Ray Nolan, who founded Hostelworld in 1999 before selling it a decade later for €100m, has explained the importance of working ‘smart’ as opposed to working long hours for no gain.
Speaking to Nick Webb on JOE’s new business podcast The Capital B, Nolan revealed some of the secrets of his success and revealed that he’s had to “kiss a lot of frogs” to enjoy the fruits of his entrepreneurship.
“The goal is to work the smart hours, not all the hours,” he says.
“I could be awake at 3 in the morning, have an idea and write it down or I could be in the pub and do the same. I’ve never had a job – as such – so that means I don’t know what the context of work is.”
Nolan also admitted that he’s had several failures during his business career, but that hasn’t always necessarily been a bad thing.
“I’m not the next Picasso. The reason I’m here is I kissed all the frogs, and some of them became princes. For every success there have been some monumental failures.
“I’m very pragmatic. If shit’s going wrong I’m going to see it, and I’m going to fix it now. My view is to just simplify.”
Finally, Nolan was asked if the Irish Government should play a greater role in rewarding entrepreneurship.
“Yes and no. Sometimes people are helped that shouldn’t have got the help. Sometimes companies have survived that shouldn’t have because someone in government has matched the €10,000 or €20,000 that their granny has given them. That doesn’t help anyone.
“It’s like when you don’t fire somebody – that doesn’t help anyone. That person is just not right in this business and if you keep them in there, it’s not good for them and it’s not good for you. They could be doing better in another company.
“It’s the same with (the government helping) a business that is not going to work.”
