0:00:02 > 0:00:05Big business is tough, but I believe there are certain factors that give
0:00:05 > 0:00:10us all a fighting chance of turning our dreams of success into reality.
0:00:11 > 0:00:14I'm on a mission to get inside the minds of some of Britain's
0:00:14 > 0:00:18most successful entrepreneurs and find out how they made it.
0:00:18 > 0:00:22I don't remember really being content. Enough is never enough.
0:00:22 > 0:00:24I'll be studying their personalities
0:00:24 > 0:00:26just as hard as their business models.
0:00:26 > 0:00:28I didn't know my father from the age of two.
0:00:28 > 0:00:32In a bid to unearth what drives these diverse characters,
0:00:32 > 0:00:35I'll also be asking some difficult questions.
0:00:35 > 0:00:39- We run a pretty tight ship. - Is it tight or is it...controlling?
0:00:41 > 0:00:43And I'll be finding out how they survived
0:00:43 > 0:00:46when they faced the biggest challenges.
0:00:46 > 0:00:48- You were in sinking sand as a business.- Totally.
0:00:48 > 0:00:51And now you're at a point where you are about to lose everything
0:00:51 > 0:00:53you've worked for your entire life.
0:00:53 > 0:00:55- Yeah.- Tell me how you felt at that point.
0:00:55 > 0:00:58You feel absolutely awful,
0:00:58 > 0:01:02but you realise that you have to survive, you have to get through it.
0:01:02 > 0:01:05My goal was to find out if it's our individual DNA that
0:01:05 > 0:01:10controls our destiny or whether there is a blueprint for success.
0:01:10 > 0:01:11How are you? Nice to see you.
0:01:11 > 0:01:14Tonight, two entrepreneurs who have learnt that making
0:01:14 > 0:01:18money in the baby and children's market is far from child's play.
0:01:20 > 0:01:22I'll be meeting internet games guru Michael Acton Smith,
0:01:22 > 0:01:27whose playful approach to commerce almost cost him his company.
0:01:27 > 0:01:30I had to go to the board and tell them, "You know
0:01:30 > 0:01:33- "that £6 million you gave me, well, most of it has gone."- What?!
0:01:33 > 0:01:35Peekaboo!
0:01:35 > 0:01:36And Laura Tenison,
0:01:36 > 0:01:39whose business was born out of a near-death experience.
0:01:39 > 0:01:41I had this terrible head-on collision.
0:01:41 > 0:01:46I broke my ribs, my jawbones, my cheekbones, a couple of legs.
0:01:46 > 0:01:47But I survived.
0:01:55 > 0:01:5739-year-old Michael Acton Smith
0:01:57 > 0:02:00is an energetic and creative entrepreneur.
0:02:00 > 0:02:02'We've got your letters!
0:02:02 > 0:02:07'We've got ink! We've got live music from the tree house!'
0:02:07 > 0:02:10Mind Candy, Michael's web-based entertainment business
0:02:10 > 0:02:13and parent company of the online phenomenon Moshi Monsters,
0:02:13 > 0:02:16has been an incredible multi-million-pound success.
0:02:19 > 0:02:23Its home is here in Shoreditch, the London location for media
0:02:23 > 0:02:26and creative business with a digital twist.
0:02:28 > 0:02:33- Michael! Great to meet you.- Great to meet you, too. Welcome to our HQ.
0:02:33 > 0:02:35Wow, what a place!
0:02:35 > 0:02:38We have a treehouse, we have finds, we have toys aplenty.
0:02:40 > 0:02:42With all these temptations to play,
0:02:42 > 0:02:46I wondered how Michael persuaded his staff to do any work.
0:02:46 > 0:02:49But I was also trying to decide what this playful office
0:02:49 > 0:02:52said about his approach to business.
0:02:53 > 0:02:56Business is often seen as grey and boring,
0:02:56 > 0:03:00but I think business is almost like this canvas that you can paint on.
0:03:00 > 0:03:05You can take ideas in your head and put them out on the marketplace.
0:03:05 > 0:03:08And I personally just think that's incredibly exciting.
0:03:09 > 0:03:13My goal is to discover how Michael manages to mix a multi-million-pound
0:03:13 > 0:03:16business with the pleasure of fun and creativity.
0:03:17 > 0:03:20And whether it's a blend that, if mismanaged,
0:03:20 > 0:03:22is full of potential pitfalls.
0:03:23 > 0:03:26A lot of offices are a little bit the same.
0:03:26 > 0:03:29- The same carpets and lighting... - A little bit boring.
0:03:29 > 0:03:32A little bit, and we wanted something where people would be inspired
0:03:32 > 0:03:34and creative and love working from,
0:03:34 > 0:03:36but we also love giving tours to kids.
0:03:36 > 0:03:39We give them a tour round the tree house
0:03:39 > 0:03:42and they get to see all the Moshi toys and the grass and get to
0:03:42 > 0:03:45meet the animation and the creative teams, so, yeah, they love it.
0:03:45 > 0:03:50And I don't think we've ever had anyone in a suit. Certainly no-one anyone as smart as you.
0:03:50 > 0:03:51- I thought I'd dress up for you today.- Good!
0:03:51 > 0:03:54- Are you going to show me around? I'd love to see the business.- You bet!
0:03:54 > 0:03:56- Let's have a wander round.- Thank you.
0:04:01 > 0:04:04It's fair to say I did feel a little over-dressed.
0:04:04 > 0:04:07It looks like everyday here is Dress Down Friday.
0:04:07 > 0:04:11I still wasn't sure whether this was a workplace or a playground,
0:04:11 > 0:04:14but it certainly suited Michael's approach to business.
0:04:17 > 0:04:20Michael's online game and social network for children
0:04:20 > 0:04:24has 72 million users in 196 territories worldwide.
0:04:25 > 0:04:27But what is a Moshi Monster?
0:04:27 > 0:04:30- Shall we have a little game? - Yeah, shall we have a look?
0:04:30 > 0:04:32I've got a monster called Snowcrash.
0:04:32 > 0:04:36I can get him to walk around the room by clicking on the floor.
0:04:36 > 0:04:38I can tickle him here and he'll giggle away.
0:04:38 > 0:04:43It's difficult to imagine me being a six-year-old kid, but...
0:04:43 > 0:04:45If I was a six-year-old Peter Jones,
0:04:45 > 0:04:48what would I find exciting about a fluffy monster?
0:04:48 > 0:04:53Well, we've created a world where children can adopt their own
0:04:53 > 0:04:55monster, and they are in charge.
0:04:55 > 0:04:59They can feed it, they can play games with it, they do educational puzzles.
0:04:59 > 0:05:03And then there's a whole social side, where they can safely chat to their friends,
0:05:03 > 0:05:07they can send each other messages, they can share their artwork.
0:05:07 > 0:05:10And so how does it work, income-wise, for you?
0:05:10 > 0:05:12Is it free at the moment?
0:05:12 > 0:05:16Yes, most of the children that sign up play for free.
0:05:16 > 0:05:19And then they can get a Moshi Monsters passport.
0:05:19 > 0:05:25Parents can pay about £5 a month to access new parts of the world,
0:05:25 > 0:05:28to play new puzzles and games and buy new items and so forth.
0:05:28 > 0:05:30And that's one part of it.
0:05:30 > 0:05:33The second part is the physical merchandise that we've created.
0:05:33 > 0:05:36There's a magazine, there are puzzle books, toys...
0:05:36 > 0:05:39You're sort of targeting children to get them engaged,
0:05:39 > 0:05:42but at the same time I'm assuming your target market is also
0:05:42 > 0:05:45parents, because kids go up to their mum and dad,
0:05:45 > 0:05:46as mine do to me, and say,
0:05:46 > 0:05:50"Dad, can I have £10 for this?" Or, "Can I go online with that?"
0:05:50 > 0:05:54It's a really interesting challenge, so we have to make the experience of Moshi fun for kids,
0:05:54 > 0:05:56so they fall in love with it and they're
0:05:56 > 0:05:58engaged and they share it with their friends,
0:05:58 > 0:06:01but we need to make sure parents feel comfortable with it, too,
0:06:01 > 0:06:05that there's some kind of educational value to it, which there is.
0:06:05 > 0:06:08So we decided to make something that was fun, first and foremost,
0:06:08 > 0:06:12with education woven in underneath. We call it stealth education.
0:06:12 > 0:06:14Clearly, Michael's canny.
0:06:14 > 0:06:16He's not simply selling his game to kids,
0:06:16 > 0:06:19he's persuaded their parents to part with their money
0:06:19 > 0:06:22and turned his game into a playground phenomenon.
0:06:22 > 0:06:25Here's some chocolate-coated broccoli, which we are going to feed.
0:06:25 > 0:06:29- Hopefully, he'll like this. - Chocolate-covered broccoli! Lovely!
0:06:33 > 0:06:35In his relatively brief career, Michael has become
0:06:35 > 0:06:39successful by putting himself in the right place at the right time.
0:06:41 > 0:06:45He became a dot-com entrepreneur in the late '90s, developing an online
0:06:45 > 0:06:49gadget business with a student friend he met at chess club.
0:06:49 > 0:06:51I think we realised we were pretty unemployable
0:06:51 > 0:06:54and we decided to set up our own business.
0:06:54 > 0:06:57And we loved toys and gadgets and games.
0:06:57 > 0:07:00In 2004, he left that joint venture
0:07:00 > 0:07:03and started an online games company that today turns over nearly
0:07:03 > 0:07:08£30 million a year and makes around £10 million in annual profits.
0:07:09 > 0:07:13My dream, ever since I was little, was to run my own company.
0:07:13 > 0:07:17I was one of those slightly annoying kids that was always getting up
0:07:17 > 0:07:20to hare-brained, entrepreneurial ideas.
0:07:20 > 0:07:22So this precocious kid's come a long way,
0:07:22 > 0:07:26and that means that today, people want to hear what he's got to say.
0:07:26 > 0:07:29I've tried to retain my inner child as I've got older.
0:07:29 > 0:07:32I get very passionate about things.
0:07:32 > 0:07:35My work and my play all kind of interact.
0:07:37 > 0:07:40But for Michael, this is simply the start.
0:07:40 > 0:07:43Our ultimate vision is to create the greatest entertainment
0:07:43 > 0:07:47company in the world for this new digital generation of kids.
0:07:47 > 0:07:50Moshi Monsters is just the tip of the iceberg.
0:07:50 > 0:07:52Michael's ultimate goal may be clear,
0:07:52 > 0:07:56but his route there is less certain.
0:07:56 > 0:07:58There's no five-year plan for how we're going to do this.
0:07:58 > 0:08:00We are very agile in our thinking.
0:08:00 > 0:08:04We might describe that as operating by the seat of our pants.
0:08:07 > 0:08:09I think you need to be that agile and flexible,
0:08:09 > 0:08:11because the world is changing.
0:08:11 > 0:08:15My aim is to find out why Michael dares to dream big.
0:08:16 > 0:08:20If you can make anything fun, you can radically change behaviour
0:08:20 > 0:08:22and perhaps even change the world.
0:08:22 > 0:08:26And discover how someone who seems so unconventional has managed
0:08:26 > 0:08:29to make millions in hard cash from virtual monsters.
0:08:34 > 0:08:37Michael employs over 150 people.
0:08:37 > 0:08:40I wondered what it was like to work with a digital Willy Wonka,
0:08:40 > 0:08:43and hoped one of his closest friends and his chief creative man,
0:08:43 > 0:08:47Steve Cleverley, might help me to find out.
0:08:47 > 0:08:51- So what it's like working for this guy?- Well, it's a laugh a minute.
0:08:51 > 0:08:55It feels like...writing silliness with one of your mates.
0:08:55 > 0:08:59And there are quite a lot of non-corporate people here.
0:08:59 > 0:09:02He's got this Pied Piper-esque ability to reel people in like that.
0:09:02 > 0:09:07Michael with the flute and... The Moshi followers.
0:09:07 > 0:09:11This is like... This is amazing, isn't it? Is it real work?
0:09:11 > 0:09:14- Not really, no. - That's what makes it good, then!
0:09:14 > 0:09:18- It makes it really fantastic.- Such fun and yet you make money doing it.
0:09:18 > 0:09:20I know. What a great gig!
0:09:20 > 0:09:24To unearth exactly how Michael runs his company,
0:09:24 > 0:09:27I'd need to strip away his playful exterior and find out
0:09:27 > 0:09:31whether that's just a front for a hard-nosed businessman.
0:09:31 > 0:09:33So what's going on here?
0:09:33 > 0:09:36'In Michael's virtual world, rocks are the currency,
0:09:36 > 0:09:40'but his business generates real cash from online subscriptions
0:09:40 > 0:09:43'and sales of his creations, that are spilling into the bedrooms,
0:09:43 > 0:09:47'bathrooms and even kitchens of children worldwide.'
0:09:47 > 0:09:50How big it is this now? What's does this generate a year?
0:09:50 > 0:09:56Last year we did about 60, 70 million pounds' worth at retail value.
0:09:56 > 0:10:00So that's not direct turnover. And then we take a cut of that.
0:10:00 > 0:10:03What sort of percentage, what do you make off that?
0:10:03 > 0:10:08We make anywhere from 10% on some lines up to
0:10:08 > 0:10:11well over 20% or 30% on others.
0:10:11 > 0:10:16How do you do it? Do you licence the brand to derive a licensing income from it?
0:10:16 > 0:10:20Some we do ourselves, but a lot we give to partners,
0:10:20 > 0:10:22and we make sure we have quality control over them,
0:10:22 > 0:10:26and then they hold the stock and have the product manufactured.
0:10:26 > 0:10:30I like it. So they take all the risk, as well. If it doesn't sell...
0:10:30 > 0:10:34Well, that's one way. But if it does sell, they make the lion's share.
0:10:35 > 0:10:39So there might just be a business brain behind Michael's
0:10:39 > 0:10:41wacky facade, after all.
0:10:41 > 0:10:44I reckon he is smarter than some of his products looked.
0:10:47 > 0:10:50Before delving deeper into Michael's DNA, I had
0:10:50 > 0:10:53an appointment across London with another entrepreneur battling
0:10:53 > 0:10:54to win the parents' pound.
0:10:57 > 0:10:59Laura Tenison's company, JoJo Maman Bebe,
0:10:59 > 0:11:04sells clothing products for parents and children from pregnancy to preschool.
0:11:11 > 0:11:15- Hello, Peter.- Hello, pleased to meet you.- Come on in.
0:11:15 > 0:11:20Her gross turnover is estimated at around £36 million this year.
0:11:20 > 0:11:23This is the creative hub of the business.
0:11:23 > 0:11:26Here we do the graphics, the design, clothing, nursery products.
0:11:28 > 0:11:32Laura trades by mail order, online and in her high street shops.
0:11:32 > 0:11:33And, despite the economic downturn,
0:11:33 > 0:11:37she is aiming to open 12 new stores a year nationwide.
0:11:37 > 0:11:40I want to find out what motivates her.
0:11:40 > 0:11:42And I'm in for a bit of a surprise.
0:11:44 > 0:11:48So, Peter, this is the wholesale showroom.
0:11:48 > 0:11:50- So these are your products.- Yes.
0:11:50 > 0:11:53We do absolutely everything, from maternity to preschool.
0:11:53 > 0:11:57We design our own textiles, our own fashion.
0:11:57 > 0:12:01- Is the brand JoJo, or is the brand Maman...?- JoJo Maman Bebe.
0:12:01 > 0:12:05JoJo with an English accent and Maman Bebe with a French accent.
0:12:05 > 0:12:09JoJo is the funky brand and then the Maman is the clothing for mothers,
0:12:09 > 0:12:12and the Bebe is clothing for babies and nursery products.
0:12:12 > 0:12:14How many stores have you got now in the UK?
0:12:14 > 0:12:17- We've got 50 stores in the UK. - So you're a chain?
0:12:17 > 0:12:19Well, it's a difficult one, that,
0:12:19 > 0:12:22because when do you go from being an independent to being a chain?
0:12:22 > 0:12:24Obviously, we are a small chain,
0:12:24 > 0:12:26but I like to say we are a small independent chain.
0:12:26 > 0:12:28Why is that?
0:12:28 > 0:12:32Because it's very important that you realise that retail
0:12:32 > 0:12:35is about producing a product, an empathy with your customer,
0:12:35 > 0:12:39and as soon as you start looking at a retail business as figures only
0:12:39 > 0:12:44and take the product and the love out of it, it just becomes a commodity.
0:12:44 > 0:12:48And there are too many emotions involved in retail to do that.
0:12:48 > 0:12:49It's not just about making money.
0:12:49 > 0:12:54You don't see money as being a vital component to the success of this operation?
0:12:54 > 0:12:59Being profitable and growing the company in a sustainable manner is vital.
0:12:59 > 0:13:01Personal wealth for me, no, I think it's a hindrance.
0:13:01 > 0:13:04I think we're going to have an interesting time in this interview!
0:13:07 > 0:13:09Personal wealth, a hindrance!
0:13:09 > 0:13:13That's something you don't often hear from self-made millionaires.
0:13:13 > 0:13:18I get the feeling Laura is running her company for love, not money.
0:13:18 > 0:13:21To be successful in business, you need that passion,
0:13:21 > 0:13:25but has Laura got a cooler, more controlling side, too?
0:13:25 > 0:13:28- This is your catalogue.- That's our winter catalogue at the moment, yes.
0:13:28 > 0:13:31Is this where it all started?
0:13:31 > 0:13:33We started with a mail order catalogue, yes.
0:13:33 > 0:13:36My first catalogue had 24 pages and about 30 styles.
0:13:36 > 0:13:41All the first samples made by me and tested on myself.
0:13:41 > 0:13:45The initial collection was far too long for the average person,
0:13:45 > 0:13:46because I'm quite tall.
0:13:46 > 0:13:49It started with a little 24-pager and it's ended up like this!
0:13:49 > 0:13:51200-page catalogue currently, yes.
0:13:51 > 0:13:54And we still believe the catalogue is very important for driving sales.
0:13:54 > 0:13:56A lot of people drop their catalogues
0:13:56 > 0:14:00because websites are the main route to market,
0:14:00 > 0:14:02but we find that when we launch a catalogue
0:14:02 > 0:14:07we see a huge surge in our online sales and our retail sales.
0:14:07 > 0:14:10- So you proof-read everything? - Most things.
0:14:10 > 0:14:12I like to see that everything is tidy
0:14:12 > 0:14:15and I really have a very high level of attention to detail.
0:14:15 > 0:14:20- Occasionally, I kind of put my oar in and irritate people by making suggestions.- Really?
0:14:20 > 0:14:23I like to be sure the direction we're
0:14:23 > 0:14:26moving in is the right one and we don't get diverted.
0:14:26 > 0:14:30It's so important to not lose sight of your core brand guidelines.
0:14:30 > 0:14:32It seems like you're very active
0:14:32 > 0:14:36and see every part of the business before, actually, a consumer does.
0:14:36 > 0:14:38I like to be brand custodian.
0:14:40 > 0:14:42Laura's business was born 20 years ago,
0:14:42 > 0:14:46when she discovered that, at that time, pregnant women had very
0:14:46 > 0:14:49little choice when it came to fashionable clothes.
0:14:49 > 0:14:51She launched a brand for expectant mums
0:14:51 > 0:14:54and their babies based on a classic French nautical style.
0:14:55 > 0:14:58I wanted it to be a little bit quirky but quite classic,
0:14:58 > 0:15:03and I wanted to make sure that our styles were not going to be fast fashion fads.
0:15:03 > 0:15:06Laura's operating in a lucrative market.
0:15:06 > 0:15:09Every hour, 74 babies are delivered in the UK,
0:15:09 > 0:15:11and it's estimated that parents spend an average
0:15:11 > 0:15:15of £1,500 on their children before they've even been born.
0:15:18 > 0:15:20So there's big money to be made,
0:15:20 > 0:15:23but that means a tight reign on every aspect of the business.
0:15:23 > 0:15:24LAURA: Peekaboo!
0:15:24 > 0:15:26Right, let's see.
0:15:26 > 0:15:28- We can use these for canvases in store.- Yeah.
0:15:28 > 0:15:31From day one, Laura has kept growth slow
0:15:31 > 0:15:34and sustainable without losing sight of her principles.
0:15:34 > 0:15:37'It's not just about money,
0:15:37 > 0:15:40'it's about the people involved in the company.'
0:15:40 > 0:15:43We want to protect the livelihoods of our employees.
0:15:43 > 0:15:47We want to be a brand that's on the British high street for many, many years to come.
0:15:47 > 0:15:50Laura has obviously got a clear vision for her company,
0:15:50 > 0:15:53but I am determined to discover where her business strategy
0:15:53 > 0:15:56comes from and where it might take her.
0:15:56 > 0:15:58Where's Mr Bunny?
0:15:58 > 0:16:00There he is, there he is!
0:16:04 > 0:16:08This is the Moshi TV Show, take 479. Action!
0:16:08 > 0:16:11That's not Simon, that's Poppet. Simon!
0:16:11 > 0:16:13- Simon!- Simon!- Simon!
0:16:13 > 0:16:16I'm Simon, welcome to the Moshi TV Show!
0:16:16 > 0:16:18Whoo! GONG CLANGS
0:16:18 > 0:16:19- ALL:- Whoo!
0:16:19 > 0:16:22Back in Shoreditch, Michael is keen to show me his new project,
0:16:22 > 0:16:25one that he hopes will be the catalyst for an assault
0:16:25 > 0:16:28on the big boys in the entertainment industry.
0:16:28 > 0:16:31So, this is the Moshi TV studio.
0:16:31 > 0:16:34What, this is?
0:16:34 > 0:16:36This is it. The Moshi TV empire.
0:16:36 > 0:16:38- This is your studio?- Yes. MICHAEL LAUGHS
0:16:38 > 0:16:41- What, this? - Well, it's a little small.
0:16:41 > 0:16:45- That's not your TV studio, is it? - It's our TV studio, I'm afraid. Yes.
0:16:45 > 0:16:46What, a desk?
0:16:46 > 0:16:49You don't need much space for a TV studio.
0:16:49 > 0:16:51It's one person presenting behind a desk,
0:16:51 > 0:16:56one puppeteer under the table, and a simple camera.
0:16:56 > 0:16:58- So, let me have go on the TV studio. - All right.
0:17:02 > 0:17:05- This might be my opportunity, Michael.- Oh, yes?
0:17:05 > 0:17:08Smartly presented.
0:17:08 > 0:17:10Ready for action.
0:17:10 > 0:17:15Hi. Welcome, kids. This is Moshi TV for business.
0:17:15 > 0:17:16My name is Peter Jones.
0:17:16 > 0:17:18GONG CLANGS
0:17:19 > 0:17:20What do you think?
0:17:20 > 0:17:23HE LAUGHS We'll see.
0:17:23 > 0:17:25'I'm not holding my breath on that one!
0:17:25 > 0:17:29'But Michael surely can't be developing TV shows just for fun.'
0:17:29 > 0:17:32You're running a serious business, aren't you?
0:17:32 > 0:17:34The wonderful thing about the world at the moment is that if you've
0:17:34 > 0:17:38got talent, you can reach an audience of millions using the internet.
0:17:38 > 0:17:41And it's changing the entertainment industry and many industries
0:17:41 > 0:17:44so dramatically, so this is just one small example.
0:17:44 > 0:17:46We wanted to create our own TV studio,
0:17:46 > 0:17:49and we can reach millions of kids doing it.
0:17:49 > 0:17:52It costs a few hundred pounds to create a show.
0:17:52 > 0:17:53If it works, fantastic.
0:17:53 > 0:17:57If it doesn't work, we just go back to the drawing board and try again.
0:17:57 > 0:17:59Since the cost of doing it is so cheap,
0:17:59 > 0:18:01we can figure out that as we go.
0:18:01 > 0:18:03I can see what you're trying to create,
0:18:03 > 0:18:06and I love the fact that you've just got, you know,
0:18:06 > 0:18:09this sort of stuff and you're doing it with a £200-300 camera.
0:18:09 > 0:18:12Any bigger plans, more than just TV?
0:18:12 > 0:18:16TV is great, but a level beyond TV would be to create a Moshi movie.
0:18:16 > 0:18:19I love what Disney did. I love what Jim Henson did.
0:18:19 > 0:18:21I love what John Lasseter did at Pixar.
0:18:21 > 0:18:23These incredible visionaries and amazing companies.
0:18:23 > 0:18:26What we want to do is build the boldest entertainment
0:18:26 > 0:18:29company in the world for this new digital generation.
0:18:31 > 0:18:34'Michael is wildly ambitious.
0:18:34 > 0:18:37'How can a company filming internet TV shows in the corner of the
0:18:37 > 0:18:42'office and turning over £30 million a year ever conquer Hollywood?'
0:18:42 > 0:18:44When you dream, you do dream big, don't you?
0:18:44 > 0:18:45I think it's important to dream big.
0:18:45 > 0:18:48I think we can build a multi-billion dollar business here.
0:18:48 > 0:18:51- You think you can go to multi-billion dollar?- Absolutely.
0:18:51 > 0:18:52Don't you dream big?
0:18:52 > 0:18:56I do, but I try to be a little bit more realistic than 30 million to multi-billion!
0:18:56 > 0:18:58Well, if we look at Disney,
0:18:58 > 0:19:01they have everything from Jungle Book to High School Musical,
0:19:01 > 0:19:02to Mary Poppins.
0:19:02 > 0:19:06I think that's how you can build a business of substantial scale.
0:19:06 > 0:19:10But it took him a good 30-50 years to build this
0:19:10 > 0:19:12multi-billion dollar enterprise,
0:19:12 > 0:19:15whereas you started with Moshi Monsters.
0:19:15 > 0:19:19How long will it take you to build a multi-billion dollar enterprise?
0:19:19 > 0:19:23Well, I think, in the digital age, much quicker than it used to.
0:19:23 > 0:19:25Look what has happened.
0:19:25 > 0:19:29Look at how fast incredible businesses have been built in this internet age.
0:19:29 > 0:19:33Facebook, worth billions of dollars, and LinkedIn and Google.
0:19:33 > 0:19:37Why shouldn't we build an amazing multi-billion dollar business
0:19:37 > 0:19:39right here in London?
0:19:39 > 0:19:42The brands that you mention hit a very, very wide, extreme audience,
0:19:42 > 0:19:45whereas you hit a very narrow audience
0:19:45 > 0:19:47in terms of your marketplace.
0:19:47 > 0:19:50- So what are your plans...? - I disagree.
0:19:50 > 0:19:52- Do you really?- I do disagree.
0:19:52 > 0:19:55There are hundreds of millions of children in the world,
0:19:55 > 0:19:57and we're not just focusing on the kids' space.
0:19:57 > 0:19:59Mind Candy is an entertainment company,
0:19:59 > 0:20:04and we want to build entertainment for different audiences, as well.
0:20:04 > 0:20:06Maybe teenagers, maybe mums, maybe dads.
0:20:06 > 0:20:10Vision, I think, is really, really important within a business,
0:20:10 > 0:20:13and ours is to create this greatest entertainment company.
0:20:13 > 0:20:17- We call it a BHAG - a big, hairy, audacious goal.- BHAG?
0:20:17 > 0:20:20Exactly. Yeah. I think that's...
0:20:20 > 0:20:24I don't know if I've met anybody that dreams quite as big as you.
0:20:29 > 0:20:31While Michael is planning world domination,
0:20:31 > 0:20:33I'm off to see Laura again.
0:20:37 > 0:20:40I'm keen to find out how her business theory works in practice.
0:20:40 > 0:20:44'What better way than to ask the people who actually work for her.'
0:20:44 > 0:20:48- What's it like working here?- It's great.- Imagine the boss isn't here.
0:20:48 > 0:20:51- It's a really nice company to work for, genuinely.- Yeah?
0:20:51 > 0:20:54Yeah, it's a really nice atmosphere, everyone is nice and approachable.
0:20:54 > 0:20:57- Were you told to say that? - No, no, not at all!
0:20:57 > 0:21:01- She can say whatever she wants. - You're highly paid, are you?
0:21:01 > 0:21:04- It's fashion. Fashion is a vocation. - You do it...
0:21:04 > 0:21:09Everyone could go away and probably more money working in the city.
0:21:09 > 0:21:12You don't go into fashion if you want to become rich quick.
0:21:12 > 0:21:16I'm looking for some designers. I'm bringing out a new range of stuff.
0:21:16 > 0:21:19- Are you interested in a higher salary, working with me?- Yeah!
0:21:19 > 0:21:22- See, that didn't take long, did it? - THEY LAUGH
0:21:22 > 0:21:24I'll leave my card later.
0:21:28 > 0:21:31Money often works, but any boss worth their salt will tell you that
0:21:31 > 0:21:36keeping your staff motivated is crucial to a successful business.
0:21:36 > 0:21:38So, Kath, you ready? We've got the two new stores in this morning.
0:21:38 > 0:21:41I've just had a quick chat. We've got Reigate and West Hampstead.
0:21:41 > 0:21:44How are your team coping with all these extra stores?
0:21:44 > 0:21:46I'm putting too much work on you. I'm sorry!
0:21:46 > 0:21:48Yeah, we're bearing up, we're bearing up.
0:21:48 > 0:21:51It's something Laura prides herself on, but I wondered
0:21:51 > 0:21:55how easy she finds it and what impact it has on the business.
0:21:55 > 0:21:57Can I talk about your staff?
0:21:57 > 0:22:00Well, first of all, they aren't my staff. They're my team.
0:22:00 > 0:22:04I think that's quite important. I do think of them as a team.
0:22:04 > 0:22:07I do think that without my team I couldn't have done what
0:22:07 > 0:22:10I have done, and I'm just very grateful to them.
0:22:10 > 0:22:15Employing people, you do have a sense of duty to everything about them,
0:22:15 > 0:22:19so I think what's important for me is working out what makes
0:22:19 > 0:22:24our employees tick and how we can help them achieve job satisfaction.
0:22:24 > 0:22:28If you have job satisfaction, you want to come to work in the morning.
0:22:28 > 0:22:32So, your whole culture or thesis of running a business is
0:22:32 > 0:22:34based around happy people?
0:22:34 > 0:22:38What if you've got happy people that are rubbish at their job?
0:22:38 > 0:22:44If people are happy in their work, they naturally want to do a good job.
0:22:44 > 0:22:48We have no desire to employ people who don't want to work for us.
0:22:48 > 0:22:50We have an extremely low churn rate.
0:22:50 > 0:22:53We've got people who have worked in the warehouse for us
0:22:53 > 0:22:57since we launched. I've got three generations of one family.
0:22:57 > 0:23:00I've got husband and wife teams.
0:23:00 > 0:23:01You know, it's a way of life.
0:23:01 > 0:23:04It's a jobs-for-life attitude, and I owe something to those people.
0:23:04 > 0:23:07I have a slightly different view on that, in that I wouldn't feel
0:23:07 > 0:23:11the same walking into my company when, you know, I've got people
0:23:11 > 0:23:14there just because of the fact that they had been there for a long time.
0:23:14 > 0:23:18A business takes money and it takes cash to operate it,
0:23:18 > 0:23:21and it's enhanced by the people who come on board and grow it.
0:23:21 > 0:23:25Yes, but Peter, you're missing the point. Look at my figures.
0:23:25 > 0:23:32My return on capital invested has averaged between 30-55% per annum for years.
0:23:32 > 0:23:36I have fantastically productive teams.
0:23:38 > 0:23:40'I'm pleased to see that Laura agrees that it's not
0:23:40 > 0:23:43'just about loyalty, it's also about return on investment.'
0:23:43 > 0:23:46Laura started her company in 1993,
0:23:46 > 0:23:50turning over £30,000 in her first year.
0:23:50 > 0:23:55Today, she employs over 450 people in the UK and owns 50 shops.
0:23:55 > 0:23:57She has grown the business organically,
0:23:57 > 0:24:01reinvesting profits, and remains largely debt-free.
0:24:01 > 0:24:06But in 2009, for the first time, she started looking for an investor.
0:24:06 > 0:24:09So you took a minority shareholder on board who made
0:24:09 > 0:24:12an investment in the company. Tell me about the background to that.
0:24:12 > 0:24:14When I decided to dilute my equity,
0:24:14 > 0:24:17it was more important for me to find the right partner
0:24:17 > 0:24:19than to just find the right amount of money.
0:24:19 > 0:24:21And how did that work?
0:24:21 > 0:24:26The one that I actually took was the lowest level of investment,
0:24:26 > 0:24:28but they gave me the most freedom.
0:24:28 > 0:24:31They allowed me to run the company the way that I and my directors
0:24:31 > 0:24:35feel comfortable - for longevity, for investment in our staff.
0:24:35 > 0:24:37The one at the top said, "Beware.
0:24:37 > 0:24:42"If you accept us as your investor, there will be redundancies,
0:24:42 > 0:24:44"your board will change."
0:24:44 > 0:24:49They even asked me whether I was keen in continuing as managing director.
0:24:49 > 0:24:51Now, what would you have done in that circumstance?
0:24:51 > 0:24:54I expect you'd have gone for the company that offered you most money,
0:24:54 > 0:24:58thinking, "Oh, well, if we have redundancies along the way, if there's a little bit of spillage,
0:24:58 > 0:25:00"if we get rid of the deadwood, fine."
0:25:00 > 0:25:02I don't want to get rid of the deadwood.
0:25:02 > 0:25:05- Everyone has a value in this company. - I think that's really...
0:25:05 > 0:25:07Listen, it's very honourable.
0:25:07 > 0:25:12The reality of business is that you're bordering on the unique
0:25:12 > 0:25:15if you think that you can still function and run a successful
0:25:15 > 0:25:19business and still maintain an attitude that deadwood is OK.
0:25:19 > 0:25:22- Frankly, it isn't, and it isn't in any business...- Nothing is deadwood.
0:25:22 > 0:25:25You may call it deadwood, I call it a valuable member of staff.
0:25:25 > 0:25:27I think you're relating everything back to money, Peter.
0:25:27 > 0:25:32If you're very simplistic and look at a business purely in figures terms
0:25:32 > 0:25:36rather than with emotion, with those important values that
0:25:36 > 0:25:40contribute to the longevity of a business... People are loyal
0:25:40 > 0:25:42and people do come back from a tea break on time, because
0:25:42 > 0:25:47they know that it's going to let down their fellow workmates if they don't.
0:25:49 > 0:25:54Laura and I clearly weren't going to see eye-to-eye today.
0:25:54 > 0:25:57I couldn't help wondering whether her loyalty to her team
0:25:57 > 0:26:01and her values were potentially holding the business back.
0:26:04 > 0:26:08Both Laura and Michael share a steely belief in themselves and their companies.
0:26:10 > 0:26:13But where Laura has only recently taken on an investor,
0:26:13 > 0:26:17Michael brought in investors right from the start.
0:26:17 > 0:26:21So, Michael, I'd love to know where it all started, and what was your first business?
0:26:21 > 0:26:25I went to university up in Birmingham and met a friend called Tom Boardman.
0:26:25 > 0:26:29We had this idea to sell toys and gadgets and games,
0:26:29 > 0:26:32and a wonderful chap called Tom Teichman
0:26:32 > 0:26:36decided to invest half a million pounds into our business.
0:26:36 > 0:26:38We decided to do it on the internet,
0:26:38 > 0:26:42which was very new and shiny back in 1998.
0:26:42 > 0:26:45The great thing was that there weren't many competitors.
0:26:45 > 0:26:47The downside was there were hardly any customers, either.
0:26:47 > 0:26:50And then, from there, where did...?
0:26:50 > 0:26:52- Well, then... - What was your next...?
0:26:52 > 0:26:56Then we almost lost everything in the dot-com bust in early 2000.
0:26:56 > 0:27:00We overextended ourselves, we spent too much money, we got carried away.
0:27:00 > 0:27:02We teetered on the brink of bankruptcy.
0:27:02 > 0:27:04It was a pretty, pretty scary time.
0:27:04 > 0:27:07'Michael's business might now be a multi-million pound hit,
0:27:07 > 0:27:11'but he's clearly had more than his fair share of near misses.'
0:27:11 > 0:27:14After the dot-com bubble burst,
0:27:14 > 0:27:17Michael swapped selling gadgets for developing an adventure game.
0:27:17 > 0:27:21Perplex City launched in 2005.
0:27:21 > 0:27:28Players bought puzzle cards and followed clues in a bid to find buried treasure worth £100,000.
0:27:28 > 0:27:31Amazingly, having nearly lost it all, Michael persuaded his
0:27:31 > 0:27:37previous investor and others to give him another chance and more money.
0:27:37 > 0:27:41I had managed to raise further financing and, in total,
0:27:41 > 0:27:45I had raised about £6 million for this business.
0:27:45 > 0:27:50So I got some very well-respected, huge venture capital firms
0:27:50 > 0:27:56coming in that invested, between them, many millions of pounds.
0:27:56 > 0:27:59So the pressure and the stakes really, really raised at that point.
0:27:59 > 0:28:01Did it succeed? Was it good for you?
0:28:01 > 0:28:05There were people in different countries around the world helping expand this treasure hunt.
0:28:05 > 0:28:07It was a pretty big operation.
0:28:07 > 0:28:11Unfortunately, there weren't enough people playing to cover
0:28:11 > 0:28:14the costs of running this very expensive business.
0:28:14 > 0:28:15What did you...?
0:28:15 > 0:28:20You didn't spend £6 million, surely, on a website and a treasure hunt?
0:28:20 > 0:28:23- Well, helicopters are pretty expensive.- What, real helicopters?
0:28:23 > 0:28:27Real helicopters. We hired them to do flyovers of these live events we did.
0:28:27 > 0:28:29We had a massive burn rate,
0:28:29 > 0:28:33and our outgoings were a lot higher than our incomings.
0:28:33 > 0:28:36- Wow. £6 million?- £6 million.
0:28:36 > 0:28:39And you can imagine how stressful
0:28:39 > 0:28:43and tense it was to have all this money, but the business not working.
0:28:43 > 0:28:45Did you lose all the money then?
0:28:45 > 0:28:51Well, we had about £600,000 left in the bank. About 1 million.
0:28:51 > 0:28:54And how did you front the investors?
0:28:54 > 0:28:58Were they camping outside like, sort of, protesters?
0:28:58 > 0:29:02Well, we had to go to the board and tell them, in a very stressful
0:29:02 > 0:29:06board meeting, "You know that £6 million you had given me?
0:29:06 > 0:29:08"Well, most of it's gone. I'm really sorry.
0:29:08 > 0:29:13"This idea hasn't worked out, but I have got one more idea.
0:29:13 > 0:29:16- "One final roll of the dice." - What did they say?
0:29:16 > 0:29:20I mean, if you came in to me and said, "Peter, it's not all bad.
0:29:20 > 0:29:25"You gave me 6 million and I've got 600k left, so we're all right."
0:29:25 > 0:29:30No, we're bloody not all right! It's like, what is going on?
0:29:30 > 0:29:33I was terrified. But, to their credit, the board were supportive.
0:29:33 > 0:29:35You know, they listened and they said,
0:29:35 > 0:29:40"Michael, fair enough, we invested in YOU more than the idea,
0:29:40 > 0:29:42"and if you've got one more idea, let's see what happens."
0:29:42 > 0:29:46- You lucky devil!- I think if I had screwed up with Moshi Monsters,
0:29:46 > 0:29:50there wouldn't have been a third chance, so, fortunately, it worked.
0:29:50 > 0:29:53Have you been told that you're mad before?
0:29:53 > 0:29:57Erm, well, I think there has always been a very fine line
0:29:57 > 0:30:01between insanity and genius, and a lot of entrepreneurs
0:30:01 > 0:30:04with big visions kind of weave between that line.
0:30:06 > 0:30:09Yeah, yeah.
0:30:09 > 0:30:13Insane or genius, Michael certainly doesn't lack confidence.
0:30:15 > 0:30:18In his short career, he's been through more financial scrapes
0:30:18 > 0:30:22than most people see in their entire lifetime.
0:30:22 > 0:30:24It's no wonder he's so self-assured.
0:30:29 > 0:30:32Like Michael, Laura's not afraid of a challenge,
0:30:32 > 0:30:35and has certainly stood her ground with me.
0:30:35 > 0:30:38I wanted to discover where her confidence comes from
0:30:38 > 0:30:41and where she learnt her business ethos.
0:30:41 > 0:30:45To do this, I needed to find out how she got started.
0:30:45 > 0:30:48I'd like to find out a little bit more about the journey,
0:30:48 > 0:30:51because, you know, it's quite an exciting story,
0:30:51 > 0:30:54and take you back to when you first did your designing
0:30:54 > 0:30:57and when you first had those thoughts about designing.
0:30:57 > 0:31:02My mother was very forward-thinking. She bought me a sewing machine for my 12th birthday.
0:31:02 > 0:31:06In fact, I've still got it today. It's in my office and it still works.
0:31:06 > 0:31:09That sewing machine, I started making clothes for myself,
0:31:09 > 0:31:12then I would get the odd commission from a friend.
0:31:12 > 0:31:15You know, it sort of worked out that way, that I realised
0:31:15 > 0:31:19I had a skill that turned into a commodity.
0:31:19 > 0:31:24Laura graduated from making dolls' clothes at school to her
0:31:24 > 0:31:26first fashion retail job in 1987.
0:31:29 > 0:31:32But in the 1990s, her dream of starting her own fashion label
0:31:32 > 0:31:36was scuppered by a lack of capital. So Laura moved to France
0:31:36 > 0:31:39and started a business renovating derelict barns.
0:31:39 > 0:31:42Within three years, she sold the business
0:31:42 > 0:31:45and made a much-needed £50,000.
0:31:45 > 0:31:51But it was a brush with death that changed the course of Laura's life.
0:31:51 > 0:31:54I read that you had an accident. Give me a bit of background on that.
0:31:54 > 0:31:59I ended up doing babywear, purely by accident,
0:31:59 > 0:32:01because of this terrible car crash I had in France.
0:32:01 > 0:32:04I had this terrible head-on collision, broke 20 bones in my body.
0:32:04 > 0:32:08You said that quite casually - "broken 20 bones in your body".
0:32:08 > 0:32:11That, for me, is very serious.
0:32:11 > 0:32:15It did take the firemen about three hours to cut me out of the car.
0:32:15 > 0:32:17But quite a lot of those bones were small bones,
0:32:17 > 0:32:21so I did one leg in traction, one ankle broken.
0:32:21 > 0:32:25I broke a lot of ribs. I broke my jaw bones. I broke my chin.
0:32:25 > 0:32:30It was a nasty crash. It was a nasty crash. But I survived, come on!
0:32:30 > 0:32:32Were you critically ill?
0:32:32 > 0:32:36Ended up spending a few weeks in St Thomas' Hospital,
0:32:36 > 0:32:39and my ward neighbour was a mum with two small children.
0:32:39 > 0:32:42She was trying to buy clothes for her children by mail order,
0:32:42 > 0:32:45and actually, she was my saviour.
0:32:45 > 0:32:49She gave me the idea of doing an upmarket childrenswear brand.
0:32:49 > 0:32:52And that completely changed the direction of your business in '93?
0:32:52 > 0:32:53Absolutely.
0:32:53 > 0:32:57I knew nothing about maternity or children. Didn't have any of my own.
0:32:57 > 0:32:59How did you mentally... when you had this accident,
0:32:59 > 0:33:02how did you mentally adjust and get yourself back on your feet?
0:33:02 > 0:33:06After a few weeks in hospital, I said to my consultant, "Right, I'm ready to go home now.
0:33:06 > 0:33:10"I've got my business idea and I really want to get on with it. I can't be lying around."
0:33:10 > 0:33:14And he said, "Well, Laura, if you can sit up without fainting, I'll let you go home."
0:33:14 > 0:33:18So, I fainted a couple of times before I managed to get past that.
0:33:18 > 0:33:22I discharged myself from hospital, got home, cried for two days,
0:33:22 > 0:33:25cos I realised I should never have done it. I was not ready to go home.
0:33:25 > 0:33:27And then I found that, actually, it worked to my advantage.
0:33:27 > 0:33:30I was in a wheelchair with my mouth wired shut,
0:33:30 > 0:33:33trying to do market research for my new business.
0:33:33 > 0:33:36Now, the consumer is very, very kind. I got the sympathy vote.
0:33:36 > 0:33:40I would sit in baby shows or on Oxford Street, outside Mothercare...
0:33:40 > 0:33:41And you couldn't speak?
0:33:41 > 0:33:43STILTED SPEECH: I spoke like this. It was fine.
0:33:43 > 0:33:47People would be sympathetic towards me and give me their attention.
0:33:47 > 0:33:48I would be very, very scared!
0:33:50 > 0:33:53Laura's is an amazing story.
0:33:53 > 0:33:54Having nearly lost her life,
0:33:54 > 0:33:59she turned her lowest moment into a springboard for her biggest success.
0:33:59 > 0:34:03I was beginning to see why her company and team mean so much to her.
0:34:09 > 0:34:13Unlike Laura, Michael has always had investors in his business.
0:34:13 > 0:34:15I did some digging
0:34:15 > 0:34:19and discovered that one of his first investors was a very special lady.
0:34:19 > 0:34:22- Hello! You must be Michael's mum? - Yes, I am. How do you do?
0:34:22 > 0:34:26- Is Michael in?- Yes, he is. Come through.- Thank you very much.
0:34:26 > 0:34:27Just go straight through.
0:34:27 > 0:34:32'In 1998, aged 24, Michael was so desperate for start-up capital
0:34:32 > 0:34:34'he became a medical guinea pig.'
0:34:34 > 0:34:38- Here you go, boys. That's yours, Peter.- Oh, thank you very much.
0:34:38 > 0:34:41'Hearing that her son was being paid to test migraine drugs,
0:34:41 > 0:34:45'Mrs Acton invested £1,000 in him and his company.'
0:34:45 > 0:34:48- Do you remember that first £1,000? - I do.
0:34:48 > 0:34:53Well, we believed in you and you were always keen to get ahead,
0:34:53 > 0:34:56and you sort of knew what you wanted to do, really, didn't you?
0:34:56 > 0:35:00- Yeah.- What were you thinking when you handed over that £1,000?
0:35:00 > 0:35:05Yes, I thought, "Well, I'll never see it again!" Boy, I did see it.
0:35:05 > 0:35:09Michael was telling me about the times where things didn't go well for him.
0:35:09 > 0:35:13- Yeah, after we lost...- Oh, dear.
0:35:13 > 0:35:17Well, you probably shouldn't hear this, Mum. Yeah, £5 million or so.
0:35:17 > 0:35:20That was a bit of a stressful time.
0:35:20 > 0:35:23- Wow, is this the first time you've told your mum?- Yes.
0:35:23 > 0:35:29You don't really want to go home and tell your parents that you've lost five million quid!
0:35:29 > 0:35:31That's going to be an awkward Sunday lunch.
0:35:31 > 0:35:33It's going to be a very awkward Sunday lunch,
0:35:33 > 0:35:36- but we'd still like to know, yeah. - Yeah.- Fair enough.
0:35:36 > 0:35:38You had no idea things weren't going well?
0:35:38 > 0:35:42With Michael, "Everything is just fine, Mother."
0:35:42 > 0:35:46Is that right? You had no idea that he was... Basically, he had almost lost the business?
0:35:46 > 0:35:48I know, yes. I didn't know at the time, no.
0:35:48 > 0:35:51- Are you disappointed that he didn't tell you?- Yes.
0:35:51 > 0:35:54If he came to you and said that, would that be...?
0:35:54 > 0:36:00- Oh, I'd have to give him all my savings!- Would you?- Of course, yes!
0:36:00 > 0:36:03You would for your son, your child. Oh, yes.
0:36:03 > 0:36:05I think it was maybe cos I always thought
0:36:05 > 0:36:08- and believed we'd be able to turn it around.- Right, yes.
0:36:08 > 0:36:11- It was just a temporary blip.- Yes.
0:36:11 > 0:36:14Hopefully all will be well now.
0:36:14 > 0:36:20- Things are just fine at the moment, don't you worry.- I'm glad to hear it!
0:36:20 > 0:36:22You started short tennis, didn't you...?
0:36:22 > 0:36:25'It's astonishing that Michael has only just revealed
0:36:25 > 0:36:28'to his mum that he lost so much money.'
0:36:28 > 0:36:31But this kind of self-reliance is a part of the DNA of the most
0:36:31 > 0:36:34successful businesspeople.
0:36:34 > 0:36:36Like Michael, I have also lost a fortune.
0:36:36 > 0:36:40But I never stopped believing that, eventually, I'd be a success.
0:36:40 > 0:36:45Entrepreneurs can have a remarkable level of self-belief
0:36:45 > 0:36:47when the odds are stacked against them.
0:36:50 > 0:36:54And I don't think Laura is any different.
0:36:54 > 0:36:57She's invited me to Northcote Road, in Clapham.
0:36:57 > 0:37:02Nicknamed "Nappy Valley", this trendy street in southwest London
0:37:02 > 0:37:06is home to many a young affluent mum and potential customer for Laura.
0:37:08 > 0:37:12- Hello!- Hi, Peter.- Good morning. Good to see you.- Nice to see you.
0:37:12 > 0:37:16- What a gorgeous day.- It's beautiful, and it seems a lovely area.
0:37:16 > 0:37:18It's great. It's great.
0:37:18 > 0:37:22This is sort of Nappy Valley, between the two commons in south London,
0:37:22 > 0:37:26and it was a great place to start a baby business.
0:37:26 > 0:37:30'It's no coincidence that this was where Laura set up her first
0:37:30 > 0:37:34'design studio and now owns two shops within a stride of each other.'
0:37:34 > 0:37:37And how did this come up? This was your first one. Why here?
0:37:37 > 0:37:40I was trying to get a store here just when the street was booming.
0:37:40 > 0:37:44The big chains kept gazumping me and I could never afford the premiums.
0:37:44 > 0:37:49But Ted, who had the fruit and veg stall opposite the store,
0:37:49 > 0:37:52promised me that the next store that came up that I wanted,
0:37:52 > 0:37:56he'd pop in and put a lucky Romany Gypsy charm in.
0:37:56 > 0:38:00This store came up, Ted popped in one night, and I got my store.
0:38:00 > 0:38:03Lovely Ted. So he started it all for you?
0:38:03 > 0:38:06- He got you this store, ultimately? - Well, another little bit of luck,
0:38:06 > 0:38:09but I certainly believe in fate, and we were meant to have the store.
0:38:09 > 0:38:11Wow, so it's got a little bit of luck to it, as well.
0:38:11 > 0:38:14I was just thinking, you've got this one and that one.
0:38:14 > 0:38:18- And you've got a curry house in-between.- It's great, isn't it?
0:38:18 > 0:38:21Our very first store, and it became too small,
0:38:21 > 0:38:25so another one came up and we took another one in the street.
0:38:25 > 0:38:26So is the idea that you're going to try
0:38:26 > 0:38:29and persuade those people next door to sell, or...?
0:38:29 > 0:38:32No, at the moment it works quite well having maternity wear here
0:38:32 > 0:38:34and the baby and childrenswear two doors down.
0:38:34 > 0:38:38- I've made it all this way. I would love to come and see the store. - Come and have a look.- Thank you.
0:38:40 > 0:38:43'Laura is bucking the current economic trend by opening
0:38:43 > 0:38:45'up to 12 new stores a year,
0:38:45 > 0:38:48'just when a lot of businesses are shutting up shop.
0:38:48 > 0:38:52'But I've already learnt that Laura likes to do things her own way.
0:38:57 > 0:39:00'I'm hoping that here, on her home turf,
0:39:00 > 0:39:03'Laura will let her guard down and reveal some of the personal
0:39:03 > 0:39:06'qualities that give her the strength to survive in business.'
0:39:08 > 0:39:11One thing that I have struggled with is,
0:39:11 > 0:39:14what really makes your business different?
0:39:14 > 0:39:17But I think I'm getting to a point where I'm realising where
0:39:17 > 0:39:19your uniqueness and where your difference is.
0:39:19 > 0:39:24And I think that the uniqueness within your business
0:39:24 > 0:39:26is very clearly you.
0:39:27 > 0:39:29Well, thank you.
0:39:29 > 0:39:35You know, I never want to take all the glory, because it isn't just me.
0:39:35 > 0:39:39The way I have run the company has filtered down to my directors,
0:39:39 > 0:39:41my managers, to the supervisors.
0:39:41 > 0:39:46And I hope that all of that team will work together to
0:39:46 > 0:39:48kind of pass on the message.
0:39:48 > 0:39:54There must be a little bit within you that's tough, tough but fair.
0:39:54 > 0:39:56I can't see you suffering fools gladly.
0:39:56 > 0:39:58I am a businesswoman,
0:39:58 > 0:40:02and I think the tough part of me is I won't accept no for an answer.
0:40:02 > 0:40:07If someone tells me I can't achieve something or if someone tells me something can't be done, I'll say,
0:40:07 > 0:40:10"Well, come on, of course it can," or, "Let me give it a go."
0:40:10 > 0:40:15I think that determination to succeed obviously does make me
0:40:15 > 0:40:18- a tough person somewhere along the line.- You like to win?- I do.
0:40:18 > 0:40:23There's no doubt about it. I like the fight. Of course I like to win.
0:40:23 > 0:40:27Not at any cost. I do stand by that. Not at any cost.
0:40:27 > 0:40:31Do you think you're quite a complex person?
0:40:31 > 0:40:34Erm, yes, I think I probably am very complex, yes.
0:40:34 > 0:40:35And would your staff say that?
0:40:35 > 0:40:39I think what my teams don't see is the personal angst I go through,
0:40:39 > 0:40:42and that constant conflict.
0:40:42 > 0:40:45In effect, I want to be a full-time mum. I don't have nannies.
0:40:45 > 0:40:49And also wanting to be a good MD and not let my teams down.
0:40:49 > 0:40:51It is quite a difficult balance,
0:40:51 > 0:40:54and I have a lot of personal conflict going on.
0:40:54 > 0:40:57Yeah. Do you struggle with that? Do you find that emotionally draining?
0:40:57 > 0:41:00I do. I find it extremely difficult.
0:41:00 > 0:41:04I don't really believe that women can have it all without making
0:41:04 > 0:41:06- quite a lot of personal sacrifices. - Yeah.
0:41:06 > 0:41:08I want to be in charge of the cooking.
0:41:08 > 0:41:10It's not that I feel it's a duty, it's a pleasure,
0:41:10 > 0:41:14but I also want to earn the money. You know, something has to give.
0:41:14 > 0:41:16You can't actually do it all, can you?
0:41:21 > 0:41:24For the first time, Laura has started to open up.
0:41:24 > 0:41:26For all her protests, it's clearly her vision
0:41:26 > 0:41:30and energy that drives the business forward.
0:41:30 > 0:41:33But running a company can be all-consuming,
0:41:33 > 0:41:37and success often comes at a cost to friends, family, and yourself.
0:41:37 > 0:41:40I wondered if Laura felt she had something to prove,
0:41:40 > 0:41:42and who she was proving it to.
0:41:46 > 0:41:49'Back at Michael's mum's house, it was time to take him to task
0:41:49 > 0:41:53'on something that had bothered me since we first met in London.'
0:41:53 > 0:41:59- You said there's a fine line between insanity and genius.- Mm-hmm.
0:41:59 > 0:42:01Are you insane?
0:42:01 > 0:42:05I think I waver, try and walk the tightrope between the two,
0:42:05 > 0:42:08which I think a lot of good entrepreneurs do.
0:42:08 > 0:42:10I think I have a very unusual brain.
0:42:10 > 0:42:14I think it sees the world in a strange way,
0:42:14 > 0:42:18and sometimes that may come across as slightly mad.
0:42:18 > 0:42:22- You don't see yourself as a genius? - Who's going to say they're a genius?
0:42:22 > 0:42:25I mean, that's a bit...arrogant.
0:42:25 > 0:42:29But entrepreneurs are arrogant. That's one of their traits, surely?
0:42:29 > 0:42:31I think they are confident.
0:42:31 > 0:42:35It's a really important trait for success, to walk into a room
0:42:35 > 0:42:39and have people pay attention when you're trying to raise money
0:42:39 > 0:42:41or sell a product, or bring people onto your team.
0:42:41 > 0:42:44If you don't believe in yourself, who else is going to believe in you?
0:42:44 > 0:42:47And that to me is confidence, not arrogance.
0:42:48 > 0:42:51If that's not an arrogant thing to say!
0:42:51 > 0:42:54Perhaps a little bit arrogant, but at least it's honest.
0:42:54 > 0:42:57Believing in yourself is vital.
0:42:57 > 0:42:59Spending time at Michael's childhood home
0:42:59 > 0:43:03and meeting his mum made me think about what really drives Laura.
0:43:04 > 0:43:08Earlier, she hinted at the struggle she has, mixing motherhood with business.
0:43:08 > 0:43:12When first starting out, she even took her newborn boys to work
0:43:12 > 0:43:16and today, she still has to juggle career and home life.
0:43:16 > 0:43:19Toby, tell me about school today, what did you get up to?
0:43:19 > 0:43:23- I had my first biology lesson. - Did you? And? Do you like it?
0:43:23 > 0:43:26I really want you to be a doctor.
0:43:26 > 0:43:29You are so much better at school than I ever was.
0:43:29 > 0:43:31I'm very, very proud of you.
0:43:31 > 0:43:35Laura's father was a diplomat and her mother raised five children
0:43:35 > 0:43:38while working for charities and political organisations,
0:43:38 > 0:43:44so I wondered what part her parents had played in the development of her business ethos.
0:43:44 > 0:43:48How did the relationship between your parents and you...?
0:43:48 > 0:43:51Tell me about that? Describe your father, your mother.
0:43:51 > 0:43:55My father is very academic and quite cerebral, very self-contained.
0:43:55 > 0:44:01My mother was extremely gregarious and she was very, very energetic.
0:44:01 > 0:44:05My mother had a huge influence on my life
0:44:05 > 0:44:08and also that permeates right through the company.
0:44:08 > 0:44:11Our company ethos is what she taught us as children,
0:44:11 > 0:44:12to waste not, want not,
0:44:12 > 0:44:16and to do unto others as you would have done unto yourself.
0:44:16 > 0:44:20So these basic moral issues are the way
0:44:20 > 0:44:23that I would like to run my life and obviously my business.
0:44:23 > 0:44:25If your mum could say what she thought of you or,
0:44:25 > 0:44:29if she could describe you, what do you think she would say?
0:44:29 > 0:44:32It's funny because I always felt that
0:44:32 > 0:44:34I never did well enough to please my mother, who had very high standards.
0:44:34 > 0:44:36But I remember one time,
0:44:36 > 0:44:39when I had been in business for about ten years,
0:44:39 > 0:44:45and I was turning over maybe about £10 million, employing quite a lot of people.
0:44:46 > 0:44:49I went home and she said to me,
0:44:49 > 0:44:54- Laura, when are you going to get a proper job?- What? Wow!
0:44:54 > 0:44:57It was just that attitude that running a business
0:44:57 > 0:44:59was not a proper job.
0:44:59 > 0:45:01How did you feel?
0:45:01 > 0:45:03Did that make you feel that you were letting them down a little bit?
0:45:03 > 0:45:07Even at my age, in middle age, I still feel that
0:45:07 > 0:45:11I am trying to please someone, I am still trying to please those parents.
0:45:11 > 0:45:15Did she ever tell you personally, have you ever had that moment?
0:45:15 > 0:45:20In the last few days of her life before she died,
0:45:20 > 0:45:25I did have quite an emotional conversation with her,
0:45:25 > 0:45:30saying that I was sorry that I disappointed her.
0:45:30 > 0:45:33She did tell me that she was extremely proud of me,
0:45:33 > 0:45:36so it is amazing how, deep down underneath,
0:45:36 > 0:45:41she really did value what I had created with JoJo.
0:45:42 > 0:45:46How does it make you feel when she said that to you?
0:45:46 > 0:45:50Obviously, hugely emotional and hugely relieved.
0:45:52 > 0:45:57Maybe I can relax a little bit more but somehow, I don't think I will!
0:45:58 > 0:46:02Laura's honesty gave me a fascinating insight
0:46:02 > 0:46:05into the origins of her values and drive.
0:46:05 > 0:46:09She has been motivated by her mother's exacting standards
0:46:09 > 0:46:11and that maternal influence also seems to
0:46:11 > 0:46:14constantly push Laura to achieve more.
0:46:14 > 0:46:19It is not a surprise to discover that Laura wanted to do better.
0:46:19 > 0:46:22Most entrepreneurs push themselves hard.
0:46:22 > 0:46:24Laura and Michael are no exception.
0:46:32 > 0:46:36For my final meeting with Michael, I was going back to the future.
0:46:36 > 0:46:41- What is your favourite? Bernie? The little dragon?- Yeah.
0:46:41 > 0:46:46'He was at his old primary school, testing a new product on the most discerning of judges.'
0:46:54 > 0:46:56- Hello, everybody.- Hello.
0:46:56 > 0:47:01- Are you having fun?- Yes. - Michael, what's going on?
0:47:01 > 0:47:07This is a new Moshi Monsters app and we have come to school
0:47:07 > 0:47:09to ask the experts what they think of it.
0:47:09 > 0:47:11I love what you just said,
0:47:11 > 0:47:14because you described everybody sitting at this table as experts.
0:47:14 > 0:47:16- Indeed. - You're the guy making this happen.
0:47:16 > 0:47:19Yes, and we sit in our office, tapping away, making stuff,
0:47:19 > 0:47:23and only really when you put it in front of an audience,
0:47:23 > 0:47:25do you learn if people like it or not.
0:47:25 > 0:47:27Do you do a lot of this? This is obviously important to you?
0:47:27 > 0:47:31This is really important, to come and ask the children what they think
0:47:31 > 0:47:33and to get their immediate feedback.
0:47:33 > 0:47:36So, is there anything on here that you think is fantastic?
0:47:36 > 0:47:39Yes, I love that there are loads of different sections,
0:47:39 > 0:47:42so there's moustaches and noses.
0:47:44 > 0:47:49If the ears don't fit on any Moshlings, you may need to make those bigger.
0:47:49 > 0:47:54- I know, I made a note in my notebook. - You need to make the ears bigger!
0:47:54 > 0:47:56That's immediate feedback, that's great.
0:47:56 > 0:47:59If that's the only negative feedback, I think we're in good shape.
0:47:59 > 0:48:03- It's important, your Moshi needs a good ear!- That's true.
0:48:03 > 0:48:06- So, thank you for discovering that. - Well done, that's a great discovery.
0:48:06 > 0:48:10- Any other? - You've saved a multi-million pound business from going down the tubes
0:48:10 > 0:48:12with that one comment.
0:48:12 > 0:48:15We'll have to give you some shares in Moshi Monsters!
0:48:15 > 0:48:19'Michael certainly knows that spending time with these children
0:48:19 > 0:48:21'is making money for the business.
0:48:21 > 0:48:25'Seeing him here made me appreciate that staying young
0:48:25 > 0:48:29'and playful keeps him in tune with his customers.
0:48:29 > 0:48:32'His Peter Pan persona has served him well.
0:48:32 > 0:48:35'But growing his business isn't just about sprinkling fairy dust,
0:48:35 > 0:48:39'it's about making some big decisions.'
0:48:39 > 0:48:44It's all incredibly exciting because you are moving very quickly.
0:48:44 > 0:48:48The business has got a lot of things to get right,
0:48:48 > 0:48:51but it is extremely exciting right at this moment.
0:48:51 > 0:48:56Tell me about that excitement and tell me where you're going with Mind Candy.
0:48:56 > 0:49:01We're at a really interesting point in the company's journey,
0:49:01 > 0:49:04a real crossroads, but I think they're on to something here.
0:49:04 > 0:49:08I think we can create one of the greatest entertainment companies in the world.
0:49:08 > 0:49:12It is a wild, crazy ambition, but we're going to give it a shot.
0:49:12 > 0:49:14You really believe you can do this?
0:49:14 > 0:49:19There is a long, long way to go, but I think it is important in life
0:49:19 > 0:49:23to have big dreams and massive ambitions.
0:49:23 > 0:49:24Even if you don't quite make it,
0:49:24 > 0:49:28you'll still get halfway or two thirds along the way.
0:49:28 > 0:49:34We might not make Everest but we could make K2 or Ben Nevis.
0:49:34 > 0:49:36Even those would be pretty exciting.
0:49:36 > 0:49:40If the investors that are currently with you today
0:49:40 > 0:49:44want out in six months' time or a year's time
0:49:44 > 0:49:48because they just don't want to go on this huge Walt Disney journey with you,
0:49:48 > 0:49:53- are you looking to float the business?- Not in the short term.
0:49:53 > 0:49:55I think the business isn't quite ready.
0:49:55 > 0:50:00I would like the scale to be much larger for when we do float,
0:50:00 > 0:50:05but I think it is a likely thing that will happen in the next few years.
0:50:05 > 0:50:09Will that be your exit event to get cash out, float,
0:50:09 > 0:50:10or will it be a partial exit?
0:50:10 > 0:50:15It depends, it's a really tricky question and I give it a lot of thought.
0:50:15 > 0:50:17I love running this private company.
0:50:17 > 0:50:19Things change when you take a company public
0:50:19 > 0:50:25and maybe I don't have the skills or the want to run a public company
0:50:25 > 0:50:28with all the extra pressures that that will bring.
0:50:28 > 0:50:30The answer is, I'm not sure, we shall see.
0:50:30 > 0:50:34If you got a big offer for the business today,
0:50:34 > 0:50:38and the offer was big enough, would you take it?
0:50:38 > 0:50:39I think it unlikely.
0:50:39 > 0:50:43I think we still haven't realised anywhere near our full potential.
0:50:43 > 0:50:49It feels to me like we are just on the upward tick of an amazing journey
0:50:49 > 0:50:56and it would be a real shame to give away my baby at this specific point.
0:50:59 > 0:51:02Michael's plans may be ambitious but I admire the vision
0:51:02 > 0:51:04he has for his company's future.
0:51:04 > 0:51:07I am pleased to see his emotional attachment to the business
0:51:07 > 0:51:11isn't clouding his judgement.
0:51:13 > 0:51:17I wondered whether Laura shared a similar outlook.
0:51:17 > 0:51:20What was her endgame and did her emotional investment in her company
0:51:20 > 0:51:24and the people that worked there ever become too much?
0:51:28 > 0:51:32Do you sometimes feel that you are taking too much on,
0:51:32 > 0:51:35everything is resting on your shoulders? Do you ever feel lonely?
0:51:35 > 0:51:40Every now and then, I get extremely tired because obviously,
0:51:40 > 0:51:43when you multitask as much as I do,
0:51:43 > 0:51:47you do sometimes have a 24-hour collapse
0:51:47 > 0:51:50and that collapse, I will literally sleep
0:51:50 > 0:51:53solidly for 24 hours and recharge my batteries and then off I go again.
0:51:53 > 0:51:57But, yes, I get depressed.
0:51:57 > 0:52:01I don't get clinically depressed but of course you have down times
0:52:01 > 0:52:04when you just think, why do I accept all these things,
0:52:04 > 0:52:11why do I take on everyone else's problems, where is the shoulder for me to cry on?
0:52:11 > 0:52:17So in reality, you put so much energy into everything but clearly,
0:52:17 > 0:52:20the company is what makes you happy?
0:52:20 > 0:52:23I do have a more rounded life than just running the company.
0:52:23 > 0:52:28The company is very much a part of me but my kids and holidays,
0:52:28 > 0:52:32travel, the outdoors, is also very much a part of me.
0:52:32 > 0:52:37Leading on from that, what does the future hold for you?
0:52:37 > 0:52:40It's really difficult because I am very committed to my teams,
0:52:40 > 0:52:42I am very committed to the company.
0:52:42 > 0:52:46I would hate for a takeover to happen and for JoJo to cease existing.
0:52:48 > 0:52:52I think I will just take it year by year and see what happens
0:52:52 > 0:52:55when the children leave home.
0:52:55 > 0:52:59It's going to be interesting because you have created this business.
0:52:59 > 0:53:03It's now moving into its 20th year.
0:53:04 > 0:53:08It is expanding, you're opening more stores.
0:53:08 > 0:53:12You could find yourself at a little bit of a crossroads soon.
0:53:12 > 0:53:18Maybe, but I think the reality is that JoJo will keep growing,
0:53:18 > 0:53:22and I would like to remain the figurehead for as long as possible.
0:53:22 > 0:53:24I'd like to remain the MD for the time being.
0:53:24 > 0:53:27If I was in your position now, I'd start to think,
0:53:27 > 0:53:31I've built this business over 20 years, it's growing,
0:53:31 > 0:53:35the business, right at the heart, is based around me
0:53:35 > 0:53:38as much as it is my people, because they're with me collectively.
0:53:38 > 0:53:42Without me, I'm not sure that it really would function.
0:53:42 > 0:53:44It would start to concern me a little bit,
0:53:44 > 0:53:47looking at five years, looking at retiring.
0:53:47 > 0:53:51I'd kind of have perhaps a little bit more of a plan.
0:53:51 > 0:53:53And I'm surprised you haven't.
0:53:53 > 0:53:57No, I think the reality is that the business is bigger than Laura Tenison
0:53:57 > 0:54:01and the business will definitely succeed when I'm not around.
0:54:01 > 0:54:04Maybe I kid myself and the business doesn't need me
0:54:04 > 0:54:06as much as I think it does.
0:54:06 > 0:54:10Maybe I need the business more than it needs me, and that's going to be the problem, isn't it?
0:54:10 > 0:54:13If I wasn't needed by the business, then what would I do?
0:54:13 > 0:54:17You know, I've got lots of ideas. I've got lots of plans.
0:54:17 > 0:54:21At the moment, my main plan is to carry on running JoJo.
0:54:21 > 0:54:25And if I offered you 20 million for your business,
0:54:25 > 0:54:27would you accept my offer?
0:54:27 > 0:54:29No, of course not.
0:54:30 > 0:54:33I'm quite happy, you can come into the office whenever you want.
0:54:33 > 0:54:34You've got a key to the office.
0:54:34 > 0:54:37- Come in and out, do whatever you want.- Absolutely not.
0:54:37 > 0:54:39I need to be busy. Why would I...?
0:54:39 > 0:54:44Maybe one day, but right now, we've got a long way to go.
0:54:44 > 0:54:4630 million?
0:54:46 > 0:54:50No, quite frankly. Do you know what, we're not for sale.
0:54:50 > 0:54:53You could offer me 200 million and I wouldn't sell to you.
0:54:53 > 0:54:57- You would.- No, I wouldn't.- That's a downright lie. Yes, you would.
0:54:57 > 0:55:00I absolutely guarantee, I guarantee I wouldn't sell!
0:55:00 > 0:55:02You'd be the most stupid person
0:55:02 > 0:55:04that ever walked the earth if you turned down 200 million.
0:55:04 > 0:55:08Don't even go there! You and I both know that.
0:55:08 > 0:55:11- I don't think I would, you know. It would depend...- Come on.
0:55:11 > 0:55:15OK, if you guaranteed my staff, you guaranteed my head office...
0:55:15 > 0:55:17Yeah, what?! For 200 million?!
0:55:17 > 0:55:19I don't care about the money!
0:55:19 > 0:55:22You could give all of your staff a million each.
0:55:22 > 0:55:24Erm, OK, I suppose I could, yes.
0:55:24 > 0:55:27- Come on.- If it was 200 million that I was to share out amongst the staff,
0:55:27 > 0:55:30- then yes, obviously, of course I would.- Yeah.
0:55:30 > 0:55:33- But you're never going to get that! - THEY LAUGH
0:55:33 > 0:55:35Well, maybe! Don't... You just wait!
0:55:35 > 0:55:37Do you know what, I won't say never,
0:55:37 > 0:55:41because the rate of knots at which you're growing and the way that you
0:55:41 > 0:55:45fastidiously look over the business, without stifling it, I must say...
0:55:45 > 0:55:47I don't think you stifle the business at all.
0:55:47 > 0:55:49I think your passion is great within the company.
0:55:49 > 0:55:52I think, you know, maybe you will get there.
0:55:52 > 0:55:55But I do think that crossroads is looming.
0:55:55 > 0:55:57I do think you're going to have a situation where you're going to
0:55:57 > 0:56:00have to change or take a different route
0:56:00 > 0:56:03and decide what you really want to do with this business.
0:56:09 > 0:56:12Both Laura and Michael are intriguing characters who have
0:56:12 > 0:56:16risen to the top thanks to drive, vision and a little bit of luck.
0:56:18 > 0:56:21After some audacious escapes, Michael has learnt to balance
0:56:21 > 0:56:26having fun and being creative with some sound business practices.
0:56:26 > 0:56:29Probably the biggest thing is not to be afraid of failure.
0:56:29 > 0:56:32There's nothing wrong with failing as long as you do it fast
0:56:32 > 0:56:33and you learn from it.
0:56:33 > 0:56:37Who knows, maybe one day Michael will have achieved his massive
0:56:37 > 0:56:41ambition and created the biggest entertainment company in the world.
0:56:41 > 0:56:43'Entrepreneurs are hugely optimistic.'
0:56:43 > 0:56:47I always hoped I'd be able to build something successful that would have
0:56:47 > 0:56:51an impact on the world, but, to be honest, it's probably
0:56:51 > 0:56:55taken off a little bit quicker than even I thought in my wildest dreams.
0:56:55 > 0:57:01Laura survived an accident that could have killed her,
0:57:01 > 0:57:05and created a company that both she and her family can be proud of.
0:57:05 > 0:57:09The reality is, when you start a company and grow it,
0:57:09 > 0:57:12it's a little bit like having your own baby.
0:57:12 > 0:57:16You can see that you nurture it,
0:57:16 > 0:57:19and there comes a stage where you have to let it go a little bit.
0:57:19 > 0:57:23But, as any parent knows, letting go isn't that easy.
0:57:23 > 0:57:26I really love my company. I love the people I work with,
0:57:26 > 0:57:29and I'm extremely grateful and loyal to them.
0:57:29 > 0:57:32So, it's hard for me to imagine doing anything else.
0:57:32 > 0:57:36But every now and then, I do think it would be nice to try something new.
0:57:36 > 0:57:40Whatever the future for Michael and Laura, I am certain
0:57:40 > 0:57:43the experiences that have shaped their approach to business,
0:57:43 > 0:57:47as well as their tenacity, ambition and self-belief,
0:57:47 > 0:57:50will serve them well, whichever road they decide to take.
0:57:53 > 0:57:56Hi, Peter, welcome. Welcome to Timpson House.
0:57:56 > 0:57:58'Next time, I'll be meeting John Timpson,
0:57:58 > 0:58:02'whose family business has survived despite a bitter boardroom battle.'
0:58:02 > 0:58:05- 'My father was fired.' - 'Fired from the business?'
0:58:05 > 0:58:09He was even told he had to leave his car in the car park
0:58:09 > 0:58:12and he wasn't allowed to visit a shop other than as a customer.
0:58:12 > 0:58:17'And Judy Naake, whose pursuit of success almost cost her her life.'
0:58:17 > 0:58:20I was so busy, and I'd had this lump in my breast.
0:58:20 > 0:58:23- So you realised you had a lump? - Well, yeah. But then...
0:58:23 > 0:58:25- You did nothing about it?- No.
0:58:48 > 0:58:51Subtitles by Red Bee Media Ltd