What makes an entrepreneur?

Graeme Coutts has some words of advice for any budding entrepreneurs.

He said: “Analyse your strengths and skill gaps, and identify what you don’t know.

“Then set about complementing your strengths by building a network of wise heads - which makes you feel you have control and that you aren’t ‘flying blind towards the mountain’.”

Mr Coutts has made business mistakes in his career, but he describes these as simply “bumps in the road” which were there to teach him and make him wiser.

THE BIG LESSON

He added: “The big lesson for any would-be entrepreneur is to quickly learn to develop a healthy scepticism. If it’s too good to be true, think long and hard. Remember, you need to know what you don’t know. This is probably more important than all the stuff you know about.”

Is there enough help and guidance for budding entrepreneurs?

Mr Coutts said: “The four cornerstones of entrepreneurial economics - land, labour, capital and enterprise - all need to be supported.

FrontRow helps businesses in all of these areas, from world-class facilities to highly-skilled professional advisors and directors - all aimed at allowing entrepreneurs to focus on their technology and customers, he said.

Meanwhile, the “old heads” take the burden of administration, finance and compliance.

“This model is quite different and, as far as I know, unique in our sector,” Mr Coutts added.

Conditions for would-be north-east entrepreneurs are tough these days, due to the cost-of-living crisis.

But Mr Coutts is confident they will come through this difficult time and continue to thrive in the decades to come.

He continued: “Aberdeen has a long history of hosting many great entrepreneurs over the years.

“Well before oil and gas, there was great business spirit throughout the north-east and that simply accelerated as the North Sea industry developed.

“Throughout the roller-coaster years of an economy driven by the turbulence of the global oil price, we always found a way to make it work and that’s all about the people.”

North-east oil and gas industry entrepreneurs in recent decades were bold and visionary in the way they handled opportunities which came their way, Mr Coutts said.

He added: “I strongly believe the multiple, relatively small hydrocarbon accumulations of the central and northern North Sea forced advanced thinking and great invention.

“This resulted in global technology leadership for our oil and gas industry and an exceptionallyvaluable export market for Aberdeen.

“It spawned many notable serial entrepreneurs who continue to operate today.”

GOLDEN OPPORTUNITY FOR NORTH-EAST

Mr Coutts said the obvious long-term opportunity for Aberdeen was in the transition to clean, sustainable energy sources. He added: “It would be a real shame if the north-east didn’t grab this and build on our long association with conventional hydrocarbons.”

The businessman also said the abandonment and repurposing of offshore infrastructure should provide the Aberdeen area with years of stable employment.

“This area is wide open to innovation. There is a strong need to drive meaningful cost reduction for well and infrastructure abandonment, and there are no better-placed people to reinvent and innovate in this area than Aberdonians.”