Meet, James Ashwood, co-founder and director of the Festival of Entrepreneurs

Here serial entrepreneur James, who lives with his wife and two children in Kent, shares the inspiration behind his new event and the skills he thinks founders need for success….

What was your lightbulb moment when it came to setting up the Festival of Entrepreneurs?

I started my first business at 23 and it lasted 6 years. I did well, but I'd not been to university and studied business, and had no formal 'business' advice, mentors, or any peer support network - I just went for it. Now that I'm on my fourth business I want to create the event I wish I’d been to back then. I'm putting together 150 speakers with vast experience in what works - and what doesn't - and why.

My lightbulb moment was realising back then I was constantly trying to reinvent the wheel - whereas it would’ve been better to learn lessons from others’ experiences. I'd have been more successful, a lot faster, if I’d have done that.

Who are your business idols?

When it comes to British entrepreneurs, I’d point to two legends: James Dyson for his relentless innovation and Richard Branson for proving you can build a brand that spans the globe. On the global stage, love him or hate him, Elon Musk stands out for the sheer ambition of building rockets, electric cars and now whole new industries all at once.

Do you think anyone can be an entrepreneur or does it take a special set of skills?

The attributes I’ve seen over and over again in successful entrepreneurs are emotional intelligence, creativity, perseverance, resilience, charm, energy and the ability to take risks. If you have these skills and can build a professional network and learn how to access capital, you’ll be in a strong position.

What would you say to someone who thinks they have a good idea for a business, but is daunted about starting?

A good idea is the spark, demand from potential customers is the fuel. If you can get quality first-hand feedback from potential customers, this will go a long way to convincing you there is a market or opportunity. Once you have that, you can talk to partners who can help make it happen, and potential investors if the idea needs capital. I'm organising many sessions at the event that cover getting ‘investment ready’ and look at start up loans, angel investment, debt finance or equity investment.

What’s the best thing for you about running your own business?

I like meeting and working with other business owners. I've met most of my best friends through business over the past 20+ years.

What’s the biggest challenge you’ve faced?

Cash flow! In the lead up to the Festival of Entrepreneurs we record a podcast (links are on our website) with the keynote entrepreneurs - and most of them were only days or weeks from going under at one point or another, but they found a way through. Most people face cash flow crunches, especially in the early stages.

What advice would you give other business owners facing this same challenge?

If you can, get someone more experienced than you to challenge your assumptions and Profit & Loss. For example, if I'm helping someone plan their P&L - especially pre-revenue - I'll reduce the sales and increase the costs, and stress test it. Then look at the drivers behind that and make mitigation and contingency plans.

What’s your super power at work?

Being curious. Which means learning new things. I’ve had to do that a lot in the past year as new technologies have changed the way I work, especially AI. For example, I've found myself using it at 4am to help me unload and organise thoughts, plan for the day ahead and create outputs for the team. It's very good at taking voice inputs and outputting them as structured documents as long as you invest the time in conversations to fully brief it.

Who would your dream speaker be or have you already booked them?!

I have a lot at the Festival of Entrepreneurs. Two that stand out are Rowena Bird (LUSH Cosmetics) and Richard Harpin (HomeServe) - they both built huge businesses and they didn't do it overnight. I very much admire their achievements and staying power and I'm looking forward to learning from their journeys.

What’s next for you and your business?

I’m 100% focused on the Festival of Entrepreneurs this October. Like many business owners getting things moving, I’ve skipped holidays and worked most weekends this year to make it happen. After the Festival of Entrepreneurs I’d like a family trip away to recharge but I’ve already got another event idea lined up, so watch this space!

Finally….Do you prefer cats or dogs?

Dogs are more fun, but cats are definitely cooler.

Don't miss ANNA’s co-founder and co-CEO Boris Diakonov, who'll be speaking about his entrepreneurial journey at the show. For more information visit www.festivalofentrepreneurs.co.uk