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How to be a successful entrepreneur according to UCL alumnus Rishi Khosla

28 August 2019

Entrepreneur and Co-founder of OakNorth Rishi Khosla speaks to recent graduates of UCL Innovation and Enterprise Hatchery programme on building an entrepreneurial mindset and risk-taking.

Rishi Khosla

The first steps following graduation can be daunting – from the endless job applications to the gruelling internship competitions. But it’s even more challenging for those who decide to take the leap into launching their own businesses.

For a fortunate group of participants from UCL Innovation and Enterprise Hatchery incubator, the journey now looks a little less scary thanks to the invaluable advice given by someone who’s been in their shoes – alumnus Rishi Khosla (Economics, 1996). Rishi was listed as the top UK technology entrepreneur according to the Telegraph and is the Co-founder and CEO of hugely successful fintech company, OakNorth

Having struggled to secure funding in the UK to support the growth of their first venture, Rishi and co-founder Joel Perlman decided to start a business focused on helping small and medium sized businesses obtain the debt finance they need to grow. They have a built a next-generation credit platform to do this which is being licensed to banks around the world. The pair are also using the platform to do their own balance sheet lending in the UK via OakNorth Bank.

Today OakNorth is a ‘unicorn’ – that is a privately held tech company valued at over $1 billion – and OakNorth Bank is one of the most successful lenders in the UK, having loaned almost £4 billion.

Speaking to Olga Kravchenko, Co-Founder of Musemio, Dexter Penn, Founder of Kalgera and Shardi Nahavandi, Co-founder of Pexxi, Rishi gave the following three tips: 

1.    Hunger, hunger, hunger

A key theme out of the event was building the right attitude and remaining hungry. From being comfortable taking risks to having unrelenting passion for your idea, the success of any start-up comes down to the person behind the company. Rishi is passionate about fostering a risk-taking culture in young entrepreneurs. He believes every entrepreneur needs hunger, belief and conviction. 

Rishi said during the event: “As long as you have the conviction and the passion for what you are doing and you have a real belief in it, you will be able to grow and improve. 

You will have lows – everyone has lows – the challenge is keeping everyone progressing”. 

Shardi Nahavandi said:  “One of the key takeaways for me was to maintain a key level of energy and trickle it down through the organisation. Rishi was so inspiring – he is so full of energy. To see it live and how it affect others was really important. It can drive a business and push everything forward.”

2.    Find a problem first, not a solution

OakNorth set out to solve a problem – there weren’t any banks ready and willing to lend to entrepreneurs.

According to Rishi this is the key to the success of any business as it keeps you focused on customer needs and allows you to sustain passion and belief in your business idea. 

“When you are targeting a real pain point the ecosystem actually helps drive consumers to you,” said Rishi.

 3.    Seek advice

Whether it’s asking for guidance on a particular problem or surrounding yourself with a team of trusted individuals, there is power in asking for advice. 

Don't be afraid of reaching out to anyone. Find the right person to give you guidance and approach them – you might be surprised at who responds. Building a team of trusted, knowledgeable colleagues is equally important as mentorship.

For Olga Kravchenko this piece of advice came at just the right time: “Rishi’s view on how to build a team and create a culture where everyone shares the same vision was absolutely invaluable as we are just at the point where we are starting to build a team around us.”

If you’re looking for advice on your career next steps or have a specific business question, join the Alumni Online Community – our exclusive social networking platform for UCL alumni – to take part in our mentoring programme. UCL alumni also have access to support and funding opportunities through UCL Innovation & Enterprise. For more information on how UCL can support your next business initiative click here