NK News – May 2016
Norfolk Knowledge is a voluntary organisation that is supported by and in turn supports the
work of the Norwich Business School at the University of East Anglia.
Headlines this edition:
NK supports GTMS
students
2
NK’s Dragon
7
Regulars
Member Profile
3
NK supports the Graduate
Trainee Management
Scheme
Following on from last year’s successful Graduate Trainee Management
Scheme (GTMS) assessment day, where all the participating students
achieved a work placement, NK volunteer members were again called
upon by the Norwich Business School (NBS) to support this important
initiative.
For more details see page 2.
Management meeting
update
4
Rob’s Reflections
8
Mentor-nomics
5
Events diary
5
Features:
Long serving member, Dave Todd, responded to a request from
South Norfolk District Council for a ‘Dragon’ to join their Den and
listen to the council’s entrepreneurs pitch their business ideas.
See page 6 for his report.
What is an entrepreneur?
New Anglia Enterprise
Adviser Network
NK’s dragon in the den
6
What is an Entrepreneur 10
Don’t take it seriously!
13
Contact Details
14
Norfolk Knowledge receives requests for support from a variety of
people involved with organisations at different stages of development.
Those that are start-ups or in early growth stages are, in particular,
likely to be attracted to the NK offer, when availability of an
organisation’s own internal, experienced, management resource is
scarce or unaffordable.
Some examples of the different types of ‘entrepreneur’ are
discussed on page 10.
The New Anglia Enterprise Adviser Network
.. is part of a national project recruiting volunteers with business
management knowledge and experience to work with secondary
schools and colleges to support increasing the student experience of
the world of work and contact with employers.
See page 5 to see if you might be interested in the role of an
Adviser
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Graduate Trainee Management Scheme
Whilst many large corporate organisations have the systems, resources and budget to
manage their own sophisticated graduate selection schemes, most organisations do not,
even though they wish to recruit good quality graduates. Such organisations however,
still want to be confident that their selection is the right one, but lack those systems and
resources in particular that such a selection process requires.
The NBS scheme fulfils that need both in terms of providing the
selection tools required, as well as tailoring the preparation of
graduates towards the specific needs of the organisations that
participate as employers in the scheme.
This is an NBS hosted scheme whereby third year graduates are
offered an opportunity to have a placement for 9-12 months with
a participating organisation. This is a paid placement
(£20K/annum pro rata) and may lead onto continued employment. Building on last year’s
achievements twenty four students applied to participate in the scheme this year, along
with local and national employers which included; the NHS, Naked Wines, Express
Vending and Adnams.
The call was made in January 2016 to NK for volunteers and the final team comprised:
Steve Blease
Paul Richmond
Ian Warren
John Chapman
Mark Sheard
Mick Wright
Barry Dennis
Rob Waller
Andrew Holdsworth (UEA Careers Service), together with Lucy Coupe, Liane Ward and
Helen Mounser (Faculty of Social Science), organised and coordinated the day ensuring
that the NK volunteers were well prepared before the day.
NK’s role was twofold:
1. During two different team-working/problem solving sessions, each NK member
observed specific students allocated to them, using a set of predefined criteria and
associated scoring system.
2. Each NK member then interviewed allocated students, again using a set of
predefined questions and scoring.
Students also undergo psychometric and other tests as part of the overall assessment.
Following the assessment, students then receive individual feedback on their performance
using observations and advice from the NK volunteers to help them to consider areas of
improvement.
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It also provides participating employers with better information on the attributes of
individual students, before calling them in for formal interviews.
Last year’s Assessment Centre received strong positive feedback from students. One 2015
graduate stated “I’d previously really struggled with assessment centres, having “failed”
two before GTMS. This experience was a real boost, and a real eye-opener. Since getting
the feedback I’ve gone on to secure a GTMS role, and when my placement ends I will be
starting in a London-based consultancy firm”. This year it’s been great to see even more
students taking up the opportunity.
From Nk’s point of view, all the members involved complimented the event organisers and
students for their hard work and effort, and agreed that they themselves had enjoyed the
opportunity to support them in this way and look forward to continuing in future events.
For more information on the scheme and how companies can get involved see the website:
www.uea.ac.uk/norwich-business-school/working-with-business/graduate-traineemanagement-scheme
If you would like to get involved yourself as an observer, contact Liane Ward for details.
Member Profile – Mark Fisher
Mark recently joined our ranks and gives us a few words about himself.
After 28 years away from my home county of Norfolk, I’ve recently
returned with my family to live in Langham, North Norfolk and I'm
delighted to have been invited to join Norfolk Knowledge.
I've spent much of my career with Diageo Plc in various senior
commercial, sales and marketing roles working with a diverse range
of people in over 30 different countries. I was lucky enough to be
based in London, New York and Madrid and my roles have ranged
from starting from scratch new business ventures, turning around
business performance in mature markets to building global capability.
I've coached and mentored business leaders from around the world
and this has reinforced, repeatedly, how much benefit senior people
can gain from stepping back and being challenged by peers to think
differently - to run better businesses and improve their lives in an
increasingly challenging world.
Apart from enjoying Norfolk with my family, volunteering with Norfolk Knowledge, I'm also setting
up a Vistage Group where I will chair a private advisory board of chief executive peers across
Norfolk.
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With Norfolk Knowledge, I'm hoping I can use my business, commercial, sales and marketing
skills and experience to help Norfolk business people in whatever challenge or opportunity they
are facing.
Finally, on a personal level, I'm devoted to my family and to enjoying the wonderful life that
Norfolk can provide, so from beach walking to bicycle rides, you'll see us going out and
discovering the old and the new.
NK Management Meeting highlights
Meeting date: Wednesday 20th April 2016
Venue: Thomas Paine Study Centre, Norwich Business Schoool.
Attendees: Peter Schmidt-Hansen (chairman), Liane Ward, Rob Waller, John
Chapman, Henry Head, Paul Richmond, Zoe Kingsley, Dee Youngman and Mick
Wright. Apologies from Rob Waller.
The formal meeting was preceded by a presentation from Richard Peat of Norfolk County Council
about a new national initiative to recruit Enterprise Adviser volunteers to help schools and colleges
with their strategic planning for creating partnerships with business.
Richard is one of two Enterprise Coordinator (Hannah Colledge is the other) acting as is a broker
between schools and business to identify experienced business people who can consult with school
staff and engage at a senior level.
For more information see the article on page 6 that Richard has put together for our members.
Main meeting highlights
 The personal contact made with the North Norfolk and South Norfolk District Councils had
raised the profile of NK and been fruitful in terms of referrals. Peter asked if we could
extend such contact to all the other district councils. Liane advised that all Norfolk
District Councils were now being sent the Newsletter.
 Paul advised that he and Mick had a useful planning meeting with Josie Kinge, NBS
Course Leader BSc. Business Management/Lecturer HRM, to prepare for the NK support
for the MBA interview experience day, currently scheduled for 1st September 2016.
 Paul informed that NWES was no longer involved directly in the management of funding for
the Startup Loan scheme, but did still coordinate the matching and allocation of mentors. It
was noted that there had been no mentor requests from NWES just recently which might be
due to this change, and to the fact that a new ‘funding year’ has just commenced.


Mick presented a copy of a Requestor Information form he had been piloting, but noted
that it had proved quite difficult to get all the detailed information from his pilot
requestors. John commented that this might be useful for use by mentors once the initial
meeting had taken place.
Mick also presented an updated Requestor Feedback process, together with the process
diagram for how it might work. In essence, rather than ask the Requestor to tick a box
on the Meeting Feedback form he proposed that the NK Administrator would send a short,
standard email questionnaire to the Requestor for them to score and send back. This
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could provide more and better information on how NK is performing. It was agreed that
we should try the idea out.
 Liane presented the new NK leaflet which had received positive feedback. She asked for
all attendees to take some and distribute them.
 There was discussion on how NK might promote itself using better use of soical media.
The Linkedin tool had not been successful and anyway it was felt that Facebook provided
a better platform as Requestors were more likely to be using it. Using the NBS website
more to promote is a possibility with, perhaps, excerpts from the Newsletter as well as
just having the link.
 Dee has also been in informal discussions with a mentoring website who might like to
profile NK. Peter felt that all such exposure and promotions would be good for NK.
 Peter gave a summary of the UEA strategic plans through to 2020 and beyond, where
substantial investment and growth is expected.
Next meeting is scheduled for 13th July 2016.
Mentor-nomics. The stats and figures on our activities
Topic
Referrals since January 2016
Referrals since June 2014
Number
22
98
Check your diary
Date
13/07/16
Topic
NK Management meeting
Location
Thomas Paine Study Centre
Time
10am
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Enterprise Adviser Network- new initiative to support schools and
colleges
Richard Peat, NCC Enterprise Coordinator speaks about this new initiative that NK members are likely to be
suitably qualified for.
Through recent research it has been found that students who have had contact with employers,
through for example talks, work place visits, work experience, enterprise days and careers events, are
significantly more likely to be career focussed and work ready when they leave education than those
students with little or no contact. Also with the responsibility for organising
such activities having been passed to schools and colleges in many cases
they have been struggling with creating effective links with employers, while
employers have complained at how difficult it can be to start working with
schools. The Enterprise Advisers will act as both brokers and advisers
between the fields of education and business.
These Enterprise Adviser volunteers will be partnered with an individual
school or college and will work directly with the senior staff and careers team
to develop effective, strategic, employer engagement plans to enhance
careers and enterprise learning within the curriculum. We are asking the Enterprise Advisers to offer a
maximum of 8 hours a month and to sign up to work with their school or college for a minimum of one
academic year. They will also be fully supported by an allocated Enterprise Coordinator whose role is
to recruit and match Enterprise Advisers to schools and to support the planning meetings.
We are specifically looking for people with strategic management experience to become Enterprise
Advisers as they will be working with the Head Teachers, Principals and other
senior staff in the school to support them in the completion of employer
engagement planning. This role is not about directly working with students, but
those Enterprise Advisers who would also like to be involved in classroom
delivery can be given the opportunity.
We are also providing training for all Enterprise Advisers plus the opportunity to
attend network meetings with other Enterprise Advisers at district, county and
national events.
The New Anglia Enterprise Adviser Network was launched on 1st February this year and aims to
allocate an Enterprise Adviser with all 148 secondary schools, colleges and special schools across
Norfolk & Suffolk. So far we have 25 schools already with an allocated Enterprise Adviser and another
23 in the process of being matched leaving 100 schools still needing an Enterprise Adviser.
If you would be interested in becoming an Enterprise Adviser or want to find out more about the
project then please:
 Contact Richard Peat at [email protected] or,
 Call on 01603 223569 or 07810 152299 or,
 Look at the national website here www.careersandenterprise.co.uk/enterprise-adviser-network .
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NK’s Dragon in the South Norfolk District Council Den
South Norfolk District Council (SNDC) asked Norfolk Knowledge if they could
help with a “Dragons Den” event they were organising for their teams in
Long Stratton on 25th February 2016. Dave Todd kindly volunteered and this
is his report.
The Dragons Den formed part of SNDC’s continuous improvement
programme – ‘Moving Forward Together’, which promotes the way they
hoped to work to successfully deliver on the Council’s vision and priorities.
This involves constantly challenging themselves, as well as developing new
and innovative approaches. They had recently delivered some staff workshops on the area of
Commercial and Entrepreneurial Development and this session was the next step in that process.
At the workshops staff had generated lots of potential commercial ideas. A number of these ideas
were then shortlisted to present back to the ‘Dragons’ who would then critique the proposals and
would then choose which ideas gained support for further development. The short-listed ideas
were:
1.
2.
3.
4.
5.
Land management consultancy, garden maintenance and physical land management
‘Go Ape’ type attraction at Costessey County Park
A package of environmental services/ knowledge of the land
Grass cutting/ gardening service
Leisure activities and parties
Each team “pitched” their idea and were questioned by the “dragons”, which included the Chief
Executive of the district council. Sadly for the writer, we were not provided with a pile of cash by
our side and no “freebies” were handed out. In fairness, given their remit, it might have been a
stretch for the staff to have invented some wonderful new food to enjoy!
From the workshops the teams had attempted to make use of management
models to frame their thinking, especially in terms of competitiveness, customer
needs and profit margins. They also took note of political and social issues and
how to build on the assets they had as a local authority.
All the teams are re-evaluating their thoughts after the probing and scrutiny of the Dragons. I’m
confident one or two of the ideas will see the light of day and will result in new services to local
people, a reduction in council tax or an increase in revenue to improve existing services. In an
ideal world, maybe all three!
The feedback about NK’s involvement was very positive and the outside commercial perspective
was particularly valued. As a by-product, the local authority is more aware of what NK may be
able to do to support their entrepreneurial residents.
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Rob’s Reflections - messages and musings from the Leader
(Personal observation not necessarily those of Norfolk Knowledge, its sponsors or its members)
As NK, we’ve often had difficulty in explaining what we do, for whom. Originally, though
I wasn’t around at the NK conception, so Henry, John and Dave can correct me, I believe
the ‘for whom’ was focused on existing businesses that wanted to grow…hence the initial
local government funding and the Innovation Panel. Latterly, we’ve chosen to include the
‘embryonic’ and the ‘think-I-might-like-to’ Requests.
Government, too, used to focus on the ‘high-growth’ businesses, with initiatives and funding to
support this perceived economic potential. In more recent initiatives, funding seems to have been
directed more towards ‘entrepreneurship’ and ‘new business start-ups’, encouraging individuals to
go out on their own, though with the caveat (from the .gov website) “…you first need to come up
with a realistic idea…”.
Statistics abound to show the relative proportion of the workforce which is self-employed, or in
micro-businesses, compared to the larger corporates. Less prominent are the statistics that
record the failure rate of start-ups…and this despite the many ‘support organisations’ to which
start-ups are signposted by government-funded agencies. Is it the quality of support that is
lacking, or does failure stem from the original rationale and motivation to start up?
As Editor Mick has identified in this Newsletter’s article, start-ups can be categorized into several
forms. Purely an academic delineation, one could say, but I believe that understanding an
individual’s reasoning for starting-up will help us, as NK mentors, to provide more relevant
information and guiding suggestions.
From my own recent experience, I have conversed with someone who proudly showed me a partsanded railway sleeper, and said he was thinking of starting a business making indoor naturalwood furniture, to catch the current trend….though with no inherent skill or passion to invest their
time and money into such products.
And then there is the Requester who had had a thriving business, but one that had lost its oomph
due to complacency, compounded by a more competitive market sector. All credit due, this person
had realised the situation, and now wants to re-energise and re-present the service to a new
audience….and is doing so, with rediscovered expertise and passion.
We have all come across individuals, who, after a few pertinent questions, become aware of the
reality of business, and that there are too many fairy stories for which there is no happy ending.
At the outset, we have no way of knowing what might lie beneath the surface of any Request.
And we’ll never know unless one of us responds, and asks pertinent questions to find out whether
we can ignite a potentially high-soaring rocket, or have to point out the characteristics that
indicate a damp squib. Finding out which is which is fascinating.
The other week I attended a Norfolk Network event about Artificial
Intelligence (AI). The presentation and subsequent panel discussion
highlighted aspects of the fast-developing AI arena, including a likelihood
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that it will downgrade the status of the ‘Professions’ and upgrade the status of the ‘Trades’ (at
least in earning power, if not in social recognition).
As with the many industrial revolutions - the first being the use of a ‘tool’ to help make a task
more effective (…it may not have been a sledgehammer to crack the nut, but it certainly was a
stone…) – key impacts have been on the productive efficiency of processes. The point made was
that AI can automate processes, but it still has a only a limited capability to make decisions expert systems usually select from a bank of pre-discovered possibilities.
One of the questions raised was ‘What is true Intelligence?’….an after-supper conversation topic
for you and yours perhaps!?!
More practically, the panel identified tasks, such as auditing (number-crunching) in Accountancy
practices, editing (comparing accuracy and content of legal documents) in a Law firm, or matching
person profiles to job vacancies, where AI will have (and in fact already is having) an impact on
the ‘Professions’, and the numbers employed in the lower-grade jobs. Just as in previous industrial
revolutions.
Interestingly, the Legal firm representative said that only 1 in 8 law graduates now actually get a
place in a law firm, because the ‘mundane tasks’, by which senior lawyers learn their trade, are
now done using AI software. So ‘humans’ are not needed, so ‘trainee’ jobs don’t exist. (One may
have views about the way ‘professionals’ gather their knowledge and develop their skills, but
that’s not for me to debate further in this piece – another after-supper conversation topic for
you??).
There seems to be little advance of AI in the Trades – as yet – except perhaps the use of so-called
‘expert systems’….what to do if x+y+z is happening. None of the panel could envisage a robot
plumber (no adverse comments please about personal experiences with trades people) or an
interior decorator. The extent of the potential variety of options, the innumerable non-standard
environments, and the requisite manual dexterity is beyond AI software….at the moment.
So what about the ‘profession’ of business support advice? My view (perhaps biased) of the help
start-ups get from the many government agencies is that it is either pure signposting to a desired
destination without detailed terrain and route maps, or it is an on-line expert
systems (such as a list of FAQs) with generic answers that lack the tailored touch
required to make them really useful. A lot of What and less of How.
I contend that NK is more than just an expert system. We have the in-built
capability to sift rapidly through a vast experiential database, deduce a range of
possible solutions from disparate information, and synthesise creatively to identify
productive and profitable ways forward. And our Intelligence is not Artificial…..
A Robert, I may be…but a Robot I’m not…yet !!!!
Rob
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What is an Entrepreneur?
There are two key variables that we, as mentors, face:
1. What type of start-up or entrepreneur are we trying to support
2. What, precisely, is the support that is being requested, or possibly after assessment, really
needed!
In this article we focus on the first variable, which seems to comprise of
around 4 to 6 types, depending on whether you view the entity from a
business organisational perspective or from a more individual
entrepreneurial perspective.
Two examples of this have been used here for comparison and
although there are differences, there is also some overlap. This
provides us a useful way of thinking about this variable as it has a
significant influence on the second variable in terms of how we, as
mentors, provide support.
The table below summarises extracts from two sources:
 Wall Street Journal, June 24, 2013, Steve Blank: The 6 Types of
Startups (http://blogs.wsj.com/accelerators/2013/06/24/steveblank-the-6-types-of-startups-2/)

Thomsen Business Information, 4 Types of Entrepreneur, Article
by Professor Henrik Mariendal Andersen, TEKO Design and
Business School, and Mogens Thomsen, Entrepreneurship
Consultant. (http://www.dynamicbusinessplan.com/four-types)
Steve Blank’s perspective
Lifestyle Entrepreneur
Works to live their passion.
Lifestyle entrepreneurs are like surfers teaching surfing
lessons to pay the bills, so they can surf some more.
They live the life they love, work for no one but themselves
and pursue their personal passion.
Small-Business Startups: Work to Feed the Family
This category consists of grocery stores, hairdressers,
consultants, travel agents, Internet commerce storefronts,
carpenters, plumbers, electricians, etc. They are anyone
who runs his or her own business.
Most small businesses are not designed for scale — the
owners want to own their business and feed the family (and
perhaps have a little left over for indulgences).
Professor Henrik Mariendal
Andersen, TEKO Design and
Business School, Denmark.
Teaches entrepreneurial and
marketing issues to students. In
addition conduct initiatives,
workshops and projects for
VIDEA - The Student
Entrepreneurial Project in VIA
University College
Professor Henrik Mariendal
Andersen, TEKO Design and
Business School, Denmark.
Teaches entrepreneurial and
marketing issues to students. In
addition conduct initiatives,
workshops and projects for
VIDEA - The Student
Entrepreneurial Project in VIA
University College
Mogens Thomsen,
Entrepreneurship Consultant
who owns Thomsen Business
Information Inc. in Denmark. He
advises businesses as well as
lectures on entreprenuership.
Prof. H M Andersen & M Thomsen perspective
Lifestyle Entrepreneur
A lifestyle entrepreneur is often someone that has
discovered a creative gene or insight of life.
They often have had a good education, but do not use it
as the basis for their business activities.
Life style entrepreneur go to courses and other
gatherings where they have the opportunity to listen to,
and discuss with, likeminded entrepreneurs.
Particularly the case for women whose family has grown
up, but do not want to follow their original career.
They may have to either live on a second income and /
or only work with the company as a side-line business.
Many lifestyle entrepreneurs are very enthusiastic about
their product or service and believe that everyone else
must be excited too!
The Traditional Entrepreneur
A traditional entrepreneur may have an education as
carpenter, mechanic, cook or other skilled education
although many have not had a skilled education in the
industry but simply worked their way up through
experience and hard work.
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Small-business entrepreneurs don’t become billionaires.
Norfolk Knowledge Newsletter
They have been working in the industry for some years
and now feel it is time to start a business like the one
they have been working in.
No need for too much talk and planning because it is
quite clear for all what they do and what they sell.
(No specific equivalent)
The Project Oriented Entrepreneur
Although Steve Blank has no specific equivalent to the
‘Project Engineer’, as he includes ‘consultants’ in his ‘Small
Business category, so doesn’t differentiate perhaps as
much.
A project-oriented entrepreneur has education and
expertise in a predominantly humanistic discipline.
Maybe he or she has a bachelor or masters in Arts or
psychology, is an actress with experience in role-playing
groups , a midwife who will help first-time mothers
prepare for birth or he or she might be a graphic
designer.
The company often reflects what a person finds
interesting, gives the owner personal development and
opportunity to work in ways that are ethically correct
The project-oriented entrepreneur has no plans to hire
people but would rather work with various freelancers.
Social Startups: Driven to Make a Difference
(No specific equivalent)
Social entrepreneurs are no less ambitious, passionate or
driven to make an impact than any other type of founder.
But unlike scalable startups, their goal is to make the world
a better place, not to take market share or to create wealth
for the founders. They may be organized as a nonprofit, forprofit or hybrid.
Scalable Startups: Born to Be Big
The Growth Potential Entrepreneur
Scalable startups require risk capital to fund their search for
a business model.
Unlike small-business entrepreneurs, their interest is not in
earning a living but rather in creating equity in a company
that eventually will become publicly traded or acquired,
generating a multi-million-dollar payoff.
They hire the best and the brightest. Their job is to search
for a repeatable and scalable business model. When they
find it, their focus on scale requires even more venture
capital to fuel rapid expansion.
If you meet a growth potential entrepreneur they or their
team have a wish to start a business that will grow,
attract a lot of customers and generate a lot of money.
Maybe they hope that one day they can sell the
business and live happily ever after.
They are ambitious, work hard and for long hours, and
hardly have time to socialise outside the entrepreneurial
environment.
The entrepreneurs come from a technical or science
education from universities and sometimes they start
directly after graduation.
The biggest weakness in the growth potential
entrepreneur’s business is often lack of insight,
knowledge and realistic assessments of market size,
customers and penetration time in the market.
Buyable Startups: Acquisition Targets
(No specific equivalent)
In the past five years, the cost and time required to say,
build Web and mobile apps has plummeted. You can get to
a product/market fit, and a million users with $100,000 to $1
million. Many of these startups bypass traditional Venture
Capitalists by using crowd or angel funding.
This class of startup is likely to be sold to a larger company
for $5 million to $50 million. The founders and investors
walk away with millions, but not billions.
Large-Company Startups: Innovate or Evaporate
(No specific equivalent)
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Large companies have finite life cycles and over the past
decade, those cycles have grown shorter. It’s already
becoming clear that lean startup practices are not just for
scalable and buyable startups.
The Steve Blank perspective is more business or organisational management, whilst Prof.
Andersen and M Thomsen take a more individual or social and community stance. This is maybe
not surprising when you see where they live and the industries they are involved with.
From a Norfolk Knowledge perspective though, our interest is less likely to be on the Large
Company Startups, which will either have in-house expertise or the budget for a leading
consultancy contract. The remaining types are more likely to be NK clients and especially the
Small Business/Traditional Entrepreneur and Scalable Startup/Growth Potential Entrepreneur.
Indeed, the referrals we have had from NWES pilot have, so far, all been in the Small
Business/Traditional Entrepreneur category.
Whilst any referral to NK will have their unique situation and specific support request, there are
several points that perhaps are worth noting from the startup descriptions:

Lifestyle Entrepreneurs – ‘very enthusiastic about their product or service and believe
that everyone else must be excited too!’
This implies that they may not know or understand what their Unique Selling Point is, or,
how difficult it is to successfully market their offer.

The Traditional Entrepreneur – ‘No need for too much talk and planning because it is
quite clear for all what they do and what they sell.’
They may not appreciate, or even want, a detailed business plan that incorporates
significant growth or long term planning.

Potential Growth Entrepreneur – ‘lack of insight, knowledge and realistic assessments of
market size, customers and penetration time in the market.’
Overly aspirational business plans and under estimate of funding perhaps.

Scalable Startups – ‘require risk capital to fund their search for a business model.’
Implies high levels of debt and consequential high risk of failure if funding is inadequate,
with a clear link to the previous comment for Potential Growth Entrepreneur.
The specific support request that NK receives may not initially be about any of these issues but, it
is always worth keeping them in the back of our minds when considering our responses, as it is
likely to influence advice and potential options.
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Don’t take it too seriously!
From: [email protected]
To: [email protected]
Date: 5th May 2016 15:21 GMT
Subject: Offshore Trust Funds
Hello Isa,
Yes, I am refreshed after my returning from my warmer winter quarters, thank you.
Your ideas around setting up ‘Tiny-Tots Offshore Futures Funds’ in distant former Colonial
locations could, as you say, “ride the wave”, and may well provide investment opportunities in
countries and currencies that are not directly available in JISA’s and NISA’s.
Even if it is perfectly legal, this sounds to me to be quite a complicated investment decision for
an adult, let alone a young child and, possibly, not sit well with everyone’s moral compass.
On the other hand, as long as your Tiny-Tot investors do not eventually become politicians
then it might well work!
Regards
Salvia
__________________________________________________________________________
From: [email protected]
To: [email protected]
Date: 10th May 2016 22:01 GMT
Subject: Offshore Trust Funds
Hi S.
Thanks for that feedback on the TTOFF idea but, since I sent that email, I’ve done some more
research and it seems that anyone with the right amount of money and social background,
automatically sets up their children’s offshore trust fund, at the same time as registering them
for their Prep School.
So, I may have missed the boat perhaps for the 1A/1B Affluent Achievers, but a ‘marketing’
visit to the BVI to check out the possibilities for 1C/2D’s could be worthwhile, especially if it’s
tax deductible.
Have you heard of Necker Island? Seems popular with UK entrepreneurs.
Ciao-isa
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Norfolk Knowledge Newsletter
Let us know….
Editorial Leader
Mick Wright
[email protected]
M: 07825 759162
NK Lead Member
Your contributions, comments and constructive criticisms are always
welcome.
Contact Mick at:
Email: [email protected]
Mobile: 07825 759 162
Rob Waller
[email protected]
M: 07803 724117
NK Administrator
Liane Ward
[email protected]
We’re on the Web!
See us at:
https://www.uea.ac.uk/norwich-business-school/workingwith-business/norfolk-knowledge
Norfolk Knowledge
Norwich Business School
University of East Anglia
Norwich Research Park
About Our Organization…
Norfolk
NR4 7TJ
England
Tel: +44 (0)1603 591892
Email: norfolkknowledge@
uea.ac.uk
Norfolk Knowledge is a group of people from various industries and
backgrounds, that provides support and mentoring on a voluntary
basis to students, small enterprises and business start-ups.