#026 Interview With Jim Duffy

Jim Duffy co-founded Entrepreneurial Spark in 2011 with the aim of creating an entrepreneurial revolution across the country. As a best-selling author and entrepreneur, Jim went on to help persuade the Scottish Government to establish the Edge Fund, a £1m award scheme for start-ups. In today’s inspiring interview, your host, Ray ask Jim for his best advice and insights into how to raise money and scale start-ups. Discover how to read people, live by a disciplined code, act empathetically in nature, operate gladiatorial in business and never take your eye off the ball. Learn how to focus on the people behind the business, and the mindsets and behaviours needed to take your start-up to the next level. Tune in to the How To Raise Money podcast to hear this exciting interview. KEY TAKEAWAYS Entrepreneurial Spark is the world's largest free business accelerator offering business support to start-up companies. Founded in Glasgow, Entrepreneurial Spark is funded by private capital, contributions from public sector organisations, and corporate sponsorship. Jim and his co-founder Brian McGuire have helped more than 100 people set up their businesses. Between them, those businesses are creating jobs, earning money and establishing themselves. Ray: What do you think the main obstacles are when it comes to scaling business startups? Jim: Entrepreneurs have an unrealistic expectation around managing cashflow and dealing with money. The biggest thing nowadays is that entrepreneurs need to educate themselves on understanding money and how to manage finance. As an entrepreneur you need to be accountable and know your numbers, otherwise, your investor will bring in their own guy. Ray: What advice would you give to someone looking to scale up their business? Jim: If you’re looking to scale you must have a business model that works, you must understand the investor's money in order to secure finance. If you are looking to secure investment you need to communicate with them and bring them on your companies journey with you. BEST MOMENTS “I told the banks if they wanted to invest, they’d have to move right away” “Having a good pitch is essential when looking to raise finance and you must have a great follow up to make sure you can secure investment. It’s important not to lose sight of the goal and respect the whole process of raising finance, not just the 3-minute pitch.” “It’s about the mindset and skill sets of entrepreneurs,  applied to normal people’s lives.” “Create something new and disrupt the landscape of entrepreneurs.” “Pitching with passion led me to become successful, learn from every question and that will help you in the future.” VALUABLE RESOURCES https://www.angelsden.com/en-gb/events/ www.entrepreneurial-spark.com/ Create Special: Think and act like an entrepreneur to change your life - Jim Duffy Jimduffy.com ABOUT THE HOST Ray McLennan is a keynote public speaker and former corporate solicitor who has many years of experience owning and operating a variety of businesses in the UK and Ireland. Ray is the Regional Manager for Scotland & Ireland for Angels Den, which has over 13,500 high net worth Angel investors that help to find funding for property and SME businesses. Ray also helped to create Property Angels Den (PAD) in Sept 2014, which matches High Net Worth Investors with property proposals of all sizes. PAD now meets regularly and has funded dozens of property projects all over the UK. CONTACT METHOD [email protected] [email protected] Howtoraisemoney.co.uk Nigeltbest.com