The Future

What do you think makes an entrepreneur?  Is it inbuilt or can it be taught?

I am sure that some components of entrepreneurship can be learned.  I feel however that unless an individual already has certain skills, attempts to start businesses will be sub optimal if not outright failures.  People need to have the core characteristics of determination, open-mindedness, flexibility, a can-do ability and so on.  If they're fundamentally lacking then don't bother trying or secure the partnership of someone who does have these skills.

What's your next step?  What potential problems do you see to achieving this and how will you overcome them?

We are going to continually grow the business, look for new services to offer and to develop our own intellectual property.  I need to keep aware of market developments and stay one step ahead of our (substantial) competition.

What else would help chemical science SMEs in the UK?

An environment that encourages entrepreneurship and innovation is needed.  We need to reduce bureaucratic burdens on business and allow much more of the value to be taken by the risk-takers.  My current business employs 48 people and indirectly supports another 50 or so (partners, children, suppliers) & this year our collective net tax burden as individuals and company is of the order of £700,000.  This is too much.  40% higher rate income tax is not exactly an incentive to create wealth for individuals.

What are your top 5 tips that you would give to someone who's thinking about starting their own chemical science company?

1. Speak to me first
2. Do it
3. Be patient & persistent
4. Consider the market
5. Objectively look at competitors/competitive technologies

Would you start another business?

Without a doubt.