What price entrepreneurship?

Dragons Den and The Apprentice might make setting up in business look easy, but James Averdieck of those exquisite Gu Chocolate Puds warned otherwise at the Marketing Society Annual conference last Thursday.

Using data gathered from the business angels he has worked with to build and sell a £ 28 million business, here's what he's learned:

- A business angel will review 2000 business plans on average in a year.
- 1950 of them will go straight in the bin. Of the remaining 50 he/she may choose to invest in 10.
- After 5 years 5 of them will have gone bankrupt, 3 are just ticking over.
- Only 2 generate the returns that keep his business alive!
Even modest mathematicians will be able to calculate this amounts to a 99.9% failure rate!

So what makes a good entrepreneur? For James it still comes down to some simple marketing basics:

1. Start with a great product.
2. Stand out in the crowd.
3. Get people talking about it.
4. Be seen in the right places.
5. Create the right team and culture.
6. Look after your customers.
As a start-up this can seem relatively easy.
So what's the biggest challenge of all?
7. Scaling the business while keeping the quality.

Sound familiar?

A strong marketing constitution

The enthusiasm for the marketing profession and marketing output was palpable at this year's US Association of National Advertisers' (ANA) conference. Keynote speakers got standard ovations; when creative output or business results are shown people cheer
and clap.

There was a real sense of pride and purpose. And a sense of importance. No wonder the conference was named 'Masters of Marketing'.

The ANA even have a Marketers' Constitution, with 10 behaviours that masters of marketing should exhibit; and they recognise companies and individuals who have been outstanding performers. Food for thought, for the UK's browbeaten marketers.

So what does the Marketing Constitution say?

1. Marketing must become increasingly targeted, focused and personal.
2. Marketing must build real tangible brand value.
3. Marketing must become more effective - more creative, insightful and accountable.
4. Marketing must become more integrated and more proficient at managing multi-platforms.
5. The marketing supply chain must become more efficient and productive.
6. The marketing supply chain - agencies, media and suppliers - must become more responsive and effective.
7. Marketing leaders must be better highly skilled diverse leaders.
8. Marketing must be indisputably socially responsible.
9. Marketing must be unencumbered by inappropriate legislation or regulation.
10. The marketing discipline must be elevated and respected.

Perhaps it's time for the Marketing Society to dust off its Marketing Manifesto?