It seems that the business bug is continuing to integrate itself in society. With TV shows such as The Apprentice and Dragon’s Den pulling in big audiences, the UK is catching entrepreneurial fever.
Bath University’s Ollie and Freddie Banks are brothers that have taken an interest in business further by setting up their own company, Velocity Bars, running mobile cocktail bars and designing home bars.
The idea behind Velocity Bars came in 2005 when Ollie, who was in his fourth year of a Bath University Mechanical Engineering degree, was hosting a cocktail party in Bath for his friends. Having spent the evening mixing different concoctions, he realised that there had been little chance to catch up with his friends. He really could have done with a professional bartender to come and make glamorous cocktails at his home – but no one offered this. With Freddie, in his first year of BBA, on board as well, the two brothers realised there was not only a gap in the market for mobile cocktail bars, but also for modern Home Bar units. This provided the opportunity to develop both their mobile cocktail bar service, now called “VBARS“, as well as a second side of the business – designing and manufacturing the “Phoenix Bar”.
From early conceptual phases of the business, friends and family provided constructive support through idea development and evaluation whilst Graham Outram and other University lecturers coached development of the then untitled Phoenix Bar product.
The newly formed BANTER provided opportunities for the Velocity Bars boys to showcase their ideas to a wider audience of local businessmen to gain more feedback on the concepts and business model. Developing their networking skills led to the sale of their largest event, the Deloitte sponsored Bath University Student Enterprise Conference.
Many would say that it is difficult to be able to do a degree whilst setting up and running a business – but do not be fooled by this misconception. With effective planning it is possible. For example, Freddie recommends setting aside time each day to stay on top of the “day-to-day tasks” then investing some your spare hours into driving the business forwards to success.
· The Best Bit Freddie: Nothing is better than when the client confirms a sale and you get the reward for all your hard work – it makes it all worthwhile!
Ollie: It has to be the satisfied look on a customer’s face when you meet and exceed their expectations
· The Hardest Bit Freddie: Outlaying the start up costs of the business – this tightened spending money somewhat!
Ollie: Staying motivated through the long hours spent developing ideas
Books and other references state about the characteristics of an “entrepreneur” whilst other sources state about how to make yourself an “entrepreneur”. The Banks brothers have thought about this and have concluded that an “entrepreneur” is not something that can be taught but is more something that is developed through time and experience. Whilst books and television shows can give the basics, the real lessons to be learnt come through practice.