Krystena Petrakas: Tell me about your background in IT…
Richard Stephenson: I used to transmit data across different modems between the UK and the Far East, using systems we had back in the 80s. I’ve always been passionate about technology.
KP: What inspired you to start YUDU Media?
RS: Reading the tea leaves. The rapidly increasing availability of broadband, and the falling cost of hosting, enabled a way to provide documents, magazines and newspapers online, in a way that had never been done before.
KP: Did you always see yourself as an entrepreneur?
RS: Yes, I initially saw this opportunity as a business proposition; the internet was just a delivery mechanism. I advise all dotcom entrepreneurs to think in this way; your main concern should be the business idea, the internet is just a medium.
I advise all dotcom entrepreneurs to think in this way; your main concern should be the business idea, the internet is just a medium
KP: How did you grow the business?
RS: Brick-on-brick. There are nine billion web pages, so it’s not a simple matter of having a great idea and getting noticed.
You should lay out your ideas, talk to experts in that field and potential clients, and design what you’re offering to suit their needs.
The way we use internet is constantly developing, so it’s necessary to have belief and guess what’s over the horizon and which way the net, and your online segment, should develop.
You need an element of faith, as most the clients you serve don’t see the same vision you see.
KP: Does that frustrate you?
RS: I think this is common when you’re in the internet business. We can see the light as a blinding light of clarity but some clients, who don’t have the education or internet understanding, can’t see it.
KP: What do you enjoy most about running your own business?
RS: The challenge of creating something that delivers value to customers, getting the recognition and appreciation, and working within a team that you’ve created – it’s a big buzz.
KP: How long are your working hours?
RS: There’s a balance between ‘thinking hours’ and working hours. Thinking is a fundamental part of this game; you don’t stop thinking, even if it’s three o’clock in the morning on a Sunday.
My work can stretch to 60 hours a week. I think you have to be a bit of a compulsive entrepreneur to succeed.
KP: How much can entrepreneurs expect to earn in this sector?
RS: It can be very lucrative, and it doesn’t cost as much money to set up compared to a bricks and mortar business.
Don’t focus on cool ideas to make money; it’s all about whether you solve a client’s problem. If you do that successfully then you will make a lot of money.
Remember, not all businesses have to compete globally – there are untapped opportunities for local services, which is the direction the net is moving towards.
KP: What would you advise someone who’s starting a business for the first time?
RS: Have patience and tenacity. Don’t think your idea and business will take off tomorrow – it takes time.
Start from a position of your specialist knowledge, and if you don’t have any, go and get some! The wonderful thing about the times we live in is we’ve got fabulous research tools to find information, so there’s no excuse.
Have a niche. Understand what problem you’re going to solve and how much potential clients are willing to pay, and put yourself in the mind of the consumer.
Also, do your research. There’s no point starting a business that charges when other people offer the service for free.
