Gerald Ratner
"If you make a mistake, you can always start again"
It doesn't matter how big your mistake, "you can always start again" and make your business a success, according to keynote speaker Gerald Ratner, who, in 1991, arguably made the biggest business mistake ever.
In a dynamic speech he told delegates how, in 1991, he described his company's £4.99 sherry decanter and glasses as "crap" and then went on to mention a Ratners earring that he claimed "cost less than an M&S prawn sandwich and probably wouldn't last as long."
Gerald told delegates about the original success of his Ratners' empire, the dramatic fall of it after this catastrophic mistake, and his subsequent determination to not only make his business a success once more, but also claw back his reputation as a successful business man.
"After just being voted retailer of the year, [and] making profits of £125 million, I thought 'what the hell has happened here?'" he told Destination Growth delegates, ".and my crime was calling a sherry decanter crap in a light-hearted joke."
Just put your hands up and admit it
However, 16 years later, he's back in a strong position and running the UK's most successful online jewellery store. And he had wise words of advice for delegates: "If you make a mistake, just put your hands up and admit it. It's no good saying 'well it wasn't me', or 'I wasn't there'.really, the answer is that you have to admit to it and also you have to be successful.
"You look at Ronaldo, who got Wayne Rooney sent off in the World Cup. We're all going to boo him. His answer was 'be the best player in the world and become footballer of the year' - so you look a bit stupid booing him when he's absolutely brilliant and scores loads of goals. And, it was only when I got my business back and running in 'gerald online' that the press started improving.
Gerald's rousing and humorous speech entertained the Destination Growth delegates, but underneath the humour there was a very serious and real message that you can never predict the future in business. He said: "Sometimes you can throw an apple at a tree and it can fall in your hand or on your head - it's just luck.and, [whatever happens, I know that] if I make a mistake I can always start again."
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