Sir Ken Morrison is one of the biggest names in retail and, speaking at the Yorkshire International Business Convention in Bridlington, he shared some of the wisdom that took him to the top.
Mr Morrison was at the Bridlington Spa on Friday 5 June and spoke of his rise from a grocer in a Bradford-based market stall to a FTSE 100 company.
“You don’t look to make money, – you look to do a good job. And if you do that, you will achieve success,” he said.
There are three principles that are vital for success as a retailer, he said: “a clear view, clear objectives and the ability to get there”.
While Sir Ken spent his career at a family business, he told the audience that bequeathing a company is not always a straight-forward matter.
He said: “Family businesses are not always suitable for passing on to successive members of the family.
“It can either be a privilege or a burden. You’ve got to judge each case on its merits.”
The 83-year-old revealed he often stopped young members of staff at Morrisons’ Bradford headquarters to asked what they had learned during their day.
“If they said nothing, I would say, ‘well that was a completely wasted day’,” he said.
As for the current buzz around entrepreneurs, Sir Ken said it’s a fashionable word for people who have always been around.
Sir Ken was one of seven speakers at the 20th YIBC event. Martin Green, chief executive of Hull City of Culture 2017, spoke about his experience as head of ceremonies for the 2012 London Olympic and Paralympic Games.
He also stressed the importance of culture and the opportunities that Hull’s 2017 project will bring.