Enjoy the Journey

Posted on January 17, 2012 by Amanda

That’s the message I’d give my 16-year-old self… not that she’d listen, it was never a strong point.

“If I could turn back time” provides an interesting pause for thought, and some fairly obvious questions: what would I do differently? What would I change? And my answer is simply, it depends how far you’re talking about going back.

Five years? I’d have taken a bit more time to find a new direction for my life; after years living, breathing and building my business, there really was no hurry to fill the space.

Fifteen years? A corporate career in the making and a move to the City an option, I’d have joined the ranks of frustrated entrepreneurs tied into pensions and comfortable salaries.

Twenty-five years? The first in my family to have the option of a place at university that,  undoubtedly, I would not have appreciated.

Thirty years? Olympic-class athletes are a rare breed and potential is only realised with consistent, hard work and, as a rebellious teenager, I didn’t appreciate what winning could mean.

On many levels, I count myself very, very lucky to have a learned an early lesson: sometimes you get only one chance. For a long time now, as a result of seizing those, I’ve often found myself wondering “how come I am so lucky?”

So, if I could turn back time, I’d make a conscious effort to enjoy the journey, to pay more attention to the present. It’s a relatively recent revelation to me, so apologies if it’s been obvious to you for a while. For too long, my life was a high-speed train, racing from one challenge to the next; there’s not a lot different now, except that I’m more likely to take the scenic route.

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Changing the world… through crowdfunding

Posted on January 3, 2012 by Amanda

Growing the entrepreneurial eco-systemThe title for this LetsBlogOff was what got my attention – What are you looking forward to in the new year? – it made me realise how much I relish the challenges and opportunities ahead.  The short answer is building a world-class, kick-ass business… but that’s a pretty short contribution, so here’s the unabridged version.

I can’t remember ever being so enthusiastic and excited about a New Year.  Listening to the news – unemployment, debt, business failures – some might think it more appropriate to curl under the duvet and wait for the worst to pass. But, spend a few minutes on Twitter or LinkedIn or any of the established socially networked sites this holiday season, and the message is loud and clear, people are optimistic, positive and enthusiastic about the future. And no one is more so than me!

It’s almost 2 years since I stumbled across the embryonic, online phenomenon that is crowdfunding.  What got me interested was what always hooks me… there’s a problem looking for a solution and an appetite for disruption of the status quo. So I got to work finding out more, analysing the data and reviewing the legislation.

For anyone unfamiliar with the model, crowdfunding enables people to raise the funding for their start-up venture, community project or social enterprise from their friends, family, and social networks.  Just as we’ve been doing since the dawn of time, only now using the Internet, social media and social networks to reach farther, spread the word and without sacrificing ownership.

There are already some terrific sites, delivering millions of dollars, pounds and Euro to get things started.  Who hasn’t heard of Kickstarter or Indiegogo or Sellaband, leading the way for newbies like Bloom – Venture Catalyst or PeopleFund or WeDidThis. Today, there are 1574 sites and counting across the world, it feels like the beginning of a revolution.

I thought I’d achieved just about everything I wanted to, had no ambitions to repeat anything, and, after a couple of false starts,  was waiting for something exciting to come along. It’s taken 12 months of focus, determination and persuasion to get this far; not forgetting a fantastic team and an incredibly patient, supportive board, who are as deeply committed as I am to growing the entrepreneurial eco-system.

The biggest milestone to date has been developing and publishing the website, the next goal is to build the community that will generate £1million for startups, projects and causes.  If that’s not worth looking forward to, I don’t know what is.

Wishing you a very happy, healthy and prosperous New Year.

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Dazed and confused

Posted on October 6, 2011 by Amanda

I never met Steve Jobs, so it’s odd that I feel so bereaved today. He was one of a handful of people who genuinely and profoundly influenced my entrepreneurial life. And I know his legacy will continue to do so.

When I was grappling with the enormous decision to leave the company I’d founded, nurtured and grown over 10 years, a good friend sent me a link to transcript of his Stanford Commencement Address, that made me focus on a life beyond and couldn’t have been more apt.

When I was starting a new venture, it was a link to The Crazy Ones.  I’m no genius but I am addicted to the buzz that comes from asking – and attempting to answer -  “why not… …?”.

Then there’s the business of Apple Inc, today, the second most valuable company in the world and iconic in so many ways.  It didn’t happen overnight, there were bumps along the way and, actually, very few people got it.  To deliver business results like those of Apple takes sharp focus, intense discipline and obsessive belief over decades, not days, weeks or months.

I can only aspire to make a fraction of the contribution Steve Jobs has made to our connected world, but I’ll continue to be guided by his words “Your time is limited, so don’t waste it living someone else’s life.”

Thank you, and rest in peace.

 

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Stay ahead to stay in business

Posted on December 14, 2010 by Amanda

According to the proverb, imitation is the most serious form of flattery. But when it’s your idea, your design or your format that’s blatantly copied, does it feel like flattery?

This is a regular topic of conversation, along the lines of “what should we do?” My answer is invariably the same – nothing (unless it’s registered & protected), because I prefer the words of Ralph Waldo Emerson, “Imitation is suicide”.

If your competition is imitating, they’re not innovating and that’s what you should focus on; just one step in front of the competition is all it takes to win the race.  Innovation is what keeps business alive, if you’re not making change happen someone else is. And if your competition is watching you, they’re not watching the customer.

So, next time you see something that looks familiar but delivered by a competitor, take some comfort from being one step ahead – and work to stay there!

As Steve Jobs said “Innovation distinguishes between a leader and a follower” and I know which I’d rather be.

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In English, please?

Posted on October 6, 2010 by Editor

A weekly chore is to wade through tenders and business opportunities for a client; the theory is that having all this information in one place makes the job easier. It doesn’t but, on a good day, it can bring some amusement to the task. On a bad day, it has the sort of mind-numbing effect of a bottle of Jack Daniels… straight.

Today, there’s a ninety word ‘mantra’. The common definition being a motto or tag line, who remembers and recites 90 words in support of their product or brand?
Nor does it tell anyone about the product or why the company is worth dealing with.

Then there’s the executive summary, that could have been written by the love child of a government department and any bank you can think of. How many innovative interventions, aligned with priority goals, in complex environments can there be?

The solution is a simple process: the first trawl is a journey into a wordy wonderland followed by strong coffee and a more careful selection of the ones that make some sense. Only then are the one or two that warrant attention given real brain time.

Of course, the whole process would take half the time if these invitations to pitch and requests for proposals were written in plain English. And clients would probably receive better quality responses. Because, let’s face it, in fast-paced, challenging commercial conditions, unraveling the question is a waste of everyone’s time.  Our expertise is much better spent developing solutions.

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What you can learn from Andy Murray

Posted on April 26, 2011 by Amanda

… and it’s not about tennis

Over the years, I’ve been lucky enough to have access to the expertise and wisdom of some amazing people. Although it’s fair to admit that ‘lucky’ doesn’t quite explain most of these relationships. In almost every instance, I’ve identified a potential mentor and made a point of recruiting them to my business or my cause.

The secret, I discovered, is that most people are happy to use their experience and knowledge to help others avoid costly mistakes. People can be generous with their accumulated wisdom because its value grows through sharing, that’s why organisations like the Entrepreneurial Exchange are so successful.

When it comes to a more organised or formal mentoring relationship, for many businesses, the answer is a non executive director. For others, executive coaches fulfill a supporting role for senior managers. When you find the one that works for you, the results can be amazing.

There’s no world-class executive or sports star who doesn’t have a trusted mentor, a sounding board for the wacky ideas or blackest days. If you want to see your business ambitions fly, you should have one too.

*   *   *   *   *   *

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DO YOUR DILIGENCE

Posted on December 23, 2010 by Amanda

… if you want a sale

Selling a business is not unlike selling a house; cut the clutter, boost kerb appeal, get your timing right, and you’re ready to go!

 Ehh? If none of this makes sense, you need more help than these few words will offer.

Otherwise, you should be spring cleaning the business – filing, stock, customer records, any area where a potential buyer is likely to get distracted by irrelevant details.

Polish up your image, refresh your brand, get out and be noticed; make your business attractive to prospective purchasers.

Then be ready to respond. Nothing is more unsettling than a seller unable to provide meaningful reports or management information. History is littered with deals that fell through in the due diligence process but, if you’ve prepared thoroughly, there should be no surprises for buyer or seller!

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So you think you know your business?

Posted on November 29, 2010 by Amanda

Working with owner-managers is the highlight of my week. Without exception, they are focused, ambitious and daring. Well you have to be. Few businesses are unique, so deciding that you can do better than the competition, in whatever way, takes all of these – and more.

Equally without exception, can the owner-managers I come across pinpoint the most profitable products or services they offer. Sometimes, people focus on what they enjoy doing, others on what there’s most demand for but, very rarely, is profit the driver.

So what’s the remedy? In very simple terms, work out where the profits – and growth potential – are then drop the unprofitable services and ditch the unprofitable clients.

The joy of working with owner-managers is that they can invariably make the decision to do so. That’s why they are are the highlight of my working week.

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Be careful what you wish for…

Posted on October 1, 2010 by Editor

A while ago, a professional services partnership, who wanted to expand across Scotland and into London, asked for strategic development support. Their goals seemed feasible, they had a track record of growing organically and the resources to invest.

It quickly became apparent this wasn’t going to happen quickly; the talk wasn’t matched with action. Increasingly puzzled and a little frustrated, each of the partners were individually and directly asked about their contribution to scaling the business.

Most thought growth was important, but no one wanted to work more hours or employ more staff; the semi-retired partner thought the others could do a great job expanding the firm whilst he spent more time on the golf-course and the newest partner thought she’d joined an ambitious, go-getting firm.

Needless to say, when presented with the facts, the expansion plans were abandoned.

If there is a moral to this episode, it’s that planning your route is even more important when you’re part of a team, if you want everyone to reach the same destination.

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An easy mistake to make.

Posted on August 27, 2010 by Amanda

How often have you made a decision based on the time, money or effort already committed? You’ve made the investment, so it’s right that you’ll see a return – right?  Often, sadly, not necessarily.

A long time ago, I was introduced to the enigma that is sunk costs but, in true optimistic character, chose to forget about it. The impact of sunk costs and their influence on your decision-making cannot be under-estimated. They don’t teach this in business school, so pay attention…

First, a quiz… which of these can be defined as sunk costs?

  1. A year building relationships with prospective customers; they’ll place an order when they are ready.
  2. That hot-shot sales exec hasn’t closed a sale, but he’s opened lots of doors.
  3. There’s no commercial application for your R&D efforts, even if you have a cool app as a result.

The correct answer is all of them.  The predicament usually arises when more resources are needed; should more money/time/effort be expended?

In every situation there are options and, in many, there comes a point when you just have to acknowledge that there’s no likelihood of a return.

It’s much easier to live with sunk costs if you know what they will be. In my experience, more rational, objective decisions are reached when the parameters are clear from the start:

  • How much time will you give a prospective customer before the relationship is profitable?
  • What are the minimum sales to justify the cost of a sales exec?
  • What is the consumer demand for your technology?

These are only three from dozens of examples… and you’ll have your own if you stop for a minute and think about them.  Future investment should be defined by future potential; spent resources are unimportant and immaterial – they are sunk costs.

A brief sabbatical gave me some time to reflect on and become more acquainted with sunk costs… and we’re now almost friends. I don’t think we’ll ever house-share, but at least we’re comfortable with one another and there are few surprises!

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