Shaf Rasul, from Law graduate, successful entrepreneur to the Dragons’ Den
One of the most successful entrepreneurs in the UK, Shaf Rasul gave an informal talk at an event organised by 6 Degrees Networking on Thursday 9 June 2011 at Ghillie Dhu, Edinburgh.
Mr Rasul explained to the guests that after graduating for Strathclyde University in Corporate Law he quit his new job at a Glasgow law firm after a few hours. On the train home he chatted to an acquaintance about the IT industry.
This growing and dynamic sector appealed to Mr Rasul and he immediately set up Silicon Concepts in 1994, and subsequently won a six figure contract. Most people would never contemplate such an audacious venture since he knew little about IT, computers and running a business. Mr Rasul didn’t have the financial resources either to fulfil the contract, but by hiring the right talent and managing the contract effectively he succeeded. He pointed out that self-belief and a can do attitude was a massive factor in his early days of business.
The maxim of hiring people who are talented in a particular field is a favourite among many entrepreneurs (Felix Dennis for one) and Mr Rasul is no exception. He also believes the business should have a good cashflow and avoid unnecessary processes. Mr Rasul often buys businesses that are struggling; cuts out the systems and processes he deems unessential; makes them successful then sells them for amazing profits. In one instance he sold a company he bought for £20K for £2million.
As well as being a business columnist for the Scottish Sun, Mr Rasul currently advises Secretary of State for Business Vince Cable as part of the Minister’s Entrepreneurs’ Forum. The Edinburgh-based entrepreneur has also featured in an online version of the BBC’s Dragons Den alongside American Julie Meyer and host Dominic Byrne of the Chris Moyles BBC Radio 1 Breakfast Show. His core business interests include optical-media distribution business E-Net Computers. Established in 2000, it is now the largest storage media distributor in Europe and one of the biggest buyers of optical storage products in the world. Mr Rasul also has a division dedicated to management buy-ins and buyouts, providing teams with the funding, buying power and exposure to the supply and distribution networks required to expand their business.
As well as expanding E-Net Computers, Mr Rasul has developed a venture capital investment portfolio which focuses on property, asset management, retail and internet technology. Throughout the noughties he has invested in many businesses. Most have been successful while a few have failed. His recent online ventures include: www.boffer.co.uk (one day only deals on consumer goods).
In April 2011, Mr Rasul launched discount cash and carry BigOffers in partnership with ex-Matalan boss Duncan Sutherland. The warehouse at Newbridge near Edinburgh is the latest move by the entrepreneurs to help cash-strapped consumers. Thousands of shoppers queued outside the 60,000 sq ft site on its opening day to snap up a host of rock bottom bargains, including £150 suits for £8 and iPod Nanos for as little as £20. Mr Rasul said: “Consumer trends show that people want to pay less but not compromise on quality, and that is exactly what we are delivering at BigOffers.”
A guest asked Mr Rasul which kind of businesses were doing well during tough economic conditions, and he explained that e-commerce or e-Bay shops were doing very well, but you have to find the right product. He has a warehouse in West Lothian which he rents out to a number of eBay shops. This eBay village, he says, allows them to group buy services such as postage and thereby reduce their overheads.
