Supercool YouTube entrepreneur Jamal Edwards stunned the audience at Sheffield’s MADE Festival when he said: “VAT and tax receipts” were the most important thing in business.
The 24-year-old Londoner has made millions from SB.TV, his rap-oriented music channel - and his appearance in front of a packed auditorium at the City Hall gave the event street cred.
But in a Q&A session he showed he takes his business seriously.
“I did everything backwards and found out the hard way. My top tip is before you start you need to know the basics. VAT and tax receipts are vital, not understanding cash flow is why many new businesses fail.
“All business is cool, whether you’re making videos, jewellery or nails.”
Earlier Jamal explained how his first video was of urban foxes screaming in his back garden - which got thousands of views on Youtube.
“I wanted to create a platform for my friends to express their talent and didn’t know how to do it until my mum gave me a video camera for Christmas. After that video I thought, ‘wicked’.”
Now he is branching out into other styles of music, youth news and a range of hats in Topman - where he once worked for four years.
Young jam entrepreneur Fraser Doherty told the audience that a lot of people had ideas but were afraid to take the first step.
And Ultimo lingerie legend Michelle Mone followed up with an inspirational speech which took the audience from her poverty-stricken childhood in the East End of Glasgow to sharing a podium with Bill Clinton and Mikhail Gorbachev - whose shoes she was sick on following a bout of nerves.
Scores of students from colleges around the country attended including Westminster, Hertfordshire and 36 from Leicester.
Forty volunteers from the Peter Jones Academy at The Sheffield College were volunteer MADE makers.
Some 1,800 tickets were sold and 3,000 people are expected at events throughout the week.
See Business Monthly next Wednesday for a feature on Michelle Mone.