Inside the mind of a billionaire
The business news that matters.
Hello and welcome to the latest edition of Off to Lunch…
Regus, the British office rental firm, today sank deeper into financial turmoil as its US arm filed for bankruptcy protection. Regus prospered during the boom years of the late 90s as start-ups mushroomed. But it has fallen victim to the economic downturn, with an over-supply of office space driving rental values down in some of its markets and forcing it to retrench.
This is an extract from a 2003 article published in The Guardian. It sounds like Regus is down and out. But, armed with two decades of knowledge, what should have been the end only made the company now known as IWG much stronger.
The firm now has more than 4,000 workspace locations around the world and is worth more than £2bn. Talking to us on the latest episode of the Business Leader podcast, the company’s founder and CEO, Mark Dixon, reflects on his mindset during this difficult time:
It's character-building stuff when you go through these things, but it's very easy for everyone to keep looking backwards. You’ve got to do what you've got to do but keep an eye on future possibilities and ask the question: ‘Am I in the right business?’
That was very clear to me. Yes, the timing was a bit off, but it was definitely the right business. The problem was us, not the business opportunity.
Dixon (pictured above) is also very aware of his shortcomings. One of those involves hiring:
I don't allow myself to hire, because I'm terribly optimistic when I meet people, so they've got to be really bad for me not to like them. What I actually look for is good people who are good at recruiting.
He’s also optimistic about the UK as a place to do business.
Britain is a brilliant place to do business. The way that it's been set up is as a place to do business because natural resources are not significant and so business is a very significant contributor.
The UK is also full of entrepreneurial people. It's a personal view but I think people are too negative about the country. I think the government should put more of an emphasis on business. More investment in training and in championing business in the UK.
This podcast is a great peek into the journey of a self-made billionaire and one of Europe’s best-known entrepreneurs. You can listen to the episode on Substack here, Spotify here and Apple here
Other stories that matter…
1. The chief executive of the London Stock Exchange says the UK "is already punching above its weight" as it looks to calm fears that the UK is facing an “existential crisis”. It comes on the same day the chancellor is due to meet finance chiefs as he tries to secure more company listings in the UK. You can read more here.
2. Sir Keir Starmer has unveiled his version of former prime minister Tony Blair’s pledge card for the next general election, with six key commitments “put up in lights” as part of the Labour Party’s offer to swing voters. You can read more about it here.
3. It seems that Shein is spooked by the current tussle between the US and China – and the winner could be the London Stock Exchange. In an interview with the Financial Times, the retailer’s executive chair Donald Tang says Shein is “encouraged” by London’s embrace of the company. You can read the full interview here.
4. Greggs has opened its 2,500th store and muffin seems to be slowing it down. The chain’s slice of public perception is nothing to be scoffed at. YouGov BrandIndex data shows that public sentiment is on the rise (sorry, that’s the last pun), jumping 7.1 per cent and putting it far ahead of the industry average. You can read more here.
5. Stateside, Dell has warned hybrid workers that it will start monitoring in-office attendance. Employees who don’t come in enough are getting a literal red flag. The flag system will be taken into consideration during performance and pay reviews. You can read more here.
And finally…
Sometimes it isn’t easy to see the big picture of how far we’ve come, whether that’s in business or personal development. A YouTube video I saw recently really hit home about how incremental improvements and subtle changes add up over time. It shows how Formula One pitstops have sped up since 1990.
Another video shows how far the practice has come since 1957…
“The journey of a thousand miles begins with a single step.” – Lao Tzu
Thanks for reading. If you enjoy Off to Lunch then please share it with others and spread the word. If this newsletter was shared with you then please sign-up below to get Off to Lunch sent directly to your inbox