THE BEST ENTREPRENEURS

The best entrepreneurs are not always the best business people. Some of the most wealthy and richest entrepreneurs leave the day to day running of their businesses to their more business minded partners, whilst they concentrate on earning the profits.

Some of the richest entrepreneurs that have emerged in the last decade have made their money on the internet. We continue our interview with three entrepreneurs about best pratices.

Go to the start of this interview about entrepreneurs.

Q. What are you looking for in the internet businesses that you invest in?

David: Something which is interesting, innovative, and which has the potential for profit.

Ian: Ideally, I am looking for something new that has a worldwide market with no stock and therefore no distribution issues. Failing that, something that cannot be easily copied by a competitor and these types of businesses nearly always fall into a niche market.

Paul: I always invest in people - first and foremost. Obviously the business module has to be workable but it is the person behind the business idea that I am buying into. Entrepreneurs tend to get excited by an idea and become blinkered to any flaws or potential problems. I never cease to be amazed by the fact that I can pinpoint a flaw in a business idea within minutes of opening discussions, which the entrepreneur who is pitching the idea has failed to spot. We will take a good idea and turn it into a great business model, but only if we are convinced that the person who will ultimately be running the company is the right person for the job.

Q. What kind of internet projects are you looking to invest in this year?

David: Anything which meets the above criteria!

Ian: I'm open to suggestions. I am in business for profit, so any business that has a workable business plan and good market potential is worth looking at.

Paul: We manage a wide and what would appear to be diverse range of companies. However, each company has a direct or natural business cross fertilisation with at least one other company within the Group. Estate agents, mortgages, removals, rental property, travel, property development and finance all work well together and feed off each other. Web design, search engine optimization, online marketing, television advertising, internet lead generation, publishing and PR are another grouping but are all essential to the first group. So whilst we like to diversify, we don't tend to move outside our natural business areas where we don't have a natural open source of business to feed the new company. Having said that, we are open minded and because the Directors have such a wide and diverse experience in business, we often have someone within the Group who will have a handle on a new idea.

Q. When or why would you not invest in an internet business?

David: People do business with people and, on that basis, I won't invest in a business where I have any doubts about the personal qualities of the people running the business. They might be perfectly nice people, but if I don't gel with them, I won't invest in them. Equally, the business itself has to be ethical and not set up to exploit people. If it fails on those counts, then I won't invest.

Ian: I would echo what David says. We are in business for profit but not at any cost. I wouldn't want to be involved in something that I was embarrassed to talk about. Besides, the whole business concept of the Where On Earth Group is to help and work with each other and you know what they say about "one bad apple".

Paul: Sometimes, someone will pitch me an idea and I will see far greater and wider potential than the originator of the idea. Other times, I will see a mass of problems, flaws and marketing problems and can't comprehend why the entrepreneur with the idea hasn't thought the idea through. I like well thought out business plans that cover every eventuality. If the business plan, even if one of directors has written it doesn't protect us from market trends or world market fluctuations, I am not interested.

Q. Do you ever take risks or gamble on an internet project?

David: Of course. Entrepreneurs take risks all the time. As long as they are calculated risks then that's what being in business is all about. If I didn't want to gamble or take risks, then I'd be working nine to five for someone else.

Ian: We are, as entrepreneurs in the risk business. If you never deviate from the well worn path you never find the nuggets and gems.

Paul: I never make a decision until I am in full possession of the facts. Then nothing excites me more than taking a risk. Luckily I am surrounded by numerous well grounded business partners who prevent me losing my shirt. Entrepreneurialism is a risky business but the intelligent entrepreneur always uses a safety net. Not every business project we get involved in makes a profit, sometimes the entrepreneurs we back turn out to be lazy or greedy, but we rarely get burned.

Q. What single piece of advice would you give to a new internet entrepreneur?

David: Talk to Paul.

Ian: Talking to Paul is the best business decision anyone could make.

Paul: "Never give in, never give in, never, never, never, never, in nothing great or small, large or petty - never give in". Winston Churchill. I have this quote on my office wall as a constant reminder. It took me some years to understand that it shouldn't be taken literally. Accept the situations where you realise you are wrong, have made a mistake or something is unworkable. However, when you believe you are right, have the best product or service and total belief in your own abilities - never, never, never give in.

Read on to learn how to become a wealthy entrepreneur.