WBS Entrepreneurship Mentoring Workshop -28 July 2011 - Simon Corbett


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WBS Entrepreneurship Mentoring Workshop -28 July 2011 - Simon Corbett

  1. 1. Warwick University: Business Start-Up WorkshopSimon Corbett<br />28 July, 2011<br />
  2. 2. Running your own business…<br />20mins<br />Sold, Failed & Growing: business 1, 2 & 3<br />The Challenges ..<br />The Opportunities …<br />The Advice ….<br />
  3. 3. Introduction<br />32yrs old, Married & Daughter<br />Education:<br /><ul><li>Degree: De Montfort University
  4. 4. Masters: Warwick University
  5. 5. Professional Qualifications: CIM, CIPR, MRS </li></ul>Career<br /><ul><li>1999-2000: Weber Group – Junior Account Execu
  6. 6. 2002-2005: Porter Novelli – Account Exec, Snr Account Exec
  7. 7. 2005-2008: Edelman – Account Mgr, Snr Acc Mgr, Acc Dir</li></li></ul><li>Business 1: JobsMK.co.uk - SOLD<br />Year: 1999<br />Idea: Localised on-line recruitment in Milton Keynes<br />Customers: Recruitment Agencies & Hiring Companies<br />Finances: High margins, high cost of brand awareness<br />Within 12 months<br />Team of 4<br />40+ recruitment agencies<br />50+ hiring companies<br />20,000 site visitors per week<br />Exit: Sale to recruitment agency: D&P Recruitment<br />
  8. 8. Business 2: Limo’s to London - FAILED<br />Year: 2000<br />Idea: VIP drinks, limo to London - club entry & home<br />Customers: Company Parties, Socialites<br />Finances: Person 6 was break even<br />Within 3months<br />8+ limo’s per week<br />300+ people per month<br />Exit: High turnover, low profit margin & burnout (lifestyle biz only)<br />
  9. 9. Business 3: Jargon PR - GROWING<br />Year: 2008<br />Idea: B2B Tech PR Agency<br />Media & Analyst Relations<br />Awards & Events<br />Conf Speaker Opportunities<br />Blogger Relations<br />Customers: B2B Tech Companies<br />Finances: Self-funded<br />
  10. 10. Within three years ….<br />Top 40 UK Tech Agency: PR Week, 2010<br />Winner: CIPR – Outstanding Small Agency of the Year, 2010-2011<br />Silver Awards: CIPR – Campaign of the Year, 2010-2011<br />New Media Age: Top 100 UK New Media Agency<br />20 retainer clients<br />5 x full time staff / 2 x part time staff<br />Up’s<br />Surpassing £250k in fee income<br />Winning ‘Outstanding Small Agency of the Year’<br />Dublin, 3 days & partners Christmas Party<br />Down’s<br />Started July/August 2008 – Recession September 2008<br />Firing Staff<br />Hiring the wrong people<br />
  11. 11. The Challenges<br />Work: work in the business, not on the business<br />Financial: you are the CFO<br />Personal: wife, family, friends<br />Staff: finding, incentivising, retaining<br />Professional: competing against old employer & loosing<br />
  12. 12. The Opportunities<br />Work: Exciting, interesting, highly motivating<br />Financial: No one sets your wages!<br />Personal: Proud, supportive & loving friends & family<br />Staff: Develop and help someone grow<br />Professional: Awards, recognition, media profile, experience<br />
  13. 13. The Advice<br />Believe in yourself – no one else will<br />Understand your market: research, research, research<br />Understand your business and focus 100%<br />Employ people better than you!<br />Make sure your business is scalable<br />Biz Plan: 5 words – retain and get more customers!<br />Understand what people want: power drill verses hole in the wall<br />If bad things don’t happen, you don’t appreciate the good things that do<br />Luck will play a part in your success – the harder you work, the luckier you will get!<br />Don’t let anyone ever tell you you can’t do something!<br />Take as much advice from other people as possible<br />Chase success, not money <br />Success is an inspiration, failure is an experience!<br />You must be passionate about your business!<br />
  14. 14. “Destiny is not a matter of chance but a matter of choice. It is not a thing to be waited for, it is a thing to be achieved”<br />
  15. 15. Thank You<br />