Age: 28 (John) and 26 (Brendan)
Location: Portland, ME
2007 Revenue: $10 million
Employees: 20
Year founded: 2004 (Ready Seafood) and 2007 (Catch a Piece of Maine)
Inc. magazine recently published an article title 30 Under 30 featuring thirty young entrepreneurs under thirty years old.
One story that caught my eye was about two brothers that started a lobster business. Quoting from Inc.
“As undergrads, John and Brendan Ready spent their weekends catching lobsters and delivering them to buyers. “I’d park at the Northeastern parking lot Monday morning and walk into class smelling like fish,” John recalls. They started with Ready Seafood, which has grown into a $10 million lobster wholesale business. Their latest venture, Catch a Piece of Maine, is a lobster trap timeshare of sorts — for $2,995, customers take ownership of a trap for a year and receive a credit every time their traps catch one of Maine’s favorite crustaceans. They can then redeem the credits for the real thing, for themselves or to give as gifts. Catch a Piece of Maine already projects $1.2 million in revenue for 2008 — its first full year in operation — and employs a staff of five. The Ready brothers received the Small Business Administration’s 2008 National Young Entrepreneur Award.”
4 Lessons I have learned
1. “An idea is not a business” People come up to me and say “I have a great idea”, but don’t tell anyone. I tell them you need to execute your idea and turn it into business.
2. Share your idea. Most novice entrepreneurs hold on to their idea, instead share it. You will get feedback and get a better gauge of the market. As a previous inventor, I advise people and not be afraid to tell people your ideas. After all, it takes money + time + and sacrifice for someone to “steal” your idea.
3. Don’t make excuses. Often times, my friends say “I don’t have the experience.” This may be true, but not having experience may even benefit your situation. You may be more willing to learn and don’t over analyze a situation before taking action.
4. Timing. “It’s not the right time.” I here this all the time. The reality is that there is never a right time. The food business world continues to innovate and move along in good and bad economic times.
