John Risley, the co-founder of Clearwater Fine Foods, is a prominent Canadian entrepreneur known for his significant contributions to the seafood industry and his diverse investments in various sectors. His journey from a small lobster shop in Nova Scotia to building a global seafood empire offers numerous lessons on entrepreneurship, risk-taking, and strategic growth.
On Entrepreneurship and Vision
- "I don't walk away from opportunity, and I see opportunity there."[1]
- Learning: Successful entrepreneurs have a keen eye for identifying and seizing opportunities, even in challenging environments.
- "We were going to do something new and that the sort of compelling attributes of the opportunity had to be technology-based, and we had to be at the leading edge. And if we couldn't satisfy that criteria, we weren't interested."[2][3]
- Learning: Focus on innovation and being at the forefront of your industry. Don't be a "me-too" player.
- "We didn't have time for things like building permits."[4]
- Learning: While not advocating to break the law, this highlights a relentless focus on speed and execution in the early stages of a business.
- "The comfort factor in Clearwater buying FPI would have been, 'Well it's my business, I control it, it's my debt and anybody who doesn't like it can kiss my ass.'"[4]
- Learning: A strong sense of ownership and accountability is crucial for driving a business forward.
- "Never in my almost 50 years in business have I seen better availability of capital for early stage companies, never a market so focused on ways to improve, to cut costs, to be innovative, to be differentiated."[5]
- Learning: Recognize and capitalize on favorable market conditions for innovation and growth.
- "I can not imagine a better time to start a new enterprise."[5]
- Learning: Maintain a consistently optimistic and proactive outlook on the potential for new business ventures.
- "This has tradition- ally been a region which has waited for government to lead and business followed. We have to come to grips with the fact government just isn't capable of leading."[6]
- Learning: The private sector must take the initiative in driving economic growth and innovation.
- "If we learned one thing from the Chinese, it's about the importance of infrastructure."[7]
- Learning: Investing in foundational infrastructure is a critical stimulus for economic activity.
- "The startup community here is on fire."[2][3]
- Learning: Recognize and support burgeoning entrepreneurial ecosystems as hubs of innovation and growth.
- "The rest of the world is looking at Atlantic Canada as a place to come and start a business in the ocean economy."[2][3]
- Learning: A region's unique strengths can be leveraged to attract global talent and investment.
On Leadership and Management
- "I need to know how to attract good people i need to know how to attract capital i need to know how to incent people i need to have know how to help organize uh people and I need to know how to to spur people to to do things that they might otherwise not do on their own."[8]
- Learning: A leader's primary role is to assemble the right talent, resources, and motivation to achieve ambitious goals.
- "I don't want to make decisions in fact I won't make decisions when people come to me with problems I'll talk through their problems with them... I failed them if I've given them an answer."[8]
- Learning: Empower your team to find their own solutions rather than providing all the answers. This fosters growth and independent thinking.
- "There's nothing like a good screaming match uh in which you sort of get out and vent your frustrations...it's in the context of those fights that we understand what the other guy is thinking and the perspective that he brings to the table."[8]
- Learning: Healthy, passionate debate can lead to a deeper understanding of different viewpoints and ultimately, better decisions.
- "The relationships that don't work are relationships in which um the two family members don't agree uh and nobody says anything about it."[8]
- Learning: Open and honest communication, even when it involves disagreement, is vital for strong partnerships.
- "We felt a real commitment to the communities that had supported us in which we'd become the largest employer."[2][3]
- Learning: Businesses have a responsibility to the communities in which they operate.
- "We really needed an owner who understood that sort of commitment and we were comfortable we were were going to maintain the the legacy."[2]
- Learning: When selling a business, consider the long-term stewardship and preservation of its values and legacy.
- "My point is that business leaders have to stand up and take the flak on these issues. It's a tough one because not a lot of people want to step forward and take the heat.”[6]
- Learning: True leadership involves taking a stand on important issues, even when it's unpopular.
- "I've never had that problem."[6]
- Learning: Be willing to be a vocal and courageous leader.
- "Do I want to make money for myself? Absolutely." (Paraphrased from a quote on never being shy about wanting to make money for himself)
- Learning: Acknowledging the profit motive is a part of business, and it can be a powerful driver of success.
- "We have to come to grips with the fact government just isn't capable of leading."[6]
- Learning: Proactive business leadership is essential for regional economic development.
On Risk, Resilience, and Failure
- "Mistakes are painful and the more painful they are the more you tend to learn from them and we've had more than our share."[2]
- Learning: Failure is a powerful teacher. Embrace it as a learning opportunity.
- "If I took off my shirt you wouldn't have you wouldn't believe the number of scars on my back."[2]
- Learning: The path to success is often marked by numerous unseen struggles and setbacks.
- "It's about figuring out the up days are great the down days are tough."[2]
- Learning: Entrepreneurship is a journey of highs and lows; resilience is key.
- "A $10-million investment in the late 1980s in an ambitious aquaculture venture that included mussel beds ended ignominiously: 'The ducks ate them.'"[4]
- Learning: Not every venture will succeed, and sometimes failure comes from unexpected places. The key is to learn and move on.
- "The human condition is incredibly resilient and we should not despair at the ability of society to get over this."[9]
- Learning: Have faith in the ability to overcome crises and adapt to new realities.
On Industry and Market Dynamics
- "The seafood industry, at the international level, remains very fragmented, and in the absence of consolidation that has occurred in other food sectors, has not managed to grow per capita consumption at a reasonable rate."[1]
- Learning: Identify opportunities for consolidation and professionalization within fragmented industries.
- "The industry needs to spend more money on R&D, needs to spend more money on marketing and needs to become more like a proper food industry."[1]
- Learning: To drive growth, industries must invest in research, development, and marketing to evolve and meet consumer needs.
- "We see an opportunity to become a serious player in terms of taking the industry in that direction."[1]
- Learning: Position your company to be a leader in driving positive change within your industry.
- "This industry, myopic and backward as it is, into the innovative, skilled, job-creating machine it can become."[10]
- Learning: See the potential for transformation even in traditional or slow-moving industries.
- "No one has ever seen anything like this i don't know that we've ever seen demand fall off a cliff in the same manner it has here."[9] (Regarding the COVID-19 pandemic)
- Learning: Be prepared for unprecedented market shocks and the need for rapid adaptation.
- "I certainly think that governments and and businesses are going to become much more aware of supply chain vulnerability than we ever have in the past."[9]
- Learning: The importance of resilient and diversified supply chains cannot be overstated.
On Investment and Growth
- "There's a huge amount of activity around tech- based start-ups in urban areas. The community thinks all we need is capital, capital. All we have to do is throw money at these kids and everything will be OK. They're wrong… It's about mentorship, cultivation and support.”[6]
- Learning: Financial capital alone is not enough for startups to succeed. Mentorship and a supportive ecosystem are equally important.
- "We can provide them with that support."[6]
- Learning: Experienced business leaders have a role to play in nurturing the next generation of entrepreneurs.
- "We didn't like the prospect of financial players who come in and work their magic for 5 years and then look for somebody else to take them out that really wasn't going to work for us."[2][3]
- Learning: Prioritize long-term value creation over short-term financial engineering.
- "We had had the benefit of a long history with indigenous communities and understood the perspective that they brought to their investing activity and they think in forever terms... that that really suited us."[2][3]
- Learning: Align with partners who share a long-term investment horizon.
On Personal Philosophy
- "When I was very young I thought money made you happy... I've now realized that money and happiness don't go together in the same sentence."[8]
- Learning: True happiness is not directly correlated with wealth.
- "There is absolutely no relationship between money and happiness and the only thing that can bring happiness is family."[8]
- Learning: Prioritize personal relationships and family as the true sources of happiness.
- "I preach to young people today look don't miss out on your kids' development."[2]
- Learning: Maintain a healthy work-life balance and be present for important family moments.
- "We've got more flexibility than we've ever had and we need to use the flexibility wisely."[2]
- Learning: Leverage modern technology to create a more flexible and balanced lifestyle.
- "What are you learning from young people when you meet with them... what broad perspective they have how well read they are how well informed they are."[2]
- Learning: Stay open to learning from younger generations and their unique perspectives.
On the Future
- "Youth entrepreneurship is a practical response to such changes."[11]
- Learning: Encouraging young entrepreneurs is crucial for adapting to a changing economic landscape.
- "Our organization strives to provide a community of support for the everyday young entrepreneur who who truly are the backbone of this economy."[11]
- Learning: Supporting small and medium-sized enterprises started by young people is essential for economic vitality.
- "We want bright minds with new ideas and lots of enthusiasm."[5]
- Learning: Actively seek out and encourage fresh perspectives and a passion for innovation.
- "The fishing industry, never known for its technological prowess needs to look to technology to reduce costs, improve operating efficiencies and otherwise better understand the ecosystem on which it is so dependent."[5]
- Learning: Even the most traditional industries must embrace technology to remain competitive and sustainable.
- "Canada has an opportunity to be a leader in a number of fields."[2]
- Learning: Identify and pursue opportunities for national leadership in emerging industries.
- "We're fighting this idea that Atlantic Canada can't be first in anything."[3]
- Learning: Challenge and overcome regional stereotypes and limitations.
- "We will have a vaccine. we will have therapies... we will be able to get immediate responses to those tests."[9]
- Learning: Maintain optimism in human ingenuity and the ability to solve complex global challenges.
- "Keep your eyes and ears open listen to what other people are doing."[9]
- Learning: Continuous learning and awareness of your environment are crucial, especially during times of crisis.
- "This is not going to last forever be careful about the changes that are likely to happen as a consequence of of this."[9]
- Learning: In any crisis, look ahead to the lasting changes it will bring and position yourself accordingly.
- "We've got to get the economy going again there are no ifs ands and buts it has to happen."[9]
- Learning: In times of economic downturn, a focused and determined effort to rebuild is essential.
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