Million dollar homepage: Alex Tew
Alex Tew came up with the idea for the 'Million Dollar Homepage', a website that sold advertising space on the internet, in 2005 while brainstorming ideas on how to make money to pay for his university career.
Alex Tew, Million Dollar Hompage founder
Three years later Alex, now 23, is visiting universities and colleges across the UK as the face of Ideas Igloo Roadshows, a partnership between Microsoft UK and Make Your Mark, to promote entrepreneurship in young people.
As part of the campaign organised by Make Your Mark students can attend business themed work shops in a giant inflatable igloo and have the chance to present a business idea to a panel of judges. The student with the best idea wins £150 and goes through to the national final, where they can compete for the top prize of £2,000.
Alex exceeded his ambitious target of raising $1m by selling pixels for a dollar on his homepage. He is currently working on a social networking project with partners Robert Loch and Scott Rutherford.
This is Money talks to Alex about the importance of encouraging entrepreneurs from a young age:
What is the campaign about?
I will be visiting 20 universities and colleges across the UK as the face of the Ideas Igloo roadshows; it is coordinated by the Make Your Mark in partnership with Microsoft UK. Its objective is to inspire young people so that they can do their own thing. Sometimes, like me, you can have one idea that can change your life. Doing the road shows was a no brainer for me because I am pretty passionate about inspiring young people and I wish there was more opportunities around like the Ideas Igloo when I was young. Students can come along and get practical business and finance advice. One of the main themes is to allow them to pitch an idea to a panel with the best idea on the day will win a prize of £150. The events are hoping to encourage young people to come up with business ideas.
What was your first job – how much did you earn?
I launched the Million Dollar Homepage in August 2005 and six months before I was working at my local Tesco earning about £5.30 an hour, which works out at about £40 a day. Then only four months later I was earning £4,000 pounds a day, every day for four months, which is pretty bizarre.
What inspired you to start your own business?
I was about to go to university and I was slightly concerned about getting into debt. I had two older brothers who both ended up with around £30,000 worth of debt and I didn't want to go through university unable to afford a pint. I realised I needed an idea that would make money quickly and after a night of brainstorming I came up with the slightly crazy idea of selling a million pixels for a dollar each. By the time I went to university I had made about £400,000 and after four months the whole page had sold out.
How much has the business grown?
I set up the website with the premise to sell a million pixels and I did. I hope that it will remain as a piece of internet history and it will be there at least for the next five years, if not longer. I hope to keep it online as a representation of the internet at the time it was successful, because it was the first of its kind.
How hard do you work?
I think people have the impression that I made a lot of money for nothing. About four months I had to hire two people to run the website because all my time was taken up doing interviews and I was still trying to study at University. Obviously the ratio of work to rewards was exceptionally high but that is the power of an idea.
What's the worst mistake you've made in your business life?
I think, like everybody, I have made a lot of mistakes but the then you learn form them. One thing I could have done with the Million Dollar Homepage was preparation. Since then I have always prepared better as I didn't know how big the homepage was going to be.
How do you see the current environment for those hopeful of starting a business?
It's getting a lot better because I think that people and the Government are realising that doing your own thing is an option. I think organisations that help young people with their ideas are fundamental, like Make Your Mark and Business Link, because otherwise there would be no-one holding the flag for young entrepreneurs.
The best business advice you ever received?
I think the best piece of advice I ever received was to go and do it. The amount of people I know who have good ideas but don't do anything about it is a shame. That's the difference between having an idea and being an entrepreneur; an entrepreneur will act on the idea. Even if you fail you will learn from your mistakes - you shouldn't have any regrets.
Be your own boss
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Who's your business hero?
It sounds corny but my hero is Richard Branson. I like his style and the way that he has fronted so many successful, international companies. But more recently I think it would be the guy from Facebook, Mark Zuckerberg, he is the same age as me and he making me look a bit rubbish. I do really admire his use of technology and what he has achieved with his co-founder [Andrew McCollum] with Facebook. For someone to be 23 years old and a billionaire is incredible.
At what point will you be able to say to yourself, I am a successful entrepreneur? Do you already?
No not yet. I don't think you can ever feel like you have been successful as an entrepreneur you are always looking for the next thing. I set out to make a million dollars and I did, so I had a success but to say I am a success is an entirely different thing. I think the thing about being an entrepreneur is that you are always looking to move on to the next project.
your ambitions for the business?
I am currently working on a social media company but it's currently in stealth mode, meaning that we aren't revealing anything about it yet. It is with two other entrepreneurs, Robert Loch and Scott Rutherford. I met them at an internet social networking event called Second Chance Tuesday, which takes its name from the dot com boom events First Chance Tuesday where entrepreneurs would have the chance to meet investors. The aim is to launch the project early next year. Working with other people is probably the best thing I have ever done because they have experiences and ideas that I don't have and you are all in it together. It can sometimes be really lonely running your own business so it is really fun to have other people to share the experience with.
Are you good with your own personal finances?
I think it is crucial to be good with your own finances, because in business, it all boils down to numbers. I would say that I am pretty good but it really is about making budget. I am more focused now about making a company that provides a good service rather than one which makes money. If you focus on delivering a service then you will get the money eventually.
What would you be doing if you weren't doing this?
If I wasn't an entrepreneur I think that I would have gone into graphic design or perhaps working for an advertising agency. It definitely would have been something creative because that is just the way I am.
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