20 February 2012
Mike Southon, keynote speaker, best selling business author and entrepreneur mentor, recently wrote about the importance of the Global Entrepreneurship Congress in the Financial Times, emphasising that it is an opportunity for students to be inspired in addition to receiving practical advice.
Mike commented: “My role as Entrepreneur in Residence is focused on creating a lasting entrepreneurial legacy for the City of Liverpool. This will involve many activities around the Global Entrepreneurship Congress in March 2012, but also involves working closely with the LJMU Centre for Entrepreneurship providing one-on-one mentoring and sales workshops.”
The Global Entrepreneurship Congress information is at: www.gec2012.com
LJMU students also have the opportunity to win a ticket (worth £150) to the prestigious Global Entrepreneurship Congress Summit on 13 March. http://www.ljmu.ac.uk/NewsUpdate/index_122016.htm
The article, which references Mike’s work with the LJMU Centre for Entrepreneurship, is available to view below:
From the Financial Times Saturday 11th February 2012
Bootstrapping a Business
By Mike Southon
The City of Liverpool has never shied away from trying to do something different, even if it causes significant local controversy. Despite a background of very difficult economic conditions and public sector cuts, its inward investment organisation Liverpool Vision bid for and won the Global Entrepreneurship Congress (GEC), which will be held in the city this March.
The Kauffman Foundation, which created the GEC, is also not afraid to court controversy. True to form Jonathan Ortmans, a senior fellow at The Kauffman Foundation, sparked some debate at the official launch of the GEC in Liverpool when he stated that entrepreneurs do not necessarily require funding to start a business.
Many in the auditorium disagreed. Their opinion was that part of government’s duty was to provide significant grants to help people start their businesses.
I agree with Ortmans. I always advocate that it is very dangerous to give entrepreneurs money; they tend to spend it on fripperies and then come back, hand open, asking for more.
These fripperies are not limited to expensive office furniture and generous expense accounts. They also include money spent with unscrupulous marketing companies, web design agencies and persuasive consultants, who promise much, but usually deliver very little by way of tangible results for early-stage companies.
When mentoring, I always explain that in the first days there is no need to formally start a business, find premises or spend any money on marketing materials such as brochures or web sites. Entrepreneurs should first concentrate first on eliciting some cash; probably from someone they know already.
Once they have a cash surplus, they can formally establish their business entity, ideally helped by someone who knows how to deal with the necessary administration, such as a friend with relevant skills or a local bookkeeper.
I explained this approach when I delivered a sales workshop to recent graduates of Liverpool John Moores University (LJMU) the day before the GEC launch. This was part of my remit in my new role as Entrepreneur in Residence for the city of Liverpool.
The delegates had a good range of realistic business ideas based on their own individual passions. These included event management, training and services for care homes, children’s book illustration, five-a-side football, vintage clothing and audio production.
Nobody felt that they had challenges in delivering their services; their real issue was finding repeatable revenue. My advice was to approach their friends first for a small amount of revenue. Close friends, including family members, are an obvious first port of call, but this can be extended to anyone they might have met along the way who might trust them to deliver a professional service.
While my sales workshop always covers traditional sales techniques of qualifying and closing, the most practical elements for these delegates were simple techniques on how to network and a four-line e-mail that improves their chances of securing a meeting.
I also suggested they first delivered a small item of work, as larger orders can involve long and expensive decision cycles. If the first order is a small one, any perceived risk is reduced.
This is important, as their young age and relative inexperience will act against them in most commercial environments. But on the positive side, any potential customer would be very impressed by their energy, passion and desire to please.
I hope all the LJMU students will attend the GEC, be inspired by the famous speakers and receive practical help from the many fringe events. If they do come, they would be well advised to bring along a friend, especially a friend who might also become their first customer.
Mike Southon can be contacted at mike@mikesouthon.com
Follow him on Twitter: http://twitter.com/mikesouthon
Image: Mike Southon at the LJMU Centre for Entrepreneurship
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Read the full article at: http://ljmu.ac.uk/NewsUpdate/index_122151.htm
