Entrepreneurial Spark Excellence Engineer for the North of England, Jeremy Ambrose, reflects on his time so far with the world’s largest free business accelerator.
I got a phone call from Jim Duffy, CEO of Entrepreneurial Spark, to say that I had got the role of Excellence Engineer. This was the start of something which has turned out to be very exciting. A peculiar title which just summed up the world of Entrepreneurial Spark – the role of Excellence Engineer is our term for an Area Manager. A progressive company that positively disrupts the accelerator/incubator space, with Jim at the helm. The Entrepreneurial Spark ship is constantly riding the waves just the same as an entrepreneur’s journey. It’s certainly not smooth sailing and you don’t sign up for a 9-5 role. My journey so far has gone from being thrown straight in at the deep end, to keeping my head above water and here are a few lessons I have learnt along the way.
1. It’s a different world
Entrepreneuring is about taking calculated risks. The risks you take are so well focussed and researched, that the risk almost becomes a solid footing towards the next step. The world of Entrepreneuring isn’t about answering to someone else, it’s about you finding out everything there is to know about a subject, answering your own questions of risk and then satisfying them through your actions. This is backward compared to large firms. They employ people, whose sole job is to avoid risk. That’s why Entrepreneuring is different!
2. If you want it, get up and do it
Through every interaction with successful entrepreneurs, one thing has stood out. The successful entrepreneurs have seen a problem which many people share. They have validated that problem and made sure that there is a market for their subsequent solution. Coupling this with an attitude that gets you out of your arm chair, moving aside any barrier and just doing it equals success time and time again! We use the term #GoDo in all we do, why? Because it sums it up. Just go out there and do it.
3. Know your numbers
I thought after working with a P&L day to day for a good 12 years, I had a grasp of my numbers. After seeing many companies cash flow and P&L and challenging their understanding of what profit is, I can safely say it takes time to know your numbers. A good grasp of figures as an entrepreneur is critical to make the right decisions at the right time. Immersing yourself in the numbers and being able to read the story of your business through them, you can grow your business, be credible in front of interested parties and build an engaged team.
4. It’s about the entrepreneurial leader
I interviewed a gentleman who had a successful “accidental” business. He had a good turnover and had forecasted to double it over the next three years through a strong investment. He spoke about all the obstacles he had to overcome, blamed other people for his pitfalls and pretty much told me that no one ever works for him for long. Do you think I believed him when he said he was going to grow this business over the next few years? No, you’re right, I didn’t. I couldn’t see any way in which he would get investment. He didn’t have a team and he didn’t have the will to change. His attitude was wrong and investors wouldn’t have found him credible. I didn’t want to invest my time in him, so why would anyone invest capital in him.
5. It’s not for everyone
Those who don’t like to step outside their comfort zone need not apply. The journey of being an entrepreneur, working for yourself and being part of Entrepreneurial Spark is difficult. With no exceptions, success doesn’t come through staying inside your comfort zone. It’s banded around a lot that if you step outside your comfort zone, this is where “the magic happens”. But it is so true, those entrepreneurial leaders who didn’t like speaking to customers, and then went out and spoke to people, found out a nugget of information which changed the business forever. Those entrepreneurial leaders who said “I don’t do the numbers” went and learned about their business’ finances and found that little gem of insight that moved their business forward. If it doesn’t challenge you, it doesn’t change you. If you live by this motto, then you will move every venture you have towards its outcomes.
So I guess to sum it up, the past few months for me have been a learning curve. Constantly challenging my understandings, listening to people and finding meaning in everything being said. If I haven’t known something I have written it down and researched it. Keeping up with entrepreneurs is a challenge, but a rewarding challenge nonetheless. Stay afloat, reimagine your proposition daily, and just go out there and do it! #GoDo.
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