(Post) MBA Blog

Candace Johnson joined us here at Cambridge toward the end of November to speak to us about what it means to be an entrepreneur (she was voted in the 50 most influential female business leaders of Europe, by Time and Fortune Magazine). The title was 'Thinking Big' and you can really believe that after listening to her, as she really bubbles over with enthusiasm and a genuine passion for her field and for young entrepreneurs just starting out.

Here's what she said...

People rarely talk about the sacrifice involved in entrepreneurship (Ep). Ep is about courage - if you're not willing to sacrifice your life for a project, then forget it. Ep is about ownership and getting others to take it as well. Ep is about personal responsibility beyond money.

Candace has a very creative background, which she advised was very important for Ep; she has five degrees in music, most of which were completed ahead of time and all of which she picked up by age 22! Candace also stressed the need to want to change the world and the need to have a mentor and a protector, (in her case the Prime Minister of Luxembourg, ~1982!).

[I'd heard a lot about the need for mentors, but nothing so far about protectors, so this was particularly interesting for me]

When writing your BPlan, ask yourself "what will make me give up?", and then write the plan so that you will never get into that position.

You only ever have two or three real visions in life, and even that's a lot.

Her role models include Michelangelo, Beethoven, da Vinci and Steve Jobs. Candace also mentioned a book "The agony and the ecstasy" by Irving Stone, [which I can't seem to track down].

How to find your mentor: Call them at 7:30 every morning in order to avoid their secretary. Once you have them, make sure to never lose their trust.

When starting, Candace said it took her about three years to build up a believing team. Throughout she tried to get everything for nothing. Her line was "We don't have any money, but we're trying to do XYZ, and if we're successful, we will buy it". It works out all the time!

In your BPlan, you need to try and get the costs and revenues right and to aim to make money within 12-18 months. Remember: you don't need all the paraphenalia at the beginning!

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