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Martin Webb is best known for holding the hands of the hapless budding entrepreneurs featured in C4’s hit series Risking It All. More often than not, that involves steering the over-ambitious and hopelessly under-prepared back-on-track when what seemed like a good idea is teetering on the verge of collapse.
Webb’s advice is particularly relevant because he’s been there – and come through it. After suffering several painful failures, in 1995 Webb opened a pub in his hometown Brighton and eventually grew £25m turnover retail group, C-Side, comprising of 30 bars, nightclubs, gyms and a radio station. In 2001 he sold it for £15m. He’s now doing the same with Medicine Group and has a number of investments in start-up businesses.
Risking It All, insists Webb, is about pointing out the mistakes and lessons he learnt along the way and prompting the growing numbers that see running their own business as a glamorous alternative lifestyle to think what it really involves.
“Being an entrepreneur is the new rock’n’roll. It’s a bit of a vogue at the moment. In a way that’s misleading as it’s still as risky as it’s ever been,” says Webb.
“Having said that, we live in a society where people value being in control of their lives and starting a business is the single one thing anyone can do to achieve that. It can also be a very good way of making money and immensely satisfying.”
For Webb, it’s about understanding the downsides. “There’s no salary and no safety net. If things don’t work out or you get ill there’s a whole lot of negatives.” He finds the notion of ‘escaping the rat race’ equally misleading:
”People always say ‘I’m sick of all these long hours’, well they should never see starting a business as a route to working less.”
So how do you prepare yourself for the reality? Webb's answer is resounding: get some experience.
“Most people fail because they don’t know how to run that type of business well enough,” explains Webb. “As a typical example, someone thinks they can run a restaurant having not worked in one because they’ve eaten in a lot.
“Even if you have to wait on tables in Starbucks, go and do it. Get hands-on experience with a successful operator, learn how their systems work, how they manage stock, how they handle staff and money.”
Read the next page to hear Martin Webb's tips on starting-up and his views on borrowing.
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