What characteristics do you need to be a successful entrepreneur? This was one of the questions asked at the recent MBA Guest Lecture, where students, staff, alumni and guests joined us for a lively debate.
Determination, resilience, rationale, and agility were just some of the answers given. On determination and resilience, Dr Julia Jones, neuroscientist and founder of Holidity says that running your own business is mentally tough and lonely even when you have a board of directors. But on the flipside, she says that there is nothing better than achieving a breakthrough, describing it as ‘thrilling’. On agility, it is not just about personal agility but also the agility of all the business leaders. ‘Businesses today can’t have a rigid mindset,’ she stresses, ‘you need to be able to make quick decisions, be prepared to move and change how you work.’
Daniel Fogg, CEO of RootstockLabs doesn’t like the term ‘entrepreneur’, preferring to refer to himself as a serial founder. He believes that you can learn the skills of building products and leading companies. It can be taught. But he told us, ‘Entrepreneurialism is an instinct, a deeper psychological urge. Dissatisfied with how things are, there is a desire to change things and bring something new into the world. It’s not for everyone … and comes with a health warning. But for those who have that urge, it’s often not a choice. You just have to found, to build, to push things forward. That is the entrepreneurial spirit.’
This psychological urge resonated with all members of the panel, with Rich Evans, founder of Rich London reflecting after the event: ‘Lots of people hate lifts but they still endure the pain every day, the awkward conversations, the smells, pressing buttons when they’re told. Having struggled with anxiety all my life, I’ve always looked solutions to what makes me feel uncomfortable, so I’m the type of person that would say [forget] this I’m getting the stairs. Yes, the stairs are harder, but you can go at your own pace and when you get to the top you have a great sense of achievement. The more you take the stairs, the fitter and healthier you get so they become easy. People even become inspired and start to join you. For me that’s an entrepreneur!’
For Stu Wilson, co-founder of Lost Sheep Coffee, you have to be able to accept failure too, regarding it as just the next step of the journey. Covid, for him, was a driver, as that was when decided to set up the online part of his business, which has really taken off. The only real failure, according to him, is quitting.
Other advice given to the budding entrepreneurs in attendance included:
- Having a clear business idea that you believe in
- Surrounding yourself with intelligent people
- Reading a lot, especially by insightful people
- Relying on the science
- Raising money through EIS and/or seed investment
- Being prepared to test, learn and adjust
- Being prepared to educate if you want to innovate
- Having an end goal
- Learning to absorb doubt, criticism and praise
- Looking after your mental and physical health
As for the last point, Daniel reckons his hobby is stress management. But he did also say he works hard on his physical fitness as part of this, so it is not all work. Similarly, Rich now focuses much more on his mental health and has given up alcohol completely. While Stu works around his family, ensuring he is there for the important moments – and Julia plays in a live band as well as following the health hacks she teaches for a living.
Our MBA Guest Lecture series runs across the year covering three main themes: Sustainability in November/December, Diversity/Women in Leadership in March and Entrepreneurship in May.
Our MBA is underpinned by our high-quality research and informed by the global outlook of our international community. It builds on your current experience to transform you into a responsible business leader.
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