“That’s a massive missed opportunity,” he said.
In terms of what he looks for when he is hiring, the main personality trait Rogerson focuses on is vulnerability.
Part of the company’s interview process includes testing each candidate to see how comfortable they are being vulnerable.
“I think a lot of people struggle with vulnerability, and it means they are not open,” he said, adding this can quickly lead to problems.
Optimism during a recession
Although being the owner of an SME during a recession can be daunting, it can be a great time for successful companies to start up, Rogerson said.
“You need to have a funding runway of at least 18 months,” he recommended, saying otherwise founders can end up spending most of their time raising money instead of managing the company.
Difficult financial conditions can actually lead to a wave of successful entrepreneurs, Rogerson said, citing WhatsApp, which was founded in January 2009 and Airbnb, in 2008, as examples of successful companies set up during financial crashes.
The key is the discipline around spending money that is ingrained in the company and its founders from the start, he said.
“It is absolutely scarier to [start-up a company] today than [in normal financial times], but I think for the businesses that do it, every pound is precious…that stays with you for a long time.”
In contrast, he said, during times of cheap money entrepreneurs can find themselves wasting money.
But he would never dissuade anyone from starting their own company.
“It’s literally the best drug in the world,” he said.
sally.hickey@ft.com
