10 Questions with Dean Richmond, Founder & CEO, Pets Corner
Q. What morning routines do you have? (Odayne, Sir George Monoux College)
A. Everyday is different. It could start with a PT session or a hangover but always early. I like to get to where I’m going early to maximise the day or deal with emails in peace. Most of my time now is spent meeting people during the day so I have clear ‘my work’ at the start or end of the day.
Q. How do you assess if an idea is going to be effective? (Musa Baltasli, Sir George Monoux College)
A. It’s very much gut instinct and I’ll only invest or move forward with an idea if it’s an area I understand. If it is then the decision is usually very easy. I never invest in businesses that won’t produce profit (mad .com valuation led businesses do not interest me) or aren’t sustainable (in the monetary sense).
Q. Did you always want to be an entrepreneur? (Ellie, Amersham College)
A. Yes
Q. How did you find the people to make the dog food or did you already know them? (Emily Wren, Sharnbrook Academy)
A. I honestly can’t remember but like with most contacts in life and business you just have to get out there and meet as many people as possible. Don’t rely on Social Media, you’d be amazed how many valuable connections you can pick up when speaking with people.
Q. How do I initially get my products out there if I have got no connections? (Izzy, Sharnbrook Academy)
A. It depends where ‘there’ is. When designing your product you should be thinking about the sales plan and how you’ll market the product and where/who to. Understanding that at the start makes selling it easier later.
Q. How busy is your schedule? (Conor, Sharnbrook Academy)
A. If I’m honest at the moment not very (50 hours a week) . I’m very lucky as I have a great team around me. That will change though, it’s a lull before a storm as I am finalising projects and need some new ones to get my teeth into.
Q. What makes a business very unique in a mass market with lots of competitors? (Jess W, Queen Anne’s School)
A. That depends what the mass market is doing but as smaller player you need to say/.have a different message and target that specifically at your consumer. Also don’t ignore service. People still like humans and amazing service.
Q. How do entrepreneurs brainstorm ideas? (Mohammed Amaan, Accrington Academy)
A. All of the time and usually they come when you least expect it. Either from something I see or discuss that isn’t connected to my business. I’m constantly thinking about my business and how I can use ideas to make my own. When you have the idea write it down straight away!
Q. How did you find your unique selling point? (Oliver Kalugin, Leicester College)
A. I had to because I couldn’t beat the dominant player in our industry. Their dominance is also their weakness. No business can ever be everything to everyone, you just have to find the customers who don’t favour your competitor and offer them something better.
Q. What form of market research did you find most helpful and why? (Alisha Banga, Leicester College)
A. We’ve only ever done one focus group. My knowledge comes from 31 years in the business. It gets easier the older you get. You know more, you know more people and usually you have a bit more cash to make your ideas develop. Everyday you work on your business you’ll be getting that little bit better, just don’t lose the drive and focus and you will succeed if the product is right.