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21st Jun 2018

Colette Twomey: If you’re starting a new business, money should not be your priority

Tony Cuddihy

Colette Twomey

The Co-Founder of Clonakilty Blackpudding Colette Twomey has helped many people during her career, and one piece of advice stands out.

Colette Twomey, speaking on The Architects of Business in partnership with EY Entrepreneur Of The Year™, says the mistake many people make when starting their business is to look for money for a marketing budget straight away.

Colette, the Co-Founder of Clonakilty Blackpudding with her late husband Eddie, has built one of Ireland’s best-loved brands and has spoken about the advice she has given to new entrepreneurs hoping to exploit a gap in the market.

Colette, EY Entrepreneur Of The Year™ Finalist in 2010, tells host Tadhg Enright: “You would know, from day one, the people with the right attitude.

“The first question (I’d ask them) was always, ‘what would help you with your company?’

“Most of them would start with funding. ‘If I had €50,000, if I had €100,000, I could use it on marketing’ they’d say.

Colette would spend time with these nascent businessmen and women, explaining the importance of organisation and making sure certain processes were in place before getting on to the subject of finance.

“(Later), if you asked them the same question, it wasn’t about the money. It was skill, it was getting their structure right, their systems right, that would be the priority.

“No matter where you are in your business, start-up or otherwise, it’s about passion, commitment, hard work.”

Listen here…

The Architects of Business, brought to you in partnership with EY Entrepreneur Of The Year™ , will be available every Monday morning on iTunes, SoundCloud and YouTube