Cobra beer Founder - how to get through crises having nearly lost his business three times | Lord Karan Bilimoria
Nov 14, 2023
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Lord Karan Bilimoria, Co-Founder of Cobra beer and member of the House of Lords, shares his journey of building resilience after nearly losing his business three times. The podcast discusses starting a business, finding a gap in the market, importing products from India, consistency in entrepreneurship, finding the right mentor, and the importance of product market fit. It also explores the stories of successful startups, personal branding, striving for growth and continuous learning, and the significance of diversity in companies.
Identifying market gaps and taking risks are key to entrepreneurial success.
Luck, timing, and strategic partnerships play a significant role in building a successful business.
Adaptation based on consumer insights and needs is crucial for business growth and improvement.
Deep dives
Overcoming Challenges and Embracing Entrepreneurial Spirit
Lord Karen Billamoria, the founder of Cobra Beer, shares his entrepreneurial journey and emphasizes the importance of having guts and determination in the face of crises. He discusses how identifying gaps in the market led him to start his own business and the challenges he faced along the way. Despite nearly losing his business three times, Lord Billamoria persevered and successfully positioned Cobra Beer as a premium brand. He credits the support of the restaurant industry and continuously striving for perfection as key factors in his success.
The Importance of Timing and Strategic Partnerships
Lord Billamoria emphasizes the role of luck and timing in entrepreneurship. He believes that being ready for opportunities and aligning with market needs are crucial to success. He highlights the significance of strategic partnerships and mentorship in his journey, which helped him navigate challenges and make important connections. Additionally, he stresses the importance of maintaining integrity, passion, and a growth mindset while constantly learning and innovating.
Blind Spots, Consumer Insights, and Adapting to Market Demands
Lord Billamoria reflects on the importance of identifying blind spots in business and being willing to adapt. He shares the story of shifting production from India to the UK based on consumer insights and needs, despite initially believing that importing from India was a crucial aspect. This shift was driven by understanding the consumers' priorities, where taste outweighed the imported factor. The decision proved successful and improved the quality, packaging, and distribution of Cobra Beer.
Building Trust and Being Resilient in Entrepreneurship
Trust and resilience are crucial for entrepreneurs. Trust is built through authenticity, logic, and empathy. Resilience involves having the guts to start and stick with a business, even in the face of multiple setbacks. Strong brands, loyal teams, and integrity are key in overcoming crises. Entrepreneurial intuition helps identify and address problems proactively, such as advocating for 100% government-guaranteed loans during the pandemic. Diversity, both in terms of ethnicity and background, is vital for business success.
The Journey of an Entrepreneur in Politics and Leadership
Being an entrepreneur in political leadership offers unique opportunities for growth and impact. Combining business experience with parliamentary contributions helps in making a difference. Trust and intuition gained as an entrepreneur have been pivotal in leading the Confederation of British Industry (CBI) through the pandemic, advocating for free lateral flow tests, and promoting diversity in business. Continuous learning and a commitment to achieve more remain a driving force in the ongoing journey as an entrepreneur.
Lord Karan Bilimoria is the Co-Founder of Cobra beer, the best selling beer in Indian restaurants around the UK.
We all pray for those moments we find a gap in a market we can exploit. That’s exactly what happened to Karan in 1989, realising the UK needed a better lager that complemented pan-asian food.
He’s now a member of the House of Lords, having joined in 2006 and sits as a cross-bench peer, helping in particular with the Covid response.
Over the years he’s almost lost the business 3 times, so what has he learnt about building resilience?