LIZ McAREAVEY

I’m not sure at what point I should stop wishing everyone a ‘Happy New Year’, I suspect I will give it to the middle of January. But when I look at the various warm wishes for 2017 its amusing to consider what they really mean. It’s like we’re expecting a cosmic force to intervene in some mystical way and make everything prosperous and happy. There’s something about the turning of the year – that concept of a fresh start, a clean slate that inspires us to higher ambitions, greater success and increased vigour for our businesses.

The truth is we are masters of our own destinies 365 days of the year. The decisions we make, good or bad, determine the kind of year we have, the prosperity we gain. One of my favourite quotes is from Aristotle who said: ‘Excellence is a result of wise decisions, taken from many options. It is choice, not chance that shapes our destiny’.

So how do we make wise decisions?

I’ve always held the view that entrepreneurs mature like a good scotch. Successful business people aren’t born with some secret power of foresight. Success almost always follows hard graft and many mistakes, honing decision-making based on experience rather than ‘gut’. If you don’t have experience, the smart way to get it is to ask someone who does. This can eliminate a myriad of costly decisions.

Even established businesspeople face situation they have never seen before and call on an array of experienced board directors and advisors or their network of successful leaders to help them navigated their journey to success and greatness.

Everyone needs a mentor: a grown up and experienced voice who asks helpful questions, encourages, warns and explains. Even better is a guide who looks into the future and imagines what might be coming next. Yet so few new entrepreneurs ask for help. A successful businessman recently told me he is amazed that his phone never rings with people wanting to meet him to ask his advice. He would happily give 10 – 20 minutes over the phone and if the chemistry was right, he’d give more. No-one asks as we don’t want to look stupid. I once rang Buckingham Palace and asked to speak to the Clerk of the Royal Household for advice on how I might create an authentic concept for catering on the Royal Yacht Britannia, when my business was tendering for the first ever catering contract. He took the call and we met and we won the contract. It’s ok to ask stupid questions.

At the Chamber we run a mentoring programme, supported by Scottish Government, a free service matching eligible businesses to volunteer mentors. It can have a huge impact on growth and productivity and aspirations. Our networking events provide access to people in business who face the same issues and can share experiences. Being part of a community enhances our knowledge.

I read two very good books last year - Malcolm Gladwell’s Outliers and Charles Handy’s The Second Curve, both messages seemed to compliment each other. You need 10,000 hours to become an expert, there are no short cuts. And you also need to think about starting your second curve, before you start to decline. So knowing when you are at your most effective is critical to understanding when to reinvent your career or business. That’s not always 1 January.

Wishing you a Happy – Wise – and – Prosperous New Year.

Liz McAreavey is chief executive of Edinburgh Chamber of Commerce