A succesful Entrepreneur?
Discussion
I've seen the BBC news website sucking up to the founders of lastminute.com as if they are business gurus.
See this : http://www.bbc.co.uk/news/business-13562046
Anyway I thought I'd read about lastminute.com, there is a potted history here:
http://en.wikipedia.org/wiki/Lastminute.com
What I learned was:
In the ten months to end December 1999, the company handled £37m of transactions, which generated £330,000 of income. My god, income of 330k. Big Deal. I think my local papershop might do that.
This was the period before they went public.
That somehow led to a stock market valuation of 570 million! Over half a billion! Who worked that out.
Then:
"..until 2005, the company had not made a net profit since it floated five years earlier. In February 2005, it reported pre-tax losses of £26.5m"
So are they good entrepreneurs or just right place, right time bulls
tters who made a load of cash based on some decidedly dodgy valuations.
Are these the right people to be advising others what to do. Why is anyone listening to these people?
End rant.
See this : http://www.bbc.co.uk/news/business-13562046
Anyway I thought I'd read about lastminute.com, there is a potted history here:
http://en.wikipedia.org/wiki/Lastminute.com
What I learned was:
In the ten months to end December 1999, the company handled £37m of transactions, which generated £330,000 of income. My god, income of 330k. Big Deal. I think my local papershop might do that.
This was the period before they went public.
That somehow led to a stock market valuation of 570 million! Over half a billion! Who worked that out.
Then:
"..until 2005, the company had not made a net profit since it floated five years earlier. In February 2005, it reported pre-tax losses of £26.5m"
So are they good entrepreneurs or just right place, right time bulls
tters who made a load of cash based on some decidedly dodgy valuations.Are these the right people to be advising others what to do. Why is anyone listening to these people?
End rant.
The real value of lastminute dot come was the name as I understand, it has brilliant recall and at its inception was about taking advantage of discounts for last minute deals. However, I don't think that is the case in the modern travel market. I think he bargains are to be had by booking early in most cases.
If they have that much turn over on the business does that mean they actually having a booking system on their website and then pay the travel co / hotel / airline?
I was under the impression it was an affiliate website, i.e. you find the flight or hotel or holiday package, click through to the underlying service provider and they get a kick back for the referral?
If they have that much turn over on the business does that mean they actually having a booking system on their website and then pay the travel co / hotel / airline?
I was under the impression it was an affiliate website, i.e. you find the flight or hotel or holiday package, click through to the underlying service provider and they get a kick back for the referral?
STURBO said:
But the company never actually made a profit, that surely being the benchmark of a company.
They just got a load of personal wealth by convincing people to buy their shares off them at a ridiculous price.
No value added to the economy at all.
So not really good role models in my book.
Correct - the bankers (with the help of the dotcom boom) made themselves a load of money ripping of investors buying into a dog-sThey just got a load of personal wealth by convincing people to buy their shares off them at a ridiculous price.
No value added to the economy at all.
So not really good role models in my book.
t no-revenue company.That's "corporate finance" for you.
Just have a look at what Goldmans have done with another dog-crap company Linked In - $90 per share.. aaaaaahahahahahahahaha....
Alex said:
Twitter hasn't made a profit yet. Facebook is barely profitable.
Have a look at this:http://www.telegraph.co.uk/technology/facebook/849...
fss111 said:
$100billion? That's hilarious. At least LastMinute.com actually had/has an appropriate name though. It did seem during the dotcon boom that the dotcom landscape was awash with companies who had names like oblisk.com running adverts showing polar bears flying kites in the sahara and not telling you what they did (the business, not the polar bears). You'd then find out they sold furniture polish online or some equally worthless crap. The failure of the dotcom farce wasnt really a suprise was it.
What is a suprise, ill agree, is how Lastminute are still solidiering on if thats the state of their business.
What is a suprise, ill agree, is how Lastminute are still solidiering on if thats the state of their business.
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