Professor Jeremy Stone
We ask Professor Jeremy Stone to reveal what he wished he'd known when starting up his business.
I "Wish I'd Known" I would one day be asked to write an open letter like this; it would have given me succour in hard times and, believe me, there were many. In fact, times are not necessarily easier now, just different in large part because an entrepreneurs' mindset is not one that changes easily.
The over achiever-neurotic thrives on the short-lived thrill of success and the terror of failure. The stakes and rewards may differ - the drivers are mostly fixed. Recognising one's flaws, one's motivators and that one sees the world in sometimes different ways can be reassuring; it helps partners understand your sometimes odd behaviour too.
I wish I'd known that not everyone is an entrepreneur, no matter what it says on their business card. I wish I'd understood better the informal rules of the game, rather than assumed enthusiasm and youth would triumph - most people offering money don't deliver on their promise. In contrast, it took several turns to learn not always to take the first offer of funding. In parallel, I discovered the hard way about shareholder registers as long as limbs.
I wish I'd understood better the importance of high quality, trusted professional advisors - Ruskin's saying never to buy on price alone is wise counsel. A lawyer who understands your quirks and follies, yet adds a truly commercial perspective is a godsend.
Ditto accountants and corporate financiers. They would have helped me understand that less is often more - simple stories, well told, engage investors. Equally, share structures and investment documents only advisors can interpret, probably signal troubles ahead.
I wish I'd valued muck-and-brass opportunities - many have passed me by and become successes. I fell victim more than once to ego in this and many other areas - humility is a core skill.
The power of the team is something I preach but have forgotten all too often. I back the team now first and foremost. On starting out I assumed the idea took precedence.
I wish I had known the dangers of thinking too wide and too far ahead, rather than dealing with today's issues. A better understanding of the 80/20 rule would have done no harm either - I have delayed launching products or services too long in search of perfection.
I should have valued more the importance of legacy over financial reward - working for the latter rarely brings the former. I wish I'd raised more money than I needed and worried less about the dilution - instead I've endured painful renegotiations when cash ran short and seen my stake ultimately worth less.
I wish I was less seduced by the idea of an IPO - magical words that mean colossal and distracting workload, only to expose your business to investors and analysts with often scant interest in anything other than the short term and the quick buck.
I wish I had learned to communicate better in all directions, and felt confident to repeat the message when I believed it was clear - in equal measure. I wish I had understood the value of simplicity of message to fast-growing firms, over Blue Sky strategy; and avoid management-speak at all times.
I wish I'd started younger and I wish I appreciated how much family and friends would support me beyond what was reasonable or fair. I wish I'd known it was OK to have fun and in so doing not taken myself quite so seriously - the journey is often superior to the destination.
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