Imran Hakim: My First Million

Imran Hakim, 32, appeared on BBC2’s Dragons’ Den in January 2007, seeking investment for his iTeddy – a soft toy that incorporates a movie and music player.

He secured funding from Theo Paphitis and Peter Jones, and has since launched the iTeddy in more than 40 countries. Worldwide turnover is forecast to hit £20m by the end of 2009.

Hakim read optometry and vision science at Manchester University and has run a chain of optometrist practices since 2000.

In December 2008, he received a Mosaic Award for Science and Technology and was named the
Institute of Directors’ Northwest Young Director of the Year.

This year, he has been helping shape the government’s strategy on “Backing Young Britain” and getting the unemployed back to work. He lives in Bolton.

Did you think you would get to where you are?

I’ve always been ambitious and thought that, if I put my mind to what I’m doing, I will achieve it.

I became an entrepreneur at school. When I was 15, my father bought me a £500 computer. At the
time, computer companies more or less forced consumers to upgrade continuously. You could only
play the latest games if
you had the most up-to-date equipment. However, my father wasn’t going to fork out another £500. I sold the “old” computer through the local papers to finance the upgrade I wanted.

I realised that I could buy computers, then sell them on to my friends for a small profit. I asked my father if he would lend me £2,000 for a year. Reluctantly, he agreed.

Within a week, I had bought and sold enough computers to not only pay him back, but have a further £2,000 as a float.

When you realised that you had made your first million were you tempted to slow down?

I must have made £1m five or six years ago. Before I brought out the iTeddy, I was already running 15 other businesses.

I always thought that I would retire when I was 27. I got to 27 and I did retire – for a week! Then I realised that my job was not work. This was my hobby and I had a passion for it. The great spin-off is that it makes me money.

What is the secret
of your success?

I would say a lot of hard work, motivation, and knowing that I thrive on the challenge of business. It is the satisfaction you get from taking an idea and seeing it come to fruition.

Do you want to carry
on till you drop?

The moment I find I’m not enjoying it, I will stop and find something to replace it.

Have you had time for personal financial planning?

I have, but my personal circumstances change so rapidly because of the number of businesses and projects we invest in. When your business interests rely on financial agility, you have to ensure that financial planning does not make you inflexible or rigid.

Have you made any
pension provision?

Absolutely not. I’m very disenchanted by pensions. Why should I give my money to somebody else to invest and only get it back when I might be too old to enjoy it?

What was your most
prudent investment?

My finance director, Suaib Issa. I took him on four years ago because until then I was micromanaging. Once he came along, I could delegate the day-to-day running of the business. He has changed my life. Liberated by his arrival, I could do what
I am best at – identifying new opportunities and unlocking the potential
of others.

Have you taken steps
to pass on your wealth?

I’ve got a basic will but it needs to be updated. At my age, wills are the last thing on your mind but I have to admit I’ve been less prudent than I should be on this matter.

Do you allow yourself
the odd indulgence?

I love my fast cars. I have a Ferrari. I had two but my younger brother wrote one off. I also have to buy any new gadget connected with artificial intelligence and robotics, because that’s one of the things I’m working on.

What is your money-saving tip in the recession?

Challenge the price of
everything, because your pound is going a lot further than this time last year. There is so much leeway for negotiation.