Pier Paolo Mucelli“The Making of an Entrepreneur”

ENTREPRISE BOOTCAMP - Jan 2010

Background

Originally from North East of Italy (manufacturing cluster)

Father successful entrepreneur (self made)

Two brothers run a large manufacturing company (plastic card industry), exporting worldwide

Other family members set up businesses in the past with mixed success

Family witnessed several economic cycles in 60ies, 70ies, 80ies, 90ies, 00ies, and 10ies

Education / Working Experience

Graduated at Warwick University late 80ies

Specialization in international marketing in Toulouse - Sup De Co

Worked during summer as intern

First real job as management consultant, quit after 9 months

Joined university friends and worked in sales with a new company in Malaysia (manufacturing) in early 90ies

Become Vice President with worldwide sales responsibility, company exported to 100 countries

2000 failed stock market float, resigned early 2001

The Business Idea

Original idea end of 1999

Brand eOffice registered before business was born

Influenced by dot-com boom of late 90ies, emergence of new technologies and ways of working

Fascinated by design and technology, ideal to create a great workplace for entrepreneurs and small businesses

eOffice – The Concept

eOffice offers beautifully designed, high tech, fully furnished and serviced offices in city centre locations eOffice workspace is based on an open plan environment, or “office neighbourhoods” with few wall to wall partitions, where good aesthetics and design are combined with information-age technology. Main service lines are virtual offices (business address and telephone answering), hot desking (touch down), fully furnished office, meeting and conference facilitiesAdditional services include administration and online services, making eOffice a one-stop-shop for start-ups and SMEsStrong activities for members, including company visits, networking events and powerful online communities (eOffice centres provide a suitable office solution for small businesses, start-ups and self-employed, in particular in the creative, media and technology sectorsAll services are sold online, with an ecommerce platform

eOffice Soho

eOffice Manchester

eOffice Birmingham

eOffice Bristol

How did I start

Idea: Develop a unique concept, a superior offering to the current offers in the market

Funding: Received funds from father to buy a flat in London, sold it and invested in the business

Premises: rented a small room at my accountant office

Team: Initially only a part time marketing consultant, then employed cousin as sales executive, only started to employ after launch

Launch: after Sep 11th landlords become more flexible, secured first lease and launched in Soho Apr 2nd 2002

Early Challenges

Very slow take up because of economic slowdown and lack of visibility

Company loss making immediately after launch

Early technical glitches

Small and inexperienced team

Turn around

Focused on providing personalised service to existing clients

Launched Google ad campaign

Serial networking and presence at local exhibitions

Small but dedicated team

Company breaks even after 18 months

Expansion starts in 2006

Currently in 4 UK locations, soon to launch franchise scheme

Building Knowledge

Properties: Working with property consultant to identify appropriate sites. Visited hundreds of properties since 2001, hands on approach Interiors: Since 2000, visited major design/trade exhibitions including Salone del Mobile – Milano, and French/Germany/UK fairs Technology: Attending small and large technology events, including CebitStart up community: Attending smaller events targeting startup community in London and UK, and sponsoring many eventsClient Networking: Participating to eOffice networking events (Net Thursdays, Coffee Fridays, and Lunch with the CEO), to understand clients requirements. Several online group resourcesKnowledge building: Subscribing to over 50 publications, and several specialised newsletters/blogs/online resources

Tips and lessons learned

Knowledge: Prepare yourself, study the market, attend events/fair/presentation and read a lot Innovate: Whatever you do, do it better than existing providers, offer benefits to your clients

Marketing: Try different marketing and promotional activities and then focus on the most effective

People: Even with the best products/services, you need a good team around you to implement your vision

Perseverance: If you believe in what you do, be focused and patient, it takes a long time to build a stable business

The Myths of Entrepreneurship

Work for yourself: You are working for everybody else (other shareholders, your employees, banks, business partners, suppliers and clients) Great lifestyle: Get ready for longer hours, shorter holidays and more responsibilities

Make money: A small percentage of small businesses succeed and be prepared to get no salary for a long period of time

Current Opportunities for Startups

The Workforce: You can outsource several company functions and bright human resources are available at competitive conditions

The Workplace: You can work anywhere and your workplace infrastructure can be flexible, scalable and economic

The Markets: WWW (worldwideweb) gives access to global information resources and international markets as never before

Resources

Techcruch: www.techcrunch.com/

Seth Godin: http://sethgodin.com

MyeOffice Blog: www.myeoffice.com

SmallBiz Pod: www.smallbizpod.co.uk