One of the first people I met when moving to Guernsey was a fellow Australian called Lance Plunkett. He was in the early stages of MVP development for his lost property start-up Found. I thought it would be a good idea to get to know him better and help me flesh out my developing theories around ‘start-up thinking’. I compiled some questions and shared it with him via email. Lance was good enough to provide great responses, so below is is what I received back:
What is your start-up? It’s called Found. We are a funky, agile and innovative start-up aiming to become the known brand in lost property, so that if someone ever loses or finds something they immediately turn to Found. We are leveraging the Found network of businesses and individuals to offer various insurtech products, which fit perfectly into the world of lost property and allow users to protect their valuable items. We are exploring utilising blockchain technology for proof of ownership and fraud prevention purposes.
Why do you pursue this path vs something else? It’s a really big challenge and I love challenges; for me life is about really going for it and pushing and challenging yourself in everything you do.
Why do you think you are (or will be) good at it? I know where my strengths and my weaknesses lie which enables me to identify the people I need around me in the team to pick up on the areas I am not so good at! Being a founder is a tough and lonely journey at times so having people around to help support, motivate, complement your skills, focus and enjoy the journey is important.
As I see it, one of my key skills is being creative and innovative in problem solving I really enjoy this process. I am very willing to listen to and learn from others so that I can develop my own skills, self analysis and being honest with yourself and your own performance is important you have to be able to take criticism from others and I am good at this.
I am prepared to make sacrifices to make this happen I worked for a year on my business earning no money and living on a boat!
For me personally one of the keys to success is building relationships; relationships with investors, clients, customers and your team. It’s important to be personable, honest, human and considerate to others – these are hugely important values to me.
I really believe in what I am doing and share that belief and passion with others.
What does ‘entrepreneurship’ mean to you? For me it’s about being creative and innovative in solving problems and finding better ways of doing things.
What do you consider to be the ‘start-up mindset’? Which do you think are the most important for start-up success? Please explain with any relevant examples. I have met many successful business people/entrepreneurs; some are great visionaries, some are great creators, some are crazy, some are straight-laced and some are great with numbers BUT the one common thing amongst them all is their commitment and determination to their business or idea. The start-up mindset is about commitment to your goals and conviction in your business. I had the idea to solve the problem of lost property three years ago and have kept working on it and have maintained a true belief in it ever since which I know will see it through to success.
I liken my approach to business to the first time I went skiing. I learnt as an adult and went to the slopes with my three best mates, all of whom could ski really well. I remember thinking ‘Right, what’s the quickest way to get good at this so I can ski with them and not get left behind?’ and I concluded that it was by teaching myself on the most difficult black run! Charging head first into many big crashes, I got up and went again and again. I did learn very quickly and could ski down that black run in no time. It was a riskier approach but one that I calculated was worth it and that I could achieve — the rewards were big – I could ski with my best mates! Throwing yourself with commitment and passion is important and I certainly try to do this in life and business. As an entrepreneur you have to take risks however the risks I take are certainly calculated and thought through.
What are the different ways you have used to develop or improve such attributes? (If helpful, refer to any practical tactics, tools, habits, experiments or other useful strategies) I read a lot about successful people and how they do things. I study the characteristics and behaviours of sportsmen, coaches and entrepreneurs. I am very observant of others around me and how they behave, and learn from mentors, friends, peers and family.
How has a failure, or apparent failure, set you up for later success? Do you have a favourite failure? Learning how to fail and how to lose is a key to growing as a person. I played professional football for many years at a high level but failed to reach the very top level. I had the opportunity but didn’t really commit myself, as I should have. I have certainly applied the lessons I learnt from that to my business life now. Learning from previous mistakes would be in my top five tips for success!
When you feel overwhelmed or unfocused, what do you do? (If helpful, what questions do you ask yourself?) I find being healthy mentally and physically helps and if it all becomes too much a good walk with the dogs in the fresh air can help clear the head. I am good at dealing with stress and tough situations. Talking through my business problems with those trusted colleagues, friends and family is really important.
In the past five years, what new belief, behaviour or habit has changed your life?For me personally I was very immature and unfocussed for many years. I loved that part of my life and don’t regret it for a second – it was fun and I learnt a lot! But I now feel a new maturity and confidence in my skills and have the focus and ability to channel those skills into something I really believe in.
Where do you derive creative inspiration for new products / services? How do you put it into practice? I naturally look at processes/the way things are done and am always imagining what I could do to make that process better. I think of new businesses or ideas to solve problems daily. Looking at new technologies is fascinating and a great way to see how they can help make things better, safer, cheaper, faster etc.
What is your approach to managing risk? Please provide any example(s), if relevant. I take risks everyday as a business owner but they are calculated risks, all decisions are carefully considered, researched and discussed with others when needed. Surrounding yourself with good people minimises risk and I try hard to do that.
How do you know when it’s time to pivot, change direction or quit? Please provide any principles, tactics, criteria etc. I think this is easy to identify – needs must type thinking. If you are set up as a lean agile business change should be easy.
What advice do you have for your 20yo self about to enter the ‘real world’? What advice should they ignore? I wouldn’t want any advice or change a thing, the mistakes I have made are all part of learning and growing.
Are there any quotes you think of often or live your life by?
There are no wrongs or rights in how to become successful; there are many paths to where you want to go.
Success takes all shapes and forms – it doesn’t necessarily mean how much money you have.
Be humble, kind and considerate to others.
Always listen to others’ advice – you can pick up teachings from everyone you meet even if it’s ‘that’s not how to do it’!
Take the road least travelled.
What are the books that you most recommend or gift to other people?
I like Richard Branson’s books they are fun, honest and an easy read with some great lessons within.