- And every single one of you can have a life,
and have a great life.
You make your own luck in life every time,
and every entrepreneur makes their own luck.
You must have a product you believe in,
a product that will sell, a product that people want.
If you work hard, if you deal with customers
and you talk to your team,
that's the best way to motivate them.
People are going to have children, they're going to get married,
they're going to do a lot of things, and they never plan ahead.
You're the first person in 21 years in my career
who's ever asked me, knocked on the door,
and asked me for a job.
It is easy. - Isn't it?
- Everybody could do it.
There's not many people who don't do it.
Anyone could go and start a business.
- He's a Scottish entrepreneur, philanthropist, and author.
His business interests includes hotels, health clubs,
spas, media, TV, property, and transportation.
He's most famous for his appearance as a business angel
on the BBC program, Dragons Den.
He's Duncan Bannatyne, and here's my take
on his top ten rules of success.
- It's this moment, you get the phenomenal opportunity.
And every single one of you
can have a life and have a great life,
and have money and have a privileged future.
The only person stopping you is you.
- Do you think luck ever comes into it?
- No, you make your own luck.
I think you can find somebody who's stepping in the doorway,
and he said he's very very lucky
because he's passed this doorway one day,
and it was empty, so he stepped in there.
You make your own luck in life every time,
and every entrepreneur makes their own luck.
And I don't know anyone who started out as a business man
and not had a bit of good luck
and a bit of bad luck in equal proportions.
Not very often.
The product is a very important part of any business.
You must have a product you believe in,
a product that will sell, a product that people want.
Or in the case of the children's stage school
I invested in Fazzmatazz with Denise Hahn,
you have to have a product or a service that people want.
And that was recognized by Denise she recognized that
people wanted this type of skills.
And absolutely now franchise that and then fantastic.
It's a great company.
When I was there I worked in a bakery
to supplement my income
car ocean, buy the odd car.
Sell it.
And one day I saw this beautiful pilot car
I thought to buy that and start a business.
I paid 450 pounds for it.
I just get in.
Yes please.
Hello.
What can I get for you?
- An ice cream.
The green ice cream. - Green ice cream.
- [Narrator] It was here in Stuart's Park
that Duncan acquired the exclusive license
to sell ice creams.
- [Duncan] This really started making me a businessman.
A few people have got to realize the goal
is, I'm going to make Duncan Bannatyne rich.
You've got to go and do it yourself
you're going get off your back
and go out and actually do it.
Thank you!
This is (mumbling) I remember it
being a lot busier when I was here.
Many situations are different but the best way to motivate
your team is to lead by example.
If you are early in the morning if you start
eight o'clock near that half-past seven
if you leave last then you're motivating your team
as to when to start and when to finish.
If you work hard, if you deal with customers,
and you talk to your team
that's the best way to motivate them.
Apply in your life plan.
If in business we plan for five years, the finances.
That people are going to have children,
are going to get married, they're going to do a lot of things
and they never plan ahead.
- [Woman] - Right isn't a plan ahead
business plan.
One of the most important things about a business
is the people.
The people that you employ, the people that run
your business because when you're a successful businessman
you don't run the business.
You (mumbling)
One of my most successful guys is my Madison director
who stayed with me in a coach department.
And he just (mumbling) they develop from the
coach department to commercial director
and you know his management over the Bannatyne Group.
And all employees have got the opportunity and a chance
to expand on my company
if they work hard enough.
Did the thing that nobody in Britain ever does
my ex-wife and I Gail and I went around knocking on doors
asking for work.
Went to local bakery I said to the personal manager
I said for a job, she said no.
When someone else has.
Two days later and they interrupt in morning the phone rang,
it's personal manager from the bakery.
She said, "I've been thinking about you."
She says, "You're the first person about 21 years
"in my career's who's ever asked me,
"knocked on the door and asked me for a job."
You'd have to go and look for employees.
So she referred me to a jobsite
where my wife, she was my wife at the time.
At the bakery my job was to get the bread
trays, come out the bread bakery and put them on the pans.
My girlfriend's job was to get the cherries
and put them on the big tarts, it was a system.
It was a bit monotonous but worked eight shift
worked all over the time.
Got the payroll up and my (mumbling) mortgage.
The organizational structure it's very important whether
you have a pyramid structure where you have
a lot of regional managers and then
report to another manager and above them.
Or whether you just have a Lane management
it doesn't matter.
Whatever works for you, whatever works for the business
depend on the business
is the best thing to do.
But you must have a structure that works,
a finance department over here,
a management department here that must
all come together and run a business
otherwise you don't have a business.
- I say this is your third book.
I mean the first one was Anyone Can Do It.
The second one was Wake Up And Change Your Life.
How To Be Smart With Your Money.
It kind of makes it sound easy but it's
it's not that easy, is it,
or everyone would be doing it.
- It is that easy. - Is it?
- Everybody could do it.
There's not many people who don't do it.
Anyone can go and start a business I mean you know.
- A successful business?
- You know I was not educated. I left school at 15,
I joined our Navy, I got thrown out when I was 19-years-old.
I spent six months in clink, I spent a few days
later on few years later.
I couldn't go job.
And I started a business because it couldn't go job.
And I was 29 when I started.
(mumbling) I was 29 and I started the business.
- I see your story is well documented and
you've you know summarized it very well there.
And it fascinates me I mean basically up 'til 30
you were a bit of a bum.
And I see that. - Yeah.
I was a beach bum.
- Scottish, you know what I mean.
And then within seven years you were a multi-millionaire.
What did you start doing differently?
You must have start to do something differently.
Well I started in business by selling ice cream.
I bought the opposition brand
and I bought three more brands and I went from there.
And then I decided that was going to be a national business
build a brand new house obviously.
Single bedrooms.
I sold everything I sold my house, my clothes, television,
my ice cream business, my car, everything.
And the mortgage a lot of money and credit cards.
And I knew the National (mumbling) was opening
but worth more where it cost when I paid off on the debt.
- I still think something must have clicked in your head.
Does it help having nothing to lose?
- Yeah, absolutely yeah.
- 'Cause you say you know you sold out.
But if you if you've got a family already
and you've got and you're one of these people who's been
brought up to scrimp and save and you've got
lots of dependents then you've got too much to
lose to take the risk.
- Yeah if you read the (mumbling)
entrepreneurs successful entrepreneurship
see their no education, no best governor.
They couldn't get jobs as accountants.
Bank managers I'm sure a year bankers
and things like that.
So they had no choice either they stand business or
they got a job sweeping the streets or some low key job.
But all the same so.
- Thank you so much for watching.
I made this video because Joshua McNulty asked me to.
So if there's a famous entrepreneur that you want
me to profile next leave it down in the comments below
and I'll see what I can do.
I'd also love to know which of Duncan's
top ten rules had the biggest impact on you,
what change you're going to make now in your business
as a result.
Leave it in the comments and I will join in the discussion.
Thank you so much for watching, continue to believe
and I'll see you soon.