David works with small business owners to achieve their objectives and believes that following the antics of those on The Apprentice is not the way to start up and run a successful business. “It delivers a distorted impression of business success by suggesting that to succeed as an entrepreneur necessitates aggressive and arrogant behaviour. As well as The Apprentice, Dragon’s Den, which has just started a new series, encourages would-be entrepreneurs to think that raising finance will require you to make a hasty decision and give away a large proportion of the equity.”
Research has shown that programmes like these are putting would-be entrepreneurs off from starting their own businesses, says David: “These programmes are produced for entertainment rather than education, which I think is borne out by the fact that the winner of last year’s Apprentice has just been a contestant on Celebrity Big Brother. I’m not saying that running a business, if well planned and executed, can’t bring satisfaction and financial rewards as well as significant tension and excitement along the way, but it’s not for those who just want their face splashed across the tabloids.”
David’s advice for those who want to be proper entrepreneurs is:-
Competition: Success does require understanding and enhancing the offering of your business compared with alternatives that are available to your customers. However, businesses that adopt the positive attitude of maximising benefits for their customers will outperform those who seek to undermine or disparage their competitors!
Attitude to colleagues: Most business operations rely upon the contributions of a number of people. Successful businesses ensure the credit for their achievements is not claimed by one individual but allocated appropriately among their staff, and that everyone shares in the rewards.
Planning: Quickly made, “bold” decisions can deliver a good result, but are just as likely to end up in disaster. Planning, research, consideration and consultation are important contributions to good decision making – but not an excuse for being indecisive!
Financial support: Any individual or organisation considering providing finance to a business will require a good understanding of the business and its plans to enable them to evaluate the potential risks and rewards. Adopting casino style “punts” is only likely to result in the investor losing their assets! The business seeking investment will need to be able to convince the investor that the business and financial proposition are sound, and potential risks have been considered and minimised. There are also many, possibly more appropriate, forms of funding other than equity.
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David Brassington is an experienced Managing Director and senior manager who works as an adviser or non-executive director with owner-managed businesses throughout Cambridgeshire. He has a practical approach to helping owners enhance and, if appropriate, realise the value in their company. He assists owners to improve business performance or develop succession and exit plans. He also has experience of raising finance, company sales and has led a successful Management Buy-Out.
CMC Partners are experienced business advisers, helping small business owner-managers throughout their business journey, with a personal touch. Established in 1989, we work in partnership with owners to grow and increase their business value, in preparation for their eventual exit. We care about the owner and their business. Your Success is everything!
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