He says the decision to leave the
show in 2012 to focus on his expanding
retail empire was not an easy one, but
the time was right to surrender his
seat.
#SBS THEO-LOGY
An admirer of people who have
passion and energy, the small business
champion has been running the
weekly ‘Small Business Sunday’
Twitter competition, known as #SBS,
since 2010.
Each week hundreds of businesses
pitch their ideas to Theo and on
a Monday evening he picks six to
retweet to his half a million followers.
The #SBS community now has over
2,300 businesses, who all support and
network with each other. The highlight
of the year is the free event, where
hundreds of them get together for a
day of advice, networking and a picture
with Theo.
Theo stresses the importance of
being social media savvy: “In this day
and age it’s essential, as one wrong
tweet can be a game changer now for
careers and businesses, so you have to
be clear what you are saying, to whom
and, most importantly, why.”
PURSUING THE DREAM
The tycoon says the best thing about
being an entrepreneur is the freedom:
“It’s about doing what you love - every
d a y.
“I love retail and wake up every
day with a sense of purpose from
working in a vibrant industry with
passionate, hardworking people. Life
is too short to do something you don’t
enjoy. You spend a huge amount of
time at work, so do what lights that fire
in your belly.”
He says without having dreams, you
cannot be successful in business and
it’s how you turn those dreams into
reality that’s key: “Your dream will only
work if you live and breathe it and are
passionate about it.
“Making £100 million is easy; it’s
making your first £1 million that is
difficult. Most importantly, if you
believe in your idea, then don’t let your
dream be the one that got away.”Theo offers numerous tips for entrepreneurs:
“Business is no different from a sport or
game, in that you need to learn the rules
and how to play by them,” he says. “I believe
business is 90 per cent common sense, but
often common sense is not that common.
“Embracing change is more important
now than ever, what with technology moving
the goalposts faster than you can kick a ball
at the goal.”
He says it’s crucial to do your homework:
“The first thing anyone should do before
launching their own business is their
research. You wouldn’t sit an exam without
revising, so why do that with your own
business? It’s knowing more than your
competitor that gives you the edge.
“Before starting out, I wish I’d known
how important networking was and how
technology would make such huge changes
to our lives. AI is already affecting our world
and this impact will only get stronger.”
What if your idea has been turned down
by the banks? “Question and challenge your
idea and make sure you’re being honest withyourself,” Theo says.
“If all are positive answers, find a different
point of finance. If not, move on to the next
idea, which might be the big one and the
one you could miss trying to make the poor
idea work.”
The three main characteristics of a
successful businessperson? “Common
sense, passion and someone who provides
solutions, not problems,” Theo says.
Does an entrepreneur need to be daring
to be successful? “There is a difference
between being daring and reckless,” he
advises. “I take risks, but calculated risks.
I never bet the farm. So daring, yes. But
reckless, no.”
Theo says it’s crucial to be “hands-on”
with your business: “For me, the devil is
always in the detail, but it needs to be
hands-on where it is needed. You employ
talented people to manage the day to day
business and to work with you on the bigger
picture.”
The best piece of advice he has been
given? “Cash is king.”BUSINESS TIPS FROM A TOP DRAGON