Jeremy Hall – Confessions of a serial entrepreneur

Millionaire’s Diaries

Some Background

My business partner and I sold our leasing business on the 3^rd November 2006. Contractually, I am not allowed to say how much for, but it was quite a few million – less than £5m for those who really want to know.

The deal concluded 9:00pm on a Friday evening. We were tired, worn out, after quite a long sale process.  The following Monday morning I opened my doors for business again, wanting to build something new. The hunger was there, the desire and faith to prove to myself that I could do it all again.

Looking back over these years since that Monday morning, I ask myself the question “did I ever have a plan?” I certainly did not document a plan and even if there was a plan in my head, I can safely say it has not been adhered to or executed with perfection. Suffice to say, the last three years from a business perspective have been financially and mentally tough.

Having a plan and goals is the foundation of creating and developing a successful organisation. I look back over these previous years and review “am I happy with what I have achieved during this time?”

Whilst a lot has been accomplished and some of these accomplishments would be deemed by others to be incredible (My business partners and I sold the other part of Wyse Leasing in another multi-million pound deal in 2009 and during this time I acquired four companies), I have spent the last three years touring “entrepreneur’s wasteland”.

Entrepreneur’s Wasteland

Entrepreneur’s wasteland is a place where many successful business people end up. They get lost in the barren landscape, without any clear idea of where they are and the direction they are taking. I have met numerous previously successful people in this wasteland. Some will stay there forever, so come and go. You will know one of them. They will tell you about what they use to have or what they are to get. They always have some fantastic idea that is going to make them a million. For me, this time has come to an end, it’s time to leave.

So how did I come to land up in Entrepreneur’s Wasteland?

Ego, greed, no plan, the insane belief that every thing I touched would turn to gold. It would be a school boy error to blame other people, market conditions, the credit crunch.

The Journey

My new journey is to take three years, the same time I have spent without any really clear business goal and plan. The difference now is accountability, accountability to myself. By documenting and communicating my journey with the outside world, by setting rules and goals to achieve, you and I will be able to judge if the journey is successful, not completed on time or if the rules are not adhered to.

I do not know if anyone will even take any interest in this diary. Quite frankly, I do not really care. This is my diary, written for me, by me, every day – to keep me focused on the end game. This diary will document my journey, it will be my conscience. It will be the source by which I measure success. Unlike biographies and auto biographies, this diary will be real time.

What is the end game, what is this journey all about?

I have three years, to build a business from scratch, then to sell it for £1m profit. There are rules to this journey and cheating is not an option.

Being arrogant, success will be a self fulfilling prophecy. However, this diary will not document egotistical rubbish, I will be honest with myself and you regarding the struggles and challenges faced on a day to day basis. Some people will want me to fail; others will expect me to fail. Feel free to comment, and yes, I will edit the responses!

I choose three years for two reasons – one, it is the same time I have been in the wasteland and secondly, it is a recognised period of time that we all use in business and personal planning. As for the £1m, well, many budding entrepreneurs want to become a millionaire. It’s a nice round number we can all associate with.