Happy New Year – and welcome to my first blog post of 2018. I hope you all had a wonderful Christmas and New Year – and I hope you’re now well and truly back in ‘work mode.’ I know a few people who had trouble remembering their own names last week, let alone remember what they did for a living…
As I mentioned at the end of last year, I’m going to take a slightly different approach with the blog this year, with longer pieces published every fortnight. I’m also going to alternate the posts between a TAB view of ‘the entrepreneur’s journey’ and a wider look at the economy, business trends and what the stable geniuses that make policy have in store for us.
So congratulations: you’re a hero.
Last year, as I flew to Denver, I found myself reading about ‘the hero’s journey:’ the classic, storytelling structure that underpins so many novels and films. I’ve re-read the article a few times since – and it’s an almost exact parallel with the journey we take as entrepreneurs.
How does the hero’s journey start? It starts in the ordinary world. Harry Potter lives under the stairs. Peter Parker is a nerdy student bullied by his classmates. Frodo lives in the Shire and visits Bilbo Baggins. Ed Reid has a secure job, a company car, and a decent salary.
Then something happens: the inciting incident, or the ‘call to adventure.’ Letters from Hogwarts start arriving, Peter Parker gets bitten, Gandalf tells Frodo he must destroy the One Ring… Oh, and Ed Reid eats his breakfast in Newport Pagnell service station, wishes he was with his family and thinks, ‘There has to be something better than this.’
Initially, our hero refuses the call. ‘I’m just Harry, I can’t be a wizard.’ Peter Parker decides that winning cash at a wrestling match is the best use of his new powers. And Frodo is reluctant to leave the comfort and security of the Shire.
…Just as so many of us were reluctant to leave the comfort and security of the corporate world. We had mortgages, commitments, wives, children, a future with the company.
But we knew that there had to be something better…
I was reading an article on Richard Branson over Christmas – on an Australian site, the internet is a wonderful thing – and he was talking about most businesses being “born out of frustration” that the existing players aren’t doing a good enough job.
It’s important that you know instinctively that you can do it better (than someone else). If you can come up with an idea that will have a positive impact the figures will follow. It’s very rare that special things go bust. Sometimes they do, but it’s rare.
I take his point – but isn’t it also the point that most, if not all, entrepreneurial careers are born out of a sense of frustration? How many people reading this have had their own ‘Newport Pagnell moment?’ (Not quite ‘the road to Damascus’ but you know what I mean…)
As I sat and ate my breakfast I thought, ‘There has to be something better than this. What am I doing here when I should be with my family?’
So yes, my entrepreneurial career was absolutely born out of frustration. I was frustrated that I wasn’t seeing my children grow up and I wasn’t spending enough time with my wife. And I knew that I was ready to create and build my own business.
Yes, of course there were frustrations with the company I was working for. But the frustrations that drove me to start TAB York were internal, not external. I strongly suspect that holds good for 95% of people reading this blog and – if the figures are to be believed – it will hold good for a record number of people in the UK this year.
But what about the second part of Branson’s quote? It’s very rare that special things go bust. Sometimes they do, but it’s rare. Sadly, that’s not true of small businesses. Four in ten don’t make it through the first five years.
What is very rare, is entrepreneurs who are members of The Alternative Board not making it. Over the last nine months I sat in on any number of TAB meetings – and I never ceased to be amazed at the wisdom, knowledge and laser-like insight of our TAB members. It was a privilege to watch them in action and I can’t wait for more of the same in the coming year.
…As they continue on their hero’s journey.
They’ll be tested by their enemies (Snape, then Voldemort: the Green Goblin, Sauron, business competitors), face their final battles and eventually – in the classic ending – ‘return with the elixir.’ Harry ultimately defeats Voldemort, Peter Parker embraces his role as Spiderman and Frodo and Sam return to the Shire.
And you? You think back to that morning at Newport Pagnell – and know with absolute certainty that you made the right decision.
Ed Reid, TAB UK