Turnover Magazine

5AM Magazine.indd 1 11/03/2019 13:58:41 

1

Contents 

4 

Ben Jeffries: 

Journey of a selfmade 

millionaire 

at 22 

10 

How will young 

entrpreneurs cope 

without the EU? 

20 

Frances Bishop: 

From The 

Apprentice to £1m 

business 

30 

Taffy Murdoch: 

South London 

printing kingpin 

32 

Turnover looks 

at the dark 

side of being 

an Instagram 

40 

WTF is Crypto? 

A delve into 

blockchain and 

cryptocurrency 

46 

Challenges and 

secrets for BAME 

in business 

2 

5AM Magazine.indd 2 11/03/2019 13:58:44

Editor’s Letter 

Thomas Mackie 

Welcome to the first edition of Turnover, our monthly 

magazine designed to inspire the new generation of innovators. 

This is for readers to feel inspired, learn vital tips and dive 

in-depth into some of the most important topics facing young 

entrepreneurs. 

We aim to cut through the confusion and give you valuable insight from writers you can trust. 

Our goal is simple. To unlock what drives great entrepreneurs on a daily basis, and how their life 

choices have made them who they are today. Be it their daily schedule, their sources of inspiration 

or their struggles and hurdles. 

Inside you’ll find a mixture of advice pieces, features and interviews. This month we chat 

to a 22-year-old self-made millionaire, a former south London gangster who has turned his 

life around and an ex-Apprentice star who plans to pay for her husband’s retirement. We 

have features that look into what the start-up scene will look like post-Brexit, whether young 

entrepreneurs should be using cryptocurrency, and the secrets and challenges of being a BAME 

entrepreneur. 

I hope you enjoy our first issue. 

Our team 

George Letheren Smith 

Creative Director 

Shannon Weir 

Sub-Editor 

Lisa Woods 

Magazine Designer 

Jarod Lawley 

Website Designer 

3 



4

Self-made 

millionaire at 22 

Left penniless after losing £8,000 on a failed business at just 18 years 

old, Ben Jeffries now owns 57 percent of a £10million company 

By Thomas Mackie 

Dressed in 

jeans, trainers, 

and a 

blue and 

white untucked checked 

shirt, the social media pioneer 

greets me a little redfaced. 

“Sorry I’m pushing 

it fine for time,” he says as 

he walks into the meeting 

room at his swanky 

Holborn office, which 

he insists “is discounted”. 

“I’ve been 

in a board meeting 

with investors and 

it ran a little longer 

than I expected.” 

Ben is the founder 

and CEO of Influencer, 

the first ever social media 

marketing agency for influencers. 

“If I could describe 

what we do in one sentence, we 

connect brands with influential 

content creators on social media.” 

In return for sharing and advertising 

content for a brand, a creator will 

get paid a campaign fee, which varies on a 

case-by-case basis. 

One of the first Influencers Ben worked 

with was footballer Ronaldinho. “It was 

complete luck of the Google click,” he says. 

“Because we have such a good name we 

come up number one on Google for influencer 

marketing platform and number two for 

influencer marketing agency.” 

Influencer helped connect the Brazilian 

with a dating app called Happn. “I’m sure 

the brand alignment there wasn’t ideal, but it 

worked,” he adds. 

In early 2017, Ben re-launched Influencer 

with Youtube sensation Caspar Lee. 

“It’s funny how we met actually,” he 

says. 

“One of my close 

friends matched 

him on Tinder and started dating him. 

“I was like ‘you have to introduce me to 

Caspar, the business is growing but I need to 

do something more than just raise money.’ 

“We met over coffee. The meeting should 

have lasted no longer than 30 minutes but 

we ended up talking for about 3 hours, just 

bouncing ideas off each other.” 

Influencer embarked on a whole new journey 

after Caspar joined. “The business accelerated 

into a whole new direction. We have 

raised more money, taken on board a whole 

new array of clients, and employed over 20 

members of staff.” 

Since then they have worked with the likes 

of DoYouTravel, Jack Maynard, GypseaLust, 

Joe Sugg, and other high profile Influencers. 

“We have come along way since we started,” 

he says. 

At the age of just 16, Ben founded his first 

business, a clothing line called Breeze, which 

was his first inspiration for Influencer. “Celebrities 

were always what people thought essentially 

made a clothing brand cool, but obviously 

at the age of 16 I didn’t have enough money 

to use them.” 

So he attempted to advertise the brand 

through ‘micro-influencers’, who had a loyal 

fan base and had influence over people who 

followed them but weren’t expensive to use. 

“I am a massive Chelsea fan, so I thought it 

would be cool to use reserve players,” who at 

the time had around 10,000 followers on Instagram. 

“But finding influencers to work with ended 

up taking a lot of my time, so I tried to find 

an agency out there to help, but there wasn’t 

one.” 

So Ben launched Influencer. When he 

was setting up his business, he was working 

15 hours-a-day, 7 days-a-week. “You have to 

work those hours to get to where you want to 

be,” he says. 

But Ben’s journey hasn’t been without setbacks. 

He ploughed through around £8,000, 

which he had made during his gap year, into 

setting up a platform for his company with a 

development firm in India. 

“The developers ended up running off 

with my money. I got in touch with lawyers 

but they said it would cost a lot more than 

£8,000 to get my money back,” he says. 

“If I could give one piece of advice to 

young entrepreneurs it would be to make 

sure you have that continuous drive to succeed. 

You will have multiple failures but it’s 

whether you see them as failures or as stepping 

stones to success.” 

In 2015, after taking a gap year and 

having nothing to show for it, he started 

studying Business Administration at the 

University of Bath. 

“Influencer was really starting to build 

traction at this phase,” he says. After starting 

a 6-month placement with Shell in his 

second year, he decided to put his business 

onto Crowdcube to help fund his venture. 

Within the first 24 hours, he had more than 

£100,000 in investments and within three 

days he had secured £152,000 from 139 investors. 

Ben decided to drop out of university. 

“I spoke to Ajaz Ahmed [the founder of 

creative agency AKQA] who had studied 

the same course as me at Bath. He told me 

not to drop out, but after I did he said it was 

the right decision, he just didn’t want my 

parents ringing him.” 

Ben has since recruited 25 members 

of staff and almost tripled the value of his 

company to just over £10million since December 

2017. 

“There are one million and one things 

I would have done differently,” he says. “I 

probably haven’t taken the most sensible 

route but it’s got me to where I wanted to 

be. 

“What really motivates me is seeing 

where Influencer can go because it’s all or 

nothing right now, everything about me is 

Influencer. I wouldn’t say it’s the fear of failure, 

but it’s how big I can see the business 

growing and the determination to get there 

no matter what which keeps me going.” 

5 


Spring cleaning 

How to clear out your 

life and make room for a 

better you 

In a world of 24/7 chaos it can be hard to 

declutter your mind and engage in deep work, 

or even relax properly. Both are important for 

the intelligent entrepreneur. These products will 

teach you valuable lessons about how to focus on 

what matters, and how to cut out the stresses and 

disturbances that are holding you back. 

12 Rules for Life - Don’t 

let world-famous academic 

Jordan Peterson’s conservative 

reputation put you off the 

valuable lessons available in 

what was one of last year’s 

best selling hardbacks. His 

’12 Rules for Life’ teach 

traditional mantras about 

conscientiousness, responsibility 

and kindness. This ‘Antidote to 

Chaos’ will help you strengthen 

your mind against the worst 

excesses of our society, and 

adopt a confident, straight 

forward outlook, that will help 

any diligent mind to focus. 

Penguin Books Ltd. £20 

Declutter your Life: How Outer Order leads to Inner calm- 

Teaching a similar lesson to Peterson is this paperback from Gill 

Hasson. In less than 200 pages she guides us through a thorough 

‘spring cleaning’ of life’s unnecessary distractions, modern 

complexities, and damaging baggage. Helpful for both your 

professional and personal life, the principals here are about taking 

control of what is important to you. The book is filled with practical 

tasks, written pragmatically and with end-goals in mind, so you 

will be able to clear out not only your physical world, by throwing 

away unnecessary and useless belongings, but organise your social 

world, focussing on the relationships that enhance your life, and 

disposing of that only hinder. Jon Wiley and Sons Ltd. £10.99 

6 


This may seem unusual, but a great way to improve your quality of sleep 

and to feel invigorated and ready for the day is to bath regularly with salts. 

Tom Ford swears religiously by regular baths as part of his daily routine for 

improved productivity. It’s also beneficial for your skin, leaving it smooth 

and with a noticeable glow. If you work out and exercise regularly, soak a 

couple of times a week to reduce muscle soreness. These mineral salts from 

Dead Sea Spa are affordable and packed with magnesium to help relieve 

the stress and tension that you’ve built up during the day. £5.99 for 1KG at 

Holland and Barrett. 

A great way to improve your focus is to filter out what 

is not important, by writing down what is. Put your 

goals to paper and you are more likely to achieve them. 

What’s the advantage of a classic notebook such as 

these journals from Moleskine over your phone’s notes 

app? Disconnecting from your screen can help boost 

creativity, and these handy books are perfect to leave by 

your bed for moments of midnight inspiration. Classic 

notebooks from £10.99. 

We know that as the summer approaches and 

the days get longer, it can be even more tempting 

to burn the candle at both ends. Sleep Cycle is 

a great way to track your sleep and restore your 

precious eight hours without the expense of a 

FitBit or products such as the Phillips Wake-up 

light. The app sets of an alarm to wake you up 

when you are in a natural phase of lighter sleep, 

so you can get out of bed early, but without the 

jolt. Free. Available via App Store or Google 

Play. 

Finally, some Netflix. The Minimalists. This documentary uncovers the 

west’s obsession with consumerism, and why it could be an obstacle to your 

success and happiness. Some of the world’s most accomplished people such 

as Mark Zuckerberg and Barack Obama embrace minimalist lifestyles to 

remove unwanted distractions, allowing them to focus on the important 

decisions. Minimalism isn’t about leading a nomadic existence, instead it 

teaches disciplinne discipline, value, and inner calm. Take this as a starting 

point on your journey towards true focus, and for further inspiration, listen 

to the wildly successful The Minimalists Podcast. Free. Available via Apple 

Headspace- Even in 2019, meditation still has an elusive reputation as a quasispiritual 

activity, with mastery more achievable for monks and hippies at yoga 

retreats than for serious young entrepreneurs. However, if you want to follow in 

the footsteps of Jeff Weiner, Oprah Winfrey and Arianna Huffington, then this is 

a form of relaxation that you need to embrace. Through guided meditations and 

a simple daily plan, Headspace teaches you that you don’t need to be an expert to 

reap the benefits. Free. Available via App Store 

If you prefer to go it alone, Calm has a fantastic collection of peaceful 

background sounds for you to complete your own timed meditations. It provides 

the option of bells to keep you focussed, and tracks your meditation times to 

keep you motivated. For nights when you’re feeling too wired to settle down, try 

their Sleep Stories, read by narrators such as Stephen Fry and Bindi Irwin, to 

help you drift off and wake up feeling more refreshed and productive. Free, or 

premium version for £36 a year. Available via App Store or Google Play 

7 


The dream 

fitness job 

Keep fit, inspire others and work from 

home while making enough extra cash to 

travel the world 

By Shannon Weir 

Chloe strides through the coffee 

shop with a bounce in her step 

and a gentle flick of her glossy 

blonde locks. Her tight crop top 

and leggings reveal a well kept physique 

and a diamond belly button ring. Heads 

are turned as she passes by the occupied tables. 

She greets me with a warm smile and a 

friendly kiss on each cheek. 

“One fresh green tea please.” 

Chloe Young is a 24 year old self employed 

health coach who spends most of her 

time motivating clients and keeping active 

at the gym. Looking at this attractive young 

lady, you would never have guessed that just 

a few years ago she lay frail in a hospital bed 

surrounded by doctors who would soon discover 

her life changing disease. But Chloe 

doesn’t dwell on the past; she’s too busy planning 

for a successful, career-driven future. 

Her favourite thing about the health industry 

is the opportunity to transform the 

lives of others, whether it’s bad skin, damaged 

hair, losing weight or just generally becoming 

healthier. 

“There’s nothing better than when I receive 

a text like ‘OMG Chloe you have literally 

changed my life’.” 

Yes, everyone works to make money, but 

for Chloe the bonds she forms with her clients 

bring more satisfaction then a cheque 

ever could. 

“Our customers are not numbers. We 

look after them. We get to know them genuinely 

as a person.” 

Chloe’s passion for health and fitness 

was sparked after a long battle with health 

during her childhood. Her most vivid childhood 

memories involve being constantly 

sent home from school due to sickness, she 

would catch every virus going. After years 

of illnesses, at the age of 14 when Chloe 

reached a shocking weight of just 7 stones 

her mother realised that something was 

wrong. 

Chloe spent the next few years in and 

out of doctor appointments until finally 

getting referred to a hospital, where they 

eventually discovered that she has celiac 

disease. This means that she was born with 

an extreme allergy to gluten/ wheat. This 

was a shocking discovery as Chloe’s diet had 

always been heavily gluten based, which is 

why it had taken such a toll on her body. She 

now lives a strictly gluten free diet and feels 

“healthier than ever”. 

“Your belief in 

yourself is the only 

thing that matters” 

Before becoming a health coach Chloe 

was a self conscious teenager, desperate for a 

confidence boost. She was 19 when her hair 

began to fall out after excessive dying so she 

started to frantically look for products to restore 

her damaged hair. 

On Facebook, she came across some 

all natural mineral capsules coming from a 

franchise called Juice Plus. The tablets were 

gluten free, vegan, packed with healthy vitamins 

and had astounding reviews. Chloe 

jumped at the opportunity and was amazed 

by the results. Inspired by her new Juice Plus 

capsules, Chloe spoke to the seller of the 

product who worked independently with 

the franchise. 

The seller explained to Chloe exactly 

what the job entailed. 

“It ticked all the boxes!” 

Working with Juice Plus would give her 

the freedom to be her own boss and work 

from home or even while travelling, all she 

needed was access to a laptop. She would 

also have the opportunity to become connected 

to a network of likeminded girls doing 

the same job who could talk her through 

every step of the way. Most importantly, she 

could spend her time helping clients reach 

life changing goals while building lifelong 

friendships. 

Chloe admits that starting your own 

business is extremely tough, but insists that 

“living the dream is worth it”. She works almost 

every day: checking up on clients over 

face time or meeting up for a coffee, creating 

diet and fitness plans, advertising Juice Plus 

products on social media, helping others 

start up their business with the franchise and 

ordering products for clients over her online 

office. 

Although it’s hard to juggle all of these 

constant responsibilities, she has the perks 

of travelling whenever she wants, wherever 

she wants and getting her hands on the latest 

healthy Juice Plus products. By keeping herself 

fit and inspiring others, Chloe manages 

to make enough extra cash to go on holidays 

with her friends and family at a whim. She 

recently got back from a beach vacation in 

Cyprus and is currently planning her next 

girls’ trip to Barcelona. 

When asked what advice Chloe would 

give to young aspiring entrepreneurs her immediate 

response is “Don’t wait until you’re 

ready, because you will never be ready.” 

She goes on to explain that people often 

have dreams, but then family members or 

other people in their life make them believe 

that their dreams are unachievable. 

“If they don’t believe they could do it 

that’s fine. But your belief in yourself is the 

only thing that matters.” 

8 


5 style items 

every young 

entrepeneur 

should own 

Dressing to be taken seriously will make you stand out from 

the crowd, but a strong look doesn’t have to break the bank. 

Top London style consultant Sammy Aki says: “start your 

wardrobe investments small in areas that will have the biggest 

impact on how you feel”. These five timeless pieces are 

the best way to start looking and feeling your best. 

A wristwatch 

A wristwatch is a great way of looking mature 

without coming across as a try-hard. 

It shows that you prioritise punctuality; 

organisation and you always know where 

Loafers 

Summer is on its 

way, so don’t get 

caught in clunky brogues or 

cripple yourself with 

heels. A pair of leather loafers, 

particularly in black 

or oxblood, spells business sophistication with a 

contemporary sense of style. 

Your favourite 

blazer 

Opt for a classic colour 

such as navy or grey 

and this versatile 

jacket will stay 

with you for years. 

Choose a slim fit 

to cut a strong 

silhouette that 

will impress 

in any situation. 

A white shirt 

This crisp classic can be 

worn for almost any 

business situation 

tucked in for formality, 

or worn with 

jeans and some 

eye-catching 

accessories for 

a more creative 

look 

A pen 

How often do you hear ‘have 

you got a pen’? This is an opportunity to 

show that you are always prepared. Make 

sure you always have a dependable, 

quality pen to hand, no chewed up biros 

allowed! 

9 


How will we 

go on without 

EU? 

As the UK begins 

its departure from 

Europe, we look 

at how Brexit will 

affect Britain’s young 

entrepreneurs 

By Jarod Lawley 

10 


When Darren Croman and 

Hannah Thompson, a 

young couple from Wiltshire, 

decided to set up 

their own business, it was never going to 

be easy. “This was our first venture, it was 

very exciting,” says Darren. “We didn’t even 

know if we were going to end up living on 

rice and beans or afford to be able to pay the 

bills.” This exhilarating uncertainty is usual 

for any new entrepreneurs, looking forward 

to seeing how their idea grows from a concept 

to a livelihood. Hannah and Darren 

had been inspired to set up an inflatable hire 

company, called About-A-Bounce, after getting 

a bouncy castle for their daughter’s first 

birthday and realising how much fun it was. 

However, at the same time as they began 

the start-up, their daughter became ill. Time 

was taken up by hospital visits and massive 

amounts of emotional energy were exhausted 

on this distressing period in their family 

lives. Whatever they had left, they poured 

into the business, finding it a welcome distraction 

from the distress of hospital doctors 

and operations. But this effort was not returned 

by British banks. When seeking conventional 

business loans, they were deemed 

too unstable and risky. It seemed that their 

idea would struggle to one day become a 

sustainable business. 

The funding this year has increased 

by £100,000 compared to 2016. This comes 

even against a backdrop of pressure from 

policy advisors and think tanks to plug the 

gap in SME financing. By contrast, funding 

to Britain through the EIF has dropped 

dramatically from 27% of overall European 

equity to just 8% in 2017. Figures for 2018, 

revealed in April, are expected to be even 

lower. That’s where the European Investment 

Fund (EIF) stepped in. This European Union 

agency provides finance to small and medium-sized 

enterprises across Europe through 

private banks and funds, especially to those 

who have been deemed unsuitable for other 

forms of funding. For the young couple, 8 

months in since the start of their business, 

the funding came at just the right time. “We 

had felt rather secluded and unable to move 

forward” says Darren, “but being accepted 

for the loan helped us to expand and make 

our business move forward during these difficult 

times. We had been growing at a slow 

pace, all our funds were being used up on the 

business, but the loan gave us a rocket boost 

and helped us tap into other markets.” 

Today, the business is going strong and 

looking to expand its size in 2019, and stories 

like this aren’t unusual. EIF funding helps 

around 10,000 innovative companies across 

Europe every year, and EU venture funding 

“Find something 

you’re really 

passionate about, 

then drill down 

your plan to the 

finest details” 

is the single largest source of early-stage capital 

on the continent. However, since the EU 

referendum in 2016, the EIF has redirected 

its approach, and British ventures are losing 

out in a big way. Quarter upon quarter, UK 

directed venture capital from the EIF is falling. 

So how do young entrepreneurs stand after 

Brexit? And how will Britain’s SMEs carry 

on without access to European funding? 

In 2017 Chancellor Phillip Hammond proposed 

setting up a new fund to help fledgling 

UK businesses thrive post-Brexit. This dedicated 

fund would ensure that firms have the 

support they need. But considering the cash 

from Europe is already drying up, where is 

the money? 

Turnover has revealed through an FOI 

request that the shortfall from Europe is not 

being balanced at home. The British Business 

Bank, which provides finance for smaller 

businesses, has only boosted annually. We 

are yet to see concrete reassurances from the 

government that national funding will be 

more readily available for SMEs and startups 

in a post-Brexit world. The Enterprise Investment 

Scheme (EIS) and Seed Enterprise 

Investment scheme (SEIS) will continue to 

support investment with tax relief, but these 

schemes do not compare in terms of equity 

raised with the European funding schemes 

Britain’s entrepreneurs have previously had 

access to. So what are the alternatives, and 

what does the future look like? 

One huge and growing trend is 

crowd-sourcing. Once called ‘alternative 

finance’, it can hardly be described as ‘alternative’ 

anymore. In fact, one in four UK 

start-ups funded by equity last year were 

established thanks to help from online 

platforms such as Seedrs, Indiegogo and 

Crowdcube. “It’s a highly effective way of 

raising finance,” says Luke Lang, CMO and 

co-founder of Crowdcube, which is now one 

of the biggest crowdfunding platforms in the 

UK. “But there are benefits beyond just raising 

the capital.” 

11 


With crowdfunding, entrepreneurs are 

able to engage their customers on a closer 

level, and build new communities around 

their brands. The result is increased customer 

loyalty, customer retention, and customer 

advocacy. “For smaller start-up businesses, 

it can be incredibly powerful to engage and 

galvanise your customer base,” says Lang. 

“When you’re doing a crowdfunding campaign, 

you’re putting yourself out there and 

growing the brand, which can lead to customer 

acquisition. The longer a customer is 

in your company’s life, it gives you a stronger 

base for growth.” 

While the majority of entrepreneurs, 

from successful tycoons to young innovators, 

are sceptical about Brexit, there is an 

undercurrent of self-belief that Britain’s enterprising 

minds will keep strong and carry 

on. And Brexit might not be such a catastrophe 

after all. In a survey conducted by Turnover, 

80% of young entrepreneurs said that 

they believed fewer regulations for companies 

and starts-ups after leaving the EU was 

a likely, positive outcome for business in 

Britain. Despite the gloomy headlines, there 

is no drop in ambition for Britain’s young entrepreneurs. 

“When you base your business on something 

you truly love, you’re focussed and motivated 

to put in the long hours” says Zlata 

Rodionova, a freelance money journalist and 

business owner. Her own photography studio 

in London is a true success, and although 

she does believe that an end to free movement 

of people will have a negative effect, her 

advice for young entrepreneurs is only positive. 

“Starting a business is tough- but you 

can find something you’re really passionate 

about, and then you drill down your plan to 

the finest details.” 

So what is the future for life after the EU? 

The UK government may be unsteady with 

its own reassurances, but the strong current 

of positive attitudes and pro-active approaches 

among Britain’s SMEs and start-ups 

is certainly encouraging. 

“2018 

has been a record 

year for Crowdcube”, 

says Lang. “We’ve 

funded more businesses- 200 in 12 

months, and we’ve secured more investments 

than ever before. Despite 

the Brexit woes and concerns about 

the economy, we have experienced 

unprecedented demand from entrepreneurs, 

and the investor-appetite 

is there too.” 

Amid uncertainty, start-ups can 

thrive. After the financial crash of 2008, 

companies such as Uber and AirBnb ballooned 

and created the gig economy. Brexit 

may provide a vacuum for the next big 

movement, and Britain will be its home. It 

seems that whatever happens as Brexit plays 

out over the next couple of years, this is by 

no means a dark time for young entrepreneurship. 

12 



13


14


15

How exercise 

can help you 

achieve success 

16 


The NHS has identified that only one in three adults exercise each week in the UK. Research suggests, 

one way to be more productive at work is to increase the amount of exercise you do in a week. 

An unhealthy mind makes an unhealthy body, which could compromise “decision making, confidence 

and thinking,” Dr Chris Shambrook, the lead psychologist at Planet K2 believes. 

Planet K2, a company that works with businesses to enhance performance, believe there is plenty 

of evidence to suggest physical activity can improve results in the workplace. 

Physical activity is often underestimated, but scientists believe that exercise releases hormones 

which can improve brain health. Mr Shambrook added: “For most people, the mind works much 

more effectively when it’s in partnership with a body that’s not feeling tired and out of shape.” 

Fitting exercise into your work week is not difficult and many entrepreneurs have used it to 

motivate them. 

Even the richest man in the world, Jeff Bezos, is known to work out. 

17 


How to nail 

the business 

pitch 

One of the most important 

parts of succeeding in 

entrepreneurship is 

being able to give that 

lifechanging pitch. Here 

are our three top tips: 

Be prepared 

Do not underestimate how important this is. Sleep well the 

night before, and start the day right. Coffee can improve 

your short-term memory and lower your risk of depression 

- it’s one of the most effective ways to get you on top form 

for the day. 

18 


Be engaging 

This could be your one opportunity to get the business deal you 

want, so make yourself appealing to the potential investors. 

Personality is key in charming your audience from the offset. Dhruvin 

Patel, an entrepreneur and founder of business start-up Ocushield, 

says to “be charismatic, don’t sound like a robot!.” 

Karen Kwong, founder of RenOC, a business coaching and change 

consulting agency, says: “A business pitch that is especially compelling 

to me is one that shows that the founders want to keep learning 

and growing. They’ll look for advice and feedback, and ask good 

questions.” This can add a lot to your persona when promoting a 

product. 

Be confident 

You can’t sell your idea if you don’t believe in it yourself. Ms Kwong 

says: “The best business pitch is one that is clear in vision and strategy. 

It has to be simple, focused and well-researched. 

Well thought-out and plausible, yet exciting.” 

“Be charasmatic, don’t sound like a robot!” 

- Dhruvin Patel, Ocushield 

19 


Smashing the 

glass-ceiling with 

her stilletos 

Self-described ‘pocket rocket,’ Frances Bishop, explains 

how she runs her £1million business after 

coming third in The Apprentice 

By George Letheren Smith 

20 



21

Frances was part of Alan Sugar’s 

search for the UK’s next star entrepreneur 

in 2016 and went on a 

challenging journey. 

“People accuse me of using my husband’s 

money to do what I’ve done,” she 

says. “Now, I’m going to pay for his retirement 

- so the tables have turned!” 

In a famous interview with Claude, 

which went viral, he raged: “I don’t know 

what you’re doing here?!” 

But, Frances’ success hasn’t come 

without hard work and she believes her 

experience on The Apprentice defined 

that; although, she did apply as “a bit of 

a joke.” 

The experience led to her taking a 

year off social media, and allowed her 

to start to look for problems within her 

company. 

“I came back and I found all the 

things that were wrong with my business. 

I’d been brutally cut down on TV. They 

said ‘this is crap, this is crap, and this is 

crap. Your business is terrible!’” 

After careful consideration of the advice 

given to her, she now cites Claude as 

her “bezzie!” 

“I’ve got him on WhatsApp,” she said. 

Despite not winning The Apprentice, 

Frances’ high street children’s clothes 

store chain, has achieved rapid results in 

a quick timeframe. 

“My bank manager said that not winning 

was the best thing that ever happened,” 

she said. 

As she sipped her cappuccino, she 

described the magical moment she discovered 

what her business idea would be, 

after picking up her son from school in 

her husband’s brand new Mercedes Benz. 

“I was in Lidl car park, opened the 

boot of my car and it was quite new, quite 

an expensive car. I had my little boy in the 

back seat, screaming as they do, he was 

only six months old at the time. 

“Paint was everywhere. And I mean 

full on emulsion paint. I was stood there, 

I had a trolly full of shopping, kids crying, 

and I wasn’t bothered about the car 

- screw the car!” 

A £90 Hugo Boss jacket laid in the 

middle of the paint - which she was 

forced to replace for her son, with a five 

pound alternative from Asda. 

This sparked the idea for her new business 

venture. Frances runs an affordable 

children’s high street retailers known as 

‘The Pud Store’. 

“Why is there not a chain of shops 

in kids wear, that’s fun, inclusive, doesn’t 

care if you’ve got £5 in your pocket or 

5000?” 

Her growing success is unique, as The 

Pud Store currently has no transactional 

website and uses Facebook as a platform 

to promote her brand to her clients. 

Emphasising her commitment to the 

community, she chooses to keep the page 

closed so her clients feel a part of her 

journey. 

“This is why I feel like I can share my 

life story on there. It used to be 600 members, 

it’s now nearly got 20,000 people on 

there,” she said. 

The former Apprentice star currently 

has three stores in Newark, Mansfield, 

and Doncaster, with Barclays funding the 

opening of two new stores in March 2019. 

Just this year, her stores have made over 

£1million in turnover. 

Despite Frances’ clumsiness, eccentricity 

and scattiness, The Pud Store has 

gone onto matchstrong results in every 

store she opens. “Landlords are now starting 

to approach me saying ‘you’re the pinnacle 

of high-street retail. 

Even though you’re little, you’re doing 

what the big guys can’t’” she said. 

Frances explained how she tries to 

capitalise on the experience of everyone, 

including some of her older customers, 

who may shop for their children or 

grandchildren. 

“I do have a tendency to adopt OAP’s. 

It’s great! We can learn so much off them 

to be fair. The grandma’s come in and I’m 

fascinated to know how businesses were 

run 40 or 50 years ago. I tell you what - 

they were running a hell of a lot better 

than they are now!” 

Frances also believes that opportunities 

to work should be given to everyone, 

adding that “businesses owe society 

something.” 

She said: “We should be trying to help 

people back into employment, we should 

be inspiring them to do more and I think 

a lot of businesses think ‘well if she’s not 

qualified, then she can’t have the job.” 

Previously, Frances has said how she 

believes the key to her business success 

is to ‘kill them with kindness.’ Currently 

working on developing two new stores 

with the firepower of Barclays behind 

them, her dream is now to become “the 

Mary Portas of the high-street.” 

“People accuse 

me of using my 

husband’s money to 

do what I’ve 

done... now I’m 

going to pay 

for his retirement!” 

22 


What The 

Apprentice taught 

us not to do 

It’s the most popular business show in the country, where some of the brightest and fiercest 

minds battle to impress self-made billionaire Alan Sugar. Among all the bickering, arguments and 

boardroom clashes, here’s how The Apprentice taught these contestants NOT to be an entrepreneur. 

“But don’t let knock backs take you down. Mistakes are 

what will make your business more successful in the 

future if you acknowledge them and learn from them. 

There isn’t an entrepreneur out there who hasn’t made 

mistakes.” 

- Sarah Byrne 

“Sometimes you need to take a step back and assess 

a situation. When we are passionate and creatively 

driven in business, we sometimes want to see things 

happen straight away. What I now realise is that success 

does not happen overnight.” 

- David Alden 

23 


Entrepreneurs 

in the North 

East receive 

largest amount 

of funding in 

England 

London is left in the dark as the North East 

and North West of England recieve 75% more 

funding from the Start Up Loans Company 

By Thomas Mackie 

24 


Although only 2.6% of companies 

in the UK are based in 

the North East, per business 

the region received the largest 

amount of funding in the last financial 

year from the Start Up Loans Company, 

a government-funded scheme which provides 

funding to entrepreneurs. 

Enterprise Made Simple works with 

businesses in the North East. They support 

and train people to either start their 

own business or grow their company and 

sustain it through workshops and one to 

one support. 

Chief Executive Phil Teasdale said: 

“The North East is a growing area in 

terms of development. Over the past three 

years things have really been happening. 

There are lots of opportunities to start a 

business, the market place is growing and 

there is lots of positivity.” 

Based on the number of businesses 

located in the region, the North East received 

162% of funding. The North West 

also benefited from the Start Up Loans 

scheme and received 127% of the funding, 

while London only received 70%. 

Mr Teasdale added: “The North East 

is a deprived area and we need all the help 

we can get. There is definitely a willingness 

in terms of us growing, building and 

developing but we are behind other parts 

of the UK, so we need more focus on businesses 

and not just start-ups, but also sustaining 

those businesses.” 

The government-funded scheme provides 

low-interest loans and mentoring 

support to help entrepreneurs start or 

grow a business in the UK who might 

be struggling to access other forms of finance. 

The scheme is a subsidiary of the British 

Business Bank and supports employment 

and economic growth across the 

UK. Individuals can borrow up to £25,000 

and have five years to repay the loan at 6% 

APR. The scheme is not commercialised 

and expected losses are forecasted be- 

25 



26

tween 30% and 40%. 

According to data from the Start Up 

Loans Company there have been 59,021 

loans approved and a total of £447,953,626 

loaned since the beginning of the programme 

in September 2012. 14,150 

businesses in London have received 

£108,791,793, while 44,871 businesses 

have benefited outside the capital, with 

a total of £339,161,833 being received by 

start-ups. 

The Start Up Loans Company “has lent 

money to people in every part of the country 

and its impact has been particularly 

noticeable in areas of deprivation.” In the 

North East alone, 3,515 loans have been 

approved and over £26million has been 

lent. 

According to--– data from the scheme, 

since 2012 a total of 41% of entrepreneurs 

who started a business using Start 

Up Loans were unemployed prior to applying. 

A total of 38% of individuals also 

come from 20% of the most deprived areas 

of the UK. But Louisa Rogers, Founder of 

Newcastle based TrendListr, said: “I think 

the difficulty we have in the North East 

is that a lot of the funding available is for 

rural businesses who have little to no support, 

but when you’re in the city centre it is 

assumed that you have access to resources 

which isn’t always the case.” 

TrendListr is a vintage retailer and are 

currently working on their own collection. 

Ms Rogers added: “A lot of the funding is 

very sector specific and if you’re a business 

doing something like we are trying to do, 

where we are going into manufacturing in 

the UK, that seems to be neglected.” 

A spokeswoman for the Start Up Loans 

Company said: “In terms of the support 

we give to applicants, we pride ourselves 

on supporting people from all walks of life 

and we strive to give all applicants from 

across the UK every opportunity to succeed, 

both with the loan application and 

with their businesses as a whole.” 

Alastair Wilson, Chief Executive of 

the School for Social Entrepreneurs (SSE), 

which helps 1,000 people every year develop 

the skills, strengths and networks 

to start, scale and strengthen businesses, 

said: “One of the big problems for entrepreneurs 

is access to finance, so I think 

initiatives like the Government’s Start Up 

Loan scheme are excellent. 

“But the slight problem is that it works 

for people who are starting businesses in 

functional markets and in communities 

that are winning because they have a good 

chance of success and good local money 

circulation. 

“But how do you widen the net, how 

do you bring in communities that are really 

struggling both in terms of people 

who are facing challenges in their lives and 

communities with low money circulation. 

I think if we want to begin to regenerate 

areas of the UK that have really been left 

behind, just debt as the only tool is not going 

to help. 

Mr Wilson added: “The Government 

needs to be more creative to help those areas 

help themselves and move forward and 

I don’t think that means pumping them 

full of loans, because that doesn’t help 

areas move on. I don’t think it stimulates 

the type of self-employment and entrepreneurship 

that we need to see. I think we 

need to think about how we apply loans in 

a way that incentivises empowered behaviours, 

so I think the Government need to 

think of policy and intervention beyond 

just loans.” 

Every entrepreneur who receives funding 

from the Start Up Loans Company is 

allocated a mentor for up to 12 months to 

help them with every aspect of setting up 

their business from writing their business 

plan to marketing, but Mr Wilson still believes 

more needs to be done. 

He added: “If you are really living and 

working in one of the poorest neighbourhoods 

in the North East of England and 

you try to set up a business on a street 

where most of the shops are bordered up, 

you’re going to struggle. We need to think 

more creatively about how we build broken 

markets.” 

According to data released by the 

Centre for Entrepreneurs (CFE), which is 

the UK’s leading entrepreneurship think 

tank, there was 15,190 businesses started 

in 2018 in the North East. The region 

saw the highest increase in the amount of 

start-ups, with a rise of 13%. Darlington 

saw the highest increase in the UK, with a 

rise of 149%, while Gateshead, Newcastle 

and North Tyneside all noticed increases 

of over 10%. 

Matt Smith, Co-Founder and Director 

of CFE said: “I think about 5-10 years ago, 

[people were moving to London to startup 

businesses] but we have now seen ecosystems 

really strengthen across the UK, 

and you can raise money and actually it’s 

far less of an issue than it once was.” 

A survey conducted by Turnover revealed 

54% of people don’t think businesses 

based in London are at an advantage, 

and only 29% would relocate to the capital 

to progress. The survey had 58 respondents 

who own their own businesses in the 

UK outside of the capital. 

Although London is still the leading 

region in the UK to start your own business, 

these figures show it is not the only 

place good ideas can get off the ground. 

27 



28

Run your 

business with 

mindfulness 

It is no secret that running a business can 

take its toll, with long hours, large workloads 

and pressures to succeed. 

Research has found that practicing 

mindfulness can reduce stress and increase 

concentration and sleep quality. 

So how can you be mindful? Mindfulness 

is all about focusing on the present moment. 

Here are some ways you can do this: 

1. Meditation: Find a quiet space, 

close your eyes and pay attention to sounds 

and sensations. Focusing on your breathing 

is a good way to start. 

2. In-between tasks: Instead of 

clouding your brain with the next task, 

appreciate the moment free from responsibilities. 

3. Turn off your phone: Smartphones 

can be a major distraction. Set a time at the 

end of the day for a ‘no-phone’ zone. 

29 


South London 

printing kingpin 

Taffy Murdock describes how he tackled adversity and made a 

name for himself in the business world 

By Lisa Woods 

Twenty-two-year-old Tafadzwa 

Murdock, known as Taffy, grew up 

on a council estate in Brixton. He 

has always had a passion for entrepreneurship, 

recalling his childhood when 

he would sell sweets to his fellow classmates 

on the playground. “All my friends would tell 

me, ‘Taffy you’re going to be a business-man 

one day,’ and I always knew it.” Today, Taffy 

runs his own clothing-printing business We 

Print Clients LTD. Reaching success, he has 

worked with big names such as rap group 

Section Boyz and YouTube star Vanbanter. 

The minute hand had just reached 12 - 

signalling 6pm - when Taffy stepped through 

the doors of Peckham’s Costa. Innately composed, 

he sturdily postured himself, adjusting 

the chair to take up the shape of his body. 

Assertiveness seeped through his words as 

soon as he opened his mouth. 

“Obviously growing up as a young boy in 

South London, I saw people making money 

legally and illegally. Unfortunately, the majority 

of my friends were involved in illegal 

business. It was difficult growing up in that 

area because there were so many negative 

things influencing my decisions. I didn’t really 

have a father figure there, so it was just 

me growing up and learning for myself. 

“It’s very common to be another stereotype. 

You know, to be one more guy on the 

road. Not many people stand out and actually 

make a difference. That’s what the hard 

thing was. Many people around me thought 

if you step out of that stereotype it’s not normal, 

and the problem was, at the beginning 

I cared too much about what other people 

thought.” 

Struggling to step outside of this trend, 

in his youth, Taffy became involved in crime. 

“I was gang-affiliated at one point and was 

involved in things I didn’t want to get involved 

with. It got me into serious problems, 

serious fights and serious crimes that affected 

me as a person. 

“It got to the point where I was unhappy, 

I cracked and hit the wall. This made me 

think ‘I don’t want that lifestyle,’ and I pushed 

myself to change. I wanted a better life.” 

Taffy left college with a Level 2 diploma in 

Business. He signed up to the London Youth 

Support Trust (LYST) which assists young 

people from deprived areas to help get them 

on their feet in the business world through 

mentoring, funding and providing affordable 

office space. He credits much of his success 

to the support of this organization. 

Working hard on his business, Taffy 

was awarded a £5000 grant from Southwark 

Council at the age of 17 to further support 

his entrepreneurial ideas. This gave him motivation 

which pushed his business forward. 

“I think everyone’s biggest obstacle is 

themselves. Myself especially, but I overcame 

and realised that if I’ve done it before then I 

can overcome anything.” 

Taffy aims to expand his business further 

by hiring employees. “I want the printing 

company to be able to run on its own. At 

the moment, I’m doing a lot of things for the 

business. I want to delegate responsibilities 

to people to get things done so I can run the 

business from the top and bring new ideas 

in.” 

As well as being a successful entrepreneur, 

Taffy is also a life coach. He supports 

and guides young people to reach their full 

potential. Young people from low-income 

backgrounds. Young people who, for some 

reason or another, did not do well at school. 

Young people in Taffy’s shoes five years ago. 

“The main goal I have is helping people. 

For young people, all they need is one opportunity 

for them to get somewhere. I want to 

be that opportunity. That’s what it’s all about, 

empowering people. 

“Sometimes when we want to start a 

project or get into a new thing, we are afraid 

because of what people may think of us, or 

our circumstance or how things are at home. 

When we choose to actually trust and believe 

in ourselves and jump in the deep end, we 

find out how far we can go. Sometimes when 

we pull out our deepest fears, we are able to 

see what we’re capable of. 

“I’ll tell you now, I can’t swim by the way, 

but I know if I was put in a situation where I 

had to swim, I would learn instantly.” 

As the clock’s hand hit 7pm, the Costa 

manager politely told us we needed to 

leave as the café was closing. At this point, 

the table where we had been sitting for 

the last hour was scattered with flimsy 

pieces of paper. For the last thirty 

minutes, Taffy had reversed the roles 

and began asking me questions 

about my career and every-day life. 

Pen and paper to hand, he drew 

me personalised diagrams, timetables 

and graphs illustrating 

how I can get to where I want 

to be. 

Even as the doors shut 

on us, Taffy continued 

talking passionately about 

his life-coaching. Carrying 

an uplifting tone, he 

walked through the Peckham 

streets, nodding at passers-by, 

many of whom he 

knew. 

“I’ve actually lived my life. 

I’ve never felt so sure of myself 

and that’s the best feeling ever. 

Knowing yourself and having 

a clear conscience. I’m ready to 

push boundaries and reach the 

next level. I’m gonna grind so 

hard!” 

30 



31

Dark side of 

Instagram 

influencers 

32 


Despite a global sales force 

of 117 million people, many 

Direct Selling companies 

incorporate multi-level 

marketing into their business 

models 

By George Letheren-Smith 

33 


Multi-level marketing allows 

sellers to build and grow 

their own business by adding 

sellers who work underneath 

them. Although this is a popular 

selling technique, it has been criticised by 

many, with some slamming it as a “get-richquick 

scheme” and a “scam”. 

Business coach and author Alison Edgar 

has previously worked for Avon. 

She said: “the thing is with multi-level 

marketing is that people think you can getrich-quick 

and that you don’t have to do anything 

or that you can just put a few pounds 

in and people will buy your stuff. I think 

that is very disillusioned.” 

According to the Direct Selling Associations 

UK, Direct Selling is the selling of a 

product without the interference of physical 

premises, with the majority of sales made 

online. 

In 1991, entrepreneur Bill Gould 

formed the first digital multi-level marketing 

company called Equinox Ltd based in 

Las Vegas. The corporation sold health and 

lifestyle fitness products, in a multi-level 

marketing business model. 

By 1996, Gould had grown an empire 

worth £152 million and was ranked the 

world’s number one innovating company 

by Inc.5000, one of the world’s leading business 

magazines. 

But the collapse was shocking and left 

Equinox in tatters after Gould was convicted 

of running a pyramid scheme by the Federal 

Trade Commission in 2000. 

There are several things to spot-out for 

in a pyramid scheme, in which each person 

in the scheme gets two or more people to 

pay a subscription fee. This has many similar 

attributes to multi-level marketing. 

Promoters may attempt to offer you a 

scheme which requires a large up-front payment 

to join the business or requires you to 

recruit people into the opportunity to make 

any financial gain. 

If the seller has to explain their service 

‘is not a pyramid scheme,’ that should act as 

a red-flag to clients immediately. 

£148.6 billion was made worldwide 

from Direct Selling in 2017. In Europe, the 

latest data shows that in 2016-17, £26.3 billion 

has been made according to the World 

Federation of Direct Selling Associations. 

Another example of business which incorporates 

multi-level marketing is Forex 

trading. This is the foreign exchange market 

in which currencies are traded over the 

internet. Many users are now using platforms, 

such as Instagram and Facebook to 

offer a trading educational service, which 

loopholes any illegality as they are directly 

selling a product. 

However, they do offer an additional 

multi-level marketing service, where clients 

can grow their business and achieve ranks 

which will offer them a source of residual 

income. This is essentially when the person 

can make financial gain even once they 

have stopped investing in a scheme. 

Although multi-level marketing is not 

illegal, it is discouraged by many business 

professionals because in many cases, it 

makes people at the top of the structure a 

lot of money and people down the bottom 

much less. 

However, the normally very enticing 

sell people can offer to clients makes the 

product extremely attractive for people, 

particularly those who may be in more deprived 

economical positions. 

“If you see the big shiny pot of gold at 

the end of the rainbow, are you going to 

read the instructions on how to get there? 

No, You’re just going to try and jump over 

the rainbow,” said Ms Edgar. 

Most interestingly, there has been a 

huge increase in young people who make 

a living through Direct Selling. There has 

been a 36.9% increase in millennials 

who participate in this trade, according 

to the Direct Selling Association 

in the U.S.A, the global leading market 

for Direct Selling. 

In a Turnover survey we conducted 

with 49 young people and millennials, 

we discovered that 65% of participants 

would want to start their own 

business in the future. 

However, only 57% of the participants 

would want to start their own business with 

the other 43% more willing to join into a 

venture that’s already been set-up. 

The results suggest that there is somewhat 

a tendency for young people to choose 

an easier option when going into business, 

which could ultimately leave them at risk. 

For young people, particularly someone 

who may have a Student loan debt, an overdraft 

to pay off, or just starting out in their 

career with not a lot of money, this can be 

an attractive option. 

“The people who are targeted are undoubtedly 

the desperate, the people who 

are in debt. Because, if you’re thinking with 

your head straight, you’ve got an income 

coming in and you’re quite comfortable 

you’re not going to touch it,” says Ms Edgar. 

Instagram, a popular platform that direct 

sellers now use for their work, have 

confirmed their commitment to stamping 

out the sponsorship of content that encourages 

multi-level marketing in any way. 

Instagram failed to comment but their 

current policy states they do not encourage 

sponsorship of any companies or individuals 

who sell an opportunity which promotes 

a fast source of income for a small amount 

of investment for a client. 

The surge in young people now participating 

in Direct Selling is not just a concern 

for business professionals because of 

the dangers involved, but it represents how 

young people appear to be choosing the 

easy option. 

Nikki Hesford, who runs her own UK 

based media agency and business 

training academy, is concerned 

at the attitude of young people. 

Ms Hesford said: “There 

is definitely a culture 

around young people of 

how can I make as much 

money as possible, with as 

34 


little effort as possible. 

“When you start a business it’s not very 

often unless you’re a freelancer doing service-based 

stuff it’s not very often you’re 

going to start getting a turnover and a wage 

after a couple of weeks. It might be two years 

before you start getting a decent salary for 

yourself.” 

Julia Ruane works for Crisp Thinking, 

a company who works with leading brands 

such as Jack Daniels, Chanel and Coca-Cola 

in trying to combat the issue of non-ethical 

marketing. 

Direct Selling is a form of network marketing 

that concerns Ruane, who works to 

provide a safe space for people on the internet. 

“The internet and social web have made 

it easier for people to get those approaches 

out there and do it on mass. It’s not a case 

of someone sitting there necessarily individually 

taking a person’s profile and just sending 

them a message or a link, they’ve got the 

technology set up to do it.” 

Ms Ruane believes it’s vital that young 

people are cautious when handling a business 

opportunity presented to them directly 

via social media. 

“I would say, one, be aware of it, and two, 

if they have experienced an approach by 

someone, share that so that they themselves 

are educating their peers because a big part 

of it is helping each other understand what’s 

going on.” 

Despite the negative press that surrounds 

multi-level marketing, it is possible 

for it to be a successful way of selling. 

“If you’re going to invest money, invest 

pennies rather than thousands of pounds,” 

says Ms Edgar. 

She added, “You’re best to do that whilst 

you’re still in a job, I did it when I was still in 

school. I would use to deliver the brochures 

at night time, so if you wanted to do it as an 

additional, I think it can be a positive thing.” 

Ms Ruane also agreed and advises 

young people to just be cautious about how 

heavily they choose to get involved with 

these corporations. 

“The main thing I would say is awareness 

and education on that, so if you get 

something and you don’t know what it is or 

it sounds too good to be true, research it! 

Don’t just go and respond to it, it’s about taking 

that moment.” 

As 43% of young people would rather 

join an already existing business as opposed 

to setting up their own, ‘get-rich-quick’ is 

becoming a contributing factor as to why 

these direct selling companies, who are turning 

over millions every year, are flourishing. 

35 


8 hours a day 

“I’ll sleep when I’m dead” seems to be the motto of the 21st century, but 

research suggests adults need between seven to eight hours 

sleep a night for optimal health and mental clarity. 

Being sleep deprived negatively affects work 

performance and productivity, disrupting 

concentration, distracting you, and making 

tasks which are normally straightforward 

become difficult. 

The three richest people in 

the world - Jeff Bezos, Bill Gates 

and Warren Buffett - all get between 

seven to eight hours 

sleep a night and they have 

a combined net worth of 

over £200billion. 

International sleep 

coach Max Kirsten says: 

“We are in the midst of 

a sleep deprivation epidemic,” 

as nearly half 

of the UK’s population 

don’t get enough sleep. 

“In my work as a 

sleep coach, I see more 

and more people in business 

who are completely 

sleep deprived, trying to 

get by with what they consider 

to be just enough sleep 

to function.” 

Sometimes not hitting the 

pillow for eight hours a night is 

unavoidable because of deadlines 

or international business travel. 

But research suggests napping for 

just 10 to 30 minutes has been shown to 

build readiness and enhance productivity 

levels. 

Mr Kirsten believes “sleep should be considered 

the first pillar of health and peak performance (the other 

two pillars are nutrition and exercise).” 

“Discover the great ideas that lie inside you by discovering the power of sleep.” 

-Arianna Huffington 

36 


Take that much 

needed break 

Research suggests entrepreneurs are 

most at risk of burnout because of 

their passion for work, having no 

safety net and being socially isolated. 

Starting your own business can become 

so addictive that many work day in, day out, 

in order to make their venture a success. 

But taking time away from company is 

vital for continued growth. 

Life Coach and Business Strategist Simon 

Alexander Ong says: “Sometimes we need to 

slow down in order to speed up because more 

comes from a mind that is clear than from 

one that is always busy and overwhelmed.” 

It’s important that entrepreneurs manage 

their energy to ensure they’re able to focus on 

what’s most important. 

Life Coach Will Aylward says: “View 

downtime as a positive rather than a negative. 

“We’re told to ‘hustle’ and work obsessively 

which can make us feel guilty for taking 

time out.” 

Mr Aylward adds: “When we really enjoy 

downtime we come back to work better off 

which is a win-win.” 

37 


Time-saving 

life hacks 

Time management is a topic on every successful entrepreneur’s lips, particularly as the clocks move forward this month. As the CEO of 

Mace construction company, Mark Reynolds explains: “Many people today are time hungry.” For this reason, we have created a quick plan 

listing our top time saving life hacks. 

1. Work anywhere you can (even on the tube!) – Answering emails and making business calls while commuting to work or waiting 

in a queue saves time in the long run. 

2. Plan your day in advance – For Reynolds, diary management is crucial to maintain a healthy balance between work and personal 

interests. 

3. Always wear your headphones – You don’t need to listen to music, but the headphones will stop people from approaching you 

and taking up your valuable time. 

4. Get a good night’s sleep – Stick to a healthy routine of getting an early night and waking up early in the morning for maximum 

productivity. The NHS recommends that a healthy adult needs six to nine hours sleep a night. 

38 


Blockchain and 

cryptocurrency - a hype 

full of scams or the future 

of entrepreneurship? 

By Lisa Woods 

39 


WTF is crypto? 

If you haven’t heard 

the words Bitcoin, 

Blockchain and Cryptocurrency, 

then you 

must have been asleep for 

the past two years. In 2017, 

with the rise in value of Bitcoin, 

talk of cryptocurrency 

and blockchain entered the 

mainstream. However, recently, 

with the price of Bitcoin 

falling and the media 

focusing on cryptocurrency 

scams, many people now 

deem cryptocurrency as a 

risky hype. So, what’s all the 

drama and how does all 

of this relate to business? 

It is important to distinguish the key terms 

as there is much misunderstanding of the 

topic. Blockchain is a digital technology 

that chains information - or data - together 

with a timestamp to ensure that information 

cannot be 

tampered with. An easy 

way to understand it is by thinking about 

Google Docs. With Google Docs, all parties 

have access to the same data at the same time 

and every change to the document is recorded 

into the system. Blockchain is like this, 

however it does not need an intermediary 

like Google to regulate the data, instead it is 

self-regulated and therefore decentralized. 

It means that you can never tamper with 

the data without the other parties knowing, 

making it a secure way to store information. 

Cryptocurrency is a financial token that 

relies on blockchain technology. It ensures 

that money can be passed from A to B without 

going through a bank. Each transaction 

is added to the blockchain, meaning that 

you can see the history of cryptocurrency 

trades related to you, ensuring transparency. 

The system is decentralised and is regulated 

by miners whose role it is to answer complicated 

maths problems to ensure validity 

of transactions. Any fraudulent activity or 

attempts at hacking are noticeable and easily 

drawn out, making the model incredibly 

secure. 

Finally, Bitcoin is a type of cryptocurrency 

or ‘token’, created in 2009 by an appropriately 

unknown person or group of people 

who we know as Satoshi Nakamoto. It is the 

most well-known cryptocurrency due to it 

being the first one and consequently having 

the highest value. Although Bitcoin transactions 

are transparent, it is not related to your 

name or address, meaning your identity is 

anonymous. Olinga Ta’eed, 58, the world’s 

first professor in Blockchain at Birmingham 

City University, describes: “The whole Bitcoin 

thing came about as an anti-authority, 

anti-man, anti-centralisation, anti-control 

instrument to make money.” Other cryptocurrencies 

include Ethereum, Litecoin and 

Dogecoin. 

How does it relate to business? 

There are many benefits to incorporating 

blockchain technology and cryptocurrency 

into your business. Firstly, accepting Bitcoin 

or another cryptocurrency as a payment 

expands your businesses reach. Alessandra 

Sollberger, 30, is the founder and CEO of Evermore 

Health, a health and nutrition company. 

She funded the company through her 

investment of $9 worth of Bitcoin in 2012, 

which dramatically shot up in value. Alessandra 

says: “Of course businesses should 

start accepting Bitcoin as payment because 

it’s just about enlarging your customer base.” 

When transferring goods and services, 

some businesses have to go through certain 

regulations such as AML (Anti-Money 

Laundering) and KYC (Know Your Customer), 

especially for businesses in the financial 

sector. This aims to eliminate criminal activity; 

however, it also costs the company a considerable 

amount of money. Olinga Ta’eed argues: 

“If I can send an instant message or an 

e-mail to you and can also give you cash in 

hand, then why is it that when I want to send 

you money electronically, it suddenly goes 

40 


into AML or KYC?” He continues: “Companies 

that do that take up to 14% of the value 

and that’s a lot of money to lose.” Cryptocurrency 

is a way to eliminate the middle-man, 

which means YOU can be in charge of your 

business transactions, rather than the bank 

or government. 

So, doesn’t that mean that criminals can 

use the blockchain illicitly? In short, yes. 

However, it is not the cryptocurrency that 

makes a criminal commit a crime. Crimes 

are being committed every day with cash 

due to its commensurate anonymity. Antonio 

Straughn, 51, founder of Soundman Records, 

the world’s first drum and bass record 

label to accept Bitcoin says: “Yes, some people 

will take advantage of the technology but 

it’s not fair to say that those people who engage 

in cryptocurrency are criminals or that 

we should pull the plug on Bitcoin because 

some people are abusing it.” 

Alessandra Sollberger believes that 

blockchain technology has made starting 

out in business more accessible. “Things like 

censorship resistance [being free from government 

or bank interference], which is one 

of the properties of the blockchain, are very 

much in favour of new players and applications 

which transcend what the regulation 

jurisdiction of a specific country might or 

might not allow.” She finishes: “Overall, it is 

an incredible tool for entrepreneurs trying to 

do something drastically different.” 

ICOs or Initial Coin Offerings revolutionised 

the way businesses acquired funding. 

An ICO is a method of crowdfunding 

for a business. Start-ups create their own 

digital currency or ‘coin’ and then investor’s 

send money to the company in exchange 

for a token. Olinga Ta’eed explains: “Before 

ICOs, if you wanted to do serious funding, 

then you’d have had to go into regulated 

markets where you’d need a very large sum 

of money, it could take a long time and you 

could get turned down.” He continues: “The 

ICO market is like crowdfunding on acid. 

You say, for everyone that gives me money, 

I will give you a token, and this token could 

be worth something in the future. It shook 

people’s imagination. It is a way of liberating 

finance projects.” 

At the beginning, ICOs were an exciting 

way to raise money. Some ICO success stories 

include EOS who raised $4 billion in 12 

months, Tezos who raised $250 million in 45 

minutes and Bancor who raised $150 million 

in 35 minutes. According to ICO Data, 2017 

saw a total of 875 ICOs who raised a combined 

sum of over $6 billion. The fact that 

the market is unregulated, although making 

it easier for anyone to start their own business, 

meant that many people were scammed 

in the process. In May of last year, the Wall 

Street Journal found that 271 ICOs out of 

“The 

money is in 

blockchain” 

1,450 were “ponzi-schemes”. Due to the large 

number of the scams, the ICO market has 

dramatically declined. The following graph 

shows the funds raised from ICOs in 2018 in 

which 1247 ICOs were started. 

Saad Naja, 25, has a history in investment 

banking, for the likes of Deutsche 

Bank and Goldman Sachs, and working in 

start-ups. He is also one of the early Bitcoin 

investors and frequently talks on panels 

at blockchain conferences. Although once 

having belief in ICOs, he now believes that 

their time has gone. “To be completely honest, 

ICOs are dead. So many people invested 

in ICO in 2018 and they got burnt.” As well 

as losing money through scams, the ability 

to raise vast amounts of money quickly 

meant that some people were overwhelmed. 

“People who had no experience of growing 

a business suddenly had millions of pounds 

in funding but had no idea how to make the 

project into an actual business,” Saad adds. 

Now, ICOs have been taken over by 

STOs which stands for Security Token Offering. 

In a study, Node Blockchain, a crypto 

asset company, describes the difference between 

an ICO and STO. Instead of a company 

issuing a token that “represented nothing 

more than a promise to deliver a future good 

or service… in the case of an STO, which is 

essentially a financial security issued in the 

form of a token; investors have an ownership 

right to the underlying company and 

Number of ICOs in 2018 

or its assets.” This means that, unlike ICOs 

which are risky and speculative, STOs are a 

lot more secure. 

What’s the future? 

Many people believe that Bitcoin 

has come and gone but 

Olinga Ta’eed assures that 

this is not true. He trusts 

that digital currency will 

take over other methods 

of payments. Olinga also 

believes that blockchain 

technology will be central 

to businesses in the future 

outside of financial uses. “As 

yet, outside Bitcoin, there 

is not one application that 

demonstrates the absolute necessity 

of blockchain.” He continues: 

“It wasn’t until 

Facebook and Google 

came that people saw the extraordinary 

utility of the internet; 

blockchain is waiting 

for its innovator.” 

Saad Naja believes: 

“Blockchain 

technology can’t 

help every 

company and it all depends on 

what sector you’re in and how you’re using 

the technology. However, in the next 5 to 10 

years, everyday companies will begin using 

blockchain technology. 

“A lot of people are testing it and experimenting, 

but no one has really applied it to 

their business in a proper way. If you’re able 

to really solve platform issues using blockchain 

technology as a company, then you’ll 

make far more money.” He finishes: “The 

money is in blockchain.” 

41 


Data science c 

42 


What is it? 

Data science is the practice of extracting knowledge from data using techniques 

such as statistical analysis, computer programming and artificial intelligence. It allows 

businesses to make accurate decisions to improve their products and models. 

Why is it important now? 

Data science has developed due to the massive flood of data on the internet. Damien 

Clements, data scientist at AVADO Learning, says: “Maybe 50 or 60 years ago, 

you would have 1000 pieces of information, but now you’ve got billions. It’s really 

the shift of technology and the shift of people’s habits that makes data science so 

pivotal today.” 

Is it dodgy? 

It would be wrong to say that there are no evil data scientists, but like with most 

things, there is always a bad guy lurking in the background. With the Cambridge 

Analytica scandal last year, we saw the bad guy come to centre stage. However, 

data science is not harmful in itself as long as the data is obtained through transparent 

and consented means. 

Do I need a data scientist for my business? 

The term ‘data science’ has been thrown around so much that it may seem like the 

alpha and omega of business. For a business just starting out, it is unlikely that 

you would need to hire a data scientist as you probably won’t have enough data 

to analyse. However, as your business expands, having a data scientist on board 

is a good way of optimizing your business. A study by MHR Analytics last year 

found that 80% of UK businesses are planning to hire a data scientist or seek data 

consultancy this year. 

cheat sheet 

43 

43 


Why businesses 

need charities 

Isn’t it touching when big businesses donate a large sum of money to a well deserving charity? Surely this is a selfless act of good 

will and they receive nothing in return, right? Wrong. As the CEO of Pret A Manger, Clive Schlee explains: “Connections between 

a business and a charity has enormous benefits for both.” In light of Red Nose Day on March 15th, we are looking into how your 

business could benefit from a charity alliance. 

Firstly, the new partnership often generates 

media attention which raises awareness of 

your brand. One way of maximising your 

brand awareness is to ask your chosen charity 

to show recognition of your support on their 

website. You can also include them on yours 

to return the favour, and to let your followers 

know about your generous donation. 

If you give a portion of your 

products or services to your chosen 

charity, they can help you market 

those products by targeting their 

own members and promoting your 

brand. This can result in thousands 

or even millions in revenue. 

Working with a charity will also get you VIP invites 

to the latest business networking events, opening 

the doors to new opportunities for you and your 

company. 

When choosing a charity you should consider what 

would fit your brand identity and relate to your specific 

target audience. Schlee advises that the chosen 

cause should be “connected to the heart of your business” 

to be seen as sincere to your company’s morals. 

So be kind and selfish at the same time by donating now. 

44 


BAME 

entrepreneurs: 

the challenges 

and secrets 

Being an entrepreneur can be tough but being a black and ethnic 

minority entrepreneur can be even tougher 

By Shannon Weir 

45 


London is ranked in the top five 

most multi cultural cities in the 

world, with one in five people 

being black or of ethnic minority 

(BAME). Different ethnicities have migrated 

far and wide with the largest minority 

groups coming from Pakistani, Indian and 

Caribbean decent, creating a melting pot 

of culture, diversity and of course delicious 

cuisine. However, this diversity is not reflected 

in the amount of ethnic minority led 

businesses in the UK. Although, 13% of the 

UK’s population is BAME, only 5% of businesses 

are led by a BAME business owner. 

Most people of black or ethnic minority will 

be familiar with the saying ‘we have to work 

twice as hard to get half of what they have’. 

But what exactly is stopping the progression 

of BAME businesses? And what challenges 

are BAME entrepreneurs facing? 

When running your own business, appearance 

is everything and first impressions 

last. To make a good impression in the 

workplace, we can always throw on a suit or 

something smart, but what happens when 

the colour of your skin affects the way you’re 

judged? Faced with stereotypes of how their 

race acts in a working environment, BAME 

entrepreneurs tend to have to work that little 

bit harder to prove themselves to potential 

clients. Manager at UK Black Business Show, 

Ezekiel Leye says: “As a black man, in any industry 

I enter, they will already have preconceived 

notions of how I will behave. In some 

instances we (black people) are at the bottom 

of the totem poll.” 

Diversity campaigner and founder of Nu 

Bride, Nova Reid says that BAME business 

owners, like herself, are often not taken seriously 

as entrepreneurs. “People just assume 

that you can’t possibly be the owner of your 

own company.” She has been repeatedly 

mistaken for working in an assistant role 

at her own business. But Reid is not alone, 

according to a Harvard Business 

Review, almost half of black 

and Latina women in 

STEM (Science, Technology, 

Engineering 

and Mathematics) 

professions reported 

that they 

have been regularly 

mistaken for 

cleaners. According 

to Reid, these 

false assumptions 

are usually unintentional 

and are 

mainly due to stereotypes 

and a general 

lack of representation 

of BAME workers 

and entrepreneurs. She 

believes that micro aggressions 

are often to 

blame for harmful 

stereotyping. 

Micro aggressions 

are the 

casual everyday 

slurs and insults 

which subtly express 

racial biases or discrimination 

against 

any minority group. 

Reid uses the example 

of making jokes about 

black people always arriving 

late or “running on 

black people time”. This form 

of light-hearted stereotyping 

can be particularly damaging because micro 

aggressions are generally seen as socially acceptable 

which is why they’re often repeated 

and become stuck in our memory. This 

can result in clients avoiding to work with 

BAME entrepreneurs and businesses. CEO 

at Croydon BAME Forum, Andrew Brown 

“People just 

assume that you 

can’t possibly be 

the owner of your 

own company” 

explained that although he has never faced 

vocal acts of racism in a business environment, 

clients can often seem more sceptical 

towards him and his company then perhaps 

they would towards a white British led business. 

“You may have to go over 3 or 4 steps 

more then another company.” A general lack 

of trust towards an ethnic minority can be 

a result of repeated micro aggressions 

causing us to start to 

believe stereotypes. Reid 

says: “Micro aggressions 

do even more 

harm to people 

of colour in the 

workplace than 

any other acts 

of racism.” 

Ethnic 

minority entrepreneurs, 

who are 

involved in 

advocacy 

work, can 

be even more 

vulnerable 

to racism 

as their image is constantly 

in the public eye. After 

working and appearing in 

mainstream media outlets 

such as the BBC and 

Sky News, Reid fell 

victim to racist trolling. 

Surprisingly, not 

only did the trolling 

come from the white 

British majority but 

also from her own community 

of black women. 

Reid explains that there 

is often a lot of competition 

in business within her community. 

“There’s this fear of scarcity, in 

our community people think that if another 

black women is elevating then there’s 

no room left for them.” This is a problem 

which infiltrates into many BAME communities 

and minority groups in general. Leye 

believes that it is important for BAME entrepreneurs 

to stop seeing each other as competition 

and start working together as a supportive 

community explaining that “working 

together is the only way we can change how 

the world views (black people) us”. 

Many entrepreneurs work hard to create 

a strong social media presence and often 

create their own business websites to attract 

potential clients. However this presents another 

issue for ethnic minority entrepreneurs 

as they are at risk of being rejected at 

first glance of their profile picture because of 

the colour of their skin. Reid explains that 

her black female mentees are often scared to 

put their photograph on their websites fearing 

that clients won’t want to work with them 

due to their race. A study by Inside Out London 

proves that fears of being rejected job 

opportunities due to your minority status 

are justifiable. During the study two identical 

C.V’s were handed out to 100 job applications 

but one having a typically British name 

(Adam) and the other a typically Muslim 

name (Mohamed). Adam was offered twelve 

interviews while Mohamed was only offered 

four, that’s three times less! The two C.V’s 

were then uploaded to four job websites and 

Adam was contacted by twice as many job 

seekers as Mohamed. 

Discrimination and stereotypes are not 

the only challenges that BAME entrepreneurs 

are facing. Brown works with black 

and ethnic minority communities to help develop 

their businesses. He explains that the 

most common challenge BAME businesses 

face is finding substantial sources of funding. 

The UK government claim that they are 

tackling inequality by helping ensure all entrepreneurs 

can access the finance they need 

regardless of their background and statistics 

prove that one in five government loans go to 

46 


BAME entrepreneurs. However, Brown urges 

BAME business owners to think of other 

ways to provide funding for their business 

instead of relying solely on the government, 

advising that “they shouldn’t put all their 

eggs in one basket”. 

If a company relies solely on government 

funding, they run the risk of having nothing 

to fall back on if the government suddenly 

decides to stop financially supporting them. 

The same applies to relying on one organisation 

to fund your business. Brown’s previous 

business, Elevating Success, was funded by 

26 organisations. He says that aspiring entrepreneurs 

should ask a variety of businesses to 

fund them and they can also create their own 

GoFundMe pages to collect donations from 

the public to help them start their business. 

Every entrepreneur faces challenges and 

unfortunately, being an ethnic minority entrepreneur 

can make things even harder, but 

that doesn’t mean that you should give up. 

She also thinks that all entrepreneurs should 

BREAK 

use their profile picture on 

THE 

their website re- 

SILENCE. 

gardless Race of and their ethnicity and “if in clients the management are 

pipeline. 

Black, Asian and minority is working ethnic to create (BAME) equal opportunities people are for under-represented in 

BAME entrepreneurs and things are slowly 

business and especially in management roles. It’s time for change. 

CEO Andrew Brown says: “I may have faced 

racism, but I don’t let that hold me back.” He 

advises aspiring BAME entrepreneurs that 

if they work hard, know their product and 

believe in themselves then they will be successful. 

Afghani business owner at takeaway 

shop Pizza Pizza has faced racism in previous 

jobs, but despite this he is still hopeful 

that “in this country, everyone who wants to 

work hard will receive their goal regardless 

of their race”. 

Entrepreneur Nova Reid advises aspiring 

BAME business owners to get a mentor 

who they can look up to and develop a strong 

support network of family members, business 

peers or people within their community. 

bothered about working with you because 

you’re black then they’re not your ideal clients 

anyway”. 

Although only 5% of businesses currently 

have a BAME owner, the government 

LET’S TALK ABOUT RACE 

changing for the better. Sadiq Khan is the 

first London Mayor to put the capital’s diverse 

communities at the centre of his work 

in his new draft London Plan, this includes 

providing economic development opportunities 

for BAME Londoners. In addition, Organisations 

such as UK Black Business Show 

and Asian Business Association are working 

to support ethnic minority businesses and 

increase networking opportunities. 

There are also numerous schemes set up 

to help young BAME adults develop their entrepreneurial 

skills and build business connections. 

The MeWe360 and Creative England 

incubator programme is one of many 

schemes which provide mentoring and business 

support for BAME entrepreneurs with 

start-up businesses. On top of all this, City 

Bridge Trust has awarded a £1000 grant to 

London’s black and ethnic minority community 

organisations, some of which work 

to support BAME businesses. Manager at 

UK Black Businesses Show Ezekiel says that 

although ethnic minority entrepreneurs are 

faced with extra challenges “there are ways 

to overcome these obstacles and you should 

never let them limit you”. 

Many managers 

are uncomfortable 

discussing it and 

wary of causing 

offence 

Only 54% 

of senior FTSE 100 

leaders champion 

BAME diversity 

21% 

of companies surveyed report 

publicly on BAME, compared to 

71% 

on gender diversity 

FACE THE NUMBERS 

83% 

of HR/Diversity leaders say 

they need better data to drive 

progress on race and ethnicity 

The view from business: 

“ 

There is definitely a lack of proportionate 

BAME representation from middle 

management upwards; this is visible across 

all business areas in our company. 

There does not seem to be a real effort 

to acknowledge this. 

FTSE 100 DIVERSITY LEADER 

” 

TOP THREE BUSINESS DRIVERS 

FOR BAME DIVERSITY IN THE FTSE 100 

1. Improved business 

performance 

2. Greater understanding 

of customers 

3. Improved 

business culture 

Only 

6% 

of managers 

in the UK 

are BAME 

Full BAME 

representation 

would be worth 

£24 billion 

a year 

Businesses are 

35% 

more likely to 

outperform if they 

have ethnically diverse 

leadership 

SOURCE: MCGREGOR-SMITH REVIEW 2017 SOURCE: BEIS 2017 

SOURCE: MCKINSEY 2017 

47 

For more insights, case studies, and to sign up for CMI Race: 


www.managers.org.uk/deliveringdiversity


48

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