Interview: Alan Radbourne, Founder of The One Pound Challenge

Alan Radbourne, 27, decided in his final year of University to do something creative to make some money rather than go into your typical corporate job in London. Alan is a graduate from Loughborough University and is now spreading the word to inspire others to think creatively when they graduate. We caught up with him to ask him a few questions.

What made you want to try out entrepreneurship?

As I was coming towards the end of my degree I spent a lot of time thinking about the usual graduate fair offerings of graduate recruiters looking for the high-achieving student who is willing to fit their mould and give a large part of themselves to the corporate environment.

And to be honest it just didn’t fit who I was and what I wanted from work.

So, I had to try and be creative and look for other ways I could earn some money. It led me to the idea of starting my own business. Probably due to me having never studied business I was really quite blissfully unware of what was required to start one. But I had plenty of motivation and could strategize well, so I thought why not give it a go?!

Give us a little bit of information about the One Pound Challenge

The One Pound Challenge (www.myonepoundchallenge.co.uk) was a business adventure to see what could be achieved from just a £1 investment in one year. At first the aim was just for me to attempt to earn my first graduate salary in a novel new way. Yet the challenge turned into much more than this as I began to realise the story I was developing could help to inspire others into business and encourage them to manage their own finances better.

The challenge was based on the simple premise of starting with £1 to buy something, I would then work at turning that investment into a money-making opportunity. Then with the proceeds I would reinvest, and again, and again. I never went into debt, only investing in things I could afford, gradually building up my investment potential.

What did you do with the first pound you started with?

With my first pound, I bought some washing up liquid to was pots and pans for students in Loughborough that were still in exams, earning a few pounds for each student house, this giving me the early cash I needed to broaden my investment opportunities.

So, how much did you make from your £1 investment and how long did it take to make this?

I made a £38,500 turnover, giving a £20,000 profit, all from my £1 within a year.

What gave you the idea of the One Pound Challenge?

The idea of the One Pound Challenge (OPC) came from a time when I was trying to decide what to do after graduation. I had thought I could potentially set up a business, but didn’t really have ‘that’ idea to pursue or the cash to fund it.

Until one day, as I was walking across Loughborough Leisure Centre car park (I know what you are thinking… ah I can see this is the place dreams are made!) I found a pound coin on the floor. Initially I didn’t think much of it, as what can you really buy with just a quid today?! But later I got thinking, maybe there are some things I could buy with it, and maybe I could earn a tenner or something… then maybe with a tenner a hundred pounds is possible, then a thousand! That would definitely be a good way to fund my future business. And maybe this is the ‘idea’ I have been looking for?!

Obviously, a lot more thought went into this crazy day dreaming thought process over the next few months until I had it decided, I was going to give it a go.

What are you doing now?

Since completing the yearlong challenge I have been travelling around the UK speaking to various groups of people, from university students and schools to literary groups and businesses, telling them the story of my journey and imparting some of the key lessons I learnt along the way.

I have also written a book about my journey (available on amazon) and have been able to promote this across a wide range of media outlets including some national radio and newspapers.

Yet, day-to-day I have undertaken a PhD in environmental science at Loughborough and am now in my final year. It was probably not the most logical of steps from entrepreneurial business to PhD, but the opportunity arose and it has given me the freedom to pursue promoting the One Pound Challenge story, while researching a topic I enjoy. Maybe one day soon the two areas will come together for some exciting new adventure.

What are your plans for the next five years?

This is a great question that I honestly am not sure about (and I wonder if anyone really is). As mentioned before I hope that my passion for entrepreneurial business and environmental science can come together when I complete my PhD later this year (hopefully!). One thing I know I want to still be doing is encouraging people to pursue their passions for entrepreneurial business.

Give us three words of wisdom about being an entrepreneur

Challenge the norms!

If you fancy taking on the One Pound Challenge, have a look at the website here: www.myonepoundchallenge.co.uk. Thank you Alan for taking the time to speak to us. We would like to wish you luck in your future ventures.

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