Theresa Gattung's 5 secrets of success

by The Listener / 24 February, 2017

My Food Bag chef Nadia Lim and Theresa Gattung.

My Food Bag entrepreneur Theresa Gattung shares her top 5 secrets to starting a successful business.

1. A successful business almost always requires a mixture of skills.

My Food Bag’s founding ­entrepreneurs, Cecilia and James Robinson, adroitly recognised this when they chose to join forces with the most talented cook of our generation, Nadia Lim, and me, in setting up My Food Bag.

2. It is the founders and early ­“joiners” who take a start-up ­business to scale.

Surround yourself with the best people you can find to join you and don’t skimp on hiring the best advisers.

3. Being an entrepreneur is the new “cool”, but it’s not for everyone.

It means risk. Investors want a return and banks expect loans to be repaid and may require personal ­guarantees. Key suppliers may also require personal guarantees. Your time’s your own, all right, but in the early years you’ll be working every minute.

4. Take care when investing in a friend or family member’s business.

Don’t invest in a friend or family ­member’s business more than you can afford to lose, or more than would adversely affect your ­relationship with that person if you did indeed lose your money.

5. Everything goes in cycles.

Interest rates have been at almost unprecedented low levels. Common sense tells us the ­likelihood is that they will rise, so this is probably not the time to be borrowing to maximum capacity for anything, whether that’s a business or a house.

And finally, if you’re a woman in your own business, join Company of Women.

Co.of Women – coofwomen.biz – is an excellent community, support and learning organisation for female entrepreneurs, whether ­experienced or just starting out.

This article was first published in the February 4, 2017 issue of the New Zealand Listener. Follow the Listener on Twitter, Facebook and sign up to the weekly newsletter.

Latest

Fighting fast fashion: the rise of ethical consumerism
95853 2018-09-25 00:00:00Z Business

Fighting fast fashion: the rise of ethical consume…

by Mina Phillips

In the era of fast fashion, what can consumers do to ensure what they're buying hasn't been made by exploited workers?

Read more
Naseby's chilliest night means a rare opportunity for curling
96697 2018-09-25 00:00:00Z Sport

Naseby's chilliest night means a rare opportunity …

by Guy Frederick

Weather conditions have to be perfect for an outdoor curling match – last winter, for the first time in seven years, Naseby delivered.

Read more
Students walk out of Hamilton high school over principal's truancy comments
96723 2018-09-24 14:06:35Z Education

Students walk out of Hamilton high school over pri…

by RNZ

More than 100 students walked out of a Hamilton high school in protest after the principal said truants are more likely to wind up being a rape victim

Read more
Colin Craig drops damages claim against former press secretary
96717 2018-09-24 13:10:01Z Politics

Colin Craig drops damages claim against former pre…

by RNZ

Colin Craig has withdrawn his claims for damages against his former press secretary Rachel MacGregor but is still suing her for defamation.

Read more
PM in New York: Ardern's first speech focuses on lifting children from poverty
96691 2018-09-24 07:54:36Z Politics

PM in New York: Ardern's first speech focuses on l…

by Chris Bramwell

Jacinda Ardern has used her first speech in the US to recommit the government to making New Zealand the best place in the world to be a child.

Read more
Give Kate A Voice: Bringing Kate Sheppard's speeches to life
96352 2018-09-24 00:00:00Z History

Give Kate A Voice: Bringing Kate Sheppard's speech…

by Noted

Famous Kiwi women read the powerful words of Kate Sheppard, who fought for the right for women to vote.

Read more
Ladies in Black – movie review
96686 2018-09-24 00:00:00Z Movies

Ladies in Black – movie review

by Russell Baillie

This nicely nostalgic female coming-of-age tale set in a Sydney department store almost sings.

Read more
A Southern man goes for gold in Garston growing hops
95518 2018-09-24 00:00:00Z Small business

A Southern man goes for gold in Garston growing ho…

by Mike White

Nelson and Motueka are well known for their hops but Garston hops are starting to be noticed by brewers.

Read more