From 600+ conversations with the world’s leading thinkers.
I dreamt of Farfetch for the love of fashion. I was absolutely determined to create something in the intersection of both fashion and tech – my two passions.
It was not wealth or fame that these people wanted… These individuals had, in their own minds, observed a particular customer need that wasn't being met. They were wired in such a way, that this need seemed obvious to them. Whether it led to a million or a billion? That was secondary.
It taught me the difference between the two types of people in the world. Those that own the store, and those that scrape shit off the floor. You have to decide which one you want to be.
Entrepreneurs have to focus on how a business makes money and focus on that rather than the expense side of the business. That also allows you to start quicker and instead of deferring your idea, you could get to market in 30 days.
We were able to create a brand before we created a product – and that means that the spaces that we can now go into are so vast, because people know Deliciously Ella not just for a single food product but for an entire lifestyle play.
Most people think of entrepreneurs as someone who starts a company, but to me? Entrepreneurship is really about problem solving. You can be an entrepreneur in a company, in a family or in your own venture. The bottom line? If you can solve a problem – you're an entrepreneur.
It taught me the difference between the two types of people in the world. Those that own the store, and those that scrape shit off the floor. You have to decide which one you want to be. I didn't want to scrape shit off the floor. I wanted to own the store.
Most people I would consider world-class, successful entrepreneurs never volunteered for the job. They were kicked out like the guy who offended the king and was kicked out of the city walls.
Even if it's not your mistake, it could still be your responsibility. That's one element of maturity – owning up to things even when they weren't caused by your actions. What you should truly be striving for as an entrepreneur is creating new standards of success, redefining what success means beyond monetary wealth.
They talk about Steve Jobs having a reality distortion field…. but all the entrepreneurs I met who achieved great things had that. They all had a wilful denial of reality… against all evidence to the contrary they had to believe they would succeed.. that's ultimately what entrepreneurs do.
Scaling any business is about creating a model, debugging the model, making sure you understand the ingredients that need to be scaled up, and making sure you have a process to scale. All of this needs to be wrapped-up in a financial model that allows the scale to be funded.
I believe that entrepreneurship is something you're born with, or not. I've met many highly intelligent, and incredibly bright people who have not been able to develop their ideas into sensible businesses. Entrepreneurship is not related to intelligence, it's something you have or don't have.