For the latest interview in my series ‘Inside The Entrepreneur’s Mind’ I’m delighted to be interviewing my friend ANDY LOPATA.
Andy is one of Europe’s leading business networking strategists and has been called ‘Mr Network’ by The Sun newspaper. He is an award winnng author, speaker, trainer and consultant. He’s also a huge Charlton Athletic FC fan but don’t hold that against him…..(only kidding, Andy)
Andy provided me with some typically thoughtful answers.
1. How would you define an entrepreneur?
Perhaps there are two types of entrepreneur. Those who build a business to deliver something they are passionate about, and those who are simply passionate about building businesses.
If I am an entrepreneur at all, I would fall into the first category. I’m not interested in the bricks and mortar of building and running a business. I’m not in this purely with a view to exit and move onto my next challenge. I love what I do and my business is the vehicle by which I can do what I love.
Of course, the most successful entrepreneurs both love growing businesses and love their product or service.
2. Do you think entrepreneurs are born or made, and why?
I think entrepreneurs are made. Many are shaped by their circumstances, perhaps they have been raised by entrepreneurial parents or have had to learn to ‘duck and dive’ through hardship.
Others may find out later in life that they prefer to be entrepreneurial rather than be employed. As long as they are willing to learn, and apply those lessons to their business, there’s no reason why they can’t succeed.
3. Tell me about how you became an entrepreneur?
As mentioned earlier, I’m not sure I would classify myself as an entrepreneur! But I’m certainly not employee material.
In 1999 I quit my job for an American car parking company as I was not happy with the needs of my contract being reliant on the quarterly results on the New York Stock Exchange. Planning to become a freelance writer, my father asked me to help out in a new business network he had co-founded.
Helping out until I found some writing assignments soon turned into a full time job, which turned into a directorship and then I became Managing Director. After eight years, when the time came to leave, there were few employment options for which my experience was relevant, so my Father and I sold out to our Partner and set up a new business.
4. What do you think makes an entrepreneur successful?
A thick skin! The ability to learn, and bounce back, from mistakes and setbacks. The ability to listen to others but ultimately make their own decisions. Above anything else, a strong network to offer support, guidance, ideas and make key introductions.
5. What’s been your biggest success as an entrepreneur?
Staying in business. Our first venture after selling our shares in the business network was a very expensive mistake. We listened to the advice of our network, swallowed our losses and chose a different route.
It would have been very easy to give up and turn around many times. But since that change we have seen revenues grow year on year and the number and size of clients grow with it.
6.….And what’s been your toughest challenge?
Lack of finance, particularly in the economic recession. We lost a lot of money on a failed venture and, apart from a small overdraft from the bank, we didn’t want to take on additional debt.
That’s meant we haven’t been able to invest in the business in the way I would have liked, slowing our growth and frustrating some plans. But it’s also meant that we’ve retained 100% equity and have been able to maintain a positive cash position through frugal accounting.
7. If you could give one piece of advice to budding entrepreneurs what would that be?
Listen and learn. So many people have been there before you. Read their books, hear them speak, attend their training courses and approach one, or more, to be your mentor.
8. How can people found out more about you and your business?
www.lopata.co.uk/ (where they can also subscribe to a networking tips e-zine)
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