Entrepreneur Q&A: Nick Hatter

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Nick Hatter, the founder of mobile ad outfit GiftGaming, joins Breaking Biz for our quickfire entrepreneur Q&A. Nick has featured on the show before, you can find his first interview here, and his diary of an entrepreneur entry here.

 

Full Q&A transcript:

 

Breaking Biz:

What was your first ever business idea?

Nick Hatter:

My first business idea wasn’t really scalable, I wanted to become a web developer. I think that was my very first idea.

 

BB:

Why did you decide to start your own business?

NH:

I wanted an adventure, I was at a time in my life where I just thought- I want to go an adventure, I want to meet more people, I want to see the world and so far giftgaming has allowed me to do all of that. As I’ve told people, you shouldn’t just start a business just because you think you’re going to get really rich off it. You should do it because it’s something you really want to do because at the end of the day it’s the passion that’s gonna keep you going when times inevitably get tough.

 

BB:

How do you identify a real business opportunity?

NH:

Ask yourself the key question, are you solving someone’s pain? I think that’s a good way to assess it. Then look at the numbers, is it a big market? If it’s a billion dollar market then it’s probably something good to go after. If it’s a really widespread problem then it’s definitely a problem worth solving and if you can solve it that’s how you make money, I think.

 

BB:

What skill or ability is most important for an entrepreneur and why?

NH:

The ability to get punched in the face repeatedly and carry on going. It can fell like that when all you’re hearing is no, no, no and you don’t win this, you don’t win that and you don’t get that client…I think it’s the ability to keep your head up high and just keep pushing forward. I think that’s the most important skill to have.

 

BB:

You know someone who wants to start a business but fears leaving their job. What do you say to them?

NH:

It’s more dangerous to not pursue your passion or your dreams and to stay in a job where it might not be the most fulfilling in the world and then live with regret. I think it’s more dangerous to live with regret than it is to fail at your dreams. One of my mentors told me, failure is okay, failure is a learning process. I think what people fear rather than leaving their job is the fear of failure. I think that’s what holds people back not just from starting a business but from pursuing any kind of endeavour whether its becoming a bodybuilder or an actress, it’s always the fear of failure.

 

BB:

Are there people who start a business for the wrong reasons?

NH:

If you’re starting it because all you care about is money, money, money- I’m sure a lot of us start a business because we eventually expect a lot of money but you have to understand there’s going to be a number of years where you’re earning well below your earning potential. I think you should start a business to try and be at least a little bit meaningful, and to get some enjoyment out of it because as I said times can get tough and if you don’t have the money then what else do you have?

 

BB:

What are the most important lessons you’ve learned?

NH:

Just to persevere. Even when you think you’re not making any progress you just have to keep on pushing forward and eventually you’ll break through. Perseverance is the most important thing.

 

BB:

Can you recommend any books or resources that helped you along the way?

NH:

I really liked Guy Kawasaki’s ‘Rules for the Revolutionaries’ – he makes some really good points in that book.

 

BB:

What’s the best part of your job?

NH:

I look forward to Monday because that’s the day when you know everyone’s at work and the day you can start trying to make money… that’s the key difference with having a job that you’re not very interested in, I think a lot of people dread Monday mornings but I think a lot of us entrepreneurs look forward to it.

 

BB:

What’s your biggest fear?

NH:

My biggest fear is to become a ‘zombie startup’ where you’re just plodding along, you’re burning money and you’re not making progress

breakingbizzombie

 

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5 Comments (click here to leave a comment)

  1. The comment about making money at the start of the work week on Monday & success not just being tied to money – money – money rings true! Passion is critical. As that saying goes “If you build it, they will come”. Congrats & much more success to you + team!

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