Starting out with your Start-Up

Guest blog from entrepreneur Andrew Jervis, champion for enterprise and one of our incubator graduates.



Andrew Jervis speaking on entrepreneurship at University of Manchester Business School

So you’ve got that amazing idea? Check! You know exactly how it’s going to plan out? Check! It’s going to make you a millionaire with in 18 months? Hmmmm….. check!


Being (or aspiring to be) an entrepreneur is an amazing experience. It brings out a whole series of emotions; excitement, frustration, joy, worry, laughter, you name it! Inevitably you’ll meet a whole variety of extraordinary people. You’ll more than likely have no money (or negative) in your bank account at some point and you may even think “what the hell am I doing?”.  Well, if you're reading this and you’ve started a business and currently experiencing some or all of these symptoms, don’t sweat.  It's perfectly natural.

From a personal perspective, starting out on my first business was a hugely exciting period.  One that was approached naively but became a great learning experience. With aspirations of having the world of wheel trims eating out of our hands in no time, my business partner and I were ready to conquer the world. Our projected financials had many zeros at the end of the net profit line and we were already day dreaming about great success and riches. The reality was quite different. We launched and well… the sales came but not by the amount we anticipated… by a considerable amount.

Being positive, ambitious and optimistic are all very important traits in business. Some people who launch with this enthusiasm hit the jackpot first time and very quickly (Mr Zuckerberg would provide a modest example of this), but as the stats show the majority of start-ups don’t succeed and many of those who do get through the first couple of years go on to make modest incomes.

The point of raising these sobering facts is not to be negative and dampen the enterprise spirit but to prepare people for the journey ahead. The road is long, fun and enthralling but you have to be prepared for hard work and setbacks. That’s not to say that the journey wont be rewarding as it definitely will be!

From a more practical perspective, here's a few pearls of wisdom from others that I have found particularly useful, blended with a little bit of my own experience.


- Don’t settle on your first idea.  You are potentially stumbling through 100’s of great business ideas everyday. A really effective way to find a great idea is to look at the problems you encounter every day. I’m pretty sure your problems are not just isolated to you, so if you can solve a problem for yourself then you can solve it for whole bunch of other people.

- Undertake a feasibility assessment.  A very basic feasibility assessment on your business can quickly find out if it’s a goer or not. What’s your cost price, what’s your sale price, how many units do you need to sell to break even, how many customers will potentially and realistically buy from you (everyone and anyone doesn’t count!).

- Go niche.  This is not necessarily a pre-requisite for a successful business but it can be an effective method to get trading in the early days. Find a small particular niche market that no one else is focused on and really deliver great results for your customers.

- Be very good at one thing, not ok at 5.  I can be guilty of this, as can most entrepreneurs. With so many ideas flooding through your head it can be easy to get side tracked and before you know it, you can be doing an OK job with a few ideas but not really delivering to your full potential. This brings us back to don’t settle on your first idea…. be picky and choosy and when you know you’ve found the right idea commit to it.

- Network and drink green tea.  Regular tea and coffee is OK as well but make sure you talk to other entrepreneurs or freelancers. Starting out can be quite lonely especially if you’ve come from a big organisation so speak with other entrepreneurs, go for tea and cake, share experiences and contacts and help each other out!

- Get a mentor.  Someone who’s been there and got the t-shirt to give you pearls of wisdom along your journey can be priceless.  Ideally get a mentor linked with your industry and walked your proposed enterprise journey before.

- Learn from failure.  Failure is not bad. In fact,  if used constructively, failure can be a really good thing. It's much better losing a few hundred pound in the early days and learning a lesson, than losing £10,000’s later on having not learnt that lesson. Don’t be afraid to fail and if you do, dust yourself off, learn what went wrong and try not to make the same mistake again.

- Have fun, get passionate, work hard and play harder.  Your enterprise adventure is certainly not going to be dull and will bring out all sorts of emotions. It’s going to be important that you work hard when required and equally important to enjoy your new freedom and play when you can.

Most importantly enjoy what you do and get passionate about it!

About Andrew Jervis:

Andrew Jervis is currently on the Masters of Enterprise at the University of Manchester Business School. Raised on the Isle of Man, he attended school and undergraduate education in the north of England. Andrew worked in a graduate position in an offshore bank before embarking on his enterprise journey. Currently he is involved in 3 enterprises each with their highs and lows: check them out: www.quickvehicleparts.com, www.pieboyclothing.co.uk, www.andypie.co.uk . Andrew was a client at Isle of Man Business Incubator before moving to Manchester to study at Manchester University.

In April 2012 PieBoy won the Shell Live Wire Grand Ideas Award for March, a national award that has previously earmarked and propelled some of the UK's most successful start-ups and entrepreneurs.

Andrew has been accepted onto Entrepreneur First, the prestigious high-impact technology entrepreneurship start-up scheme along with 30 other young entrepreneurs from across the UK.  As part of the 2012 cohort, Andrew was invited to visit 10 Downing Street .  

Thank you from Kate at Isle of Man Business Incubator to Andrew for taking the time to share your tips and experience.

Award for Iforium's Achievement in Entrepreneurship

Craig Osborne, Founder of Iforium 

Iforium, recognised for Achievement in Entrepreneurship and seeking new talent to join its expanding operations.

Isle of Man based E-gaming Software Company Iforium has been presented with an award for Achievement in Entrepreneurship.

Iforium is a fast growing software development company specialising in the development of E-Gaming Sports Betting and Casino management platforms. The company has led the way with industry innovations such as Gameflex, a platform which allows a gaming operator to seamlessly combine premium gaming content under a common bonus and loyalty points system. Now in a phase of rapid growth, the company seeks new talent to join their expanding operations.

Isle of Man Business Incubator presented the award in recognition of Iforium’s contribution to industry and rapid growth. Iforium follows in the footsteps of last year’s winners Bladon Jets, the company that developed the micro-gas turbine engine and has since entered into a partnership with Jaguar LandRover and attracted investment from Tata.

    

Craig Osborne, the founder of Iforium commented: “The key to our success is combining one of the most talented technical teams in E-gaming with a clear commercial strategy. Our software engineering practices allow us to continuously innovate in a fast changing industry. Our approach is now leading to significant commercial success. We are constantly looking for new talented developers, automated testers and network engineers to join our team.”

Kate Lord-Brennan of Isle of Man Business Incubator said: “ The business incubator made a difference to Iforium at an important stage of its development. It provided the company with the opportunity to mix with like-minded entrepreneurs, including the team behind Bladon Jets. We wish Iforium continued success.”

About Iforium 

Iforium was founded in 2006 by Craig Osborne with the vision of developing a modern and flexible suite of gaming products and solutions. This has delivered Wagerflex our flexible Player Account Management platform, Gameflex our innovative common bonus solution and Sportsflex our scalable sportsbook solution.

Iforium is 100% privately owned. All shareholders actively work for the company and continue to seek excellence in product innovation through software engineering and partnership with our clients.

To support our continued rapid growth, we are looking to recruit various technical and managerial positions. A number of specific vacancies are currently available, but we are always keen to hear from exceptional IT professionals looking to work in a challenging, dynamic, rewarding, and informal environment. If you feel you offer skills which would benefit our company please send your current CV and covering letter to careers@iforium.com.

About Craig Osborne 

Craig graduated from the University of York in 1997 with 1st Class Honours in Computer Science. This has provided Craig with a solid basis in all aspects of Software Development, Software Architecture, Development Methodologies, Hardware Infrastructure and Mathematics.

Craig has been involved in the E-Gaming industry since 1999 when he started taking part in the development of Sports betting software. His technical skills, understanding of business requirements, drive and attention to detail led him to be quickly promoted to the role of Chief Architect and Team Leader. Craig also worked at Avanade, the joint venture consultancy between Microsoft and Accenture, which allowed him to broaden his commercial skills.

Craig founded Iforium in 2006 with the vision of developing the next generation E-gaming platform that gives clients access to a number of core modules and the ability to quickly tailor these to create a unique player experience.

New appointee to run Women's Business Group on Isle of Man

Douglas, ISLE OF MAN, 13 January 2011 - Forward Ladies has appointed Stephanie Frankham to run the business support organisation on the Isle of Man.

Stephanie works at Moore Stephens Trust Company Limited and is also training to become a Chartered Secretary, but had enjoyed being a member of Forward Ladies so much that she decided to run the organisation on a part-time basis.

Fresh from the Women in Business Awards in November, two Isle of Man businesswomen took major awards back to the island – Sheila Dean was International Business Woman of the Year, and Torie Kissack was the Young Business Woman of the Year – and Stephanie plans to hold an event celebrating the achievements of these Isle of Man businesswomen in February, along with successful women from the Isle of Man Excellence Awards.

Stephanie said: “On a personal level, I have found Forward Ladies very useful to get to know other professional women on the island. The island is such a small place, and the perfect environment for spreading information by word of mouth.”

“I am planning a whole range of events from coffee to cocktails, breakfasts and lunches, and I am going to be asking the members on the island what they want to see - whether it’s training, mentoring or speakers.”

“There are also companies on the island which want to work with Forward Ladies, as they can see the benefits in working with us and would like to help raise the profile of the organisation on the Isle of Man.”

Although born in England, Stephanie went to Zimbabwe with her family when she was very young, later moving to Zambia where she subsequently studied Business Management at university there. She has been working in the Fiduciary Services Industry since moving to the Island in 2006.

Forward Ladies was founded by Etta Cohen with a handful of women who met to find mutually beneficial ways of working together.  It is now the north’s largest women’s business support organisation with a commitment to encouraging greater levels of female entrepreneurship. The network runs more than 300 events a year across the north, offers mentoring support to members, and provides opportunities to inspire and encourage women in their professional life.

Etta Cohen – who still runs the organisation said: “Forward Ladies is very inclusive; we welcome members from all walks of life, whether they are sole traders working from home, part-time workers, women working in businesses in law firms, accountancy practices and marketing agencies, MDs and corporate executives.  Women make a valuable contribution to the economy and we will welcome all women at whatever stage they are at in their career.”

The success of the organisation is because the appeal is universal.  “It’s not an elite organisation where you have to be invited to join, and no-one need feel that their own small business is not valid;” said Etta.

“We genuinely offer something for everyone.  We have run workshops to help small business owners build up their knowledge and expertise through training and development.  We have taken women to the European Parliament, highlighted with a dinner with the British Ambassador in Brussels, and taken a trade mission to Hong Kong.  We have a programme of inspirational speakers, and hold annual conferences for International Women’s Day. Equally we have held networking events in restaurants, spas and shops.  Forward Ladies reflects the dynamic and diverse interests of our members, which are many and varied.”

For more information or to reserve a place at a Forward Ladies Isle of Man event visit http://www.forwardladies.com/networking-in-isle+of+man or ring 0845 64 34 940.

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Notes: Founded by Etta Cohen in 2000, Forward Ladies began as a small group of professional women meeting and sharing experiences. Since then, Forward Ladies has grown with its more than 11,000 members driving it forward and it's now the North’s fastest growing, women’s networking and business support organisations. It's mission:  "Promoting and celebrating the engagement and participation of women in economic success by enabling women to be more confident in life and business through knowledge, contacts, support and friendship." Visit www.forwardladies.com for more information.

For further information relating to this news release: please contact Anne Crowther on 0845 6434 940. 

Isle of Man Business Incubator Celebrates Accreditation Success!

Kate Lord-Brennan, Isle of Man Business Incubator pictured with Hon. John Shimmin MHK, Minister for Isle of Man Government Department of Economic Development

Isle of Man Business Incubator celebrated obtaining accreditation from UK Business Incubation (UKBI), the industry body for business incubation at an event held last week at the Isle of Man Business Centre.

The UKBI Inspire accreditation process involved a review of business incubator policies, procedures and the team providing support to early stage companies.  The review involved benchmarking these areas against best practice and included a visit to the Island by a UKBI assessment team in October.

 

The Isle of Man Business Incubator was originally established in 2008 and managed by Coventry University Enterprises.  In 2010, the Department of Economic Development established a public-private sector partnership with the intention of enhancing support for local start-ups and also businesses looking to relocate to the Island.  A key target of the new partnership was to obtain UKBI accreditation by March 2012.

   

Kate Lord-Brennan of Isle of Man Business Incubator was delighted that accreditation had been achieved earlier than planned.  “This is major milestone and I am pleased with the feedback we received from the UKBI review team.  The review process was very constructive and we obtained a lot of advice which will help us to continue developing.”

Keiron Broadbent of UKBI commented “The Isle of Man Business Incubator has done very well achieving accreditation and we would not expect to see a similar aged programme to be as developed in so many areas”.

The event at the Isle of Man Business Centre also marked Global Business Incubation Day.  This provided an opportunity for entrepreneurs currently developing their business ideas to network with those running successful local businesses. 

Minister for the Department of Economic Development, John Shimmin MHK commented: “This accreditation demonstrates the Government’s commitment to working closely with, and supporting, early-stage ventures. Through the fostering of local start-ups in addition to attracting inward investment, the Isle of Man maintains its position as a world centre for business.”

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NOTES:

About Isle of Man Business Incubator

The Isle of Man Business Incubator provides services and accommodation to early stage ventures on the Isle of Man and inward investment businesses looking to establish an Isle of Man base.  The facilities and business support provided by the Isle of Man Business Incubator (BIC) are managed by Capital Select and supported by our primary sponsor and partner, the Isle of Man Government Department of Economic Development.  The Isle of Man Business Incubator is an accredited member of UK Business Incubation, the National Business Incubation Association and network partner for the Microsoft Bizspark programme.  Contact: 01624 647065,  info@iombic.im , www.iombic.im

About UK Business Incubation (UKBI)

UK Business Incubation (UKBI) has been the UK’s and increasingly international principal and successful authority on business incubation, business incubation development and best practice since 1998.

It helps government and development agencies build thriving business incubation infrastructure that make increasingly significant contributions to local, regional, national and international economic growth, as thousands of incubated clients grow and move out of their business incubation environments and achieve sustainable commercial success in their own right.

About the INSPIRE Accreditation Process

The Inspire monitoring, development and accreditation process^© for business incubation is recognised by practitioners, stakeholders and governments as essential for business incubation and other early-stage growth environments such as innovation centres as well as business incubation activities within technology and science parks.

Based on the Business Incubation Development Framework (BIDF) and rigorous national and international research, it covers ‘physical’ and ‘virtual’ business incubation activity that provides specialist and targeted support and development to early stage and other growth companies.

In addition, the Inspire monitoring, development and accreditation process^© provides quality 'benchmarks' for stakeholders, funders and supporters (as well as potential clients) helping them to identify and then develop practices leading to the application and public recognition of best practice in business incubation. 

About Business Incubation

Business incubation is a business support process that accelerates the successful development of start-up and fledgling companies by providing entrepreneurs with an array of targeted resources and services. These services are usually developed or orchestrated by incubator management and offered both in the business incubator and through its network of contacts. A business incubator’s main goal is to produce successful firms that will leave the program financially viable and freestanding. These incubator graduates have the potential to create jobs, revitalise neighbourhoods, commercialise new technologies and strengthen local and national economies.

Media contact:

Kate Lord-Brennan, kate@iombic.im , 01624 647065

Isle of Man Finalists in North West Women in Business Awards

Two Business Women from Isle of Man gain recognition in Forward Ladies Women In Business Awards for North West and Isle of Man.  Shelia Dean, Managing Director at Equiom for International Business Woman of the Year and Torie Kissack, founder, Imagination Station for Young Business Woman of the Year.

The success of women business leaders is being showcased at the inaugural Isle of Man and North West Women in Business Awards held by Forward Ladies, with the quality of business women on the Island being represented in two categories.   There are nine separate award categories as well as an Outstanding Business Woman of the Year award chosen from the nine category winners.  The awards will be presented at a prestigious awards ceremony in Manchester on 10^th November 2011.

Kate Lord said: “In April we were encouraging professional women to participate in these awards, which are new for us on Isle of Man, to showcase and celebrate female talent.  We had a good number of applications from Isle of Man and the quality and talent of the businesswomen on the Island is represented by us having two women in the finals, even though we are a small community and share the awards with the North West.   I am particularly pleased that the Island’s women are being recognised in the categories for International Business and Young Business Woman.” 

Forward Ladies is a women’s business support community involving more than 12,000 professional women across the north of England and the Isle of Man.  

Sheila Dean of Isle of Man global trust & corporate services business, Equiom, is shortlisted in the International Business Woman category, sponsored by UK Trade and Investment, while Victoria Kissack who runs Imagination Station – an entertainment and events company which supplies face painters, clowns, jugglers and entertainment artistes for events is shortlisted in the Young Business Woman category.

Sheila is a Fellow of the Association of Chartered Certified Accountants (FCCA) and has overall responsibility for Equiom's strategic direction and operational control.

In addition to her role as Managing Director, she is a relationship manager on a portfolio of international clients and is also a key contact for intermediary relationships. She plays a proactive role in driving business development and growth of the company's international business. A leading member of the Isle of Man business community, she is also a respected figure in the global trust and corporate services sector.

Victoria (Torie) originally started with children’s entertainment, but with a plan to expand the business to incorporate many more elements.

After only two days in business, she landed a corporate contract with Isle of Man radio station 3FM and has since worked with the Isle of Man Government, the Tourism Board, schools, charities and many more corporate clients. Due to customer demand she now has a team of self-employed circus performers, two more face painters, dance troupes, DJs, discos, and bouncy castles with more artistes added all the time.

Other finalists from the North West of England include care home owners, telecoms and television production managers.