By Daniel Hunter
New business advisory TV programme, Fortune Hunter, hosted by successful entrepreneur, Lyndon Wood, aired its first episode on our TV screens on Tuesday night and it gave an intriguing insight to what support is actually out there for budding entrepreneurs and shared the thoughts of some of the most successful entrepreneurs in the UK today.
Lyndon Wood is the owner of SunZu, Moorhouse Group and Constructaquote.com, and an Entrepreneur Wales Awards judge in 2015.
The first show started with Lyndon’s background story and how he invested both his time and money into various businesses but also the problems he faced along the way.
One of the most interesting subjects covered was the shared opinion by Lyndon and his guests that business plans are pretty useless to actually become a successful entrepreneur.
Lyndon said: “Business plans are full of words and phrases that mean little and fills the ego. Five months is the average time to write a business plan and focuses the mind wrong. A growth plan on the other hand is far more beneficial and really gives a laser focus on how you will grow your business. One A4 sheet not a book with your top actions to grow. List them from quick and easy to more planned roll outs.”
The programme also discussed the topic of having not one mentor, but many to educate and advise aspiring and established business owners into becoming successful entrepreneurs.
Lyndon added: “There has never been so many start-ups as now. This is driven by the alleged recession and the volume of redundancies. People are fed up of the insecurity of the 'idealistic job', salary pension fund and so made redundant usually for the second or even third time. So off they go and start the business with the money but let's not forget the more established businesses as well because there are more of those who need support. In a crisis there is opportunity as the Chinese saying says.
“However, without the right advice, the right guidance, people can fail and fall pretty easily. Not having several mentors that cover all aspects of business is one of the most common mistakes people make, it is drummed into them to "get a mentor" (that's one). Entrepreneurs require knowledge on how and when to deploy capital, where investment is required and how to both create customers and retain them, to name just a few. Ego and glory gets in the way of many people and a psychological barrier of fooling themselves that they are doing well when actually they are limited in vision and ability, which causes bankruptcy above anything else."
He added: “Anyone can start a business but few can maintain and grow one so that's the false hope that is given or should I say false perception. It's not what is said its what is not said.
“Know how and cash are the two prime components that hold back most businesses and that is why we are a nation of one man bands. Give the knowledge then more jobs will be created, then give cash, but cash alone is a route to a dead end.”
Apart from the TV show, Lyndon has been in the news recently regarding one of his businesses, Moorhouse, being fined £159,300 for failing to oversee and control telephone sales of its commercial vehicle add-on insurance products.
Lyndon added: “I like to be transparent even with my own business issues. Business does not come without challenges and overcoming hurdles, this particular issue was one that came about many years ago. The reasons why this had originally happened were brought to my attention and we restructured the board and certain areas of the business to make sure the issue was put to bed and never happens again. This is a good example that in business, you need to delegate with controls and private audits. We all make mistakes but there are always good honest ways of dealing with issues. This is why it is good to have a support structure around you to help avoid the many pitfalls.”
The first episode featured high-profile guests including CEO of Entrepreneurial spark, Jim Duffy, and, Gordon Merrylees. Head of Entrepreneurship for RBS & NatWest.
Fortune Hunter TV airs on Tuesday at 8pm, Sky 192