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.
Inspired 6: Julie Meyer
I found Julie Meyer a very inspiration speaker and business women. She had some very interesting thoughts on the concept of being an entrepreneur and she’d found some great quotes to back up these ideas. I know that my short snippets don't do any other these speakers the full justice they deserve but I want to rely some of the points I took away from Julie which really inspired me:
*Leaders are people who create the conditions of trust so that great things can happen – Powell, ex-US Secretary of State. Trust in core values, in the working ethos. Trust in your team is very efficient but it must be verified by accountability.
* You can change the world. Entrepreneurs have brave optimism and believe that they have a unique contribution to add to the world.
*Life is not always fair. Do for the journey not for the destination.
*Be a sponge – will to learn not just win.
*Think big, start small but move fast! This is a core principle for start-ups who benefit greatly from a lean operating model. But don’t play small. Be fearless.
*Businesses with business models which enhance and grow the ecosystem will win.
*Listen/hone into and refine your instincts. You need to draw on your own experiences. As you grow don’t let ‘noise’ make you lose this ability.
*Persist in communicating your vision of the market. Self believe and confidence. In the beginning you are selling yourself to build a team around you and to get people to buy into your new offerings.
*Expect success!
*Leaders are people who create the conditions of trust so that great things can happen – Powell, ex-US Secretary of State. Trust in core values, in the working ethos. Trust in your team is very efficient but it must be verified by accountability.
* You can change the world. Entrepreneurs have brave optimism and believe that they have a unique contribution to add to the world.
*Life is not always fair. Do for the journey not for the destination.
*Be a sponge – will to learn not just win.
*Think big, start small but move fast! This is a core principle for start-ups who benefit greatly from a lean operating model. But don’t play small. Be fearless.
*Businesses with business models which enhance and grow the ecosystem will win.
*Listen/hone into and refine your instincts. You need to draw on your own experiences. As you grow don’t let ‘noise’ make you lose this ability.
*Persist in communicating your vision of the market. Self believe and confidence. In the beginning you are selling yourself to build a team around you and to get people to buy into your new offerings.
*Expect success!
Inspired 6: John Varley
I found the interview with John Varley, CEO of Barclays very interesting because, like evryone else, I wanted to know how Barclays interpreted the current economic situation and their part in it. Despite John not saying too about this, I did take one very important message away from his interview which is currently playing an important part in my business:
*Even in big businesses like Barclays: the ‘what’ is developed by businesses but the ‘how’ is developed by customers. Your customers are key – listen to them.
*Even in big businesses like Barclays: the ‘what’ is developed by businesses but the ‘how’ is developed by customers. Your customers are key – listen to them.
Inspired 6: Martin Lightbody
Martin started off the conference really well – not only because he quite literally threw chocolate cakes at us but because he offered some great advice. These are some of the thoughts which stuck with me:
* Whilst you be the one with the initial idea and be good at lots of things, surround yourself with experts who know what they are talking about.
*Things take time and persistence – it took Martin more than 3 years to get the big brands like Disney to agree to give him their licence.
*Non-executive board help you set deadlines and targets and can add super value. Don’t be frightened to ask for help.
*There doesn’t always need to be a cunning plan – just be in amongst it. You don’t always need to be an innovator of a new product you might just see something you think you can improve.
*Whilst the economic climate is difficult at the moment – it’s still an opportunity. People still need products and services. Large players will fall and look for ways you can improve things.
Most importantly I took away from Martin’s talk how important it was to know when to work hard but also knowing how and when to have a ‘giggle’. ‘Don’t lose your sense of humour!’ My entrepreneurial journey has only just started but certain bits have been really tough and through that I do really believe that having a giggle and enjoying what you do will see you through.
* Whilst you be the one with the initial idea and be good at lots of things, surround yourself with experts who know what they are talking about.
*Things take time and persistence – it took Martin more than 3 years to get the big brands like Disney to agree to give him their licence.
*Non-executive board help you set deadlines and targets and can add super value. Don’t be frightened to ask for help.
*There doesn’t always need to be a cunning plan – just be in amongst it. You don’t always need to be an innovator of a new product you might just see something you think you can improve.
*Whilst the economic climate is difficult at the moment – it’s still an opportunity. People still need products and services. Large players will fall and look for ways you can improve things.
Most importantly I took away from Martin’s talk how important it was to know when to work hard but also knowing how and when to have a ‘giggle’. ‘Don’t lose your sense of humour!’ My entrepreneurial journey has only just started but certain bits have been really tough and through that I do really believe that having a giggle and enjoying what you do will see you through.
Friday, 5 June 2009
Tuesday, 2 June 2009
A Grand Day out
I want to say a big thank you to all of the Entrepreneurs' Forum team for inviting me to their 6th Annual Conference. The title of the event really says it all - Inspired.
From Martin Lightbody to Pen Hadow, everybody had a great story to tell. I really enjoyed Martin's approach to business, he really emphasised how important it is to love what you do and although work hard, you must always have a giggle along the way. (In the next few blog posts I will try and repeat the things that the speakers said that I could personally related to from my own experiences so far).
It was also nice to meet up with some of the other IWCYC entrants including Claire who is also in the Northern Echo competition, and share our start up stories. The over-arching theme seems to be that it is never easy, but listening to the people on stage that have 'made it' gives me great confidence.
The day was long and I felt quite tired after the dinner but I stayed on and got to meet some really interesting people and talk about my idea. I always worry that because I am only now refining the service offerings that people will judge too early, but I got some really good feedback and people really liked the concept which was very motivating. Overall the day was one of the best opportunities for learning, networking and sharing ideas I have had and I am really grateful to the Entrepreneurs' Forum for making it happen.
From Martin Lightbody to Pen Hadow, everybody had a great story to tell. I really enjoyed Martin's approach to business, he really emphasised how important it is to love what you do and although work hard, you must always have a giggle along the way. (In the next few blog posts I will try and repeat the things that the speakers said that I could personally related to from my own experiences so far).
It was also nice to meet up with some of the other IWCYC entrants including Claire who is also in the Northern Echo competition, and share our start up stories. The over-arching theme seems to be that it is never easy, but listening to the people on stage that have 'made it' gives me great confidence.
The day was long and I felt quite tired after the dinner but I stayed on and got to meet some really interesting people and talk about my idea. I always worry that because I am only now refining the service offerings that people will judge too early, but I got some really good feedback and people really liked the concept which was very motivating. Overall the day was one of the best opportunities for learning, networking and sharing ideas I have had and I am really grateful to the Entrepreneurs' Forum for making it happen.
Very busy week
Apologies for the silence. The last week and a half has been very busy for me and Postgraduate Toolbox. Following the Entrepreneurs Forum Annual Conference (which I will blog about in more detail later) I had a lot of meetings and discussions with mentors and potential collaborators. The key questions were about service levels and company governance. The fundamental idea behind Postgraduate Toolbox, connecting postgraduates with industry, has remained unchanged but thanks to a lot of hard work and advice I am now putting together service offerings in preparation for delivering a product to market for the beginning of the next academic year. I finally feel I am moving out of the development stage. I am really enthused that a lot of people are excited about the idea which is very motivating after the months of hard work it has taken to reach this stage.
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