That's right. It's the second instalment of business tips from
that high priest of independent cinema: Quentin Tarantino.
Smarta caught up with ChemistDirect.co.uk founder - and massive
Tarantino fan - Mitesh Soma to find out just what entrepreneurs can
learn from the Pulp Fiction director.
1. Tarantino: "I have learned a lot
from others. At the same time, I can use my own experience to
absorb from others, change it into something of my own, and present
it with my own style. As a filmmaker, I must be open-minded, must
study everything, and must be sensitive."
Tarantino has come under fire from a number of critics for
'borrowing' excessively from other film-makers. But this is a skill
in itself: taking the best from a whole series of genres and
directors to create box office smashes. Don't be afraid to copy
strategies that work, or cherry pick clever ideas from businesses
you admire.
"Although we're an online chemist, customers value receiving
personal advice when making medicinal purchases," says Soma, whose
online pharmacy turned over £4m last year.
"This is why we've kept the traditional element of a high street
pharmacy and have fully qualified pharmacists who are available to
discuss symptoms and issues about medical problems with customers.
If something works, there's no reason not to do it."
2. "The good ideas will
survive."
If you have faith in your product or service, other people will
too. Passion and determination go a long way in business - and in
the film industry.
Tarantino has often come under fire for his risqué handling of
sensitive subject matter: for example, his use of African American
slang in Jackie Brown. Fellow director Spike Lee
criticised Tarantino's dialogue, asking, "What does he want? To be
made an honorary black man?" But the film was released to critical
acclaim, and nominated for a host of awards. The lesson: if your
idea could change a marketplace or challenge an incumbent, persist.
Cream always rises to the top.
"We shook up the market when we launched and had some aggressive
attempts to blow us off course from the odd supplier and high
street rivals," says ChemistDirect.co.uk's Soma. "We could have
packed up. But we stuck to our guns and had faith what we stood
for, and once enough people begin to believe in you, it's hard for
the critics to shut you down."
3. "I don't believe in elitism. I don't think the
audience is this dumb person lower than me. I am the
audience."
Never, ever underestimate people in business. Whether it's a
customer, competitor or supplier, make sure that you treat them
with kindness and respect. Patronise at your peril.
Mitesh Soma agrees. "Respect your customers, whatever you are
selling," he says. "Without them, you wouldn't have a business.
Remember Gerald Ratner and the 'total crap' his company sold? His
customers weren't impressed. It wiped almost £500 million from the
company's value and nearly brought about its complete collapse.
"If we ever have a customer who is unhappy, we make sure we
reply personally and if need be, refund them. It pays to go that
extra mile."
4. "I want to do a Mandarin language movie. It'll
probably be the next movie I do after the one I do
next."
China is the fastest growing economy in the world. If you are in
the export/import business, you cannot discount this economic
powerhouse. Tarantino not only admires Chinese directors and styles
of film-making, he is also planning to target the Chinese lucrative
cinema industry by releasing a movie in Mandarin.
"Why stop with China?" asks Soma. "Check out other countries too
where the expertise can be hired for less cost. Much of our IT
system is based in Mumbai. They are at the top of their game and
far cheaper than using UK experts. Look beyond your doorstep and
always scope the world for where the best are. It could save you
millions."
5. "If I couldn't make it as good as
thought it should be then I would have just not done
it."
As soon as you realise that your business is not going to fly,
cut your losses and get out. Don't haemorrhage time and money into
a losing venture. Tarantino is a perfectionist and has been known
to abandon scripts for months, even years when they are not up to
par. Serial entrepreneur and investor Robin Klein has a similar
piece of advice for business owners: "Fail often and fail fast," is
his motto.
Chemist Direct's Soma says: "Many entrepreneurs have a host of
false starts when it comes to business ideas. The trick is to know
when to throw the towel in and move on. Eventually you'll hit upon
a winner."
Did you miss the prequel? Check out these top five tips from Tarantino.
Picture source: Roman Pinzon-Soto