James Sinclair started a business at 15 doing magic shows and children's entertainment. He learned to prioritize cash flow from day one, even if it's not your ideal long-term business, and to expand only after you've built real industry knowledge and margins.
Biggest lesson that you learned in those first few years of having a business at just 15.
The smart thing that I think I did, and early enough this was, you know, it got into my head that you can build a business that has instant cash flow now, might not be profitable, but it's got to from day one have some form of cash flow. And I think all startup entrepreneurs need to understand that the first business that you do might not be the one that you really want to do, but the first thing that you do has got to give you some basis of understanding that you've got to bring cash in, pay some bills and keep them back to invest into the things that you really want to do. I always wanted to own visitor attractions, Mark. It was something I was passionate about doing, but I realized at 15 I couldn't go and open a theme park. I didn't have the capital to go and do it. So I thought, well, look, you know, I know where my end in mind is. I want to own visitor attractions. Let's start now by doing magic shows and doing kids parties and going to visitor attractions and being the end entertainer of visitor attraction to build up my knowledge base of that industry and learn how to get cash in, get cup and, and I think that's what I was pretty good at, you know, being unusual in a very usual world at 15 and you know, I was the youngest kids entertainer on the block. I didn't wear a bow tie and a bloody waistcoat and I do do that now, but it's a bit fun. And I chose a business that had margin in it, I. E. You know, if I build 200 pounds, I could keep most of that 200 pounds. Whereas you know, most businesses you build 200 pounds and you'll, you know, you profit that. Most businesses make it sub 10%.
One thing that I've always wanted to know is that you've got the first venue and you've grown it to the point where you, you want to get a second, you want to get that second venue. What is the, what is the. I want to just go back to that sort of mindset to that point. And what is the one bit of advice that you wish that you had received at that point before going from venue one to venue two? And obviously you've learned load because now you've got loads and loads of new venues. But what is that one bit of advice that you wish that you had received going from property number one to property number two?
I think people need to understand how much money they actually want to make. To go into their personal bank account and not keep growing a business.
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