entrepreneurs out there think that the first thing they need to do is look for an investor. This is simply not true. I would encourage young entrepreneurs to think outside the box a little more. You see getting investment can actually harm your business in the early stages. As an entrepreneur it is important to monetise as quickly as possible and investment gives you a false sense of security to a certain level (when it runs out you’ll find yourself in a very difficult position if you cant raise any more or if you haven’t started monetising yet). This also makes your business proposition a lot more investible. If you can demonstrate that you are generating a profit then investors are much more likely to invest in you in order to scale those revenues. Brands offer great opportunities for entrepreneurs to generate revenues so they should be exploring this space a little more than what they currently are. This is an area that Venturespring facilitates.
How do you start building meaningful relationships with like-minded entrepreneurs? It’s all about the ecosystem for us. We look for relevant experience that will add to our ecosystem and then reach out to specific individuals. Most of the time we have existing relationships already; it’s great to do business with friends as there is a history there. Otherwise networking events are really good for meeting people or asking for referrals from people who are already within your network.
Honestly speaking, do entrepreneurs make good employees? No. I will never employ another entrepreneur again! We work in quite a unique way at Venturespring. Most of the expert entrepreneurs who are part of our ecosystem own a portion of the ventures that they work on so that motivates them. We groom young talent to become the next generation of entrepreneurs by providing them with needed skills but what we find is that some of the people we work with feel more comfortable within an employed position while others prefer the risk that the entrepreneurial world brings. We always give our talent the opportunity to decide which route they want to take and provide options in terms of what might work to motivate.
Do you have an ultimate goal in life? Career wise I would say it is to obtain lifelong financial freedom, to be happy, to obtain credibility and success in the market for my passions and to give back to society every step of the way.
You also act as a mentor; can you tell us what you most enjoy about this role? My vision is to help demystify the steps that young people need to take in order to set up their own ventures and by mentoring, I am able to act on this vision.
What is the most challenging part about mentoring? Time! It takes up precious time and everyone on this planet is limited in this capacity. As a result we’ve incorporated a mentorship training programme as part of the Venturespring business model so that skills can be transferred through process as opposed to in an ad hoc manner.
What is your own worst habit? Worst - petting “Google” which is the name of my virtual pet on my
www.hatchpet.com iPhone app.
Obviously you have to manage a team; what do you do to get the best out of each person? Incentivise them with whatever makes them tick. If it’s sales then a free holiday to Ibiza if they meet their targets or if it’s someone who has career progression as their main incentive then I always provide
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them with opportunities to reach their ultimate goals but they need to take initiative and show us that they have worked for it. We always speak to each individual to understand what they need and then work to provide as much as we can within our means.
How do you minimise tension and frustration with others who are less organised than you are? Everyone has their own way of working and I accept that. If I don’t work well directly with someone then it’s important to get a line manager that might work better in that situation. Just as long as the ultimate results are achieved, that is the main thing; it doesn’t matter how you get there.
What are the main advantages and disadvantages associated with co-founding a business, as opposed to solely founding one? Advantages: Shared risk and moral support. If you are both investing in the business then two initial cash injections are present during the early stages.
Disadvantages: Differing opinions or management styles and sharing of the profits. There can also be a lack of freedom to steer the business in a direction that you want it steered in.
Do you have any advice about keeping focussed on the important things when we have constant distractions in our lives? Prioritisation is key. I always link tasks to revenue creation so if something is not going to make the business money then it isn’t as important.
Have you ever found yourself completely stuck in a problem, or drawing a blank? Yes many times, but when you have your own business you have to find a solution. The art of getting ahead in business is through creative problem solving. Not having a solution is not an option. The best way to find a solution is to speak to as many people as possible about the problem in order to find an opportunity to move forward.
What actions do you take to keep yourself powering through difficult times? I listen to a lot of audio books which help with creating a positive mindset. These really help me to demystify difficult situations and focus on solutions as opposed to problems. A powerful and healthy mind is so critical because your thoughts impact how you perceive the world around you and therefore the actions that you take.
Everyone has difficult times but it is how you deal with your difficulties that results in success or failure. By understanding why things are the way they are you can navigate your way out from them quite easily. I embrace difficult times though as it is often during our most difficult times or times of change that one achieves the most growth as an individual.
In your own words, can you describe what is meant by the term ‘the Internet of Things’? The Internet of Things is a difficult concept to define precisely... technically speaking it is a computing concept that describes a future where everyday physical objects will be connected to the Internet and be able to identify themselves to other devices.
In my own words, imagine sitting at home watching your smart TV; you have Jaime Oliver on and he is teaching you how to cook pasta. While watching the programme you use your TV remote to access a TV widget which allows you to check your fridge (which is connected)
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