Ahead of the InvestHer Summit, veteran entrepreneur Mairead Mackle shares her top tips for aspiring entrepreneurs, the value of a great team, and the importance of mentorship.
Leading a business is no easy task, and if you ask people what it takes to make their business work, you’ll probably get a variety of different answers.
Some may discuss the key steps an individual should take to effectively start a business, others may outline tips for interacting with customers and employees, and you may even hear a discussion of certain personality traits that are common to many top entrepreneurs.
But it helps if someone with tips worth listening has experience, like that of Mairead Mackle, CEO and founder of Tarasis Enterprises.
The company provides a wide range of services to the housing, renewable energy, health and social care sectors across Ireland. Mr Mackle founded the company 30 years ago “literally around the kitchen table” and has grown it to employ more than 500 people across the country.
Having started several businesses throughout his career, most recently in the beef industry as co-founder of Wagyu producer Kingsbury Wagyu, Mackle is happy to share some tips on how to start a successful business.
“While there is no single ingredient that is essential for a successful startup, the secrets are a clear vision of where the company is going, a passion for excellence, customer focus, maintaining healthy cash flow, thorough planning, and robust financial modelling,” she said.
Mackle will also be sharing her experience at this year’s InvestHer Summit in Dublin from 19-21 June 2024. The event brings together women entrepreneurs, investors and organisations within the fundraising ecosystem. Ahead of the Dublin event, a networking event for female founders will also be held in Northern Ireland on 17 June.
Born or made?
As an entrepreneur, philanthropist, activist, investor and mother of seven, Mackle has witnessed some of the biggest mistakes entrepreneurs make early on in their journey.
“Some of the most common mistakes founders make include poor cash flow planning, getting too caught up in the operational aspects before focusing on strategic goals, and slowing down the process of building a cohesive team,” Mackle said.
In answering the key question “Are great entrepreneurs born or developed?”, she points out that great founders tend to possess key qualities such as curiosity, openness to new ideas, unwavering focus, determination and self-confidence. However, she doesn’t believe that people are either born with the right qualities or they aren’t.
“While entrepreneurship may come naturally to certain individuals, I also firmly believe that entrepreneurship is developed through opportunity, learning and experience, and this has certainly been my personal experience,” Mackle said.
A key tip shared by Mackle is that entrepreneurs should tell themselves that “there has never been a better time to pursue an opportunity,” no matter what the “voice in their head” says.
“But passion is the most important thing,” she says. “Without passion, you won’t be successful, so you have to love what you do. Follow your passion, test the market relentlessly, and actively seek out people who share your vision and mission.”
Building the right team
But having the right skills and traits to run a business is only one aspect of being an entrepreneur, and Mackle has witnessed some of the pitfalls that entrepreneurs can encounter along the way.
“Some of the most common mistakes founders make include poor cash flow planning, getting too caught up in the operational side of things before focusing on strategic goals, and slowing down the process of building a cohesive team,” she said.
Many businesses are only as good as the people they hire, and Mackle believes the key to building a great team is finding people who align with your company’s values and are “willing to go on the journey with you.”
“I found that I naturally surrounded myself with people who shared the same values as me,” she said.
Investment and mentorship
While employees are essential to a company’s success, most businesses also need capital to grow. Mackle is used to securing investments for a variety of projects, and he approaches choosing investors in a similar way to how he chooses his employees.
“We encourage founders looking for investment to start the process early because fundraising often takes a significant amount of time,” Mackle says. “It’s more important than just looking for a partner to invest capital.”
“The biggest impact comes from investors who are truly a pleasure to work with, as their guidance and advice is just as valuable as their financial contribution.”
With guidance from veteran entrepreneurs, Mackle believes mentorship is an invaluable resource for any business leader. For those seeking a mentor, Mackle believes it’s essential to find “someone you can relate to and who has successfully paved the path you want to take.”
“For example, if your goal is to scale, find a mentor who has experience doing so,” Mackle says. “In fact, I don’t know a single entrepreneur, and I certainly do myself, who doesn’t attribute at least some of their success to the help of a mentor.
“I had the honor of being part of the Vital Voices Global Ambassador Programme in Paris in 2019 and again in Washington in 2022. I am also part of the EY Entrepreneur of the Year programme which provides tremendous support and guidance. You should always be open to sharing your experiences and learning from others.”
The InvestHer Summit will take place at the Dublin Royal Convention Centre from 19th to 21st June 2024. Book your tickets now to attend.
