One of the many ways to ‘Get better at business’ – Being Smarter’s mantra – is to be inspired and emulate people who have been there and bought the t-shirt. Thanks to the BBC’s Dragon’s Den, James Caan is now a household name here in the UK. His relaxed style and friendly nature towards nervous entrepreneurs in the Den has made him one of the favourite dragons to do business with.
I was intrigued by him and wanted to learn more. James Caan’s autobiography tells quite a story. It is of course rags to riches – as with all good inspirational reads, however he has got there not through being all ‘Alan Sugar’, banging the desk and trampling over others to get to the top of his game, he’s got there through gritty determination, smart thinking (that bit I really like) and with a smile on his face as he inspires others around him.
It’s an excellent read and tells a good story. I’ve picked out the ten lessons I learnt from James’s story below:
- James encourages everyone to “Observe the masses and do the opposite” – it’s the only way to make it big, keep ahead of curves and stand out from the crowd.
- “Successful businesses are about successful relationships, not about successful transactions.” He actually asks partners and suppliers whether the deal they’ve just struck works for them… he doesn’t want to see them going away unhappy, as he argues it won’t work in the long run. Smart advice.
- “There is little point in hard work if you can’t take time to enjoy the rewards…” learnt from his father. Do you enjoy the rewards?
- “I would have nothing but cornflakes until pay day” is not a great lesson as such – But shows you how far you can come when armed with nothing but tenacity and passion for what you are doing.
- “If you’ve got nothing to lose, it’s amazing what you can get away with”. Think about that – always ask yourself what do you have to lose…
- “If you don’t have a Unique Selling Point – you’re dead in the water” – simple, sound advice anyone reading this should ask themselves.
- Constantly “put yourself in your customers’ shoes.” Make yourself feel what they are feeling and react accordingly. He did this, changed his strategy and literally created a (multimillion pound)business from nothing. Page 106 is inspirational.
- “It’s amazing how changing your state of mind can change everything else.” Positive mental attitude and thinking outside the box are so key to running a successful business.
- The 1992 recession taught James not to put all of his eggs in the same basket – he became close to being wiped out and promised he’d never do that again.
- Throughout the book, James talks about asking questions… he’s asked lots of them and by asking the right ones has found angles and opportunities to exploit.
If you’ve got some time – it’s a great way to spend £5…
Related articles
- The Seven Imperatives Of Success (beatschindler.com)
- Dragons’ Den backs edible playdough (cbc.ca)
- When checking out a “guru,” ask for the back story… (swimbert.wordpress.com)
- Know your numbers (startupcfo.ca)
- Generous dragons do best! (cambridgecluster.com)
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