E2E Profit 100 partner Lioncroft Wholesale reveals what makes an entrepreneur the hero

E2E 100 partner Lioncroft Wholesale reveals its perspective on what makes the entrepreneur the hero in the business world

(Lioncroft/The Times)

There are several names in the world that we all recognise immediately and associate with vast wealth. Huge company brand names, of course, as well as successful individuals. But public reaction to those names is often very different.

When we consider corporations, for example in banking, fuel or fashion, public opinion can be very negative. The perception is that a company cannot make a profit without standing on the heads of others to do it.

Think of an entrepreneur, however, and we tend to see that hardworking individual, creating success through graft and toil – and we root for them even as they gain more wealth. As we consider profit in this E2E 100 list as a tool to judge the success of a business, I think there’s one elephant in the room that needs to be addressed: that making a profit is not a crime.

This pervading viewpoint colours consumer opinion of the business world. So, why do we love some companies and frown on others? Is it down to behaviour, and can a business make a profit while still retaining some ethics?

The value of a good origin story

The obvious difference with an entrepreneurial business is that there is a real person at the helm. We have a name, a face and a personality that we can get behind. We know their history, and we can understand their motivation. We have, if you like, an origin story. And as every writer knows, a good origin story is what elevates a person to superhero status.

What motivates an entrepreneur? Most entrepreneurs have a vision. They want to pursue their ideas and discover a personal sense of achievement. The entrepreneurial spirit is all about risk-taking; having the guts to go out there and make something happen, to bring out change or build something for yourself, all the while enjoying the adventure.

I’m not saying that there won’t be an element of financial success. It would be naïve to suggest that doesn’t factor in. However, not all entrepreneurs dream of being millionaires, even if that may follow eventually. The E2E 100 lists the fastest-growing companies. The profit part is just one way of keeping score.

In comparison, corporations are faceless entities. We have a rich history of comic depictions of Fat Cat executives, encouraged to hit targets with promises of huge bonuses and extravagant lifestyles. These amorphous suits prioritise stakeholders and shares, perpetuating the public perception that places corporations in the role of the villain.

Are we saying that the money doesn’t matter? Of course not. A business needs to make money to thrive. It’s what you do with the money that matters. A savvy entrepreneur doesn’t make a profit and immediately spend it on luxuries. Instead, they put it to work.

If you’ve ever watched Dragon’s Den, you’ll understand the importance of knowing your financials. This is a key tool that you use to grow your business – and it’s a far cry from just chasing a big flashy number. We’ve all seen plenty of businesses that are so focused on hitting high targets that they are actually heading in the wrong direction. Big sales do not equate to a successful company, especially if you don’t have the infrastructure in place to support them.

The first thing an entrepreneur does with their profit is to start investing. Reinvest the money into your infrastructure, so that you have the foundations in place to support sales. Invest in training that develops your employees, creating a team that feels valued, empowered and brings new skills to your business. Invest in marketing that builds your brand awareness and, yes, sales as well. All of these things are important to maximise the growth stage of your new business.

Using your financial powers for good

Behind all of the successful entrepreneurial businesses in the E2E 100 will be that adventurous mindset. They think long-term, rather than in quarterly bonuses, and they want to do business in the right way. They judge their success on the impact of the thing they have built or the change they have made happen.

We talk a lot about Corporate Social Responsibility (CSR). It’s a key phrase that corporations use to show that they, too, care about societal issues; a list of targets to achieve. Entrepreneurs, on the other hand, already employ CSR as a standard part of our good business practice. It’s a form of self-regulation we choose that shows how our business will contribute to and improve the lives of others.

At Lioncroft we are driven by entrepreneurial spirit. We founded Lioncroft in 2020, putting adventure and community mindset at the heart of everything we do. We firmly believe that investing in our employees and our local community is the right way to do business.

Some of that investment is just straightforward business sense. A successful, growing business creates more jobs, which are likely to be filled by the local community. By supporting local enterprises, we not only build a positive relationship and reputation, we’ll also get the best applicants for our jobs. And by valuing our employees, we’ll have long-term positive relationships and a skilled and developing workforce.

And then, some of it is about that driver for good– the need to make change and build something; to give back to society that same chance in life that it has given us. The newly launched Lioncroft Foundation – so new it’s not even been formally announced at this time – is already contributing to several charities and will continue to develop over a range of interests.

Making a profit is not a crime when done the right way; it’s just a tool which, used properly, leads to positive change. The E2E 100 celebrates entrepreneurial spirit. Every business in this list has a face, and an individual driven by long-term thinking and the idea that business can be a force for good.

You can view the complete E2E Profit 100 track here.