The Power of Momentum


I was going to talk about momentum this week – the irresistible force that can carry an entrepreneur and a business forward like a surfer catching a wave.

…But first of all I suppose I’d better comment on the two national sideshows. In their own way they’re both fine examples of momentum in action. But a caveat: I’m writing these opening paragraphs on Tuesday morning. But the time you read the blog Downing Street and the England dressing room may be very different places…

Monday brought us the resignation of David Davis and Boris Johnson. More government resignations are rumoured to be imminent. Her Majesty’s Government most certainly has momentum, but sadly it’s the momentum of a downward spiral. ‘Complete shambles’ doesn’t even begin to describe it and Boris Johnson’s reported comment – “£$%& business!” – all too accurately reflects what most politicians think about the people who produce the country’s wealth.

So let’s talk about momentum of a much happier type. Again, Croatia might have had something to say by the time you read this, but for now Gareth Southgate can do no wrong. As I write, the England team’s momentum is carrying them straight to the Luzhniki Stadium on Sunday afternoon.

…Ah, damn it. It’s now Thursday night: football’s not coming home. At least not until 2020.

Does that mean the momentum of the England team has been stopped dead in its tracks? Far from it: people are already talking enthusiastically about the 2020 Euros. Southgate doesn’t think his team will peak until 2024.

And the nation has fallen back in love with the national team. Southgate himself has a lot to do with that: engaging, honest, articulate – and clearly a great man-manager. He’s trusted his players, believed in them and given them a clear direction. They’ve responded by giving him every last drop of blood, sweat and – sadly on Wednesday – tears.

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But give them a week and the team’s morale and momentum will be right back where it was. Goodness knows where our government’s momentum will be in a week’s time, so we’d better talk about business…

Momentum is a subject that comes up a lot at TAB meetings – whether it is a meeting of business owners or TAB franchisees. No-one says ‘momentum,’ obviously. They’re ‘on a roll,’ or ‘can’t do anything wrong.’ Meanwhile across the table someone else is ‘stuck in a rut’ and ‘doesn’t know where the next sale is coming from.’

We have all been there – and experienced both emotions. I very clearly remember thinking that I would never, ever sell anything to anyone ever again. I can picture exactly where I was when my phone buzzed with yet another ‘no thanks’ to TAB York and I began to have doubts…

What’s astonishing is how quickly momentum can change. You see it in sport and you very definitely see it in business. And what’s equally astonishing is that it can change with something relatively unimportant: a small sale, someone you’d written off getting back to you – or just getting some exercise and feeling better about yourself.

That’s why mental resilience is so important in business: we all go through periods when we can do no wrong – and we all have those moments of self-doubt. As I’ve written many times, what’s important is consistency of effort: do that and – in the long run – the results will take care of themselves. And when the momentum is with you, then you’ll be unstoppable.

Which takes me back to England, the Euros and 2020. The final’s at Wembley: book your ticket now…

(The end of this month will find the Reid family booked into Hotel California for a much-anticipated family holiday. If you’re going away in the next four weeks have a wonderful time, and – assuming we can check out and want to leave – the blog will be back on August 10th.)

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Be Brave


Last week I wrote a Tale of Four Leaders, contrasting Paul Dickinson and Barry Dodd with two leaders who I consider to be far less successful – the Donald and the Maybot.

I’m still coming to terms with Paul’s passing, but gradually the sadness is giving way to what I’ll think of as his personal legacy to me.

Many of you will know the words of the poem by Henry Scott Holland, so often read at funerals. It’s called Death is Nothing at All, and there is a line that is particularly apt: ‘Why should I be out of mind because I am out of sight?’

Paul will never be out of mind for me and – two weeks on from the funeral – I feel a duty to his memory to make TAB UK the best it can possibly be. That means for everyone in the TAB family: our members, our franchisees, our team at head office – and the colleagues we work with overseas.

How are we going to do that? We are going to be brave. What was it Thoreau said? ‘The mass of men lead lives of quiet desperation and go to their grave with the song still in them.”

No-one in the TAB UK family should do that and so – and I know Paul would have approved – the message this week is simple: Be Brave!

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This, more than ever, is a time for brave decisions, on both the micro and macro level. The world is changing at an ever faster pace: AI and machine learning, advanced search and the personalised internet are knocking on the door of virtually any business you can name. Businesses that were once cornerstones of the national and local economy are crumbling away. Brave decisions have become essential.

So let me turn to two decisions – sadly both from our government – which illustrate exactly the type of decisions we should not be making.

A couple of weeks ago Theresa May announced an extra £20bn – from your taxes – for the NHS. That’s a worthy decision: with four out of five people apparently in favour of tax rises to fund the NHS I’m sure the focus groups will approve.

It’s worthy, but in the long run I think it is wrong. And it’s the easy decision, not the brave decision.

Anyone who walks through any town centre will notice that the UK has an obesity epidemic which is getting worse every year. That in turn is leading to an explosion in Type 2 diabetes which is currently costing the NHS £25,000 a minute. Diabetes UK put the cost of treating Type 2 diabetes and its complications at £14bn a year.

Those are staggering figures for what is – in the main – a preventable disease. And quite clearly there isn’t much of the PM’s £20bn left when you’ve paid the diabetes bill: if we carry on getting fatter there very soon won’t be anything left.

The PM’s £20bn is, in essence, a very expensive bucket. There’s a hole in the roof of your factory, the water is coming in ever more quickly, so clearly what you need to fix the problem is a bigger, more expensive bucket…

Yes, that might be the answer while the guys go up on the roof to fix the hole. But as far as the diabetes epidemic is concerned, we’re not sending anyone up on the roof: we’re relying on an ever more expensive bucket instead of making difficult decisions and telling people the unpalatable truth.

Secondly, pot. Or weed, or whatever you might want to call it. Last week the case of Billy Caldwell and an article by William Hague brought cannabis front and centre in the news.

Writing in the Daily Telegraph Hague argued that the war on cannabis has been “irretrievably lost” and called for it to be fully legalised. He argued that cannabis is freely available in the UK, but available in unregulated forms, with a thriving black market bringing huge profits to criminal gangs and putting an unnecessary strain on the police and our criminal justice system.

Some time ago I wrote about the legalisation of cannabis in the US state of Colorado. The state – which I visit every year for TAB’s global conference – legalised  cannabis in 2012. Teenage use of the drug in the state is now at its lowest level for a decade, opioid deaths are down, crime has not risen – but tax revenues have, by an estimated $230m over two years. The population of Colorado is around 5.6m – that is around one-tenth of the UK, so it is easy to project the tax revenues that might result from legalisation here.

Sam Dumitriu, head of research at the Adam Smith Institute says, “We estimate that legalisation would raise at least £1bn a year for the Treasury.” He added, “Just as the prohibition of alcohol failed in the US, so the prohibition of cannabis has failed here.”

What is the UK government’s position? A flat refusal to even discuss the subject – a refusal, not to make a brave decision, but to even have a brave discussion.

In business, you cannot do that. It bears repeating: we are living in the age of brave decisions. The problem is, there’s no pain in buying the NHS a bigger bucket or refusing to discuss cannabis. The government – like so many businesses – is in a comfort zone.

But you know and I know that it cannot last. We cannot go on getting fatter, we cannot go on seeing young people murdered on the streets of London and we cannot ignore Google, Amazon and Uber when they tap on our door.

Throughout his life – and never more than towards the end of it – Paul Dickinson took brave decisions. That’s the legacy he left me: that’s the legacy that we all – in government or in business – need to follow.

A Tale of Four Leaders


I have, of course, stolen the title from Charles Dickens. As your English teacher drummed into you, his Tale of Two Cities begins with one of the most memorable opening lines there is: ‘It was the best of times, it was the worst of times.’

For those of us in the TAB UK community, the last few weeks have simply been the worst of times. As many of you will know, Paul Dickinson, the founder of TAB UK and a man to whom I owe an immeasurable personal debt, died 2 weeks ago. His funeral is today.

At the end of last month Barry Dodd, an inspirational leader of the Yorkshire business community, died in a helicopter crash.

On May 3rd I wrote Darker Thoughts from an Old Friend, pondering a simple question: do you make sacrifices now, in the hope and expectation of a better future? Or do you live life to the full, accepting that the future may never arrive? Well, today I’ll be the one with the darker thoughts as I reflect on that question I asked six weeks ago.

I’ll also be reflecting on the nature of leadership.

If Paul Dickinson and Barry Dodd taught us anything, it was that leaders can and do make a difference. And that their job is simple: it is to lead and take decisions.

On Tuesday night the House of Commons voted for what appears to be yet another fudge on the road to Brexit. We are – give or take a few days – a week away from the second anniversary of the Brexit referendum. It was held on 23rd June 2016: two years on we still have no clear idea of what shape Brexit will ultimately take.

As commentator Patrick Wintour wrote recently, referring to yet another squabble in Cabinet, it was “The apotheosis of May-ism. Her ministers unable to agree what it means to set a date for when they expect to stop kicking a can down the road.”

As everyone knows, I voted to remain in the EU. If the poll were re-run tomorrow I would vote the same way. But I am a democrat: I accept the result. And I am running a business: so let’s get on with it. No commercial organisation would tolerate – or could survive – such indecision.

Our job, as leaders, is to take decisions. It’s come to something when Tony Soprano talks more sense than the British Prime Minister but as he famously said, “A wrong decision is better than indecision.”

If you make no decision: if – as we see – you cannot decide what you want from a negotiation, then you will simply have to accept what you are offered.

I wonder what Paul and Barry would have made of it? Well, I know what Paul made of it as we chatted about the shambles frequently: it doesn’t bear repeating.

Say what you like about the 49th President of the United States. He doesn’t suffer from indecision. And suddenly here’s the leader of North Korea committing to a de-nuclearized Korean peninsula. Paul Dickinson and Barry Dodd may not have approved of much that Donald Trump stands for – but they’d have recognised a successful negotiation.

Let me finish by returning to Dickens – and a personal note on Paul’s passing. Many of us know, ‘It was the best of times…’ Few of us know the next two lines. “It was the age of wisdom, it was the age of foolishness.”

There is far too much foolishness in the world, so I’ll concentrate on wisdom – and the wisdom that Paul Dickinson passed on to me, including five very simple words: “Ed, just try smiling more.”

As I wrote in an earlier e-mail to the TAB UK family, smiling is pretty bloody tough right now – but I will try to take comfort from everything Paul gave me.

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His example, and the knowledge that he passed on to me, changed my life. He was, in the very best sense of the word, a leader. Paul had a vision, the courage to pursue that vision, and the charisma to take others with him on the journey.

That is the legacy he leaves us. And if we follow his example then – for both ourselves and our families – we will surely create the very best of times.

Don’t Join the Navy. Be a Pirate!


Of course we are always going to shop on the high street. Of course there will always be bank branches in town centres. Marks and Spencer closing branches? Don’t be ridiculous.

Suddenly, so many things that seemed absolute cornerstones of our life are – to use the modern phrase – being ‘disrupted.’

In fact, if you want to predict the future, there’s a very easy way to do it. Think the previously unthinkable.

If I look back to when I started TAB York and started writing this blog, the changes – in a relatively short space of time – have been remarkable. But I am prepared to wager a hefty sum that the pace of change over the next seven years will be far faster than it has been over the last seven.

So if you’re running a business – or planning to start one – then ‘innovate’ and ‘think differently’ have to be right there at the top of your list. As Steve Jobs put it, if you want to be successful, you can’t join the navy: you have to be a pirate.

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So everything is changing.

Or is it? Because according to the hot new business book, 300 years ago things were, well, pretty much the same…

Three centuries ago, the world was surprisingly similar. The establishment was broken, there was a backdrop of international interconnected conflict and millennials of the day worried the rise of technology would crush employment as they knew it. So they left town and created new societies aboard ships – societies that pilfered and raped, yes, but that also included the systems we operate and abide by today.

The book is Be More Pirate, by entrepreneur-turned-author Sam Conniff Allende – you can read more of his views in City AM here.

I’ll take issue with some of his points – I’m fairly certain that it was the Roman legions, not pirates, who first came up with pension schemes and workplace compensation, for example – but he’s absolutely right in suggesting that the old ways of looking at things simply don’t work any more.

Much of what we have taken for granted for so long – as the high streets and the banks will testify – is starting to break.

So where does that leave mentoring and peer group coaching at a time when innovation is more important than ever? Where does that leave The Alternative Board UK?

Mentors, surely, are part of the established order? It will be a fairly safe bet that the mentor will have more grey hair – or less hair – than the person being mentored. It’s easy to think that the mentor will simply say, “Aye well, ’appen it were done this way when I were a lad and there’s nowt new tha’ knows…” Or words to that effect.

And you could very easily make the accusation that a peer board doesn’t encourage innovation. People are drawing on their own tried and trusted experience and – with a board of six or seven – there must be an inclination to find the common ground in the middle.

In my experience, exactly the reverse is true. The one thing a good mentor knows is that there’s a great deal he doesn’t know. He knows that there is plenty that’s new – and keeps up to date with social and technological changes.

And I am constantly amazed by the cutting edge knowledge of TAB members: yes, even the ones with grey (or very little) hair. In fact, far from a TAB board producing a consensus of ‘safe’ advice, exactly the opposite is true. There is a real willingness to think outside the box and look for innovative solutions when you are discussing a different business to your own. To use a pirate analogy, the shackles are off.

It is then the job of the TAB coach – a job they do superbly well – to make sure that nothing is off the table. That the brave, innovative and outright hard questions get asked – and that they are taken seriously and answered.

So yes, the world is changing at an ever-faster pace. But watching a TAB board meet the challenges of that change is an exhilarating and very, very rewarding experience.

The Board members may be a rum bunch, but none of them parrot the company line.

I’m here all week…

Lance-Corporal Jones and the Robocalypse


You know me. Cutting edge info, state of the art tech, firmly focused on the future.

So let’s go back to 1841. And then take inspiration from Dad’s Army.

Go right back to 1841 and the first census showed that 20% of the UK’s population were engaged in agriculture, and another 20% were in domestic service.

Fast forward a few decades and millions of people were employed in the ‘horse economy.’ They made saddles, shod the horses, built the carriages and – yes – collected the dung.

Candlemakers had a healthy business as well.

But then Edison invented the long-lasting electric light bulb. Henry Ford brought us mass production of the motor car – and the sons of people who’d been employed in the horse economy became panel beaters, paint sprayers and mechanics.

Fast forward again. Right up to today. And if you work in retail, or you own a shop, then the news this week could not be worse. According to the British Retail Consortium (BRC), March and April saw an “unprecedented” decline in footfall – the number of people visiting the nations’ shops. Over the two months footfall was down by 4.8%.

The town centre vacancy rate – the number of empty shops – rose to 9.2% with every area of the UK (except Central London) reporting an increase. A spokesman for the BRC said, “Not since the depths of the recession in 2009 has footfall over March and April declined to such a degree. Even then the drop was less severe at 3.8%.”

Are we seeing the slow death of retail? Quite possibly.

Similarly – as I’ve written previously – artificial intelligence and financial technology (aided by blockchain) are going spell the slow death of the high street bank in a great many towns. “Working in a bank, sir,” will no longer be an acceptable answer to your careers master.

The doom-mongers are having a field day. “This time it really is different,” they say, as they welcome the Four Horsemen of the Robocalypse – Robotics, Artificial Intelligence, Unemployment and Bankruptcy.

And if you believe the worst forecasts, they’re right.

The darkest claims – from two American economists – suggest that 47% of all jobs could disappear. Using the same methodology the Organisation for Economic Co-operation and Development (OECD) puts the figure at closer to 10%.

That is still a massive figure – in round numbers there are 32m people employed in the UK. The social and economic consequences of 3.2m people becoming unemployed do not bear thinking about.

That’s assuming you believe in the ‘Lump of Labour.’ It’s Friday morning and you probably don’t want a large slice of economic theory, so I will deal with it in less than 50 words.

The theory in question is the ‘Lump of Labour’ theory: there is a finite amount of labour (the ‘lump’) that needs doing. If new machines are invented that do some of that labour, then jobs are necessarily lost.

That’s the theory. But as we have seen throughout history, new inventions and new technology create new jobs. Yes, the motor car did serious damage to the horse economy – but ultimately it created more jobs and more wealth than the horse economy could ever have done.

So yes, right now we may be seeing the slow death of retail and the high street banks – but what we are also seeing is simply change – as there has always been change.

And who adapts to change? Entrepreneurs: the people reading the blog this morning.

Changes in technology are going to wipe out jobs. But bright, innovative, hard-working people are going to use those changes to create new jobs. The banks may be going, but fintech (financial technology) will create 100,000 new jobs by the end of the next decade.

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Artificial intelligence ? Let me turn to one of the leading management thinkers of the last century. I refer, of course, to Lance-Corporal Jones from Dad’s Army. As the clips shows, he summed it up perfectly. Artificial intelligence will inevitably render some current jobs irrelevant: but it will open up a host of other avenues. I am certain that both my boys will – at some point in their careers – be working in jobs which simply don’t exist at the moment.

Change is undoubtedly happening at a faster pace than ever before, but change does not necessarily equal bad news. The old cliché about the Chinese character for ‘crisis/change’ being made up of ‘danger’ and ‘opportunity’ may not (sadly for business trainers up and down the land) be true, but the coming technological changes will offer a plethora of tremendous business opportunities.

And no-one is better placed to profit from that change and those opportunities than the members of TAB UK. All we ask is that the Government creates a climate that fosters innovation and enterprise, that rewards risk and long-term investment in your business. If we have that, then I have absolutely no doubt that TAB members will more than play their part in building the businesses of tomorrow, creating both jobs and wealth.

Darker Thoughts from an Old Friend


I bumped into an old friend in York last week. He was wearing a suit. And a tie. This was the man who became bored with dress-down Friday – and dress-down every other day of the week – when the rest of us were still learning not to wear a striped tie with a check shirt…

There was only one possible explanation.

“Congratulations,” I said. “You’ve finally made an honest woman of Claire. Where is she?”

He didn’t laugh. “Other end of the scale I’m afraid, Ed. Funeral. My second in two weeks. And both of them not much older than us.”

We’ve all been there: mentioned someone in conversation only to hear, ‘Hasn’t anyone told you? Last Thursday. No warning, nothing.” And inevitably the person being discussed was ‘not much older than us.’

That meeting with my friend played on my mind for the next few days. One thing I am sure of is that there is an ever-increasing level of stress in the average entrepreneur’s life. A few years ago people e-mailed or phoned. Now there is myriad of different ways of contacting someone: whatever you turn off, something else will bleep just as you sit down to dinner.

And we all know the dangers of stress.

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So that chance meeting with my friend stayed with me – not just because we’d been talking about someone close to our own age, but because the conversation posed a question that’s absolutely central to The Alternative Board.

You’ve started a business. You know what you want to achieve: you know what you’re capable of achieving. And you’re determined to get there.

So what do you do? How do you react when someone says, ‘haven’t you heard?’

Do you take it as a signal to run at 100mph in case the same thing happens to you and you never realise your potential?

Or do you stop and smell the roses? Pay attention to your work/life balance? Remind yourself that no-one’s last words have ever been, ‘I wish I’d spent more time at the office.’

The more I thought about it the more I realised I’d seen business owners – perhaps without even recognising it – struggling with the same dilemma. And not just as a one-off.

It’s a problem that raises it head, in different forms, at different stages of your entrepreneur’s journey.

What should I do? Put in the time? Re-invest the cash? And build a company that will really be worth something in 10 or 20 years’ time?

Or realise that I might not get there – and milk the business for all its worth and take my rewards in the here and now.

The answer, of course, is that there is no right answer. The right answer depends on your own individual personality and how you want to live your life. As everyone who knows me will recognise, I’m in the ‘building a business’ camp – and I’m determined to enjoy the journey along the way, sharing that journey with my family and my friends.

Yes, I could be in the office every minute of every day – but I remember waking up one Tuesday morning early in my TAB York days. It was a morning like today: early May and the sun was shining in through the window. I looked at the pile of paperwork on my desk and went off to play 9 holes of golf.

It was a moment when I suddenly appreciated the freedom the decision to start my own business had given me – and when I knew I’d made the right decision in Newport Pagnell service station.

Not every entrepreneur would have taken that decision: some would have ploughed through the paperwork. The important thing, I think, is to recognise what works for you – and what you want from your business.

Whatever choice you make – whether you take your rewards now or later – remember that the business is working for you. It is emphatically not the other way around.

I’m All In…


“Forty million, five hundred thousand,” Bond says. “All in.” And he pushes his pile of chips into the centre of the table.

It’s the climax of the poker game in Casino Royale: the moment when there are only two options for Bond: he wins, or he loses.

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Throughout this year I’ve compared the entrepreneur’s journey to the classical story structure used in literature. The ‘inciting incident’ when Harry Potter discovers he’s a wizard – and the moment our potential entrepreneur pushes his breakfast round his plate and realises something has to change.

Then there’s the importance of a mentor figure – Dumbledore or Gandalf or – hopefully for some of you – the Alternative Board.

And then comes the climax. The moment when there are only two possible outcomes, success or failure or – in stories and in the movies – a heroic triumph or certain death. Harry Potter goes through the trapdoor to confront Voldemort: he can succeed, or he can die. There is no other option.

Literally and metaphorically, he’s all in.

There’s a moment when the entrepreneur realises he’s all in as well. But this time it’s not the climax of the movie. Instead, it’s a staging post on the journey.

There are millions of words written about the decision to start your own business. There are virtually none written about this equally important moment. Let’s try and put that right.

I’m talking about the moment you realise that you’ve found your niche: that you’re doing what you were put on the Earth to do – and that you’ve become unemployable.

This is the moment when the entrepreneur realises there is no going back. He turns around – and the bridge behind him is burning.

For me this ‘realisation moment’ was triggered by a client. It was early in my TAB York journey and I was just finishing a 1 to 1 with a client. “Thanks, Ed,” he said. “I simply couldn’t have made these changes without you or my TAB board.”

A day later I was in a taxi, travelling home – relatively late at night – after an event. There was a sudden moment of quiet and I thought: ‘I like these people. They’re great people to work with. And I’m building a community of people like this.’

And then I spoke to one of my old friends from the corporate world. Five minutes on office politics, five minutes on the changes the new MD was bringing in and five minutes on why he was bringing them in – essentially to prove he was different to the old MD.

At that moment I realised I was all in. I couldn’t go back to my old life.

I liked my new life too much: I loved the fact that success or failure was entirely down to me. And I knew I could never go back to the office politics, to dancing to someone else’s tune.

I’ve talked to any number of entrepreneurs over the years and they can all recognise the moment. Suddenly you know you’re creating something worthwhile: suddenly the business community recognises that you’re in it for the long term: suddenly aware that you’re building a network of people around you that add something new to your life every day.

That’s when you turn around, see that the bridge is burning – and punch the air in celebration. You’re all in – and you couldn’t be happier.

Twenty years ago I went all in as well. And as this week draws to a close Dav and I will be in Whitby for our 20th wedding anniversary. Whatever I’m achieving with TAB, whatever I’m helping to build, I couldn’t have done without her at my side. “All in…”; the best decision I ever made. On the off-chance you read this, thank you.

Long White Beards are not Mandatory


Mentor: noun. An experienced and trusted adviser. A person who gives a younger and less experienced colleague help and advice over a period of time, especially at work or school.
First used in the modern sense in the 18th Century, the word comes from Homer’s Odyssey: when Odysseus left for the Trojan War he left his old, trusted friend Mentor in charge of his palace and his son, Telemachus.
I wrote recently about the entrepreneur’s journey mirroring the classic ‘hero’s journey’ in fiction. That’s certainly true of the mentor: there are any number of examples in popular culture. Star Wars offers us Obi-Wan Kenobi. Also mentor this Jedi is… The Lion King has Rafiki, Buffy the Vampire Slayer relies on Giles and, of course, Harry Potter has Dumbledore.

These mentors tick all the archetypal boxes: older, wiser, there when they are needed and – in plenty of cases – a long, white beard.

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The idea of the mentor also runs through business and – as an entrepreneur – you’re going to learn one thing very quickly. You will need someone to talk to. Your accountant, solicitor and bank manager will all no doubt be splendid people: however, they are not running a business like yours and your priorities are not their priorities. Your partner’s priorities aren’t your priorities either. The only person who understands is another entrepreneur: for better or worse, you have joined a special club.
I just wonder if mentoring in British business is working as well as it could…
Without wishing to sound old – but policeman definitely do look younger, don’t they? -many of today’s new entrepreneurs are younger. And I think that creates a problem in the traditional UK model of the business mentor, too many of whom – as I’m writing this on International Women’s Day – have been male, pale and stale.
That is not to criticise organisations like Business Link, or to denigrate the work that solicitors/accountants/bank managers do. It is simply to recognise that young entrepreneurs are swimming in a different pond: there must be a gulf between someone who’s just discovered Google docs and thinks its pretty nifty and someone who communicates, banks and shops via WeChat. (Sorry, it’s China’s answer to Facebook, except that it is much more than FB, its owner Tencent is worth more than FB and will shortly be making inroads in the West.)
So let’s dispense with the idea that the metaphorical long white beard is a requirement: I see no reason why a successful entrepreneur of 28 shouldn’t mentor a 24 year old with a start-up.
Interestingly, several of my TAB colleagues do unpaid mentoring work. Speaking to them there is a common thread that runs through the relationships: they like/believe in the person they are mentoring – and they like/believe in the business as well. They’re 50% giving something back and 50% nurturing a business that they believe could become a significant client.
Perhaps it is up to organisations like TAB to take a lead? It’s the Chancellor’s Spring Statement on Tuesday and I would love Philip Hammond to recognise the difference coaching and mentoring within the business community could make to the country’s future. But as one of his colleagues famously dismissed entrepreneurs as “fat, lazy and off to play golf” I won’t hold my breath…
But this really is another area why we need to start asking ‘why not?’ Thinking out loud – and hoping my colleagues will respond positively – why shouldn’t TAB have an event specifically for entrepreneurs under 30?
Let me now return to the hero’s/entrepreneur’s journey.
So our hero has pushed his breakfast round his plate, decided there has to be a better way, resisted the siren call of corporate security, explained the risks to his partner and taken the plunge.
Five, 10, 15 years down the line it is all very different. The problems are not those of a start-up, they’re the problems of success. He now employs people; the retired guy who did his books two days a week has given way to a finance director; most importantly, his family is beginning to see the benefits of the gamble he took. But he still needs support, guidance and someone who truly understands.
This, of course, is where TAB plays such a key role for so many entrepreneurs. No longer one mentor, but seven – and still not a long white beard in sight… Not only that, you learn as much from mentoring your colleagues as you do from them mentoring and supporting you.
I’m a passionate advocate of peer-to-peer coaching and the mentoring that goes with it. I think it has the potential to make a significant difference to our economy. And as I’ll outline in a fortnight’s time, I don’t see any limits to its applications – even for the biggest businesses.

A Brave New World – at least for TAB Members


Clearly I am going mad. That’s the only possible explanation for a world in which people phone the police because their local KFC has run out of chicken. It’s enough to turn a man into Disgusted of South Milford and make him write to the Telegraph…

Assuming the nation survives being rocked to its foundations by the bargain bucket turning into the empty bucket there are rather more serious issues to deal with. Theresa May has just announced a ‘far reaching review’ of the student loan system. As our two boys get older it’s a subject I increasingly read about – and as far as I can see the current student loan system is broken. It must be the only loan where you can make your contractual payments and still see your debt increasing. Shylock would have been green with envy.

Meanwhile the Government is selling student loan debt for 50p in the pound, having already written off around £7bn – a sum equivalent to the capital budget of the NHS. The current system appears to work for neither borrower nor lender.

So some fairly shabby decision making in both big business and Government. Thank goodness artificial intelligence is marching to the rescue. Decision to make in your own business? Sit back, leave it to machine learning and the algorithms and know you’ll have the right decision in the time it previously took to sharpen your pencil.

When you first contemplate robotics, machine learning & Artificial Intelligence the headlines are nothing but doom and gloom. Robots are coming for financial services jobs first. AI to cut a swathe through middle management.

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And, most chillingly of all, the report from management consultants McKinsey that AI and robotics will take 800m jobs worldwide by 2030. AI and robotics undoubtedly will take plenty of jobs. A robot arm can dispense your fries perfectly well – clearly not your chicken though. It doesn’t get sick, doesn’t need a holiday and most certainly doesn’t need including in the company pension scheme.

But let’s dig a little deeper: do technological changes necessarily lead to unemployment and – just as importantly – what do these changes mean for those of us running a business? At the beginning of the 19th Century the Luddites began smashing up weaving machinery, fearing that the traditional skills would be lost and – closer to home – that they’d lose their jobs. Mill owners took to shooting the protesters and the movement was only ultimately supressed with military force. There have been plenty of periods of unemployment in the ensuing 200 years – and all too often the first reaction has been to blame the machines.

There is plenty of evidence though, that technology creates as many jobs as it destroys. There is not a finite amount of labour: it does not follow that because technology removes one job, someone is irreversibly unemployed. The same technology may well create another job. In fact, a recent report on Silicon Valley concluded that for every job lost to automation and AI, four were created.

So where should you work if you don’t want a robot to steal your job? The answer – according to an article in City AM and sitting nicely with Silicon Valley – is in the creative sector, which is forecast to create 1,000 ‘robot-proof’ jobs a week right up to 2030. The creative sector has grown twice as fast as other sectors in this decade, and London now has 90,000 creative businesses. Clearly plenty of those are going to be one-man businesses but that is still a significant number and an increasingly important contribution to UK plc.

But it’s not just the creative sector that offers protection against the march of robots and AI. There’s also the small matter of starting your own business: never say never, but it is hard to see a time when a machine will replicate the drive, desire, enthusiasm – and potential to create wealth – of the entrepreneur, especially those sitting round TAB tables up and down the UK.

As a few of you know, I have just been away for a week’s skiing. A holiday always gives you time to think – and not always about why your sons are going downhill far faster than you are. Change is undoubtedly coming and change will be – to use the current buzzword – ‘disruptive.’ Some companies will be disrupted right out of business. But I am absolutely convinced that no group of entrepreneurs is better equipped to meet, and benefit from, change that those in TAB UK. Yes, they’re awash with drive, desire and enthusiasm – but also with a willingness to question and accept new ways of doing things. As Robert Kennedy famously said, “To see things as they could be and ask, ‘Why not?’”

Which sadly, brings me back to government and education. At the weekend, I was watching this short video featuring a clip from Jack Ma, co-founder and CEO of Alibaba. His message was short and simple: manufacturing no longer equals jobs. As he put it, “It’s not made in China, it’s made on the internet.” In the same way that we urgently need to reform student loans, so we urgently need to reform education. It depresses me to see that so much of the work Dan and Rory do is the same work that I did.

We need our leaders to act like TAB members: accept the change that is coming and prepare for it. To not only ask ‘Why not?’ but also to ask, ‘What can we do to be ready for it?’

The Entrepreneur’s Journey: Taking the First Steps


So you’ve done it. You’ve pushed your breakfast round the plate, wondered why you weren’t with your family and said, ‘That’s it. There has to be a better way.’

And a few days later you’ve burned your bridges – or at least written a letter which can be boiled down to two words: ‘I resign.’

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You’ve committed yourself to the entrepreneur’s journey. Now you need to take the first steps: you need to write a business plan and you need to raise some money.

The chances are that you’d already ‘written’ a business plan before you wrote your resignation letter. I’ve seen potential entrepreneurs – for now, still employed – with business plans at every stage of completion: from neatly bound, carefully worded documents complete with a three year cash flow forecast – to four lines on the back of the proverbial envelope.

For some people the lead up to the resignation letter is calculated and carefully worked out. For others – as it was for me – it’s the moment when that gnawing sense of unease suddenly crystallises. When there really does ‘have to be something better than this – and it has to be now.’

Most of us know the basics of a good business plan – but I am always conscious that this blog is also being read by people who haven’t yet been tempted to tell the MD what they really think… So let me recap the essential details of a business plan:

· What are you going to do? Simply put, what’s the business about?

· What are your goals and objectives?

· Why are you the person to make it work?

· What’s the market? And what’s your marketing plan?

· Who are your competitors? What makes you different?

· If you’re designing and/or developing a product, what are your plans for that?

· Operations and management: how will the business function on a day to day basis?

· How much money do you need? If you’re investing money in the business, where is that coming from? And if you’re borrowing money, how are you going to pay it back?

· And lastly some numbers – projected profit and loss and cash flow forecasts

Those are the basics – but this is The Alternative Board. We’re about a lot more than the basics. We’re about keeping your work/life balance well and truly balanced. About the business working for you, not – as the vast majority of entrepreneurs find – you

working for the business. So your business plan needs to contain something else – something you need to get right from the outset.

Your business plan needs to contain two commitments – to yourself and to your family. To yourself a commitment that you’ll take time off, that you’ll make the time to keep fit – mentally and physically – and that you’ll invest time and money in self-improvement. Because if you don’t grow, your business cannot grow.

Secondly, a commitment to the people you love. That you’ll be there for them. That you won’t have your body at home and your soul back at the office. However high up the mountain you climb, the view is a lot better if you’re sharing it with someone.

I also like to see a business plan contain a statement of values: this is what we believe in, these are the ethics that underpin the business. Your business needs to be profitable: it needs to be one you’re proud of as well.

And now let me backtrack to the business plan. Because there at the bottom is the thorny question of finance. How much money do you need to start the business? Where is it going to come from and – if you’re borrowing the money – what are you going to use for security? Despite the increasing popularity of new initiatives like Funding Circle, Kickstarter campaigns and venture capital investors, the bank is still far and away the most popular option – and the bank will ask for security. Personal guarantees are never far away for the owners of most SMEs and in many cases, neither is your house.

This is the moment when the price of building your business really hits home. This is the moment when you say to your husband/wife/partner, ‘The house is on the line. The bank want some security and, I’m sorry, that means the house.’

That’s a difficult moment for your relationship. The house you bought together, where you’re raising your family: the house you have plans for… Suddenly there’s the spectre of someone else holding the keys: of a letter arriving from the bank politely inviting you to move out. However much someone loves you, that’s a difficult moment. It’s the moment you realise it’s not just you that will be paying the price.

Which is why that line in the business plan is so important. Time with your family. Yes, you’re building a business – but making sure you don’t miss the Nativity Play is every bit as important. Fortunately, you’re among friends: everyone at TAB UK is committed to making sure you’re sitting proudly in the front row.