Jeff Wyatt (1 February 2017)
Local businessman radiates knowledge and turns up the heat on students
Jeff Wyatt, “an unashamed small businessman”, currently supplies and installs premium electric radiators from Germany. Jeff spoke about perceptions of quality being a key component in his decision to import from Germany. This explains why he can make his business model work and justify premium pricing using very clever (and somewhat complicated) psychology, through understanding how his consumer thinks, no doubt after extensive market research.
Jeff gave the students more advice for the future. He mentioned the importance of both loving and caring about what you do, with money being merely the consequence of business operations, not the sole motive. He also re-iterated another point made last week about risk being the most important word in the vocabulary, with the message being to evaluate it and to the best of your abilities manage it through working in a field you understand. He emphasised caution, especially when something seems too good to be true, as these mishaps can be incredibly costly, even costing Jeff thousands on a t-shirt business.
Another important message from Jeff was to emphasise networking. A big proportion of his business contacts emanate from one golf club and in all seriousness this tactic has served him incredibly well. Well worth the membership fee.
Jeff also demonstrated that an entrepreneur requires adaptability and a wide range of skill sets. For example, when he first started his current business he was required to knock door-to-door selling the product and his outlook is that “selling is all about understanding the customer in front of you”. This links in with another piece of advice he gave: “don’t procrastinate in business; be active – it’s the only way to make things happen”. It’s something I don’t think you could accuse Jeff of.
Having seen all that he has achieved in such a relatively short period of time, it’s easy to understand why he is self-titled “an unashamed small businessman” – he’s got nothing to be ashamed of!
Based on a report by Jack Tyers