15 February 2018
Entrepreneur, reggae musician, chef, television personality, author, and (newly-found) actor – you could say Levi Roots is a man of many talents. However, a ‘jack-of-all-trades, master of none’ he is certainly not.
Levi (real name Keith Graham) is arguably one of the most prolific examples of an entrepreneur turning a small family business into an international, multi-million-pound turnover business - an entrepreneur in every sense of the word. Perhaps most well-known for his appearance and success on Dragon’s Den, Levi and his Reggae Reggae Sauce have taken the world by storm (even outselling the brand leader for a period of time).
His keynote speech at the launch of Scaleup North East left the Stephenson Suite of Newcastle’s Crowne Plaza teeming with a sense of inspiration and motivation. There was an undeniable 'entrepreneurial' energy in the room!
He took the audience on a whirlwind journey from his humble beginnings in Jamaica to 'slaying the dragons' and building an empire worth tens of millions of pounds. Here are 5 things we took from his speech:
Money flows through your clenched fist - you need to know how to use that money.
The phrase ‘cash flow is king’ is something you hear quite a lot in the world of business. Making money is one thing, knowing what to do with that money is another. As quick as cash comes in, you'll soon see it going straight back out to pay for equipment, property, and debt/loans. Knowing in advance that you may be short of cash means you can plan in advance.
You'll also quickly realise that not all customers pay on time. According to Government statistics, a staggering 20 per cent of small businesses run into cash flow problems because of late payments. Understanding your business's cash position with a critical, self-evaluation will put you in a much more stable position in the long-run.
Use YOU as a brand.
You are one the most important assets your business has. It’s human nature that people prefer to connect with, and trust, people rather than faceless corporations. The Reggae Reggae Sauce brand is Levi Roots - he's embodies everything about the brand. He's a walking example of the power you have as an ambassador for your brand. Levi went on to explain: “It’s about you - the person and the personality. That’s what makes a business.”
Mentoring is so important, in business you always need someone who knows more than you.
Many business owners seldom turn to others for help, and as our latest For Love or Money research found there is a degree of isolation associated with running a small business. Mentoring one way of combatting this and it can come from many different angles. It could be a business coach/advisor, supplier, peer, family member, or even competitor.
Having Peter Jones as a mentor during the scale-up stage of his journey clearly propelled Levi forward in a way that may have taken many years (or may have not even been possible) otherwise. While not everyone will be fortunate enough to have a ‘dragon’ by their side, having a trusted advisor can help unearth the real potential of your business. It doesn’t matter how good you think you are, you will always benefit from the advice of someone who knows more than you.
You need to be passionate about what you’re doing.
This speaks for itself. Hearing Levi articulate the story in the way that he did, you’d be left in no doubt that his passion has been a key a factor in his success. If you don’t love what you’re doing, then the long days will seem a lot longer. Passion is what drives entrepreneurs to go that extra mile, to continue when the odds seem stacked against them.
Believe in yourself.
As Levi rightly explained, there will be people who doubt you. There will be times when you doubt yourself. And there will almost certainly be times when you think about throwing in the towel and giving it all up. Entrepreneurs believe in themselves when no one else does - that's ultimately what separates those who get where they want to be and those.
