In this ongoing series, we share advice, suggestions and insights from real entrepreneurs who fight business battles every day. (Responses have been edited and condensed for clarity.)
Barrett Wissman is the retired CEO of world talent agency IMG Artists. His latest enterprise, Art House Reservebrings together people passionate about wine and food, art and architecture, and events characterised by extraordinary talents.
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The business has two key features. First, our co-founders produce excellent wines together Art House Reserve banner. For example, renowned chef Thomas Keller is currently working on his first French wine with winemaking legend Michel Rolland. Secondly, the enterprise is a private membership club. Not only do our members have access to exclusive clubs, dinners, wine tastings, experiences and events, but additionally they have the opportunity to create their very own wines with our wine experts. This is quite an unprecedented opportunity, as normally only head winemakers have access to experts of the caliber of Michel Rolland or Riccardo Cotarelli.
What inspired you to start this business?
In all the food, wine, film and art festivals I have founded or attended, I have at all times felt that there was still space to be taken. I used to be wondering how to create a truly immersive experience that goes beyond one- or two-day events. The answer only began to crystallize about two years ago. I made a decision to start an artistic series in Rome in unusual places, which are either private residences and palaces, or public places that are rarely open to the public. At that point, we at all times found wineries that will provide us with wines for the evenings, but I noticed that many wonderful, historic Italian families were winemakers. It’s similar in France. This unique series of events became a proof of concept and I used to be then able to see the path to the larger vision of making the Domus Artium Reserve.
You have big names among your co-founders. What’s your advice on how to approach big names to join your organization and execute your big idea?
I also realized that I needed the right partners to make this enterprise meet my expectations. So I contacted Michelin-starred chefs Thomas Keller, Yannick, Alléno and Carlo Cracco and legendary winemakers Michel Rolland and Riccardo Cotarella, in addition to wine critic Antonio Galloni. I used to be pleased to discover how quickly they received the vision. It’s a reminder that as an entrepreneur it’s essential to at all times benefit from opportunities. No one is ever too big, too out of reach, or too expensive. What motivates stars is not at all times fame and fortune. Stars and celebrities have their passions, and I imagine that artists of one genre are often attracted to the better of one other genre. The problem is that they are normally not given a likelihood to cooperate. I think the key to success in attracting talent is fulfilling their wishes for what they’ve at all times wanted but weren’t immediately available.
What advice would you give to individuals who have great passions but do not immediately see them as a business opportunity?
Well, my past was playing music. I’m a pianist and music has at all times been my first love, so the incontrovertible fact that I became an entrepreneur somewhat than a skilled pianist was perhaps the first big, unexpected surprise. The takeaway from this and the advice I would really like to share with those just starting out on the entrepreneurial path is to stay open-minded. Your first love and first passion won’t at all times be the moment when you’ll achieve the best success. Don’t be stiff. There is joy in the journey.
What advice are you able to give to entrepreneurs looking for financing?
This is a complex query that requires an understanding of the sector. Investors normally have their very own special interests and you would like to know this before approaching anyone. Nowadays, with so much media reporting on enterprise and private equity funds, it is not hard to discover who the players are in each sector. So do your research and stay focused on your goal to give yourself the best likelihood of success in getting an investor’s attention and then getting into the room or on Zoom.
What is something that many aspiring business owners think they need but don’t really need?
I think many business owners think they need more capital than they really do. It is easy to solve problems with capital, but it is also expensive in terms of investment. You can often find a way to get things done by appealing to stakeholders for reasons that are essential to them. This can often save capital and improve the risk/reward balance.