Another in our popular series of Topical Talks business roundtables has taken place at Isle of Man Newspapers.

A wide range of views were expressed during the gathering of prominent figures from the island.

Sitting round the table were:

Gary Lamb, chief executive of Manx Telecom, who sponsored the gathering at Isle of Man Newspapers.

Gillian Christian, director, Keystone Law and Ascentiom Recruitment.

David Butterworth, chief executive, Manninvest.

Debbie Scrimshaw, director, Paragon.

Tracey Bell, owner, Dental and Aesthetic Medical Clinic.

Steve Locking, managing director, LMS Partners

Geoffrey Boot, MHK for Glenfaba and Peel and minister, Department of Environment, Food and Agriculture.

Isle of Man Newspapers editor Richard Butt chaired the business discussion.

Mr Butt asked the panel gathered in the boardroom what qualities a self-start entrepreneur needs before they go on to be successful.

Tracey Bell got the ball rolling by saying: ‘I think that it’s grit, determination, resilience.’

Dr Bell referred to our last topical talks event when we focused on a group of young up-and-coming entrepreneurs.

These included Kylie Rollins from the Secret Pizza Company in Castletown.

Dr Bell said she had been particularly impressed by what Miss Rollins had to say.

She said it was important to stick with your ambitions despite what other people might have to say about it.

‘It reminds me of my brilliant mum. All she used to tell me was: ‘‘Just do it, Tracey, don’t worry what anyone else says.’’

‘When I returned to the Isle of Man, I did not work for anyone else and I only knew the right thing to do.

‘I did it without anyone else poisoning my belief in what I was doing.

‘I think that is important and here in the Isle of Man you do have to be resilient and you have got to be a bit of a fighter.

‘You have got to stand up for yourself.’

She admitted there were times when she would close her door and have a good long think about what she was doing.

This was in the days before social media. ‘I tell my kids that I could cry on my own, rather than sharing everything on a social media platform.

‘Success does not come easy, sometimes you have got to grasp the opportunities and recognise them when they come along.

‘But I have to say that as I’ve got older I’ve got better at listening even though it was important to get on with things without anyone poisoning your belief in what you were doing.’

The former Ballakermeen High School student recalled her determination to complete a degree in dentistry at Manchester.

Mr Butt asked what he thought the panel thought was needed to be an entrepreneur.

Government minister Geoffrey Boot MHK told the panel he had ‘worn many hats’ over the years in politics and private business.

In answer to the question he said: ‘I don’t think it is necessarily academic achievement.

‘Many successful people that I know actually have no university degrees but they are streetwise.

‘They are people who take advantage of the opportunities when they come up and that is one of the key things you have to do.

‘And you do have to make mistakes sometimes, we all do that.

‘But people need to be motivated, they don’t necessarily need to be academic.

‘It’s about wanting to succeed, a real desire to succeed,’

Mr Butt asked: ‘Do you have to be ruthless as well?’

Mr Boot replied: ‘I don’t think you have to be ruthless.’

Keystone Law’s Gillian Christian said: ‘I think you have got to have confidence.

‘Confidence to actually do it – confidence in yourself and the relationships you have with people.’

She then raised the point: ‘So many people have good ideas but how many actually act on them?

‘It’s about having that confidence and the drive to believe in yourself, actually do it and to take that risk.’

Paragon’s Debbie Scrimshaw said it was about resilience and being able to push yourself forward.

Gary Lamb of Manx Telecom said a word he often uses when talking about entrepreneurs is ‘passion’.

‘So when you listen to entrepreneurs presenting themselves it’s about the passion you can feel about their business.

‘Passion is absolutely key.

‘And you have to be brave too.’

Steve Locking of LMS Partners recalled how he lost a few nights’ sleep when he decided to leave the bank where he had worked for 18 years after leaving school.

He recalled the ‘long silences’ when he phoned his father to tell him he was leaving to join a firm of independent financial advisers.

‘It starts putting questions in your own mind about whether you are doing the right thing.’

He said it was a ‘massive step’ to take given that he was married with three youngsters.

But he added: ‘I still look back sometimes and think about how I was determined to do it and I don’t have any regrets.’

David Butterworth, the man who founded Skanco and is now chief executive of Manninvest, said ‘hard work and sacrifice’ were two key words to describe what entrepreneurs have to expect.

‘The one thing we all share around this table is the ability to do hard work. And it is also about sacrifice.

‘One of the things we see a lot now is this idea that, with a good idea, you can be successful.’