By Niamh Mac Sweeney 
Ramona Nicholas is the business! The straight-talking, self-made, successful businesswoman tells Niamh Mac Sweeney why starting and succeeding in business is challenging but very rewarding.
When it comes to offering advice and pearls of wisdom to early stage entrepreneurs, Ramona Nicholas could probably write a book on the subject. “Firstly, it is crucial that the individual has really thought everything out meticulously. They need to realise the full impact of what starting your own enterprise will involve, not only in terms of time but also dedication, commitment and complete absorption for many years to come.
As well as a clear, detailed and well thought-out business plan, Nicholas says a positive attitude is crucial. “You must be ready to face rejection and understand how to cope with it and move on. Visualising a long-term strategy and believing that you can achieve what you set out to do, is very important.”
Driving ambition
No one can deny Nicholas’ own level of meticulous determination and drive. Her work ethic, passion and focus are unquestionable; attributes that are undoubtedly paying dividends for her and her husband Canice’s company, Cara Group.
The Group was formed in 2002 and since then has seen exceptional growth across its extensive portfolio of pharmacies, home stores and services, such as healthcare, skincare and dentistry.
According to Nicholas, early stage enterprises should have realistic expectations. “A brand is not built in a year or two, unless it is a very niche product,” she says.
Business owners should also watch their cashflow. “It is really important to manage cash in your company and to know exactly what every penny is being spent on, and that it is being spent wisely.”
Ultimately Nicholas says: “The best advice is that you need to know that owning and running your own business is a 24-hour, seven days a week, around the clock commitment, and you have to manage your life around this.
Formula for success
Nicholas’ experience in the fast-paced retail and services sectors comes in handy on TV’s Dragons’ Den where she is astute in her evaluation of the potential of early stage enterprises. But like all investors, it’s a risk, albeit a calculated one.
So, what are the main challenges for entrepreneurs in Ireland trying to grow their business? “Speaking solely from my own experience and knowledge,” she says, “funding has been a problem for growth, particularly for small and medium enterprises”.
She adds: “Every sector is different, but ultimately while you will have organic cash within a company to use for growth and expansion, to really hit what you want to achieve, you do need a supportive lender.”
Talent scout
Talent is also a defining factor of whether or not a business will survive, according to Nicholas.
“You need the right people to grow and develop a successful company. Due to the downturn we have lost a lot of rich talent from our country and I would like to see this talent make its way back to give us a bigger and brighter economy.”
If there is a formula for success Nicholas says it can be found in a person that is: “100% committed, determined, confident, customer focused and customer facing, hard-working, persuasive, and to an extent, risk adverse.” She quickly adds: “They also need to be someone who can take negative feedback on the chin, and rejection also, and use this to drive them further to succeed.”
Mahatma Gandhi famously said: “Satisfaction lies in the effort, not in the attainment. Full effort is full victory.” Similarly, Nicholas agrees that attitudes to failure in business are changing and the age-old adage that ‘you learn more from failing than you do from succeeding’, is a more accepted norm these days.
“In the UK, investors won’t invest in a person that hasn’t previously failed in business,” Nicholas says. “Deciding to wind up a failing company is much braver than spending money on something that is never going to succeed.”
Inspirational, and with plenty of business smart, Nicholas is quick to point out that while success and celebrating milestones is important, markets, competition and the economy are ever-changing and business-owners need to be able and equipped to adapt and react to the changing pace of business.
Investor ready
As an investor herself, Nicholas says the environment for start-up investment is competitive. But does she have any advice for SMEs looking to expand and take their business to the next level?
“Obviously, trading history is something that will help give an investor confidence, and a business plan with projections including the worst and best case scenario for your business,” she says.
During her time on Dragons’ Den, Nicholas has seen first-hand a variety of business propositions. She says right now the interesting and high growth prospects can be found in Ireland’s food and tech industries.
But at the end of the day, and regardless of the journey, “passion, confidence and assertiveness, mixed with strategy and a clear business model all combine to create success,” Nicholas asserts.
Wise words indeed from the woman who put the head down and years later reigned supreme.
