Alison Theaker has a passionate interest in entrepreneurship and is researching a PhD in the role of mentoring for women entrepreneurs. She explains that the majority of private sector companies are SMEs (small to medium-sized enterprises) of which 62% are sole traders. Many women start their own companies to support their families and their motivation is not to grow but to earn. Yet the myths of entrepreneurs are that they are male, seeking to grow and then sell their business. She argues that when you ask people to name an entrepreneur, the answer is normally a man (Bill Gates, Elon Musk, Richard Branson) and when asked to name a female entrepreneur, Anita Roddick is the most often name rather than Victoria Beckham or Deborah Meadon.
Alison also offers the "Theaker Rule of Three": when wanting to grow a business or start a business, answer these 3 questions:
- What is my business?
- What is my product?
- Who are my customers?
Charles Nixon returns with the future for marketers: this week considering what do changes in consumer outlook mean for brands. He also considers how saving rates and anxiety rates are rising, whilst the birth rate is declining in western countries.