Global Entrepreneurship Week- Day 3

Today we bring you an interview with successful investor Tom O’Gorman who recently met with Dearbhla Knight from the Entrepreneur’s Club.

Tom has been an active investor and Seed Capitalist to Businesses for over 40 years. Investing in the oil, gas and mineral exploration sector, Tom was the Founder and Chair of Cove Energy PLC (sold for $1.9 Billion), and an investor with successful exits from a number of Companies including Avoca Resources PLC and Petroceltic PLC.  He is also a Director and former owner of a number of private hotels in Ireland, including the Blarney Hotel and Golf Resort as well as The Clybaun Hotel.  Tom is currently the Director of Westmount Energy PLC.

Tom is passionate about entrepreneurship and the benefits of people learning and developing a strong business acumen and using this experience in the wider world. In Tom’s opinion, you not only need discipline and self-control in business, but you also need to be realistic in your objectives and to do a lot of research before you try to move a business forward. 

Hear more from Tom by watching the video below.

We also have a Q&A with Max Mackin, an entrepreneur and movie buff from Belfast. Max had a very short-lived school career due to contacting polio, fortunately, these circumstances didn’t hinder Max’s determination. He moved to London in search of work and managed to pursue a successful career in recruitment, eventually working his way up to Operational Director for a worldwide based consultancy in London’s busy West End. He now owns two thriving Recruitment Agencies in Belfast's City Centre: Black Fox Solutions and Reactive Recruitment.  Max  recently did a Q&A through our Virtual Entrepreneurs Club MS Teams site, where he discussed resilience in business. Check out the video as we celebrate day 3 of Global Entrepreneurship week!  

Finally, we have a ‘Meet Your Local Entrepreneur’ profile from That Prize Guy  

What is your business?

My business is a skill-based competition business in which people participate in draws for the chance to win prizes. 

Can you tell us a bit about your background and how you came to run your own business? 

I was working part time in an O2 store before going back to University for my final year. I got into a conversation with someone on a training day who told me about his brother who ran raffles for cars and was doing well. I spent a few months researching the legal requirements and decided to take the step into trying it for myself. I was studying International Business as a mature student in Liverpool and I have always had the intention of being my own boss. I've worked in every job you can imagine, but I'm not cut out for 9-5 life. Business is all I've ever studied and been passionate about and being in University gave me the time and know how to start out. 

What has been your biggest success to date?   

There have been a few goals I have set along the way to challenge myself and allow me to gauge direction. My biggest success was hitting over £1 million in sales in less than 12 months. To see how far it had come in such a short space of time was incredible.

Have you had any mishaps along the way? How did you overcome them? 

I've had a few, but it’s how we learn. The main problem I encountered was having money frozen by Paypal and losing my payment gateway. I had to close for a month and find alternatives, which was costly on time and money. I found an alternative option, which was awful, so much so I considered stopping. I was then contacted by another payment company who could offer me the service I required. 12 months on with this company and business has never been better. 

What have you learnt in running a business that you wish you had known before you started? 

That it's much more than 9-5, its all day every day, you learn, you adapt, you make changes, and the customers are important. People do not just buy into your product/service, they buy into you. 

What key pieces of advice would you give to students who are interested in setting up a business? 

If you have an idea for a business and people tell you it won’t work, ignore them and do it anyway. Ask them why it won’t work and overcome the obstacles they give you before they happen. Enjoy the small wins and when you think it’s not going to work, keep going. Only invest what you can afford to loose, don’t be afraid to make changes and seek advice.  

Any final thoughts?   

Starting your own business will be the hardest, scariest thing you can do but it’ll be the best. People will have opinions on it and people will put you and your ideas down, they’ll laugh and expect you to fail so they can say I told you so. Don’t worry about those people!  I remember the turning point.. One day I was sitting on my living room floor in disbelief listening to ticket sales ping on my phone. If you believe in your own ideas, you'll always make it work. 

All activities and interviews from Entrepreneurship Week can be found on the  Virtual Entrepreneurs Club Teams Site.