Keith Thomas: The Successful Entrepreneur Recipe

There are people out there who would be fantastic entrepreneurs because they like working in chaos: they like the ability to pull things from various areas and build something new and they like the ability to have impact. Then there are other people who like comfort and security that doesn’t change too much day after day,” says Thomas.

In today’s work climate, entrepreneurship is becoming even more attractive because the job market for larger companies is already saturated with thousands of applications and only a few seats to fit them in. “Entrepreneurship then comes out of necessity for today’s graduates,” says Thomas.

Thomas describes that a first time entrepreneur should have “two mutually conflicting thoughts alive in their head.” First: this is going to be the biggest thing they’ll ever do, and here’s where it’s going to go. Second: They’re going to run out of cash tomorrow, and they need to keep this thing alive

“The odds are against you,” says Thomas, so it’s important to be positive and idealistic.

Surrounding yourself with the right people

Being practical is important as well, since there is no guarantee. Thomas has witnessed many of his colleagues in banking, consulting and other fields who set up their own businesses at the same time as him and are now back in their banking or consulting jobs after losing a lot of money.

“What I found very helpful was having friends and advisers whom I trusted – people who were a bit older that could say, ‘you know what, this is a great idea, and I think it’s great because of this, this and this.’ I had people around me who had known me for a long time and who were very frank in telling me whether it was the right time to do something or not,” explains Thomas.

Thomas related that his current position as CEO of Vive Crop Protection is not a product of his entrepreneurship. It was a PhD student’s idea that impressed him enough to make him an investor and help build it.

“It worked out well because there was somebody who had the experience – somebody the investors would feel comfortable with – who could act as a mentor and help to train the younger individual who had the technical knowledge and drive. It’s a great balance of the two.”

Setting up a business isn’t all about money and investment, argues Thomas. “A lot of success is about actively seeking people. It could be alumni at the university, the executives-in-residence at various schools or family friends, but they need to be people who are willing to tell you things as they are.”

Mentorship is especially important when starting up. “You can spend your time working 12-14 hour days or you can have somebody say ‘don’t waste your time on that, just do this’. Then you can have more reasonable days and you’re more productive because somebody nudged you in the right direction.”

“Listen to everyone,” says Thomas, “and if entrepreneurship still makes sense to do, then you push forward.”

“Not everyone is made to be an entrepreneur”

“Entrepreneurs are like people who expect their kids to get into NHL for hockey . . . but only a small few get in. You don’t hear about the failed cases,” says Thomas.

Failure and entrepreneurship often go hand-in-hand. Thomas too had his failed startup experience the first time he tried it. He and his two partners were told by his lawyer that their business should be shut down because it was not doing well.

“But the three of us worked really well together, so we sat down and figured out a business that really made sense,” says Thomas.