FT: Lonely owner in need of a listening ear

Lonely owner in need of a listening ear

By Luke Johnson

Published: July 29 2008 19:25 | Last updated: July 29 2008 19:25

It is lonely being the boss of a company in crisis. There is nowhere to run from the problems. It can get pretty desolate up there on the bridge, trying to captain the ship through the storm. You have to make the difficult decisions. And you get the blame if it all goes wrong.

In public companies there are boards of directors, and probably a chairman to offer wise counsel to the chief executive. But in a private business there is rarely someone of substance to advise the entrepreneur running things.

Of course they chose to be the leader, to take command and call the shots. Nevertheless, from time to time even the broadest shoulders need an encouraging word, an intelligent listener, a trusted ally. “People who lead a lonely existence always have something on their minds they are eager to talk about,” Anton Chekhov wrote. Especially when the economy is unravelling like it is now.

‘Over the decades I have been lucky enough to be able to call on various partners and friends as sounding boards’

The modern management industry has coined phrases such as mentoring and coaching to describe what is really an ancient art. This recent terminology is partly a pretext for armies of consultants to charge executives hefty fees for a little bit of nurturing that they could probably obtain elsewhere for free. Because from time immemorial those in charge have sought a confidant to whom they can unburden the woes of high office and discuss hard choices. Someone honest and discreet who understands and offers a veteran’s perspective on matters of business – and life.

This is not therapy or some sort of clinical treatment. It is an occasional boost to one’s confidence and a word of caution from an experienced player who has done it all before. In my view it is closer to a philosophical discussion than management waffle.

The professionals would no doubt argue that “proper” mentoring involves a more experienced mentor and a protégé – any other relationship does not qualify. And they often say that training is needed to mentor. I think this is rubbish. Intelligent understanding is what is needed. I believe that the less structured such arrangements are the better they work. Each dynamic functions differently. What ultimately matters is that each side gets something out of it: guidance, learning, fulfilment of some kind.

My earliest mentor was probably John Stein, my university tutor. He stood by me when I should have been thrown out for failing my first-year exams, and was enthusiastic about me pursuing a commercial career once it was obvious medicine was not my vocation.

Later on, but early in my career as a business owner, I drew on the counsel of the retired founder of several successful companies. Over the decades I have been lucky enough to be able to call on various partners and friends as sounding boards and supporters, figures to whom I turned in moments of isolation. And now and then I have attempted to help aspiring entrepreneurs in their endeavours, always starting with my golden rule: no entrepreneur should offer their personal guarantee, that is, risk their house or being made bankrupt.

Those who are not the sole boss but work as a team may well get enough support from their partners and have no need of an outside mentor. But there may be issues that cannot be discussed with a direct colleague. Sometimes shareholders can be a useful source of advice. I suspect that the two periods when there is the most pressing need for external knowledge come during the start-up phase and if the company gets into problems.

Even if they need the odd bit of moral support, those who run their own show should never complain about the solitary nature of their calling. They decided to roll the dice and take a chance at controlling their own destiny, rather than be a cog in someone else’s machine.

Taking on such responsibilities is never easy – least of all at times like these. But all the research shows that in spite of the bleak moments and hard work, for certain individuals the freedom and vital engagement that come with self-employment are worth the heartache. In the words of Sir Philip Sydney, courtier to Elizabeth I: “They are never alone that are accompanied by noble thoughts.”

[email protected] The writer is chairman of Channel 4 and runs Risk Capital Partners, a private equity firm

Copyright The Financial Times Limited 2008