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Published 30 July 2012 06:24, Updated 31 July 2012 06:28
Philip O’Sullivan says he had “just enough of both cash and sanity” to steer his recruitment outfit Callaways Executive Selection through its first year of business. It was established in February 2010 at the back end of the financial crisis and the first year was an emotional roller-coaster, he says. Managing cash flow may be tricky but left to run wild, self-doubt can be the undoing of a nascent entrepreneur.
“Because you’re heading off largely into the unknown and even if you’ve done it before, as I had, for every positive thought you have there’s another negative thought battling through,” he says.
The answer is having strong personal relationships outside of work and keeping that person – whether it’s the wife, mother or brother – up to date with the goings-on in the business, O’Sullivan says. “Everybody spends so much time looking for and looking after the customer and thinking that’s how you get a business successful,” he says. “But when you’re in a relationship . . . whoever is supporting you, they need to know in advance what’s happening or what the plan is so that when you open in January and don’t get paid till May that isn’t a surprise to them. You need to educate, update and inform them constantly.”