Available from AmazonNever judge a book by it’s cover. And in this instance, ignore the preface too. If you’re looking for “oodles of free business advice” or “how to make the best pitch and earn the biggest profits”, then you may be disappointed. A more accurate description can be found in the final chapter:
If you’re looking for ‘normal’ business advice,
pop down to your local bank and ask to see
the manager.
Well thank you Theo, I might just do that, because this book really is your typical autobiography, largely written for posterity, with an extra, “my twelve rules for business success” tacked onto the end. Having said that, this book will appeal to anyone wanting a glimpse of this likeable and down-to-earth TV personality.
Enter My Life
Theo’s rags-to-riches story sits on familiar ground. He came to England when he was young, didn’t go to school much and was often left to his own devices. Having a somewhat tempestuous mother and later watching his parents separate clearly made an impression on him. Theo grew up quicker than most and from the street he learned the true value of hard cash. It comes as no surprise that he eventually left school with pretty much no qualifications. Theo’s real education was in the lessons of life.
Things could of easily gone wrong but Theo held his confidence and adapted to British culture very easily. He could see division around him, but he could also see opportunity. And so, from a young age, adventure, ambition, independence and responsibility became powerful attributes.
In many respects, Theo’s life stories show how ordinary and traditional he is. At home, Theo is rightfully proud of a happy and lasting marriage. At work, Theo enjoys a “work hard, play hard” environment. But if Theo was to have his own work motto, I think it would read something like, “if you’re starting to feel comfortable, do something different”. Theo enjoys crossing bridges; moving from a place of stability to a place with fresh challenges.
Theo has excellent analytical skills and is, with a few exceptions, a fairly good judge of character. He comes across as a child at heart, a bit of a prankster with a sprinkle of spontaneity. He likes to put his stamp on things.
Conclusion
Without doubt, the core of Theo’s success is his social skills. Theo has repeatedly saved himself or found new opportunities from old acquaintances. It is somewhat disappointing, therefore, to find that these skills are so embedded and natural yet the teachings completely absent from this book.
You may also find that Theo’s passion for sports, especially football, is sometimes overwhelming. The longest chapter at 32 pages is all about football, followed by another 19 pages about the finances and politics of football. You’re either going to love it or fall asleep with boredom.
A couple of chapters take us behind the scenes of Dragon’s Den and there is some guidance to people thinking of making a pitch. There is also a chapter with Theo’s twelve rules for business success, however, all things considered, practical business advice is too sparse or broad in nature. This book closes with a predictable motivational speech yet lacks the educative substance to justify it.
As an autobiography, it would greatly benefit by having more photos, more so considering some of Theo’s closest friends are completely absent. This is certainly not a bad book but equally it is not going to transform your thinking.
Theo’s twelve rules for business success
Here’s a summary of Theo’s twelve rules for business success including some of my own notes. Don’t be fooled, the learning is in the doing, Theo got off his butt and made his own luck.
#1 Reduce the risk
Without any doubt, one of the most important requirements for success is how we manage risk. Theo carefully considers risk / reward and he’s prepared to walk away from unnecessary risks. Key to minimising risk is the business plan and the research it is based on. The business plan will include your backup plan for when it all goes wrong.
Theo buying Ryman was a prime example; he placed both feet on the ground, he worked out a way to make money while at the same time minimising losses. Sometimes we take on high risks for high returns, other times we take on low risks for steady income.
#2 Don’t fool yourself
Don’t get sucked in by nice gooey compliments and likewise don’t listen to naysayers. The true value of your ideas is in the doing. Test your ideas, adapt them and let them grow. If it doesn’t work out, let it go. The deeper you are, the harder it is to cut your losses, but you must do it.
Consider your options. What challenges must you overcome? Remember, great ideas and products do not necessarily make great money.
Whether you’re successful or not, you must examine your decision process. Did you take silly risks and were your priorities correctly set? You must be realistic, the bottom line is always going to be about the money because that’s exactly how you stay in the game. So be sure you’re making decisions of the head and not of the heart.
#3 Learn to let go
Selling your business when you’ve invested much time and effort will be difficult. Timing is important but don’t hold on too long. We need to remind ourselves that this is our reward for all the hard work.
We also need to keep in mind, for people looking to start or grow their business, it’s better to have 60% of something than 100% of nothing.
#4 Know that cash is king
When Theo says, “you can live without profit, but not without cash” he is talking about two things. First, is the advantage Theo gets by being able to finance business deals without the need to secure loans. Secondly, Theo understands that cash flow, primarily rent and wages, is a big deal to survival.
#5 Embrace change
The information age continues to change the way we interact and do business, bringing new and exciting technologies and opportunities. However, the wide availability and low cost of technology and services means that competition can be fierce. We are forced to think laterally and adapt quickly. The need to break old habits and step out of our comfort zone has never been greater.
#6 Use common sense
Common sense is not common, meaning many people often fail to accept what is obvious. Throwing good money into loss making projects is a prime example.
#7 Make decisions
Indecision can be your worst enemy, so make decisions, watch the response and act quickly to adverse reactions. Teamwork is essential, don’t keep problems to yourself, you must pull together and help each other out.
#8 Weigh up the opposition – and yourself
Don’t underestimate the power of competition, however hard you are trying, someone else is working just as hard. To keep yourself competitive, keep in mind that flat structured organisations work better than deep bureaucratic structures. Try to involve everyone, other people may be better informed or have good ideas. Learn to give responsibility, you can’t do everything by yourself. Be honest and transparent about your goals, be sure everyone understands the importance of their role and sees the bigger picture.
#9 Start small
Start small but be aware that, as you grow, managing staff will become very important.
#10 Get your staff on board
Every employee is important. Again, Theo champions the power of teamwork and he loves to take the bonding experience to new levels. Motivation and tangible incentives are high on the list, both frequent and longer term.
#11 Capitalise on other people’s ideas
Theo adapts other people’s ideas to fit his needs. He recognises that innovative or cutting edge ideas do not necessarily translate into money, it’s the difference between a product you would use and something that’s going to make lots of money. Ultimately, success is in the doing, going from pen and paper to reality.
#12 Turn your dreams into reality
To turn dreams into reality you need passion because it keeps you strong and persistent. Do not, however, ignore the realities (see Rule #2, don’t fool yourself). As Theo says, “Your first loss is your best loss. You take the hit and move on”.
Listening
Grapevine