The constant doom and gloom we hear through the media really is not very helpful to the entrepreneur out there trying to build a life from him/herself and family. The reality is for many of us, the Euro crisis and all that other stuff going on does not have a direct impact on the success of our company. You can’t change what going on in world markets, so don’t get drawn into it, focus on the things you can effect.
Live in your own “micro climate” – staff, market, customers, new products, think differently, experiment with new ideas, discover new partnerships, think collaborate!
There are good things going on and despite what the media says there is help for SME’s, the new BIS service – GrowthAccelerator (www.growthaccelerator.com) is a great example of a fantastic service that will help entrepreneurs to build a better future – help for planning and strategy, innovation and getting yourself ready for investment…….
There are good things going on and smart people are doing great things – please can we celebrate a bit more!
The banks have had a bit of a kicking over the past few years. However, let’s be fair and look at some of the great things they are doing. Earlier in the week I was fortunate enough to judge and speak at the Lloyds TSB Enterprise Awards – an initiative designed to seek out the best university students and graduate entrepreneurial talent. It was an inspiration to listen to young people with ideas and the motivation to build a business rather than go down the traditional route of trying to find a job.
Universities have an important role to play in preparing individuals for the next stage of their career, equipping them with the ability to write a 5,000 word dissertation is just not enough. Conditioning graduates to consider the option of setting up their own business is vital – is it any riskier than trying to find a job? probably not!
The young entrepreneurs I met, had ideas, put them on paper and then rolled them out – they were generating revenue and jobs. The winner of the Best Enterprise, Adam Soliman of Charbrew was a top lad, his head in the right place. The Best Start up – Peter Van Neste of Stagetex had a clear handle on his sector and the finances of his company.
The reality was, all of the finalists were high performers and an inspiration to other graduates, more specifically the finalists :
-had clarity of what they wanted to achieve
-were innovative and displayed an edge
-displayed the invisible forces of passion, hunger and determination
-lived in their customers world
-had a grip on the importance of finances
The finalists must be showcased – they are role models and an example of what can be achieved if you just get your head around the idea of being your own boss. Come on universities wake up – Lloyds TSB, great, you have clocked the potential of graduates and their ability to create and generate wealth!
For the past ten years marketing experts and the finance community have stressed the importance and benefit of having an “elevator pitch”. This is the term, originating from the US, used to describe very clearly and concisely your proposition or offering. The elevator pitch is commonly used in selling situations, increasingly it has become one of the key tools entrepreneurs use to raise finance.
The Dragons Den format has dominated investments forums in recent years and it seems to be these events where the elevator pitch has greatest application. Just how effective is this pitching environment? – on TV we have seen many individuals face humiliation in front of millions. Makes great TV (not for me, as I personally can’t stand the programme). These TV styled events have got boring, local entrepreneurs (business angels, devils more like) with ego’s the size of planets, sit there in judgement of nervous individuals struggling to get their message out in three minutes.
Well in my view anyone who can make a financial judgement based on a three-minute elevator pitch must be a genius. The sensible and ethical investors I have come across avoid TV style pitching formats and spend time trying to understand the idea, the proposition, the person, the market, and the numbers. It’s a considered response based on a least a couple of hours of discussion. How many ideas get lost or fail to see the light of day because an individual can’t get their message over within 30 seconds to 3 minutes. Does that make them a bad entrepreneur?
Two serious and successful VC’s I have spoken to (one in the UK and the other from North America) have started to do away with pitching type events – instead they want to get under the skin of the ideas and the people. How refreshing!
As a Nation we should be extremely proud of the contribution our Universities have made to the progression of science and knowledge and our educational prowess is both respected and recognised throughout the world. Whist this maybe the case, there is no avoiding the need to cut costs, a fate that other public and private sector organisations have failed to escape. Plugging the budget shortfall and creating financial game plans to secure long-term sustainable futures have become of paramount importance to senior university managers
The one advantage which universities have that others don’t is the rich seam of potentially commercial propositions these span the spectrum of patents and licensing, through to revenue streams created through consultancy, R & D collaboration and spinouts. However commecialisation still remains a relatively low priority for university faculties. At the extreme some senior academics frown upon entrepreneurial forays with many sensible suggestions dismissed at infancy. A mindset change is needed and when costs are being cut plausible options of how to secure revenue from the commercial realisation should be investigated. For many academics seeing the application of their research in practice is a significant motivator, more needs to be done.
The Government has made it clear that transforming research into innovation is a priority and whilst UK universities have a strong record more needs to be done. This involves building stronger links between the UK’s science and research base and the business community, to create more spin-out companies, consultancy projects and research-funded programme
For this to happen a fundamental change is needed in promoting an entrepreneurial culture. In all fairness academics are not trained or prepared for the life of commerce. Very few have the unique mix of business and technical skills. Setting up a venture or selling knowledge and expertise is far more than creating a business plan – it requires attention to a broader set of softer skill which cant be taught, however they can be coached. Is it time for change?