Interviews

Dr. George Redhead | Assistant Professor of Entrepreneurship at Norwich Business School at the University of East Anglia

"Entrepreneurship is all around us... why do we worship some forms of it, while completely overlooking other forms."

Watch the Podcast on YouTube!

The top 1% (the Apple, Nvidia, Tesla's of the world... and all of the AI companies too) are constantly showcased and get tons of coverage on the news and social media everyday. It can be a bit tiring and unrelated to normal everyday lives of regular citizens of the world. Sure, Elon Musk is a Trillionaire and now... but how does this help us... what do these companies actually do for us (the average person)??

"Entrepreneurship is all around us... why do we worship some forms of it, while completely overlooking other forms."

This is where Dr. George Redhead shines.

"Everyday Entrepreneurship"

He specializes in business and entrepreneurship in rural communities and underserved areas. Studying what can the 99% do to solve problems, to serve the community, care for environment and make the world a better place through entrepreneurship.

https://research-portal.uea.ac.uk/en/persons/george-redhead/

We chat about the MVP (Minimal viable product) which is basically the the barebones way to test out your business idea before jumping into the deep end and spending all of your time, money and resources on a specific idea.

To analyze the environment, solve the problem, test your solution and to keep tweaking it until it works. To see if there is a market on whether more people are interested in buying the product or using the service.

This happens at all levels of business no matter how big or small. To keep testing, and revising, almost like it is a science experiment. But instead of glass beakers and vials, it's whatever you're building! Could be headphones, a watch, a mobile or web app, making music, a new recipe for a restaurant, a new drink recipe, etc. The process of iterating is on going and continuous, but you have to start somewhere!

The minimal viable product is the way to start!

Get started by boiling down the solution to the problem and get it to market as fast and as cheaply as possible to get something out in the world!

Using entrepreneurship to revitalise communities

With the rising cost of living, we are seeing more people move out of the bigger and more expensive cities and choosing to try living in smaller towns that are still within commuting distance to a major Metropolitan area.

Because of the devastating effects of Covid, this forced many small businesses and pubs to shut down. So this is where the entrepreneurs come in and try to add value to the town. To help revitalize the area and make it attractive to people and give them a reason on why they'd want to live in the area. Also shows how important understanding the local community and the members are.

https://research-portal.uea.ac.uk/en/publications/adopting-place-how-an-entrepreneurial-sense-of-belonging-can-help/

"You can be the change you want to see in the world, you can use entrepreneurship for social change"

Another topic we chat about is the Triple Bottom Line (People, Planet, Profits). How we consider all of these factors into a business model and idea.

To make sure that the people actually want this product or service. How can we reduce the outputs from our business practices. And to ask the question, on if this venture is profitable. Can we sustain doing this for now and in the future?

We also chat about how these legacy businesses/ entrepreneurs are constantly adapting and up-skilling as the business environment changes everyday. To learn these new tools like AI and know where to implement it correctly (depends on your customer base). Some customers are fine with an AI generated food advert, while others are more apprehensive. So it just shows how important it is, to truly understand your customer inside and out!

Timing in entrepreneurship is also an important factor.

You can have a great technology and product but if it is not timed correctly, then it can seem as a flop. We chat about the inventor Sir Clive Sinclair with his C5 (electric vehicle) that was one of the catalysts to EVs today!

Sir Clive Sinclair and his C5 Electric Vehicle

So this go back to the MVP - Minimal Viable Product again. To test and iterate as you build and go on. Start small, and as the snowball rolls, it gets bigger and bigger as you continue on in your entrepreneurial journey.
Keep learning and see what the market wants and needs. But you're gonna have to throw a lot of spaghetti on the wall to see what sticks and what doesn't.

So as a regular person, what can you do today???

Get a piece of paper, write down the idea. Break it down to the bare bones of the business (MVP).

Example of selling popsicles.
Make the popsicle, store it, get a table and money box with some change or a way to accept tap to pay, etc.

Want to start your personal brand?
Find a template on Canva, use some Ai tools to help with some aspects of your substack/website/blog/social media, make an intro video, and post it.

Printing problems at the lobby of your flat?
Get a printer. and A money jar.

The barriers of entry have come down so low. So keep trying new things and iterating and improving as your continue the journey. It's not easy, but getting started is such an important step!

Entrepreneurs are vital to the communities as well.

Whether rural town or metro city. They make pubs, restaurants, cafes, and provide services to the people living there. If your suit needs dry cleaning, need to replace something at your home, some groceries, phone repair, etc. Entrepreneurship is all around us and we can do good, serve the people around us, as well as make a living off of the things we do.

From a social aspect as well. People by nature are meant to chat and interact in person with their friends.

"...And when a pub shuts, it's not just a business shutting down. You know, that's a community space shutting down. That's social interaction shutting down. That's the neighborhood meet-up spot shutting down."

So take the risk! Entrepreneurs are important to the world! Do your market research, keep trying, and trying and trying again! It's not easy but we are on your side!

George wants people to enjoy the entrepreneurial journey, and show that the average person is just as important as the 1%. The regular person can solve problems, serve their community and it's members, as well as provide value to the world through business.

Please support and check out the great research that Dr. George Redhead is doing just across the pond in the UK!
https://research-portal.uea.ac.uk/en/persons/george-redhead/