there is no 'magic formula', no 'Midas touch', no 'guarantee' of success. The people who are eventually successful get there through putting in an unmitigated amount of effort, focus, committment (both in terms of time, as well as personal cash) and sheer bloody hard work.
Anyone can be a director of a business that is spinning along nicely.
It's when the sh*t starts hitting the fan that you can usually see the true colours of the spineless, penniless ones unfolding - refusing to commit time, effort or hard cash to the cause, running for the hills and leaving you to carry the can.
My advice from all this (and I promise I will get to the point of this Post very soon!) is be very careful of who you allow to hitch their wagon to your star in the first place.
The world is full of lazy passengers looking to make a fast buck, and very few people have really got what it takes to be a real success in business. Choose the wrong business partners and they will dramatically slow you down. So, unless there are very, very good reasons for you to go into business with others - or unless you find a magic person who is the exact complement to your own skills, and is as committed as you are in all respects - you will almost always find it much easier to achieve success by 'going it alone'.
And with that off my chest, I will sign off and enjoy the rest of my Sunday!
Best wishes,
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.
Tuesday, 26 June 2007
Alpha Females
Congratulations to Management Today for profiling the 'Top 35 Women Under 35' in this month's issue - but shame on the Sunday Times this week for labelling them 'Alpha Females' !
I've met several of the ladies on the list and can categorically say that they are 180 degrees opposite to the old fashioned 'Alpha Male' breed of businessmen. Yes, they are all focussed and determined - but the similarity really does end there.
Women tend to go into business through passion for what they do, not for profit. But ironically, it's that same passion - to sell great products, give fantastic services and create unforgettable experiences - that gives these 'Passionpreneurs' a formidable edge over their Alpha Male adversaries, who are typically much more interested in making money than in the customers who spend it.
Women who create businesses from the heart also create a really positive flow of energy - so vibrant that you actually feel energised in their presence - an energy which magically seems to attract the right people, as well as an abundance of opportunity. Speak to any Passionpreneur about their entrepreneurial journey and you can't fail to notice that amazing coincidences and synchronicity always seem to feature vividly in the mix.
Yes, there are still a few hard faced 'Alpha Females' out there, trying to prove they can be 'as good as the men' - in their navy pinstripe skirt suits and black stilletto uniforms.
By contrast, our Passionpreneurs are successful while still being feminine, and also run their business with tremendous ethics and integrity, realising that relentless pursuit of profit at any cost can no longer be the sole business driver in the 21st century .
Which magnetically attracts customers like bees to honey.
And given that 80% of consumer decisions are now made or influenced by women, it would seem that the time is ripe for our Passionpreneurs to show the men a thing or two about what it really means to be successful in business.
I've met several of the ladies on the list and can categorically say that they are 180 degrees opposite to the old fashioned 'Alpha Male' breed of businessmen. Yes, they are all focussed and determined - but the similarity really does end there.
Women tend to go into business through passion for what they do, not for profit. But ironically, it's that same passion - to sell great products, give fantastic services and create unforgettable experiences - that gives these 'Passionpreneurs' a formidable edge over their Alpha Male adversaries, who are typically much more interested in making money than in the customers who spend it.
Women who create businesses from the heart also create a really positive flow of energy - so vibrant that you actually feel energised in their presence - an energy which magically seems to attract the right people, as well as an abundance of opportunity. Speak to any Passionpreneur about their entrepreneurial journey and you can't fail to notice that amazing coincidences and synchronicity always seem to feature vividly in the mix.
Yes, there are still a few hard faced 'Alpha Females' out there, trying to prove they can be 'as good as the men' - in their navy pinstripe skirt suits and black stilletto uniforms.
By contrast, our Passionpreneurs are successful while still being feminine, and also run their business with tremendous ethics and integrity, realising that relentless pursuit of profit at any cost can no longer be the sole business driver in the 21st century .
Which magnetically attracts customers like bees to honey.
And given that 80% of consumer decisions are now made or influenced by women, it would seem that the time is ripe for our Passionpreneurs to show the men a thing or two about what it really means to be successful in business.
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.
Tuesday, 19 June 2007
Big Fish and (Two) Dragons
Fresh back from London (I love London and still find myself spending at least two days a week down there, but am always grateful to get back to our beautiful home in the Peak District), and full of renewed inspiration for entrepreneurship...
Yesterday I interviewed Karan Bilimoria (founder of Cobra Beer) for my forthcoming book on entrepreneurship - and then went to the Big Fish entrepreneur's networking event http://www.bigfishnetwork.co.uk/sponsor.aspx in the evening to hear my old pal and co-Dragon Doug Richard talk about his entrepreneurial experiences.
Karan is the most charming man; newly appointed as a member of the House of Lords and now moving in terribly high circles. We both started our businesses back in 1989 and have both faced business meltdowns; his in 1998 when, similarly to me, the banks pulled the plug - the difference being he managed to survive! Since then, he has gone international with the Cobra Beer brand and now has the vision to take sales to £1billion - and will probably float in 2008/9.
His new book is a great read too - get it at http://www.amazon.co.uk/Bottled-Business-Gassy-Guide-Entrepreneurship/dp/1841127264/ref=pd_bbs_sr_1/202-8916901-1947858?ie=UTF8&s=books&qid=1182260901&sr=8-1
Doug was in brilliant form and actually it is the first time I had heard him speak and tell his own story. He started out building software businesses in the States before coming to the UK and becoming an Angel Investor.
I always felt that Doug was one of the best ever Dragons - certainly the cleverest, sharpest and most entertaining; the Show just isn't the same without him.
On that note, I saw at the weekend the BBC has just announced the line up for Series 5 - Richard Farleigh has gone in favour of James Caan - some much needed fresh blood, but personally I would have kept Richard Farleigh - who represented the only human face of business on the Panel.
Dragons' Den may be good ratings fodder for the BBC but as a business show has totally lost all credibility - and that is a view consistently echoed by the entrepreneurs I meet at business events up and down the country. The old pin-stripe suited 'greed is good' Alpha Male (& Alpha Female) face of business is now so dated, it's really time that the BBC woke up to the fact that there are a whole new generation of entrepreneurs out there doing business in a much more ethical, collaborative way, and with real integrity and respect for others.
And, ironically, it is exactly those types of business that are increasingly turning customers on too.
Yesterday I interviewed Karan Bilimoria (founder of Cobra Beer) for my forthcoming book on entrepreneurship - and then went to the Big Fish entrepreneur's networking event http://www.bigfishnetwork.co.uk/sponsor.aspx in the evening to hear my old pal and co-Dragon Doug Richard talk about his entrepreneurial experiences.
Karan is the most charming man; newly appointed as a member of the House of Lords and now moving in terribly high circles. We both started our businesses back in 1989 and have both faced business meltdowns; his in 1998 when, similarly to me, the banks pulled the plug - the difference being he managed to survive! Since then, he has gone international with the Cobra Beer brand and now has the vision to take sales to £1billion - and will probably float in 2008/9.
His new book is a great read too - get it at http://www.amazon.co.uk/Bottled-Business-Gassy-Guide-Entrepreneurship/dp/1841127264/ref=pd_bbs_sr_1/202-8916901-1947858?ie=UTF8&s=books&qid=1182260901&sr=8-1
Doug was in brilliant form and actually it is the first time I had heard him speak and tell his own story. He started out building software businesses in the States before coming to the UK and becoming an Angel Investor.
I always felt that Doug was one of the best ever Dragons - certainly the cleverest, sharpest and most entertaining; the Show just isn't the same without him.
On that note, I saw at the weekend the BBC has just announced the line up for Series 5 - Richard Farleigh has gone in favour of James Caan - some much needed fresh blood, but personally I would have kept Richard Farleigh - who represented the only human face of business on the Panel.
Dragons' Den may be good ratings fodder for the BBC but as a business show has totally lost all credibility - and that is a view consistently echoed by the entrepreneurs I meet at business events up and down the country. The old pin-stripe suited 'greed is good' Alpha Male (& Alpha Female) face of business is now so dated, it's really time that the BBC woke up to the fact that there are a whole new generation of entrepreneurs out there doing business in a much more ethical, collaborative way, and with real integrity and respect for others.
And, ironically, it is exactly those types of business that are increasingly turning customers on too.
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