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A good time to be a fast mover

An entrepreneur even now identifies opportunity, takes risks and reaps the benefits. The power is in now, says Carole Beverley, chief executive of The Entrepreneurs' Forum, in reply to questions from Brian Nicholls

 

Given the snowball of redundancies mounting in business and industry, do you expect The Entrepreneurs’ Forum to see more aspiring entrepreneurs in an older age group?

 

CB: Although the media has reported some high-profile redundancy stories in recent months, over all, employment levels remain high in the region. We continue to believe passionately that aspiring entrepreneurs can come from every imaginable background – employed and unemployed, students, inward arrivals to the region and even those already retired from their first career. There’s a huge entrepreneurial potential in those who already have a wealth of experience – whether that’s from raising a family or working for someone else. We just want to see more of that potential being released, regardless of age!

 

Does that present problems or would they be welcome and how could they be helped?

 

CB: One of the really special things about the Entrepreneurs’ Forum is the huge variety of business sectors, backgrounds, experiences and future plans encompassed and represented by our members. Our age range is about as wide as education, biology and medicine will currently allow, so we’re sure that there’ll be a warm welcome for anyone who joins the entrepreneurial community of the region, no matter what their stage of life.

 

More entrepreneurs already successful now seem to be making capital available to start-ups and growing businesses through specially tailored capital funds. Is this recognition that small and medium size businesses deserve and may need support and encouragement at this time, and/or that for their own investment purposes the established entrepreneurs see local enterprise as a worthwhile investment now?

 

CB: It’s indisputable that there are huge opportunities for investment returns in smaller and growing businesses, and it’s wonderful to see an increasing amount of “home-grown” support in that regard. That’s only part of the story however, because one of the core characteristics of our developing entrepreneurial community is altruism. North East entrepreneurs remember their own paths to success, including the stumbles along the way, and genuinely want to help those who follow in their footsteps. The primary benefits of securing angel investment are the speed of access to finance and the opportunity to have the entrepreneur as a mentor when required.

 

What events has the Forum planned for 2009 and do they include big name speakers as before?

 

CB: Our aim is always to deliver a programme that enables members to get the most out of the collective wisdom of the Forum. For 2009 we are creating a series of events relevant to the challenging (but interesting) times our members face, but that add real value to their personal development and their businesses. Our criteria set for choosing speakers is comprehensive but rest assured, there will be high profile names regionally, nationally and internationally involved. 

 

Who have been Forum’s most recent big name speakers?

 

CB: Among many great speakers we have been privileged to hear from Sir Tom Hunter, Sir Bob Geldof, Harvey Goldsmith and Elle Macpherson. Internationally we secured world class speaker Dave Anderson who delivered a masterclass in how to thrive in challenging times. Dave is the author of more than 50 training programmes on
sales, management and leadership, and a regular business commentator in the American media.

 

How many members does the Forum have, and how do numbers compare between long experienced entrepreneurs and relatively new ones?

 

CB: The Forum now has over 310 members and the most pleasing thing is that the number of new members joining us has accelerated over the past year as entrepreneurs increasingly see the benefit of joining together to share their knowledge, experience and opportunities. We’re still seeing established entrepreneurs join us. But there’s certainly a dynamic group of emerging talent coming through and, encouragingly, we’re seeing more and more women come on board. 

 

Does the Forum expect the present economic circumstances will deter some people with ambitions from growing their own business, or will there be many prepared to risk a baptism of fire?

 

CB: One of the key themes of discussions surrounding the current economic climate is that it is quite unlike any period before. Currently, employment remains strong. Interest rates are at record lows. Inflation is falling. So many of the required conditions for opportunity are very much present. As long as there is passion, commitment and the hunger for hard work, there is everything to suggest this is a great time to pursue growth, even if it means altering direction or seeking new potential. It’s up to the banks to realise this and give these wealth and employment creators the resources to excel.

 

Is there any noticeable growth in the number of self-starters in the North East that you can define, and are there any sectors of activity growing in particular?

 

CB: The success of the If We Can You Can campaign is evidence there are hundreds of self-starters in this region. Though some have just been getting on and doing it without putting their heads above the parapet, they now are starting to realise the value of connecting with others to share their experiences and wisdom for mutual benefit. Indeed, the people who are engaging with our website www.ifwecanyoucan.co.uk tell us they have never met so many entrepreneurs and made so many business contacts so quickly. 

 

Would the Forum advise aspiring entrepreneurs at this difficult stage to wait for more buoyant times, if that is possible, before launching out?

 

CB: The same goes for aspiring entrepreneurs as does for those considering growing their businesses. I could simply say that “if you can make it in the tough times, then your success in the strong times is assured.” But actually, so many of the metrics which define a positive outlook are still in place. An entrepreneur identifies opportunity, takes risks and reaps the benefits of being the first-mover. The power is in now. 

 

What do established entrepreneurs find are the biggest deterrents to progress presently?

 

CB: Recent research by the Forum suggests that cashflow is the biggest issue facing established entrepreneurs, a situation made worse by around half our respondents reporting that their banks have tightened or removed completely their access to short-term funding. It’s key to note that this doesn’t necessarily reflect any downturn in business. However, many report that overdraft facilities that would normally be available to maintain liquidity during low season trading, or pre-peak stocking, are just not forthcoming. It will be a tragedy if small businesses are allowed to suffer for the sake of relatively small amounts of short-term support that banks, funders and government are well-able to deliver given the will.

 

How do Forum members feel about the recent finding of the Policy Exchange think tank that people should move out of the North East to improve their prospects, and that financing the like of Sunderland is money wasted? 

 

CB: A similar question was asked at our annual conference and the answer was that people from the North East absolutely want to stay in the region and people from outwith who have come to build businesses here want to stay. That speaks for itself – many people have told us that they could not have done what they are doing here anywhere else as the support and resources within the region are unmatched. 

 

What major benefits can this region offer anyone considering a start-up, say a graduate from a North East university from elsewhere in the country originally but would like to stay on?

 

CB: Everyone would agree that no other region offers the same network of support opportunities – the key is ensuring that this support is communicated widely and that people are signposted correctly without too much bureaucracy. Speaking to people outside the region, we are told that the sense of community and co-operation and the willingness to share don’t exist elsewhere and organisations like the Forum are pretty unique. 

 

Are your newer members coming from conventional business sectors in the main, or is there a growing movement towards newer activities – such as digital, biosciences, pharmas, renewable?

 

CB: Although there are inevitably new members coming from the digital and renewable sectors in particular, we still have plenty of entrepreneurs running businesses in more traditional sectors like retailing, logistics, property, manufacturing and recruitment. It’s the combination of these different backgrounds that makes the Forum so successful – because we know if someone needs help with a particular business issue, it’s highly likely we have a member who has already been there and done that.

 

Anything you wish to add on behalf of the Forum? 

 

CB: We continue to innovate and create more and more opportunities for connecting people and the relaunched If We Can You Can website takes the concept of sharing experiences and mentoring to new levels. We have also developed a new social networking site – www.ifwecanyoucantalk.co.uk to build a bridge between enterprise education and the reality of turning an idea into a business. The site content includes interviews, a documentary and offers young people a chance to add their own ideas and to communicate with like minded people. 

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