David Gold of Ann Summers on the basics of commerce [Video]
David Gold discusses how his early experiences of selling taught him the basics of commerce
David Gold is perhaps the archetypal rags-to-riches entrepreneur – growing up in poverty in London’s East End with a petty criminal for a father, he worked his way up to become one of Britain’s richest men.
And as he explains exclusively to Startups in this video, his early experience of manning a market stall “in the cold” at just 10 years old taught him the basics of commerce. “It teaches you certain things – you’d be looking to think ‘Can I make this cheaper? Can I buy this cheaper? Can I sell it for a bit more than I’m selling it?'” he explains. “Immediately if something started to sell like hot cakes, the first thing you did was increase the price, until you ofund a leve where you’re selling enough, but you’re making maximum profit.”
Gold explains that this business sense was drilled into him not because of a desire to get rich, but because “that’s how you survived”.