D Friday, January 15, 2010 Business 19 Thats my business Mary OBrien After travelling the world, Waterford native Mary OBrien started making her own chocolates at home and founded Lily OBriens, named after her eldest daughter. Her multimillion- euro business, with a factory in Newbridge, Co Kildare, now sells her wares around the world Interview by Joanne Ahern You need to surround yourself with talented people who have skills you dont Why did you start your own business? Growing up, I always had a feeling that I wanted to start my own business. I didnt know what it would be, but it seemed like a natural evolution for me when chocolate entered my life. Why chocolate? As well as being a huge chocolate lover, fate had a hand in the guise of a lovely lady outside Cape Town who was making chocolate chess pieces. She taught me how to make, temper and work with chocolate and essentially inspired me to begin my chocolate journey. What was the most difficult aspect in getting off the ground? Not being an engineer. At the beginning, working alone I could do just about everything, but I could not fix a machine, or an oven, or a car for the life of me. I shed many tears in those first years when deliveries to Superquinn could not be met. How did you finance it? Every entrepreneur needs a good visionary bank behind them, thats why I feel for budding entrepreneurs at the moment, as its so difficult to secure finance. I was lucky AIB Blanchardstown gave me my first loan. I also secured a loan/grant for business expansion, which helped move the business from my kitchen to a small production facility in Naas. Why did you name the company after your daughter and how does she like having a company named after her? I had just begun to break into retail and really needed a brand name to be taken seriously. Its hard to believe but I could not think of a good name and Lily was crawling around the kitchen, so I just decided upon it there and then. Lily is certainly not thrilled to have the company named after her at the age of 20 when she is trying to make her own path in life. Although she loves the products, shes quite adamant that the brand story and success are mine and not hers. What did you do before you set up Lily OBriens and how did it prepare you for the chocolate business? I was marketing manager of the Phoenix Park Racecourse, although growing up I had many jobs in many countries. All of my mistakes helped me prepare for the challenging realities that you face as an entrepreneur and, believe me, there have been plenty over the past eighteen years. Im a firm believer in getting out there and having plenty of adventures so that you can learn as much about yourself as possible. An essential part of being an entrepreneur is self knowledge knowing your strengths and weaknesses so that you can work to your strengths and surround yourself with talented people who have skills you dont. You are carried by a number of well-known national and international brands how did you achieve this? Achieving good distribution involves strategising long term, setting goals and targeting customers in various markets around the world through getting to know their businesses and tailoring your offerings to suit their needs. Ultimately, it involves a lot of persistence, hard work, passion and it doesnt hurt to have a delicious, award-winning product to work with. Whats the best piece of advice youve gotten? Believe in yourself and learn by your mistakes. There are two parts to it be bold and take risks, but also be humble enough to recognise when things could have been done better. What advice would you give others? Enjoy the journey work and success are just as much about being happy and fulfilled in your day- to-day activities as it is about reaching your goals. Cost of living fell by 5% in last year By Ed CartyTHE cost of living fell by five per cent last year, official figures have revealed. The fall in the prices of goods and services was driven mainly by cheap- er housing, water, heating and fuel while bargain-hunting consumers also made savings in clothes shops. Cuts on alcohol excise duty in the December Budget also helped keep the cost of living down. The Central Statistics Office said transport became cheaper because of lower asking prices for new and secondhand cars. But business chiefs warned that, despite the deflation, excessive oper- ating costs were continuing to do damage. Isme, the Irish Small & Medium Enterprises Association, called for the Government to review pricing for all services under its control. Chief executive Mark Fielding also said the carbon tax should be scrapped. The reality is that the State contin- ues to levy excessive charges on the business sector, with little or no thought given to our perilous competitive position, which is only increasing company closures and job losses, he said. Patricia Callan of the Small Firms Association said many clothing retailers were vulnerable this month after being forced into pre-Christmas sales. She also called for a price freeze on Government-controlled services Ulster Bank economist Lynsey Clemenger said last years deflation was the most intense price fall in any year since the Great Depression of 1931, and she warned of further signs of decline in the cost of living. Business Bites IT WILL be another challenging year for the Irish commercial property market, property consultants CB Richard Ellis said at the launch of their annual Outlook report. With sentiment and economic conditions weak and bank funding remaining severely restricted, it will likely be 2011 before conditions in the Irish property market improve to any noticeable degree, they said. NINTENDO are to launch a large screen version of the DS Europes best-selling games console in March. The new DSi XL boasts a 93 per cent larger screen than its predecessor the DS Lite. The dual 4.2 inch screens will make playing games, such as Mario Kart and The Legend Of Zelda: Spirit Tracks, easier to play, the company said. The new console comes pre-loaded with educational software, Little Bit Of ... Dr Kawashimas Brain Training: Arts Edition and Dictionary 6 in 1. THE European Central Bank kept benchmark interest rates unchanged at a record low of one per cent yesterday as ECB president Jean-Claude Trichet said the euro zone economy will grow at a moderate rate in 2010. However, Mr Trichet warned recovery will be uneven. Economists had expected rates to remain on hold for the eighth month in a row, and also predict the ECB keeping them there well into the second half of the year as it waits for recovery to firm. Edited by Alan Caulfield news@metroherald.ie Business & Finance DOWNDOWN v$v$ DOWNDOWN vv ISEQISEQ by 23 at 3,110.85 $1.45 0.90 index.html2.html3.html4.html5.html6.html7.html8.html9.html10.html11.html12.html13.html14.html15.html16.html17.html18.html19.html20.html21.html22.html23.html