The trio shared their personal entrepreneurial journeys, offering a candid look at the highs and lows of life as an entrepreneur. Their open responses to questions provided practical advice to students on forging their own entrepreneurial paths in business.
Importance of failure and perseverance
A recurring theme throughout the evening was the importance of failure and perseverance. Warren encouraged students not to seek out failure – but also not to fear it, commenting, “innovation comes from failing; you will never have all the answers, so be brave”. He shared that everyone learns the most through failure and emphasised that learning to embrace setbacks is crucial for growth. Peter, meanwhile, spoke about the culture he has cultivated at Nineteen, where “there’s nothing you can break that cannot be fixed.” This approach, he believes, fosters innovation and encourages collaboration.
Another key takeaway was the idea of “jumping off the cliff and learning how to fly”- a metaphor for the courage it takes to follow your passion. While this path can be daunting (one panelist even shared how he lost his house, flat, and car – before buying back his business from administrators), it’s through such challenges that true innovation is born. “Fail fast and try again,” they urged.
Building strong foundations
Warren shared his perspective on building a strong foundation for any business, starting with a solid business plan, a thorough SWOT analysis, and detailed financial projections for the next three years. He also emphasised the importance of closely monitoring finances and having someone dedicated to overseeing them.
Through his experience, Arun stressed the importance of developing people skills in addition to mastering your craft. “Become an expert in your field,” he advised. Peter agreed, noting that “if you have happy people, anything is possible.” He also stressed the importance of nurturing strong relationships with suppliers: “Business is built on trust – if they trust you, they’ll walk a million miles for you.”
The panelists also spoke about the different ways they have funded their businesses, ranging from external investment to self-funding. They highlighted an important consideration for entrepreneurs: “Do you want to answer to someone else?” The answer to this question can greatly influence decisions on funding and business structure.
Entreprenership is addictive
When asked about balancing entrepreneurship with other life priorities, all three panelists agreed that it can be challenging. Entrepreneurship is addictive, they said, so it’s essential to know when to step away and maintain discipline. Peter and Warren reflected on how building a business was easier in their younger years, with fewer personal commitments. Arun shared his approach to time management, blocking out periods each day to focus on key tasks and ensuring that he makes his most important calls first thing in the morning.
In closing, the panelists shared their final thoughts: Peter remarked that “chasing the next high never really makes you happy,” while Warren reflected on how his perspective on success had evolved over time. When he was younger, “success was often defined by material gains, but now, he values the non-material things in life more – especially time spent with his family”.
We extend our sincere thanks to Peter, Warren, and Arun for an inspiring and thought-provoking evening that delighted both students and parents alike.
