I have just read this BBC article about The Range owner Chris Dawson-
and there is some interesting reading here about what he considers his successful moves. There are several areas where he compares the fine line between a risk and an opportunity. I suppose if these single decisions went the other way then he may not be looking at The Sunday Times Rich List and an estimated fortune of over £1 billion. Now entrepreneurs will have to take risks at several points throughout their journey, but with the amount of information out there today, the analysis of this risk and the data available to predict certain outcomes will take the blindness out of the decision. The BBC have broken down his "career" into several stages-
- Jumble sale dealer
- Scrap metal dealer
- Street trading
- First shops
But his real rise came from the last period - the takeovers and deals with failing retailers and their administrators. Now the groundwork before have given him the opportunity to make those deals, but that's when the expansion from success to billionaire happened.
What's in it for me?
As with all these stories, I am interested in what I can learn from this and where it can make my business successful. There are two main learnings from this short article. The first is the fact that when you have a potential opportunity you must take it. Now this sounds simple in theory, but in practice there is a difference. When you see the opportunity, you must quickly weigh it up, use your experience, trust your instinct, do your analysis and make that decision. The second is that you don't have to be every part of the business yourself. By his own admission, Chris Dawson can't merchandise and he claims to be virtually illiterate but he has been hugely successful. Now he must have surrounded himself with good merchandisers, a good solicitor for the amount of deals he has struck and other people that can excel in the parts of the business that he doesn't. Once you have recruited these people, trained them and made them aware of the expectations then you need to trust them to get on with the job you have recruited them for and let them succeed for you.