Entrepreneurs are the driving force behind many of the successful businesses in the wholesale industry, writes David Gilroy.
Are you a suit? Or are you a Nirvana t-shirt? Are you a salaried employee or are you an entrepreneur? You can’t be both. You can’t be a Cowboy Carter under a pinstripe. I have a strong admiration for and fascination with entrepreneurs. I owe my career to them. And that is why I was drawn in to watching BBC iPlayer’s documentary “The Rise and Fall of Michelle Mone”. To savour the tale of crashing and burning after flying too close to the sun. Of greed and hubris gone sour. All of my judgemental preconceptions validated. It started so well. Close associates and ex-employees lining up with their eviscerating one-liners. Self-promoting grifter, lies, deception, aggressive and delusional. Then as the story unfolded another side of Mone’s character emerged. Determination, hardworking, the vision, drive, creativity, tenacity and resilience. She propelled herself from a poor upbringing with next to no educational qualifications to building a successful lingerie business and becoming a peer of the realm. Although tainted, I came to respect her achievements. One of the most telling statements by Mone was that she knew nothing about lingerie and could just as well have started a tyre business. In other words, she was an entrepreneur first – seeking out opportunities.
Every commercial enterprise large or small starts with an idea and often with one person championing that idea. In our industry there are many thriving entrepreneurs and family firms. The stand-out must be Sir Anwar Pervez. He started Bestway in 1976 and has grown it into an exceptionally successful multi-billion pound, highly diversified, very profitable, well stewarded privately owned company. Many people associated with wholesale (including myself) owe much to Bestway.
Over the last twenty years I have worked closely with entrepreneurs across retail, tech, marketing and wholesale and at various stages in their business life cycles from startups through to mature. I have noted some common characteristics and patterns. First up and most important is vision. The vision provides direction and serves as the north star guiding every business decision. Entrepreneurs identify opportunities that others overlook, and they imagine possibilities beyond current market offerings. Their vision is not only about profit but often rooted in purpose. Whether it’s solving a societal problem, improving lives, or revolutionising an industry. Vision enables entrepreneurs to see the bigger picture and maintain long-term focus, even during short-term challenges. Passion is often cited as the fuel that keeps entrepreneurs going when things get tough. The entrepreneurial journey is filled with highs and lows, and passion provides the inner drive to persevere. Passionate entrepreneurs are deeply committed to their mission and are more likely to invest the time and energy required to succeed. This intrinsic motivation also inspires others—team members, investors, and customers.
From my perspective attitude to risk is what really marks out an entrepreneur. Starting a business inherently involves risk—financial, emotional, and reputational. Entrepreneurs are not reckless, but they are calculated risk-takers. They assess the potential downsides, mitigate them where possible, and are willing to act despite uncertainty. This courage to take the leap is a defining trait. Importantly, successful entrepreneurs don’t fear failure. They view it as a learning opportunity and a necessary step in the innovation process. Setbacks, rejections, and failures are inevitable parts of entrepreneurship. What differentiates successful entrepreneurs is low anxiety levels and their ability to bounce back. Resilience is the capacity to recover from adversity and maintain a positive outlook. Perseverance is the determination to keep moving forward, even when progress is slow or obstacles seem insurmountable. Entrepreneurs with these qualities are more likely to sustain their ventures and achieve long-term goals.
Cash is king and while not all entrepreneurs come from financial backgrounds, a basic understanding of finance is essential. This includes budgeting, cash flow management, pricing strategies, and understanding key financial metrics. Entrepreneurs must be able to make informed financial decisions, attract investment, and ensure the long-term sustainability of their business. Mismanaging finances is one of the top reasons startups fail, so financial literacy is a must-have skill.
All the entrepreneurs I have worked with are inveterate networkers and relationship builders. They rely heavily on relationships—with investors, mentors, customers, suppliers, and partners. Strong networking skills help entrepreneurs gain access to resources, insights, and opportunities. Building a robust network can provide support, open doors, and accelerate growth. Moreover, effective entrepreneurs know how to maintain these relationships by being authentic, reciprocal, and value driven. They also seem to have the ability to use other people’s resources to support their business.
The freedom of entrepreneurship can also be a trap without discipline. Entrepreneurs often juggle multiple roles and responsibilities, requiring them to manage their time effectively. I have found that the best operators have the self-discipline to allow them to stay focused, prioritise tasks, and meet deadlines. Time management ensures they are working on what matters most rather than sweating the smalls. No entrepreneur succeeds entirely on their own. Building a successful venture requires assembling and leading a capable team. Effective entrepreneurs possess leadership qualities such as empathy, communication, vision-sharing, and the ability to inspire. They know how to delegate, build trust, and create a culture that fosters collaboration and innovation. A strong leader attracts talent and keeps the team aligned and motivated.
Markets, technologies, and consumer preferences evolve rapidly. Entrepreneurs must be adaptable, willing to pivot their strategies in response to new information or changing circumstances. Flexibility does not mean lack of direction; instead, it is about being open to feedback and adjusting plans when necessary. Entrepreneurs who can adapt are better equipped to sustain growth and remain competitive.
All the entrepreneurs I know personally have at some stage put it all on the line in pursuit of their dream, including life savings, houses and loans from friends and family. This is borne out by the academic literature on the subject. How much do you want it? Are you a Guns n Roses t-shirt or are you a suit?
David Gilroy, Store Excel
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