On Thursday I was very fortunate to find myself back at the Radisson to be part of Durham University’s 4th Enterprise Lecture. Lord Billamoria was a very inspirational speaker and it was so enjoyable to listen to him; I couldn't believe the time went so quickly - it was a shame he had to run to catch a train because I think everyone in the room would have very happily continue to listen all night! His personal story offered so much encouragement. He offered so much valuable advice, and again I would love to share some snippets which I took away with me from the evening:
*Foresight: continually looking ahead. ‘Maybe I can change the market place’
*You need to want to be in business. This is an important decision which will let you take the plunge and make the necessary sacrifices/commitment to this path. And while you’re young you’ve got nothing to lose anyway, so why not just have a go!
*Business is risky – there’s no running away from that but it is about how far you push the limits of those risks. And a supportive partner always helps!
*Most ideas are simple but difficult to put them into action. It’s about going and making them happen, against all odds and the people who say ‘you don’t stand a chance’.
*As a start-up you have to overcome the credibility gap and it is your passion, faith and belief in your product/service which will drive you through and give people confidence. Be passionate and most of all be proud of your product/service.
*Customers are key! Define your target customers. Know where you stand against other brands and position yourself. Customers and the feedback they can give you about your product/service are so important. At every opportunity undertake surveys/research and they will tell you what they want from you. Always check with your customers before going forward with your idea. They will tell you and help you make your big decisions.
*Don’t forget that sometimes the answers/solutions are right under your nose!
*Entrepreneurs converting ‘no’ into ‘yes’ and threats into opportunities.
*Building your team. Don’t be frightened to taken on people better than you. Bring in experts and getting them working together as a team. If you can’t afford the experts now you’ll need to get them to buy-in to your vision. You need people with attitude and passion. ‘ Hire for will not skill.’
*You can’t stand still. This doesn’t mean you always need drastic changes but step (small) changes are good. Protect your brand – its your most valuable asset.
*”Aspire and achieve against all odds, with integrity”
Sunday, 7 June 2009
Another busy week 2
Also this week I have been very lucky to attend two more great entrepreneurial events. I am so grateful for the opportunity to attend these events as they really inspire and fuel my motivation even more. Although short, my entrepreneurial journey has not been easy and whilst there have been some great highs there have been struggles. Listening to others speak at these types of events makes me realise that these struggles are normal and in a way part of the start-up process and they do not mean that you are failing. I find being a start-up can often be a lonely process with very late nights and the best thing I have recently learnt is to listen, share and don’t be afraid to ask others.
On Tuesday, the Entrepreneurs’ Forum invited Kaled Shahbo to speak about his role as Vice President of enterprise rent-a-car. Khaled Shahbo was very inspiring and it is no wonder the enterprise multi-site business is so successful. Whilst I am still in the start-up stage and having more than one site is some way off, I am currently dealing with issues surrounding getting others on board in my team and to 'share the vision'. Khaled gave valuable advice about the importance of knowing when to give up control and thereby allowing others to feel a sense of ownership and responsibility; that they are part of driving the idea forward too.
I found Khaled very interesting to listen to. It was a great presentation. I very much enjoyed the whole evening and especially the opportunity to speak with other local entrepreneurs afterwards. And as always with the Entrepreneur Forum events, it was a great setting. Whilst I live and work in Durham it was my first opportunity to experience the new Radisson.
On Tuesday, the Entrepreneurs’ Forum invited Kaled Shahbo to speak about his role as Vice President of enterprise rent-a-car. Khaled Shahbo was very inspiring and it is no wonder the enterprise multi-site business is so successful. Whilst I am still in the start-up stage and having more than one site is some way off, I am currently dealing with issues surrounding getting others on board in my team and to 'share the vision'. Khaled gave valuable advice about the importance of knowing when to give up control and thereby allowing others to feel a sense of ownership and responsibility; that they are part of driving the idea forward too.
I found Khaled very interesting to listen to. It was a great presentation. I very much enjoyed the whole evening and especially the opportunity to speak with other local entrepreneurs afterwards. And as always with the Entrepreneur Forum events, it was a great setting. Whilst I live and work in Durham it was my first opportunity to experience the new Radisson.
Another busy week
This week has been a busy week for Postgraduate Toolbox and another exciting one. Following a two-day visit from a mentor and his business partner, I now have a clear focus and strategy for my idea. Their company has more than twelve years business experience managing in e-communities for major global organisations, significant contacts in industry and access to on-demand technical support and I am very happy and excited to incorporate them into my team.
We have put a good strategy in place for the next month that moves the idea out of the development phase and on the way to launching. I am going to set up an advisory board to guide the rest of the service’s development over the next three months with a view to launching at the beginning of the next academic year.
The next four to six weeks are going to be crucial. I am currently focusing on making sure all public material are championing these new ideas and that my postgraduate research network, Graduate Junction, continues to grow steadily and add value to the postgraduate community so that I can start to deliver my new service to as many people as possible when it is ready to launch.
We have put a good strategy in place for the next month that moves the idea out of the development phase and on the way to launching. I am going to set up an advisory board to guide the rest of the service’s development over the next three months with a view to launching at the beginning of the next academic year.
The next four to six weeks are going to be crucial. I am currently focusing on making sure all public material are championing these new ideas and that my postgraduate research network, Graduate Junction, continues to grow steadily and add value to the postgraduate community so that I can start to deliver my new service to as many people as possible when it is ready to launch.
Saturday, 6 June 2009
Inspired 6
Once again I would like to say how grateful I am to the Entrepreneurs’ Forum team for organising such a great event and for the If We Can You Can Challenge for giving me the opportunity to be part of this great event. Events like this stay with you and day-to-day when starting up my own business I am constantly thinking about the advice given at this great event.
I hope people reading this blog find my highlights of the speakers’ talks helpful in the way I do. I must say that these are completely my own highlights and as I have said they do not give anywhere near full justice to the wealth of experience and advice offered by these speakers.
I really love the opportunity to go to events like this as it gives you the time to take an hour or so away the grass roots of your business and the day-to-day activities (struggles) of starting up and lets you sit back, listen, learn and most importantly let you think about the bigger picture. You never know when something you hear or pick up comes in handy.
I hope people reading this blog find my highlights of the speakers’ talks helpful in the way I do. I must say that these are completely my own highlights and as I have said they do not give anywhere near full justice to the wealth of experience and advice offered by these speakers.
I really love the opportunity to go to events like this as it gives you the time to take an hour or so away the grass roots of your business and the day-to-day activities (struggles) of starting up and lets you sit back, listen, learn and most importantly let you think about the bigger picture. You never know when something you hear or pick up comes in handy.
Inspired 6: Pen Hadow
I’ve always been interested in Polar exploration and the idea of pushing your body to the limit in sport or physical challenges so it was really great to have the opportunity to listen to Pen’s experiences. I thought it was very inspiring that one day after being inspired by reading a book, he just decided that this is what he was going to do. The challenges he faced and especially the near-death experiences really make you sit up in your chair.
Pen was very inspiring, reminding me to believe that you can do anything you decide you want to despite what others might think or say. Pen also highlighted how important understanding and conquering your surrounding was to success.
Pen was very inspiring, reminding me to believe that you can do anything you decide you want to despite what others might think or say. Pen also highlighted how important understanding and conquering your surrounding was to success.
Inspired 6: Richard Farleigh
Richard has now had numerous experiences investing in start-ups and his message that the quality of the idea is not enough really struck with me. Early success does not guarantee the business will be a winner and there is no formula! It’s not like chess it’s more like backgammon. Sometimes external situations and factors have influence way beyond your control.
*There are two types of businesses: those that offer better execution and those that innovate.
*Investors look very closely at the person and whether they have that ‘spark’. They also look at the buy-in i.e. other investment, sales or your own sacrifices.
*Temporary setbacks are learning opportunities.
*Face your fears. When it gets tough it’s very easy to get ‘tunnel vision’, too focused on any one problem. Take time, seek external advice.
*Find out quickly and as cheaply as possible if something is viable. Sometimes you might think it’s a great idea but sometimes it’s just too hard to get people to change!
*In the early stages, you are your business. People are buying into your vision.
*There are two types of businesses: those that offer better execution and those that innovate.
*Investors look very closely at the person and whether they have that ‘spark’. They also look at the buy-in i.e. other investment, sales or your own sacrifices.
*Temporary setbacks are learning opportunities.
*Face your fears. When it gets tough it’s very easy to get ‘tunnel vision’, too focused on any one problem. Take time, seek external advice.
*Find out quickly and as cheaply as possible if something is viable. Sometimes you might think it’s a great idea but sometimes it’s just too hard to get people to change!
*In the early stages, you are your business. People are buying into your vision.
Inspired 6: Martin Riley
I was really impressed by Martin especially as he had grown the business organically and still retains 100% ownership. I really related to his recollection of the first three years of starting-up his business: the most exciting but the most tiring! Frequently my partner and I are still up into the wee hours of the morning working on the site! I took the follow thoughts away from Martin’s speech:
*Step back – see what can be improved. Identify where you are strong. Can you offer better service/ sae a company money or time?
*Create your own luck. Think on your feet.
*Take advice from wherever you can. Don’t be afraid to ASK. ‘What do you think of....’ ‘ How do you....’ People do want to help. Especially ask people within your own business. Get a mentor, non-executive chairman, independent advice from wherever you can.
*Learn from your mistakes. Martin would have probably borrowed or got in money sooner when times were good.
*Starting and growing a business presents a whole heap of different challenges. It doesn’t get easier!
*Brand and protecting it is vital!
*Build a strong team.
*Sales- be honest and don’t be afraid to ask for the business.
*Step back – see what can be improved. Identify where you are strong. Can you offer better service/ sae a company money or time?
*Create your own luck. Think on your feet.
*Take advice from wherever you can. Don’t be afraid to ASK. ‘What do you think of....’ ‘ How do you....’ People do want to help. Especially ask people within your own business. Get a mentor, non-executive chairman, independent advice from wherever you can.
*Learn from your mistakes. Martin would have probably borrowed or got in money sooner when times were good.
*Starting and growing a business presents a whole heap of different challenges. It doesn’t get easier!
*Brand and protecting it is vital!
*Build a strong team.
*Sales- be honest and don’t be afraid to ask for the business.
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