In this business growth show Alistair Brew discusses the financial industry supporting entrepreneurial businesses.

Business growth show - Finance support for entrepreneurs

There’s absolutely no shortage of entrepreneurial talent in the UK, lots of fantastic ideas, I think it’s been about those, those ideas, those businesses now being picked up by the financial community and supported on the journey through its the different levels of expansion.  It’s taking, I think it’s getting better and people are more joined-up and hopefully we can support some businesses from the very early stage right through to the giants.  The Americans have traditionally done this very well, we want to be able to do that in the UK as well now.

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Entrepreneurial spirit cannot be taught. There comes a point when you need to stop moaning and start doing things your way. In this video Simon La Fosse explains why he became an entrepreneur.

Entrepreneurial spirit finds a better way to do business

I was getting a bit bored actually.  I think partly boredom, partly you I kind of felt I’d reached a certain part, a time in my life when I was, I had enough evidence about working in a certain way being a really effective way to work and a pleasurable way to work and I’d seen too many organisations that I’d worked for just, I’m not saying it, it sounds a little bit arrogant but not quite seeming to get that.  And so there comes a point where you’ve got to stop whinging and you’ve got to put your money where your mouth is and say “Actually, I think there’s a better way to do business and that’s what we’re going to stand for as a firm” and that was, I took a gulp,  remortgaged the house, as far as the bank was concerned to build an extension, which is yet to be built, and took the dive.

Inside Finance will continue to bring you inspirational success stories from those with entrepreneurial spirit.

Business risk can come from many unknown variables. When working with an investment manager people should be clear about how much risk they are prepared to take, as Michael Pagliari explains in this TV show.

Investment & business risk

I think that you know individuals sometimes tend to give misleading answers when asked about the amount of risk that they want to take. So for example a typical response that you get from an entrepreneur is ‘oh, I don’t really want too much risk but you know I’d like to make 10% returns’. Now in the current sort of environment that we exist, where interest rates are at zero, 10% is a very ambitious rate of return, so the statement is actually pretty incoherent. So at that point I think you need to dig deeper and find out exactly what the client needs as a minimum requirement and make sure that it is coherent with his underlying thought process. They understand risk very well in their own business, in the context of managing financial assets my experience has been that that knowledge is of the same type of thought process does not necessarily transfer itself well to their financial assets. And that can mean, that can mean that either they take on too much risk in their financial assets or they take on too little. Ideally, I actually think that it takes about a couple of years until you really understand a client’s risk profile and as you get to know him you make some adjustments. So my personal suggestion or my personal methodology is to start with a relatively conservative risk profile until I feel that I really understand and know the client better. Investment does involve risk. The value of investments can go down as well as up. This video contains information believed to be reliable but no guarantee is given. See Video for full disclaimer.

Interested in informed financial planning? Why not explore more TV shows on Inside Finance?

   

Person centred planning means understanding the needs of the client and working from there. In this TV show Charles Gowlland of Smith & Williamson discusses the survey they did to find out about their family office clients.

Research for person centred planning

We wanted to understand what our family office contacts and clients were thinking about all manner of subjects, not just about investments or tax or education but a whole number of topics, so we interviewed over the course of 2013 nearly 40 families with whom we had contact and some of whom we acted for already, most of whom we acted for already and in total their wealth we estimated over a billion pounds. We wanted to get the broadest possible idea of what people were thinking and so we were conscious to try to ask some entrepreneurs, newer money, perhaps the two generations, the generation that had made it, who might have had young children, as well as much more established money that might have been in existence for five or six generations. Because we act for such a wide range of clients we were able to sort of capture what they all thought.

If you enjoyed this video about person centred planning, please browse more videos on Inside Finance TV.

 

There are many business benefits of the UK environment as Stephen Drew of Smith & Williamson discusses in this TV show.

UK's business benefits

I think there are a variety of reasons as to why people would choose the UK as a good place to invest. Certainly we have some interesting sectors that appeal to a large number of investors from outside of the UK, and in particular we’re seeing a lot of activity in life sciences, the creative industries around professional practices and professional services and in the technology space. So they’re sectors that are seen as high growth and there are foreign investors that want a piece of that action and therefore they have a certain amount of appeal to see how they can get involved with those sectors. When combined with a business environment that’s reasonably friendly and it’s quite easy to get involved with those businesses, to make the investment programmes, and to start fresh businesses and that makes it an easier investment decision compared to other territories. The UK government has been very helpful in trying to make the taxation environment business-friendly and therefore there are attractions again for encouraging foreign investors to actually put cash into the UK economy, which will help the general improvement in what we’re looking for within the UK as well.

If you are interested in discussion around UK business benefits and investment in different environment, please browse more TV shows on Inside Finance.

The attitude to risk will change depending on how much there is to lose. As Charles Gowlland explains in this TV show a Smith and Williamson survey found that threats to wealth are a common concern.

Fearful attitude to risk

There were a number of things, I think when we looked at the results of the survey we weren’t completely shocked or surprised by anything that came in and to a certain extent that gave us a lot of reassurance that we already had a good sense of what they were thinking and what they were worried about. So from that point of view there were no radical shocks. But I still think there were a couple of aspects that came out of it that were interesting to us. One of the areas was the concept of threats to wealth, I mean this is obviously one of the big long term issues for families. They’ve made their money or they’ve inherited it, how do they ensure that that money, that wealth persists through the generation and there were four main categories of threats to wealth as far as we could see it, and what was interesting I think about the response was that they were broadly similar in that people were equally worried about each of those and there wasn’t any particular split by, if I can put it like this, by how old the money was. So in other words these fears were common to all types of clients and those categories were legislative change that might be adverse league or tax, the financial mismanagement, the children squandering the money or volatility in financial markets. And included in those was inflation, and I think certainly for some families with a long and bitter history, inflation for them was a big worry.

Keep an eye on Inside Finance for more great TV shows on attitude to risk and other related subjects.

   

Strategy development is necessary when starting a business in a new environment. In this TV show Stephen Drew discusses typical issues for entrepreneurs who move into the UK.

International strategy development

I think what’s quite interesting is we see a lot of business coming in from a variety of different countries arriving in the UK and often the mind set is understanding their own markets and how things operate, and there can be a bit of an adjustment to understand what they need to do in a new country like the UK. For somebody that’s used to operating and running a business in the UK they often don’t think about some of the smaller detail, because it’s quite easy to deal with and they know where the answers are, but for an inbound business that can actually be quite daunting and quite difficult to deal with. So an example would be you’re bringing in some workers from your host country to get the business up and running and established and you need to put them on the payroll, but how do you get somebody a National Insurance number so they can be properly registered to go through the UK payroll system? Now, again, when you know the answer that’s relatively easy to deal with, when you don’t know the answer you need to know where to go to to be able to make that happen, so that you don’t fall into compliance holes, you don’t create difficulties with the authorities, and actually you can just deal with that level of detail efficiently and actually focus on the prime reason for being there and for growing the business.

If you found this TV show interesting and want to hear more about strategy development and similar subjects then browse our videos and follow @InsideFinanceTV on Twitter.

Informed financial planning will help businesses avoid mistakes but can be rushed in initial set up. In this TV show Stephen Drew discusses common mistakes that foreign businesses make.

Informed financial planning takes time

The sort of mistakes you see from inbound businesses is often around either misconceptions in terms of what the market opportunity really is, or just trying to do things in the wrong order. So like all investment programmes, whether it’s in your host country or whether it’s in a new market, it’s all about planning, you need to make sure you’ve thought about what the opportunities are, you’ve carried out your market appraisals, you’ve worked out what resources you need, you’ve carried out your readiness assessment. So all the initial phases of any sort of investment decision need to be made, regardless of where you’re going to make that investment. And for me, when people are struggling to get the sort of traction they’re looking for as quickly as they would like, it’s often because they just haven’t properly thought-through and properly planned their approach to the market on arrival.

If you are running a business or just want to know more about informed financial planning, keep and eye out for similar shows on Inside Finance.

 

In this business growth show, Colin Stevens of Better Bathrooms discusses how his win at the National Business Awards gave him a publicity boost and increased his sales.

Business growth show: Awards publicity

Staff turnover’s reduced, sales have continued to increase. On our website we have but ‘award winning company’ and that improved conversion rates, which improves sales. People walking into the store say we just read you in the paper. On my twitter feed loads of people started following me, I got interviewed on Sky. This is a funny story. After winning at the National Business Awards it deserved to be celebrated. So we stayed out pretty much all night long in London and had a great time and after two hours sleep I went to Sky news. I was lying on the coach going I don’t think I can go on. I got made up and got the mic on at the studio. As I walking over to Kay Burley I had to dodge all the camera wires. As I was about to go on there was a war hit and I didn’t think I would get to do my bit, but Kay Burley is also from Wigan and she was adamant to get me on. So I did about seven minutes on Sky news. They did a fantastic piece on us they showed the business and the store. Getting that publicity is priceless. We could put it on our website and it provided credibility.

Look out for more business growth shows on Inside Finance TV. We will continue to follow ideas around publicising a business.

Dr Stephanie Hussels, Lecturer in Entrepreneurship, Cranfield University on the current climate for entrepreneurial business

I would say yes it's a tough environment to be in but I think if you, as an entrepreneur, understand your business, focus on what is core.

I would say love your customers, really understand how they tick so you can retain them.  You get referrals from them, you have a passion, you hire the best people possible.

Understand your financials, I always say cash is king, we all know that but also communicate.  It's not only about sales, it's about profit.

Also this area at this current time also gives opportunities because hiring people, there are some great people maybe at the moment available who you can bring in your business.

But it's not only important to bring them in but also to grow them and to offer them a path within the company.  I could give you some more examples, I think what we do at Cranfield in terms of tips and why is it a tough climate, is you need to be decisive.

I always say we all have a lot of pet projects, especially entrepreneurs, so we call this drowning the puppy.  So in the current climate you can't afford to have a lot of pet projects so you need to identify those which are core to the business and drown the other puppies so to move forward.

Colin Stevens, Founder & Leader, BetterBathrooms.com on a boost in confidence

There is a big difference, there is a big difference because you walk in a room now and people know of you.  Before, you'd walk in a room and people would like... they might know you, they might not know you but only through introductions.

I walk in a business meeting now or a business room now and it's like oh yeah that's Colin he won all those entrepreneur awards last year.

So it gives you that bit of negotiating power as well, and I guess belief in the business BetterBathrooms and the belief in you as an individual to back you.

So much so, because we've done so successful as a business, we've just done an equity release deal, so we've just got an injection of a lot of money, I can't comment on until after Sunday because Sunday papers hopefully will be publishing.

But the whole thing brought together and it's, like I say, it's been an amazing 12 months.

Dr Stephanie Hussels, Lecturer in Entrepreneurship, Cranfield University on Entrepreneurship at the Cranfield School of Management

At Cranfield School of Management, and particular in the Batton Centre for entrepreneurship, we have a remit really of four parts.

One is we do research in areas related to entrepreneurship, we teach on graduate programmes to help MBAs to start businesses.

But then maybe more importantly, especially to this audience, we work with ambitious owner managers to help them grow their business and take it to the next level.  The last aspect we're involved with is events such as Cranfield Venture Day which is an event for ambitious owner managers and investors to come together and exchange best practice.

I think learning, especially as an entrepreneur is essential.  We always say as an entrepreneur come back, learn, improve, reflect, and in the current business climate where companies are challenged, to learn from other industries, other sectors I think will help to take the business to face the challenges and take the business to the next level.

Colin Stevens, Founder & Leader, BetterBathrooms.com on passing on the tricks of the trade

I've had another Sky interview and a few more BBC Radio interviews but also because of winning entrepreneur of the year you get other opportunities.  So I'm involved in the tenner campaign which is a government backed campaign where we give £10 to students at high school and they basically use that £10 to buy a product and resell it.

And this is something that's rolled out nationally.

So I went to a school in Manchester and worked with their students and it was amazing, like you're talking about 11, 12, 13 year olds who were thinking like entrepreneurs, they were really into it.  I guess the Apprentice TV thing's really helped that.  So I've been involved in that project, I've been involved in other charity stuff.

So it's just allowed me to get to another level for people to actually recognise that actually this guy's quite good at business and not only that, if this kid at 32 years of age can do all of this I wonder if he can share that knowledge.

So I've actually got involved in a few other things since then, a few other businesses and I'm mentoring someone now who's 21 years of old who's the next, in my opinion, the next super geek and he doesn't mind me saying that.

I'm a bit of a geek myself.  So it's been an amazing journey this last year.

Dr Stephanie Hussels, Lecturer in Entrepreneurship, Cranfield University on three things every entrepreneur should know

Three things to keep in mind for your business. I would say number one to me is love your customers.  Understand what they want, if they love you they will come back that's advice number one. I think advice number two is hire the best people possible.  It's scary, hire people who are better than you because they will take it forward. And I think number three will be have a very clear vision and purpose for your company and communicate that clearly throughout your organisation. Because that will also encourage other people to join, it will attract customers and I think it will take you forward.

Dr Stephanie Hussels, Lecturer in Entrepreneurship, Cranfield University on the qualities of a successful entrepreneur

I think there is some intuition there, I think entrepreneurs are very good at spotting an opportunity, identifying it.

But I think what's important... and I think luck comes to the hard working.  I think what's really important is to make a plan.

So for entrepreneurs I always say as a recommendation is you need to have a clear vision and a purpose which you communicated to your staff.

Planning helps, we've done some research on that aspect as well showing that those entrepreneurs who plan actually grow in terms of number of staff and turnover.

So I would say if you can do some planning go ahead do so, intuition will take you so far but in order to specially scale the business and have sustainable growth you need to have processed as people and your leadership style into place that will sustain that in the longer term.

So you're not only the one horse pony who has one great veer but can sustain that in the long term.

Dr Stephanie Hussels, Lecturer in Entrepreneurship, Cranfield University on the digital world and entrepreneurship

I think it has offered a lot of opportunities.  I mean when we look back, 1998 Google was only set up.

I mean LinkedIn, Twitter is only recent phenomenon we have.  Personally I think there's great opportunities in terms of reaching your customers, reaching clients whether it's B to B, B to C.

But  I always think there's also... the world's become more visible so maybe things you got away with in the past is no longer possible.

So I think my view is using social media is a great way of promoting your business but also keep aware of social media also comes with potential pitfalls if you don't use it in the right way.

Guy Rigby: "We’ve done it with lots of businesses and we’ve encouraged businesses to come to us and at a very early stage we involve different team members who may not be relevant to them for two, three, four, five years in the future.  So when we take on a new client we often get our corporate finance guys involved, because there might be an exit proposed five years down the track.  We get them involved at the beginning. We follow the principle of beginning at the end, wherever the entrepreneur wants to end it, we try to get that embedded at the outset and we know exactly then how to work backwards to help him achieve his goals."

Entrepreneurial spirit will be portrayed in various parts of a persons character. In this TV show Julie Meyer discusses persistence.

The intensity of an entrepreneurial spirit

I’m fairly good at picking up on how much steel somebody has in their spine.  So, you can tell and it’s not just the level of intensity or the stare that they give you,  it’s more you can kind of sense in how concerted an effort. People betray their level of persistence in many ways and I don’t know how, it’s almost like a neural network after you’ve done it for so long.  But you can kind of sense whether somebody’s going to pull through, for example, with Alastair Lukies of Monitise there’s just something that I felt about him that he was extraordinary and exceptional. And, you know, when he got his first client he secured the first client and he sent me a text message, it was like a Friday night in 2006.  And I remember getting a text message that said, you know, 106 meetings, 76 nights away from my wife, but we have a client today.  And, you know, that’s irrational, that’s obsessive behaviour.  Normal people do not do that, normal people don’t just keep on going. Now, he wasn’t just banging his head against the wall, what he was doing was constantly learning, constantly retargeting, adjusting.  And so the man is extremely smart, which is why Monitise is doing, you know, Monitise will be one of the most important companies ever to have been founded in the United Kingdom.  But it takes an irrational level of persistence.  And I think I’m pretty good at figuring out whether somebody is up for that.

There are many more great videos about entrepreneurial spirit and business success on Inside Finance. Look out for more briefings on the subject.

It is difficult to know the best time to start a business as Charlie Mullins discusses in this TV show.

Entrepreneurship Strategy

We have a situation at the moment where obviously tines are tough out there and money is tight. there is still a lot of youngsters that want to succeed in life, well you know, for me, you know they often ask when is the best time is when you are ready for it. Forget the economy, forget the climate at the moment. If you have a product and you are all ready to go with it, go with it. But it is not an easy ride and probably what I would say to people is I have never met a successful person in business who hasn't worked hard to achieve it. Another great tip is, quitters are not winners and winners are not quitters.

Frank Akers-Douglas: "I think there are classically two types of wealthy person.  One is the sort of old fashioned landed estate type families where inherited wealth has been passed through several generations and then they need help in being able to successfully pass on their wealth to future generations.  So that’s where the planning aspects come in.  Alternatively you’ve got people who have made their wealth in that first generation either through selling a business or whatever.  And they’re again, they may have been very successful at the business they’re running, but have never really had substantial wealth in their own name and need help in structuring that and putting it together for their family and again starting the sort of the generational thing."

Guy Rigby: "We’re going to be looking at your interaction with your own business.  So whilst we’re not perhaps working for the business, although we’d like to do that as well, we’ll be working for the entrepreneur himself, so we’ll be making sure that he’s as efficient as he can be from a financial perspective.  That means his tax structuring. That means if he’s going to sell the business that he’ll qualify for entrepreneurs relief. We’ll look down on the business from a sort of helicopter view from his ownership interest, if you like.  So we help him maximise the value of the business.  We could help him raise money for the business.  We could help him dispose of the business.  But we can also look after him, his family, his personal tax, his financial planning, his investments and the whole nine yards really for a private client.  So Smith & Williamson is all about looking after people who own things.  In this case, it’s someone who owns a business, an entrepreneur."

Guy Rigby: "My Personal FD, well it’s our new service for busy entrepreneurs, time poor executives etc, who can’t really find the time to look after their own affairs or might actually have to go to lots of different places to do that.  So they might have a tax adviser, a financial planner, an investment manager.  And if you’ve got that kind of structure often things will fall down the cracks. So Smith & Williamson is probably the only accountancy firm in the UK that actually is an accountancy firm and a bank with an investment management arm and a very large IFA.  So by ... we just piece it all together, we call it My Personal FD so the idea is that you as an individual will get an allocated person to look after you as your personal FD who will give access to all of the firm’s services, very unusual.  Well there’s no compunction to use My Personal FD for all of the services that it offers.  So if you’ve got your favourite tax adviser we can still do the financial planning and the investment management.  Alternatively, if you’ve got your investment manager we can do your tax.  So what we’re saying is, we can provide all of these services seamlessly through Smith & Williamson if you want to use them that way.  So we’re not forcing you to change other favourite advisers."

Guy Rigby: "Well you can get by with just building up a business often, but what will happen is that you will find that you made the wrong turning at some point.  What we do is we find that a lot of businesses that come to us two, three years after they’ve been created, they haven’t really taken proper advice at the outset, and we find that they’ve made ... they’ve fallen into bad traps, if you like.  And we have to kind of unwind them and start again.  And that be a very painful exercise, if you’ve, you know, if you’ve set off on the wrong foot.  The reason that we think we are suitable for entrepreneurs is because of this personal bit, so we care about the entrepreneur.  But what we’re also trying to do is to make sure that they don’t hit those bad traps early on.  So what we always say to people is, “we’re a big firm, we have all of these skills and capabilities so that should give you enormous peace of mind.  We’re not going to wheel all of those services in to your first meeting and start charging you for them.  But you know that when you want to put in a share option scheme to incentivise your employees, we can do it.  You know that if you want to take your business international we can advise on it. We know that if you want to raise finance you can rely on us to help.”  So all of those things are really, really useful even though they might not be needed on day one."

Guy Rigby: "I think it’s a fantastic environment, and I think that, you know, we are now at this time coming out of a, you know, the worst period of trading that we’ve seen probably since the 1930s.  It’s been a disastrous time, very difficult, yet all the innovation that’s coming out around places like tech city, around new funding platforms, alternative funding, you know, the banks are not in an easy position.  So we need these other things to come out.  And there’s huge opportunity.  In addition people have virtual offices, they can set themselves up on computers or laptops for hundreds of pounds as opposed to tens of thousands, which it used to be 10 or 20 years ago.  So the opportunity for entrepreneurs has never been greater.  All you’ve got to do is have a great idea, a great vision as it were and then have the strategy and the business plan to deliver it."

Guy Rigby: "We think that there’s a gap in the market for entrepreneurs these days. You know, we’re the eighth largest accountancy firm in the UK and we feel that all of those above us and indeed around us aren’t giving this community the attention it needs.  We want to be the all round adviser to entrepreneurs, helping them achieve their goals, you know, getting their ball across whichever line they want to get it across. Okay.  So most accountancy firms do audits and tax.  What they don’t really do is get underneath the skin of the business.  What we try to do is to work for the entrepreneur and then the business.  So effectively what we’re trying to do is to help the entrepreneur get his particular ball across the line, whatever that may be.  It might be to grow a 10 million pound turnover business, it might be to pass it on to his family, it might be to sell it, whatever they want, our job is to help them achieve that.  That’s unusual, you know, it goes beyond doing an audit and a tax computation."

Guy Rigby: "First of all we want to be known, so you know, Smith & Williamson is a quiet brand and we’re trying to get it out and dust it off a bit and you know, make sure that people know who we are.  Secondly, we really believe in this entrepreneur community, which is why we’re sponsoring this particular award.  And around us in the accountancy profession, you know there are some other big firms but most of them are focused on doing audits, doing tax and working for larger corporates.  And we find that the opportunity to work for these up and coming firms is very exciting, very interesting, and we think a natural spot for us."

Guy Rigby: "It can be very, very early stage, some of the businesses, you know, are turning over just a few hundreds of thousands, a million or two.  Last year the business that won was turning over probably 20 million.  But that didn’t matter, I mean if we’d favoured something because it was very fast growth.  It’s quite difficult to appoint a National Business Awards winner to someone who’s just started a business because the proof of the pudding isn’t yet there.  But if we can see exponential growth and they’ve been around long enough then they’d certainly be considered."

Guy Rigby: "You get a total variation of businesses.  I mean one of my favourites last year that we put forward for inclusion in the top 10 was a company called Rock Choir, which if you haven’t heard of it, it’s a marvellous social business effectively where people go off every week and sing together.  And it’s for profit, so it’s a very, very social thing.  I mean I have to say my wife goes and she comes back in such a fantastic mood, I wish she could go every night to be honest.  But no, it’s a really, really fantastic evening. And they’ve built a real business around this.  So this is a community thing, it happens in lots of different cities around the UK, well not even cities, towns, villages etc.  And I believe that they actually culminate with sort of concerts at the O2 and things like that. So everyone getting together, have a great singsong.  And they do rock music, you know, ELO, stuff like that, really good.  So Rock Choir was a business, we had a big hosting company like, you know, companies like ... I’m not going to name names in that area, but they’re ... we had a couple of bathroom companies that were basically selling online.  So technology platforms with Facebook pages, suddenly turning over 20 million a year, amazing how these things are springing up.  So a lot of sort of businesses that are becoming technology enabled and using the internet to grow, and leaving effectively, leaving those whole high street players behind.  We’ve seen it happen haven’t we?"

Guy Rigby: "The National Business Awards are, I suppose, the pinnacle of success for a lot of entrepreneurial type businesses, because we are focusing on entrepreneurs and their ... or private clients and their business interests, which I look at as being the entrepreneurial types.  We’ve decided that we’re going to sponsor 'entrepreneur of the year'.  We did some judging last year, we weren’t the sponsors this year, we were actually the sponsors.  So it’s going to be quite exciting.  A big national programme, really good for Smith & Williamson, covering all our offices.  There’ll be different events going on.  It’s a nine month programme.  We had some real fun judging it last year, some great companies get involved."

Guy Rigby: "I think how you get access to My Personal FD will depend upon your particular requirement.  So if you have a financial planning requirement, perhaps we’ll start the process through that and then perhaps move on to other services that you might need to give it the all round feel that we’re aiming at.  If you’ve got a particular tax requirement then we might start with your tax affairs.  So your kind of entry point will depend upon your specific need or pain at the time.  You know, if you’re unhappy with your Investment Manager maybe we start there.  So we think the natural entry point for people is to come in under the personal tax heading.  So tax is probably a leading element of that.  And we’re probably going to be looking at a minimum fee of 1,500 to 2,000 a year to actually start that process.  I hasten to add that everybody is completely individual and the pricing will be dependent entirely upon the circumstances of each case.  But what we will do is we will price it in advance.  So when we know someone’s circumstances we will give firm quotes, we won’t just use a clock."

Business is no longer linear and you have to adapt your thinking to suit. Julie Meyer explains further in this TV show.

Business strategy models - Networks

If you are still, in any way shape or form thinking linear or hierarchical, you need to update your thinking to a network orientation. That's much more important than just the Facebook as a phenomena or LinkedIn as a phenomena. Everything has moved to a world of interdependency and multiple dependencies in that.

This business leadership video features Jo Malone, Founder of Jo Malone & JO LOVES.

Business leadership video for success

The formula for success is hardwork, courage and tenacity. She says entrepreneurs should create a team that feels like a family and would love to do business on a hand shake again. There is a value in building real relationships in business. If you found this business leadership video interesting why not watch more TV shows on Inside Finance?