AIM listed Adept Telecom CEO Ian Fishwick is at the vanguard of the SME revolution in winning public sector contracts. Here, we reveal the life experiences and character forming lessons that helped make the man.
Fishwick set up Adept Telecom in 2003 and the company now serves 20,000-plus customers across the UK, Here, he reveals some of the determining factors that have influenced his career and outlook on doing business in the comms industry.
Education
Qualifications don't guarantee success. It's more about hard work than exams. However, exams often teach you that hard work is required. Anyone who is good at maths has a huge head start as a business person. If you don't understand profitability then the chances of success are small. That's why I opted to become an accountant, although I wanted to branch out from that role and run a business as soon as possible.
Personal relationships
There is a huge difference between business acquaintances and true friends. When you change roles, or lose your job, not many stay with you. That isn't cynicism, it is simply a recognition that business is business.
Business relationships
I've learnt that for anyone setting up a business it is important to get someone to play the role of chairman, even if it is an unpaid advisor or friend. You need someone who listens to ideas and tells you when you are veering away from the course or taking too big a risk. Experience has taught me that the one thing I want above all from a chairman is someone who'll tell me the truth rather than what I want to hear. That doesn't mean we always agree, but it does force me to think through my arguments in favour of the path I have chosen.
Pets
I get many of my best ideas when walking my dog. I've taught myself that if you can restrict yourself to only thinking about one subject then in an hour you can often make huge headway.
Failure and success
You learn most from your failures. Failure to recognise failures means you'll just do it again. Success comes from planning forward not solving today's crisis.
Biggest lesson learnt
Cash is king. I have done due diligence on over 100 telecoms companies in the last 10 years. Many people get lost in the technology and forget how to make money. There is also no point making, say, £1 million profit per year if every year you have to spend £1 million on capital expenditure. We should never forget Lord Weinstock's great budget question - did your bank balance go up or down last year, and if it went down, where did the money go?
My industry bugbears
Firstly, company valuations: Whenever City people get involved in our sector they often value prospects higher than actual results. Most of us can think of companies that spent years generating little revenue and minimal (if any) profit yet suddenly become fashionable and highly valued. I'm not sure it will ever change because people always get over excited about the 'next big thing'.
Secondly, public sector contacts for SMEs: I've been elected as SME Director for PSNGB. I'm particularly proud that I was voted in by the telecom companies that are members of PSNGB, the industry association for Public Service Network (PSN) suppliers. I'm at the age where I want to help my own company and at the same time give something back to the industry that has been so good to me. I'm committed to making it easier for SMEs to deal with the public sector, both as companies that win contracts directly and also companies that want to sub-contract to larger organisations that deal with the public sector. There is a growing recognition within Government that SMEs are not just cheaper, but also more innovative and fleet of foot.
What drives me
I love what I do. If my alarm goes off and I don't want to get out of bed for three days in a row then I will go and do something else. The fact that technology changes constantly keeps me young at heart.
Have you always had an entrepreneurial streak?
I have been a managing director or CEO for 23 years in large companies. I also set up a company from scratch and floated it on the Stock Exchange. I always wanted to run a business although I was 42 before I set one up. It's hard to take financial risks when you have kids and a mortgage. In some respects the sooner you start out running your own business the easier it will be. •