Without a doubt, all things entrepreneurial are in vogue in these recessionary times. The new mantra seems to be Do It Yourself; if you’ve got a great idea, run with it. Online businesses are an area of exceptional growth and the internet has opened up a world of business opportunities to its vast audience, including you and me. The old fashioned image of the slick entrepreneur, suited, booted and greying is no longer dominant. With online business you can reach a worldwide market from your sitting room while still in your pyjamas (optional of course) and young entrepreneurs are making their mark big time.
Yet having said all that there’s something quite intimidating about seizing an idea, taking risks and becoming an entrepreneur. Studenty spoke to entrepreneur, Padraig O’Sullivan, for some inspiration, motivation and wise words! Padraig is the founder and managing director of ParadeRing.ie, online thoroughbred catalogue for buying and selling horses with an overall aim to “make the buying and selling of Irish racehorses easier and more convenient for all parties involved”. It has been described as “a very welcome addition to the equine industry” and despite the recession the business continues to grow.
Most importantly the business has enabled Padraig to fulfil his ambition of working with horses and as the saying goes: “If you love what you do, you’ll never work a day in your life.”
What is Parade Ring?
A website for buying and selling thoroughbred racehorses. It allows horse trainers and breeders advertise their horses for sale by uploading all their horse’s details including pictures, pedigree and videos. Buyers can then view the horses from the comfort of their home or office and find the ones most suited to them.
How did you decide on creating the business?
I loved horses and horse racing from a young age and was always interested in starting my own business so I wanted to work at something I loved doing.
How did you make the idea a reality? What were the first steps you took to get the idea off the ground?
I started talking to trainers and breeders around Cork to find out what their main problems were and found that selling their horses was their most pressing problem. They were complaining about the high costs of going to the sales and so I came up with the idea from talking to them and then went about researching the idea. I researched the market and put together a business plan to see if the idea would be viable.
What did you study in college?
Business Information Systems (BIS) and a Postgrad Dip in Economics of Business Practice, both in UCC.
How did the course prepare you for starting this business?
BIS gave me a good insight into computers and IT in business while the postgrad was geared around starting your own business where we actually had to setup one on campus.
What resources or tools did you find most helpful when you were getting started?
Business Plan templates were good as they get you to focus on all the key issues and questions you need to find the answers, to see if it there is a market for the idea and if it could work. Read as much as you can and you’ll find a lot of free stuff online to help you.
What ideas did you consider but reject, and why?
I considered creating a horse management system but trainers and breeders weren’t interested in it and it had already been done. There is no point in creating a great product if nobody will use it, so find out what your customers need and want first.
What were your biggest mistakes, or biggest wastes of time/money?
Spending too much time on developing the website and not making enough mistakes fast enough! The more mistakes you make, the more you learn what doesn’t work, and so you learn faster. Keep trying new stuff because you won’t know it will work until you try it.
What have been your key marketing lessons learned?
Know your audience. For example my customers wouldn’t be the biggest Facebook users so it’s better focusing my marketing in other places. It’s important to get to know what your customers use and don’t use so you can focus on the key areas that will get your message across to them. Try as many things as possible to see which works best with your customers.
If you were to do it all over again, what would you do differently?
Get it to market faster and get more customer feedback as quickly as possible.
What’s next?
At the moment we are focused on growing in the Irish and English markets but then we will focus on expanding to other European countries.
What is your website address?
So, if you’re feeling inspired and happen to be attending NUI Galway, EXPLORE is an exciting new opportunity for NUI Galway students to see their innovative project ideas come to life. It is a great way to take the first steps to your entrepreneurial destiny. Students are encouraged to team up with staff members to develop new projects to change the campus. A prize of up to €1,000 worth of funding is available for the winning team to help make the dream a reality.
The first application deadline was January 27 but applications are still being taken. For more details and to download the application form, check out:
