Northern Powerhouse update:
As part of an annual series, the latest ‘City Growth Tracker’ report is now available and provides an outlook for the UK’s economy across 2016. To view click here: UK Powerhouse A5 Mini Report.

This follows on from a detailed study – posted last December – which analysed the government’s wealth spreading agenda, and in particular its ‘Northern Powerhouse’ initiative.

Compiled by leading economic think-tank Cebr and top-20 law firm Irwin Mitchell, the study predicted that the gap between London and other regions of the UK was in fact set to widen over the next 10 years. Indeed by 2025, the report concluded that the Capital’s economy will have grown by 27% whilst the ‘Northern Powerhouse’ was set to grow by just 14%.

In the last few months there have been numerous policy announcements in relation to driving growth outside the South East, and some of the recommendations made in the above report are already being introduced. Much more however needs to be done to drive substantial growth across the UK whilst making sure London remains as a global powerhouse.

As official economic data sources can often be dated, Cebr devised a unique Powerhouse Tracker for the purpose of this initiative – a range of more timely indicators to create a ‘nowcast’ of GVA and employment for key cities across the UK. These indicators, used together, forms a comprehensive picture of how the regional economies of the UK are performing and whether or not ‘powerhouses’ are indeed developing.

To view the results of the latest interactive Powerhouse Tracker, visit www.irwinmitchell.com/ukpowerhouse

The 5 characteristics of Entrepreneurial Spirit –
“Entrepreneurial Spirit isn’t something you are taught, it’s something you must develop within yourself”.

That’s according to Matt Ehrlichman, a serial start-up entrepreneur and currently CEO/Founder of Porch, a visual web platform that focuses on home-improvement projects.

He writes:

There are some characteristics in work and life that you just can’t teach. They form from within and, over time, they become part of who we are.

One of those characteristics is the entrepreneurial spirit.

It develops in the individuals who demonstrate a true passion for building something great from nothing and they are willing to push themselves to the limits to achieve big goals.

As an entrepreneur, these are the people you want to hire and surround yourself with. I’m a firm believer that you don’t need to own a multi billion-dollar business or start the next Facebook to exhibit the qualities of having the entrepreneurial spirit. It’s something you exhibit every day in how you approach your life and career.

Below are five indicators that demonstrate that the entrepreneurial spirit is alive and thriving in someone.

1) They are in-tune with their passion

Think of the last conversation you had with someone about something they were deeply passionate about. It doesn’t matter if the subject is completely uninteresting to you, the conviction in their voice and the authentic enthusiasm they have for it is captivating. Passionate people know what it’s like to dive deep into a subject and completely understand it. This is something we look for when hiring at my business. When people are genuinely passionate about the problems that your company is trying to solve, they will be energized by any challenge that stands in their way.

2) They are always questioning how it can be done better

Mark Twain once said, “Whenever you find yourself on the side of the majority, it is time to pause and reflect.” The average person rarely considers how ordinary things can be made better or improved – those with the entrepreneurial spirit can’t help themselves. They are continually questioning why things are done the way they are and aren’t afraid to go against the majority to make changes. It’s impressive in an interview when a candidate has real well-researched questions for the business and suggestions and ideas on how existing products or service offering could be improved.

3) They are optimistic about all possibilities

To be entrepreneurial by nature is to be optimistic. People with the entrepreneurial spirit don’t spend time thinking about what they can’t do, but instead ask themselves, “Why can’t I?” When starting up, the odds of success are strongly against you, so you really need people who are optimistic more than ever. Look for candidates that get excited by the idea of aggressive challenges and big goals. They are the ones will push the boundaries of what was once thought impossible.

4) They take calculated risks

In addition to optimism, entrepreneurs are predisposed to a high tolerance for risk. But it doesn’t mean they jump blindly into action, it’s instead the opposite. Those with the entrepreneurial spirit make calculated moves while understanding that there are never any guarantees of success. It’s also the ability to work autonomously and be decisive. The playbook isn’t always clear, so it’s ideal to be able to stay agile and adapt in a high degree of ambiguity.

5) Above all, they execute

I can’t count how many times I’ve had aspiring entrepreneurs come up to me for advice on their untested ideas. My response is always to go out and act on your ideas first to get real feedback. That’s because ideas are meaningless until they are acted on. Those with the entrepreneurial sprit realize that execution is everything when it comes down to success or failure. Hire the people that have the drive and endurance to execute at all times, no matter what the circumstances.

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A very interesting read. I’m sure many of our entrepreneurial board level candidates from across our network will agree with Matt’s points, and also have a few characteristics of their own to add to the mix.

About Directorbank:

• Specialists in executive and non-executive search.
• Sources high impact Chairmen, NEDs, CEOs, FDs and other critical senior roles for privately-owned, PE-backed and AIM listed businesses.
• Market leading network of highly experienced entrepreneurial directors from across the SME market. Many have proven PE exposure.
• Comprehensive 18 year-strong track record across all key sectors.
• Strong team of search specialists with 15+ years experience and solid mid-market understanding.
• Dedicated team of researchers.
• Main offices in London, Leeds and Frankfurt providing coverage of the European market.
• Unique pre-deal service to Private Equity providing direct access to industry experts for due diligence, market intelligence and strategic advice.

If you’d like to discuss our services further, please call us on 020 7255 7940.
Alternatively email:

James Searby, Director – j.searby@directorbank.com
George Heppenstall, Director – g.heppenstall@directorbank.com

Directorbank News Update 2016: With the new year well underway, we’d like to share some of our achievements from 2015.

To view, please click here – Directorbank News Update March 2016

Highlights include:

• A 25% increase in search assignments from across the SME market.
• A 94% increase in assignments from privately-owned and listed firms seeking entrepreneurial directors to drive growth and change.
• A tripling in demand for high impact CEOs, MDs and COOs. Demand for Sales Directors also increased.
• A 71% increase in TMT sector activity. Support Services, Industrial and Consumer were also particularly active sectors.
• 1,250+ interviews took place with high level executive and non-executive directors to build our market leading candidate network.

If you would like to discuss our services further, please do not hesitate to get in touch:

UK –
James Searby, Director. T. 020 7255 7940. E. j.searby@directorbank.com
George Heppenstall, Director. T. 0113 297 8000. E. g.heppenstall@directorbank.com

Europe –
Dorothea Kronenberghs, Director Europe. T. +49 69 719 1829 10.
E. d.kronenberghs@directorbank.com

Executive search firms Hanson Green and Directorbank have merged.

Directorbank acquired Hanson Green in 2008 and to date both brands have continued to operate as separate entities focused on different yet adjacent markets within the executive search space.

The decision to consolidate the two brands under the Directorbank name stems from the natural evolution of the firms’ business interests which have become significantly aligned.

Over recent years, Hanson Green’s client base has expanded out from the FTSE to encompass the AIM, Small Cap and privately-owned sectors. Additionally, its service offering has widened beyond NED assignments to include Chairman and executive roles.

Whilst the PE industry remains Directorbank’s core market, the firm has increasingly offered value across the full spectrum of SME businesses looking to access high calibre entrepreneurial candidates to drive growth and change. In the last year alone, the contribution from assignments in the privately-owned and AIM sector increased more than 30%.

 With such overlap the time is right to bring the two companies together as one holistic team with a united mission.

 The consolidation will result in a single clear brand with a stronger proposition. A cohesive focus will drive efficiencies across the business resulting in wider market reach, deeper networks and shared expertise. Streamlined support functions, particularly in research and marketing, will further improve delivery capacity and execution capability.

 The timing coincides with the departure of Hanson Green’s longest standing Founding Partner, Peter Waine, who retires after 30 successful years with the company.

 Graham Jones, Managing Partner, comments:

“We have invested significantly in the Directorbank brand to build equity and client loyalty, and also to extend its reach. To maintain its identity is the logical conclusion. Directorbank has had a strong year for PE portfolio assignments, but has also seen a 40% rise in retained search assignments from right across the mid-market. The convergence of the two businesses will further strengthen Directorbank’s position as a leading provider of executive and non-executive talent, particularly in the upper realms of the mid market.”

About Directorbank, the consolidated firm:

• Specialists in sourcing Chairmen, NEDs, CEOs, FDs and other critical senior positions for privately-owned, PE-backed and AIM listed businesses
• Market leading network of highly experienced entrepreneurial executive and non-executive directors from across the SME market. Many have proven PE exposure.
• Comprehensive track record across all key sectors.
• Strong team of search professionals with 15+ years experience and strong mid-market understanding.
• Dedicated team of researchers.
• Main offices in London, Leeds and Frankfurt providing coverage of the European market.
• Unique pre-deal service to Private Equity.