Tag: business development

John Teeling on entrepreneurship and the future of business

john teeling

We thought we would speak to one of Ireland’s leading businessmen to see what tips and insights he has for Irish startup entrepreneurs in 2015. Teeling is known for his straightforward approach and boundless energy. Despite a punishing schedule, he found the time to speak to me from his offices in Clontarf, giving me a hint of the openness and positivity he so clearly brings to everything he does.

For those of you who have been living under a rock for the past few decades, John Teeling is the intellectual, globe-trotting founder of Cooley Whiskey and the man who has had more companies listed on the London Stock Exchange than anyone else from Ireland. With current interests predominantly in energy and mining, he’s been a force of nature in the business world since he left academia at the age of 41, after a lengthy teaching stint at UCD.

The serial entrepreneur

Although many people describe him as one, Teeling doesn’t really approve of the term “serial entrepreneur”. He is, he explains to me, a “portfolio entrepreneur”.

The first time you do something it’s incredibly difficult, but once it’s done you realise just how easy it was. And if you’re entrepreneurial already, you tend to see more than one opportunity.

And, having spent a lifetime as an entrepreneur, Telling says he has more opportunities now than ever.

Anatomy of an entrepreneur

Everyone has their own theory as to what “makes” an entrepreneur (there are 100 Million hits for that question on Google, if you’re ever at a lose end). For John Teeling, it’s a simple mix of four things:

Having an idea

An entrepreneur has absolute faith in their idea, and isn’t swayed by the opinions of banks, accountants or other interested parties. They have a visceral belief in their vision. And the real superstar entrepreneurs – the Steve Jobs of this world – see quantum leaps ahead of everyone else. Self-belief is the key.

The ability to gather resources

The ability to recognise and pull together resources is the key to succeeding in business. That’s not just about funding, it’s also about people and technology. You don’t always need to have the money in place to try your idea – you can lease or rent technology, and if there are gaps in your knowledge you can hire someone with the skills you lack.

You won’t find Teeling on LinkedIn or Facebook, but he’s no technophobe and embraces technology where it can bring benefits to his businesses. The Dundalk distilleries, for example, are 98% computer controlled and he’s happy to explore any solution that can improve efficiency and processes.

The ability to handle uncertainty

Uncertainty is “not knowing what you don’t know”. Whereas risk is measurable, there are also things that can happen which you could never have anticipated. Be prepared and expect something to go wrong!

Energy and determination

Follow it through to the end and don’t ever give up.

Building the team

Teeling is responsible for the creation of a staggering number of companies and sits on the board of many. He describes his job of Chairman as one of “acting in times of crisis”. Once he has set a company up, and laid out its roadmap, he likes to take a very hands-off approach to managing the day to day.

But he’s only able to do this if the right team is in place.

I trust the people I hire unless they give me a reason not to. The right people are out there, you just have to go and find them. But expect to make mistakes. And if you’ve made a mistake, fix it as soon as you can.

Teeling is a tough recruiter. As a former academic, he likes to see good academic achievement and technical ability. He believes that entrepreneurs are born, not made, and that education brings that out in them – that they “self-select” by getting the technical qualifications they need.

A lot of entrepreneurs have Type A personalities and are very hard to work with. So finding someone who can work with you is an issue. Choosing the right person is really about having an educated gut instinct.

The future

Teeling sees a few key areas with huge potential for growth in Ireland.

Food and drink

Identifying ways to add value is a big opportunity in the food and drink sector. Whiskey, for example, is sold for nine times the value of its raw ingredient, grain. Teeling sees a wealth of opportunities in the dairy sector, such as whey-based products (protein drinks, sodium lactate and even plastics). Another under-exploited resource is in the meat industry. Because of low domestic demand for offal, most of it is currently disposed of, but Teeling believes that in the future, nutraceuticals and pharmaceuticals will evolve in this area.

Energy

Tidal energy will be a big opportunity for Ireland, as will energy storage.

Tourism

Special Interest Tourism offers huge growth potential in Ireland. Organised, themed trips are becoming increasingly popular with affluent tourists, who’ll spend a few days totally immersing themselves in a particular area. The example he gave me was of a special interest tour in Mexico, accommodating groups of up to 10 people, who have paid an eye-watering amount of money to spend three days at a tequila distillery. Here in Ireland, such tours could focus on our outstanding food production sectors, music and languages.

John Teeling’s advice to young entrepreneurs

Never look back. If you make mistakes, just move on. You can’t change the past.

Creating a startup is an adventure. Enjoy it, enjoy even the bad times. You’ll look back on them with an enormous sense of achievement. Of course you’ll make mistakes, but if you really feel you have the urge and don’t go for it, you will regret it.

 

About the author


scarlet-merrill
Scarlet Merrill

Scarlet Merrill is Editor of the New Frontiers website and founder of her own startup, Engage. She is an expert in designing and executing content strategies and passionate about helping businesses to develop a quality online presence… [Read Scarlet’s profile]

Other articles from the New Frontiers blog

Market Research: a key component of business strategy

market-research-centre

The Enterprise Ireland Market Research Centre is located at our offices at East Point Business Park, Dublin. Client companies can access the most up-to-date information on a vast range of markets, sectors, companies and countries, either in Dublin or at our regional locations.

What is market research?

Neil Armstrong defined research as a “means to investigate something you do not know or understand.” This definition can also be applied to the more specific area of market research.

There are two types of market research: primary and secondary. Primary market research involves collecting data from its source (e.g. by surveying customers). This type of research is usually used by the company itself. The other type of research is called secondary research (or “desk research”) and involves the gathering and summarising of primary research.

Enterprise Ireland subscribes to over 30 premium online sources of commercial information, prepared by sector specialists from some of the leading analyst houses, in order to assist clients with secondary research work. These sector reports and directory sources cover market, company and country information in global industries ranging from medtech and pharmaceuticals to pet food and everything inbetween.

Who can use the Market Research Centre (MRC)?

The MRC’s service is available to all established clients of Enterprise Ireland, as well as Phase Two participants of the New Frontiers Programme.

Anne Walsh is a New Frontiers Programme participant. Her company, Allergy Lifestyle, provides a range of products for the management of allergies & anaphylaxis. After using the MRC, she commented,

“We found that Enterprise Ireland Market Research Centre reports are an invaluable resource not to be overlooked in helping us research our market and profile our competitors. Staff were extremely helpful in assisting us access the many industry standard reports available.”

What’s in it for me?

The American anthropologist and author, Zora Neale Hurston, said that “Research is formalized curiosity. It is poking and prying with a purpose.” There are many benefits to taking the time to conduct market research. For those of us working in the MRC, our job is to assist clients in their research for market, company and country information. We do this by talking clients through their request, so that both parties can clarify what exactly needs to be researched and what direction will be taken. As I have mentioned earlier, we specialise in three main areas of market research:

  1. Market information deals with the sector size and share as well as its growth rates. We also have resources such as www.marketline.com which gives top-line information about industry structure and overview. Drivers and restraints, SWOT analysis and information on trends and forecasts are also a very important part of researching specific markets.
  2. Company information involves researching your competitors, potential customers and the players involved in the route to market (e.g. suppliers, distributors, wholesalers, etc.).
  3. Country information is concerned with regulations and legislations within a particular country, how to do business and PESTLE insights.

By conducting research in these three key areas, you will gain great insight into the markets you wish to enter and develop your existing knowledge about the industry you are situated in.

It has been proven time and again that companies that undertake effective market research have a huge competitive advantage over their competitors and often become leaders in their sector. Needless to say, good market research will also help your business to save money, time and headaches in the long run.

Katja Bressette, a leading qualitative market researcher, said that “to understand how consumers really think and feel, it is vital to go beyond words.”

Let’s get started!

If you’re interested in using our Market Research services, you can call us on 01 727 2324 or email us at market.research@enterprise-ireland.com. There is also a full list of our resources on the Enterprise Ireland website (click on “All Databases” in the Global Research Databases section).

Once you have contacted us, a member of the Market Research Centre team will assist you in deciding what to research and how to go about it. We will look into your query and gather relevant information, arrange an appointment for you to visit the Market Research Centre and when you visit we will show you how to use the research the available information in our resources and databases.

Carl Sagan, the famous astrophysicist and astronomer, rather poetically said that “somewhere, something incredible is waiting to be known.” I believe that to be true, whether you are researching the stars or simply reaching for them!

About the author

Dearbhla-oDwyer-New-FrontiersDearbhla O’Dwyer

Dearbhla is a student in Law & Business at Maynooth University. She is currently on an 11 month internship as an Information Executive in Enterprise Ireland’s Market Research Centre in Dublin… [Read Dearbhla’s profile]

Tendering to win: the importance of competitive intelligence

competitive-intelligence-new-frontiers

“To know your Enemy, you must become your Enemy” said Sun Tzu, in the Art of War. Sometimes, competing for business can seem like a battle – with the odds stacked against you and the chances of success slim at best. However, all is not lost. Competitive Intelligence (CI) is a key weapon that will level the battle field and allow you to compete with the advantage of knowledge on your side.

Competitive Intelligence is the ethical gathering and analysis of competitor, customer and market information from open sources. This analysis is used by organisations to make better strategic decisions. It is the difference between competing and winning.

Why should I care about CI?

Your organisational survival may well depend on the knowledge that you can acquire from and about your prospects and market competitors. Public sector procurement is becoming increasingly transparent and the victors are those that can demonstrate that they understand their clients’ needs and have positioned themselves favourably in comparison to other suppliers. It is not overstating the case to say that embedding competitive intelligence as a core management process is increasingly essential towards survival and growth in the 21st century.

Embedding CI into my organisation

Make the acquisition and safe-guarding of CI part of your normal business operations. Create profiles of your target customers, as well as your main competitors. Collect data from the companies’ own websites and their published case studies; add to this aggregate from news and social media websites and also flesh out from your real world connections. Finally, use your organisation’s own human intelligence to identify the areas that you have competitive advantage in and work on your weaknesses to improve your overall ability to compete.

Best practice for managing CI

Qualify your Tenders:

  1. Tendering is expensive – compete only where it makes good sense and learn as much from losing as from winning
  2. Make intelligence gathering systemic – Know your customer, your competitor, your partner… and yourself
  3. Procurement history – Identify buying habits, incumbent suppliers, decision makers, previous purchases and evaluation criteria
  4. Maintain an information repository – Protect your corporate knowledge and facilitate fact-based decisions

Remember that CI is more concerned with understanding the big picture and having the right perception of the marketplace that trying to precisely quantify or qualify competitive threats and business opportunities.

How do I get started?

A good first step towards increasing revenues is to identify your competitive landscape. Identify the clients that you want to work with,  the competitors you want to take business from and the type of business that you want to be doing. Next, consider how well-positioned you are to be successful – do your target clients know and like you? Are your competitors better than you? Do you have the capability and capacity to service the needs of those clients? The answers to those questions will evolve over time as you become more attuned to the dynamics of the competitive landscape.

While you’re working on that, it’s also a good idea to try competing for some business; the public procurement portal etenders.gov.ie is a good place to start. By writing proposals, your value proposition will be critically evaluated against the value propositions of your competitors, by actual buyers. That’s incredibly valuable information that tells you exactly where you need to improve, shows you what the expectations are in your industry and where you rate against the competition. After that it’s up to you to create a strategy to address that feedback and start winning more business.

Each time you participate in the tendering process, you learn a little more about what it takes to win. As Sun Tzu noted, “Opportunities multiply as they are seized.”

About the author

Tony-Corrigan-New-FrontiersTony Corrigan

Tony is the Director of TenderScout and a past participant on New Frontiers. His disruptive SaaS company has won the Eircom Spider Business Choice award and was recently shortlisted for the ESB Spark of Genius award at the Web Summit, as well as being an Enterprise Ireland client and in receipt of Competitive Start Funds (CSF)… [Read Tony’s profile]

How to craft your Value Proposition – a tool and a formula

value-proposition-tool-formula

A Unique Value Proposition (UVP) is extremely important for every startup business. It is the answer to the question: What is it that makes your product or service different, unique and most importantly will persuade people to buy from you? The problem for early-stage promoters is defining the essence of their solution and communicating it concisely. This article will outline a process for crafting your Value Proposition and outline some examples from participants on New Frontiers programmes.

UVP is a critical component of any marketing strategy

A strong value proposition is the first step in deciding how a business is going to market its solution. It goes to the heart of what the business does (or does not do) and why that matters to customers. One of the primary objectives of marketing is to generate awareness of and interest in your solution in a target market that is being constantly bombarded with marketing messages.

Ash Maurya, author of Running Lean holds that the definition of UVP needs to be redefined. He challenges startups to ‘distil the essence of your product in a few words that can fit in the headline of your landing page’.

First-time visitors spend eight seconds on average on a landing page. Your UVP is their first interaction with your product. Craft a good UVP and they might stay and view the rest of your site. Otherwise they’ll simply leave.

Ash Maurya, Running Lean

Remember, you’re not trying to tell the entire story in one line, but get across that you have a story worth considering. The reaction to your UVP should be ‘How does it do that?’ or ‘Tell me more’.

value-proposition-canvasValue Proposition Canvas

I use this value Proposition canvas from the Business Model Foundry as an exercise with Phase 2 participants in Tralee and Dundalk IT and it has received great feedback as it provides a structure for considering all elements. My advice is to start with the Customer Segment and the jobs that customers want done and then work through the rest. Then write your one or two line UVP.

There is a detailed explanation of all six elements in the Canvas in their pdf download.

A UVP Formula

The classic formula for crafting your UVP is:

Instant Clarity Headline = End Result Customer Wants (+ Special Period of Time + Address the Objections)

And the classic example of this formula in action is:

Hot fresh pizza delivered to your door in 30 minutes or it’s free (Dominos)

The entire formula won’t be relevant or applicable in every situation, but the headline should definitely reference the target customer and their wants. It is also important to consider if the objections of the target buyer can be addressed.

Crafting your UVP

When creating your UVP, the key is to focus on the benefits your customers derive from your product. These ‘finished story benefits’ will ensure that your UVP gets inside the heads of your customers. For example, consider how to formulate the proposition of a resume-building service:

  • Feature: professionally designed templates
  • Benefit: eye-catching CV
  • Finished story benefit: landing your dream job

I think that the finished story benefit will definitely grab attention. It is then up to your product solution to deliver, which is a sure way to delight your customer.

Test and refine your UVP

The first step in testing your proposition is to discuss it with a trusted business advisor or mentor. It is also important to verify your customer assumptions, so you’ll need to engage with as many customers as you can and find out if their priorities, pains and gains are as you have described them. Once you have done this, you’ll be able to tweak or even change your proposition based on these insights. Here’s a great example:

I don’t play golf, but I love Golf Voyager’s value proposition. The key problem they are trying to solve is the hassle involved in organised group golf trips. A New Frontiers business in Limerick in 2013, they have a brilliant hook to their model in that they pay part of your next year’s golf membership if you book trips and hotel stays through their website:

“Book all your hotel stays and golf holidays through Golf Voyager and save on your membership fees next year.”

My Conclusion and Call to Action

One of my favourite quotes from a business book that I highly recommend, The Jelly Effect, is:

AFTERs – People don’t care what you do. They only care about what they are left with after you have done it.

Andy Bounds, The Jelly Effect

This might seem a bit harsh, but it’s definitely true!  My final example is from Olive O’Connor, a New Frontiers participant in 2013, who has developed a Filofax-type medical organiser for people and carers managing chronic illnesses. The MediStori gives people who don’t wish to use technology an easy-to-use, paper-based solution. On one level, this allows people to record their medical history and keep a daily medical record which can be easily shared, and on another level it gives them back a sense of control over their own lives. The result is a prototype that has garnered endorsements from charities, doctors, pharmacists and patient groups. Olive has used her UVP to produce a video to promote MediStori (see below).

My challenge to you is to craft a value proposition that works for your business. I hope that you find the UVP formula and the value proposition canvas useful as you set about this task!

About the author

Donncha Hughes profileDonncha Hughes

Donncha Hughes is a former incubation centre manager and has worked with startups for almost ten years. A big advocate of Lean Startup, his areas of expertise include: marketing, sales, business models, supports for business, business plans and financial projections. An EI mentor and member of the CSF Evaluation Panel, Donncha specialises in working with early stage startups… [Read Donncha’s profile]

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