In this ongoing series, we're sharing tips, advice, and insights from real entrepreneurs who are out there doing business battle on a daily basis. (Responses have been edited and condensed for clarity.)
Barrett Wissman is Chairman Emeritus of global talent agency IMG Artists. His latest venture, Reserve of the House of Artsbrings together people passionate about wine and food, art and architecture and events with exceptional talent.
Give us the elevator pitch for your business.
There are two main aspects of the business. First, our co-founders are making great wines together under Reserve of the House of Arts banner. For example, renowned chef Thomas Keller is currently developing his first French wine with wine legend Michel Rolland. Second, the venture is a private members' club. Our members not only have access to exclusive clubs, dinners, wine tastings, experiences and events, but also have the opportunity to make their own wines with our wine experts. This is quite an unprecedented opportunity, as usually only the top vintners have access to experts of the caliber of Michel Rolland or Riccardo Cotarella.
What inspired you to start this business?
In all the food, wine, film and art festivals I've founded or participated in, I've always felt there was still white space up for grabs. I wondered how I could create a truly immersive experience that goes beyond these one-night or two-day events. It wasn't until about two years ago that the answer began to crystallize. I decided to start a series of art in Rome in extraordinary places that are either private residences and palaces or public places that rarely host the public. Back then, we always found wineries to supply our evenings, but I realized that many of the great historic Italian families were in the wine business. The same is true in France. This series of unique events became a proof of concept and I could then see the way to the bigger vision of creating Domus Artium Reserve.
You have big names among your co-founders. What's your advice for approaching big names to join a company and make a big idea happen?
I also realized that I needed the right partners to make this venture everything I had envisioned. So I turned to Michelin-starred chefs Thomas Keller, Yannick, Alléno and Carlo Cracco and legendary winemakers Michel Rolland and Riccardo Cotarella, as well as wine critic Antonio Galloni. It was gratifying to discover how quickly they saw the vision. It's a reminder that as an entrepreneur, you should always take a chance. No one is ever too big, too unattainable, or too expensive. What motivates stars is not always fame or fortune. Stars and celebrities have their passions and I find that artists of one genre are often drawn to the best in another genre. The point is that they are not normally given the opportunity to work with each other. I think the key to success in attracting any talent is to satisfy their desire for what they always wanted but was not immediately available.
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What advice would you give to people who have great passions but don't immediately see the business opportunity in them?
Well, my background was as a musician. I'm a pianist and music has always been my first love, so the fact that I became an entrepreneur and not a professional pianist was probably the first big unexpected surprise. What I take from this, and the advice I will share with those new to the entrepreneurial path, is to keep an open mind. Your first love and your first passion may not always be where you find your greatest success. Don't be rigid. There is joy in the journey.
What advice can you give to entrepreneurs looking for funding?
This is a complex question that requires understanding the sector involved. Investors usually have their own special interests and you should know this before approaching one. These days, with multiple media outlets reporting on venture and private equity funds, it's not that hard to figure out who the players are in each sector. So do your research and be targeted in your outreach so you have the greatest chance of success in terms of getting an investor's attention in the first place and then getting in the room or on Zoom.
What is something that many aspiring business owners think they need that they really don't?
I think many business owners think they need more capital than they have. It is easy to solve capital problems, but it is also expensive in terms of investment. You can often find ways to get things done by appealing to stakeholders for causes that are important to them. This can often save capital and improve the risk versus reward balance.
What does the word “entrepreneur” mean to you?
To me, a true entrepreneur is someone who is willing to take risks and constantly be outside of their comfort zone. Without this, progress does not come easily. A true entrepreneur must be willing to fail before succeeding and not everyone is built for that life.
Is there a particular quote or saying that you use as personal motivation?
Placido Domingo once told me and is known to say: “If I rest, I rust.” I think that sums it up for me from a career and work perspective. On another front, when it comes to working tirelessly on issues that are personally important, Robert Redford told me, “If you can do more, you should.” I won't forget it.