Chapter One: Copy and Pivot
Book Notes (Part 1 of 2)
TL;DR Summary
The author started a fly-tying business at age 8-9 and uses that experience to teach a
core business principle: you don't have to invent something new — copy what works,
then adapt and pivot. Good businesses survive through constant research, innovation,
and adaptation. The key insight is that 'copying is simply how we learn,' and the
competition knows more than you do.
The Opening Idea
• Good businesses don't spring to life fully formed — inspiration starts them, but
survival comes from constant research, innovation & adaptation
• This chapter is basically: don't reinvent the wheel, study what's already working,
then make it better
The Fly-Tying Business (Age 8-9)
This is the author's personal origin story — how he learned business by accident:
• Started tying fishing flies as a hobby (taught by friend Nick Whitehouse)
• Liked the craft more than fishing itself — found the business side even MORE
interesting
• Spotted a market gap: tackle shops overcharged for gear, undercharged for flies
to compete with mail-order companies
• Mail-order companies always advertised out-of-stock items — the industry was a
mess
• To make money he had to become a wholesaler (not just sell back to tackle
shops at a loss)
• Skipped chemistry class to bank his cheques and meet with bank managers
Key Business Moves He Made
• Named the company "Fly-Tying Tackle Products" (clear if not exciting)
• Ran a 20-word test ad in Trout & Salmon magazine for £8 — got enough
responses to justify making a catalogue
• Classic move: told people the catalogue had "run out of stock" before it even
existed, then created it in a rush
• Imported feathers from India (excellent quality) but had to fumigate them for bugs
– Originally paid Rentokil → decided to DIY it with a freezer, formaldehyde,
masks & white coats
• Borrowed £100 from his mum; Year 1 turnover = £1,500+ with £356 profit
The National Game Fair — Where He Learned to Adapt
• Took the business to the National Game Fair (150,000 visitors — hunting,
shooting, fishing crowd)
• Road trip vibe: friend Nick drove the Transit van, camped in farmer's field, beers,
cigarettes — parents following behind in the caravan
• Fair = crash course in retail: learned what sold, what didn't, importance of store
layout & clear pricing
• Year after: doubled sales & profits. Year after that: doubled again
• Kept improving: better pricing, signage, labelling, staff
• Rebranded to "Quali-Tye" — more distinctive than the old name
The Accidental Pivot — Fishing to Fashion
This is the best part of the story:
• Overheard at his stall: "Oooh! They'd make nice earrings."
• Fishermen's wives/girlfriends had gathered around the big purple ostrich-feather
flies — they saw fashion items, not fishing tackle
• He listened. Business moved out of his bedroom into an outbuilding
• Imported flies from Nakuru, Kenya → cut the barbs off → made into earrings
• Hired outworkers in York, delivered wire by bicycle
• Packaged finished earrings into display cards → sold to hair salons → irresistible
impulse buy for teenage girls
The Name: "Hookers" (Yes, Really)
• Author suggested naming them "Danglers" — government marketing consultant
said it was unseemly
• Consultant's more tasteful suggestion: "Hookers" (earrings on hooks…)
• Within a week: featured on radio, TV, national newspapers
• Was calling up major London department stores: "I'm coming to see Harrods on
Tuesday, can I pop in?"
Section: The Competition Knows More Than You Do
• Starting young gave him humility — he could never assume he was smarter than
competitors
• Core mindset: "The guys lurking round the corner are powered by some secret
sauce — I need to be more energetic and determined than them"
• He and his team continually watched, consulted, and openly emulated
competitors — applied this to HomeServe and Checkatrade
• Paid attention, took notes, knocked on doors — while others wasted time poring
over vision statements
The Netflix / Blockbuster Example
• Netflix began by COPYING Blockbuster — took what worked, assessed what the
market wanted, then improved it
• "Sometimes it helps to be a small step behind the curve" — you're still an
innovator but also a student of the market
• Copying ≠ bad in business. Copying personal credit for someone else's work IS
bad. But copying is just how we learn
• By adapting someone else's good idea, you can turn it into a brand new offering
Touker Suleyman's Take (Dragons' Den)
Owner of Hawes & Curtis and Ghost fashion brand — key quote:
• "You don't have to be a genius. You don't have to invent anything new. Take a
product, look at it, and make it better. Change it. Take an off-the-shelf product
and adapt it. Simple as that."
• Example: sneaker trees (shoe trees for sneakers) — existing product, adapted
for massive market (1.2 billion pairs sold yearly)
• "It's not complexity that makes business difficult — it's the ease with which your
eyes can come unglued from the ball"
The Innovation Insight
• Innovation = getting an idea 80% right — solid business case, you won't lose
your shirt
• After that, best improvement ideas come from customers, not you
• Open-source software is a great example of 'copy and pivot' — take what's out
there and fit it to a new purpose
• Internet = massive research advantage for early-stage businesses; you can see
your competition within seconds
Other Examples Mentioned (Part 1)
• Graham Ruddick (Business Leader magazine): "Publishing, at least the way we
do it, is entirely a copy-and-pivot business" — put content out, get feedback,
adjust
• Business Leader switching from portraits to illustrations on covers — standing
out on WHSmith racks where everyone else uses faces
• Victoria Lynch (Additional Lengths haircare) — mentioned but story continues in
next part
• Simon (mortgage broker story) — reframed estate agents: estate agency was
"just a fancy shop window" for the mortgage business, which was the real profit
centre
Key Takeaways / Things to Remember
• Copy what works → then pivot & adapt it to your context
• Study your competitors (openly — not secretly). Talk to them if you can
• Do small market tests before going all-in (the £8 test ad = smart)
• Listen for accidental feedback — the earring pivot came from an overheard
comment
• Get to 80% right, launch, then use customer feedback to reach the rest
• Store layout and clear pricing matter more than people think
• Humility is a business asset — assume competitors know something you don't
— Notes continue in Part 2 once remaining pages are shared —