FROM an early age, I was impressed and inspired by entrepreneurs – people who had made their own way in the world and were in charge of their own destiny.
A great friend of mine, another Steve, had a father who was a fisherman. He was determined to own his own trawler and be his own boss.
He made it happen and by the time we had finished our schooling, he owned a fishery and 11 trawlers. I once asked him what drove him and he answered that insecurity about his own future had made him work hard and invest in securing that future for himself. I remember making a promise to myself at an early age that whatever I did in life, I was going to be in charge of the consequences.
Self-belief is a very important thing, and I have my parents to thank as they instilled this value in me. Although they were proud of their working-class origins, they valued education highly and were determined I would benefit from a strong schooling. They encouraged me to achieve the best of my abilities and made sure that I worked hard. With the benefit of their support and excellent teachers at my junior school, I was fortunate to win a scholarship to the local co-educational boarding school.
My fellow pupils were from a range of very varied backgrounds and of all classes. This early experience gave me the confidence to mix with all walks of life and to not be intimidated by status or wealth. It also taught me that determination, a sense of direction, ability and hard work are essential tools in following one’ s career.
After backpacking around Europe in my early 20s – a beneficial learning experience which made me realise I didn’t want to live in a tent for the rest of my life – I headed to London to make my fortune.
One of my first bosses, Ken Ackrill from Eagle Star Insurance, was a great inspiration to me. He demonstrated the value of good networking and the skill of recognising different people’ s attributes to get the best from them.
Of course, at the time I was young and ambitious and determined to make my mark on things, a bit like a bull in a china shop. I remember clearly the day that Ken took me aside and gently reminded me about the value of humility, even within the business world. This piece of advice struck a chord and has been something I have remembered since.
After 15 years of being an employee, I still aspired to be my own boss and see whether I could succeed on my own. The early days of setting up Preferential made me realise the value of the good contacts I had made throughout my career.
I’ve also made a point of listening carefully to the advice which people have given me along the way. Until you start up on your own, you don’ t always realise the value of other people’ s opinions. I’ve always been passionate about rugby, and see a lot of parallels between the game and the rest of life. For example, the importance of excellent team work.
Everybody who is part of a team adds value and I really believe in rewarding and acknowledging people, whatever their position in the company.
Another thing you learn when running your own business, which is true of any team game, is that it’ s always important for the team to socialise together at the end of a day. It is much easier to iron over any difficulties or frustrations in a convivial atmosphere.
Although I am driven by what I do, I think it is important to keep things in perspective. After all, the last person you want to talk to at a party is the one droning on about the joys of travel insurance! All MDs should realise although they have dedicated their working life to something, not everyone will be interested.
Likewise, I think it is important to take advice and continue to learn from other business sectors. The broader your general knowledge and interests and wider your respect for other people and industries, the better as far as I’ m concerned.
After all, a product is a product in any industry. Quite often, the same kind of marketing applies and, whichever industry you are in, the customer is always king.
1974: Norwich Union working in various underwriting departments.
1977: Home and Overseas, working in claims and sales and marketing. This resulted in a rounded knowledge of travel insurance and the travel industry and gave me the chance to move on to another post.
1989: joined Accident and General as sales director. Successfully helped to develop the business and was appointed MD in 1994.
1994: appointed MD of Accident and General
1996: founded Preferential Insurance.
l Steve Nickerson is a registered insurance broker, a member of the Chartered Institute of Marketing, and a fellow of the Institute of Travel and Tourism.
l Cut down on as much red tape as you can.
l Remember the value of humility.
l On any project, set clear objectives and time scales.
l Don’t have a meeting for the sake of it.
l Remember the good things in life are there to be enjoyed.
l Set and agree clearly defined financial plans with your management teams and stick to them.
l Take heed of the experiences of other business sectors.
l If you’re going to make a comment, make sure it is a positive one that adds value to the discussion.