DOMINIC MCVEY

By Carolyn Clarke

Driving Force

Dominic McVey didn’t set up in business for the money he did it to prove that teenagers can achieve success. “Kids are always being told, you can’t do this, you can’t do that,’ explains Dominic.

His entrepreneurial streak landed him in trouble from an early age. When he was about eleven he was filmed in Japan, viewing gadgets when he should have been at school. The gadget exhibition was screened on English television and Dominic was in trouble with his headmaster.
Dominic tested the patience of his parents when he used his dad’s credit card to buy stocks and shares. He made about £150 profit.

The ‘Lucky Break’

The turning point of his business career started when Dominic was on the Internet looking for the Visa credit card website. He accidentally spelt it Viza. This led him to discovering the website of an American company who manufactured scooters.

Dominic really wanted one of these scooters. However, he didn’t have £1,000 to purchase a scooter and neither did his parents.

So Dominic emailed the company, “I think you should send me a scooter. I would sell loads over here.”

The company responded with the offer, “Buy five and you can have a sixth for free.”

Dominic set about raising £5,000 capital so he could take up the offer. Using his £150 he invested it by buying and selling some gadgets from Japan. He also organised an under 18s dance party event.

Soon he had raised £5,000.

He sent the money and received five scooters plus a sixth one for free. Within days Dominic had sold five, kept one for his own use and ordered another ten.
By the time Dominic was fifteen it was reported he had made £15million.

Other Ventures

Like many entrepreneurs Dominic went on to other ventures, of which some failed.

Dominic says that the danger of making a lot of money quickly is that you become too confident. He organised an event which bombed, losing him a lot of money.

After that experience Dominic went into business with Simon Tate. Dominic was approaching eighteen and Simon was a few years older. They used the offices of Tate’s family business to help launch a new venture on a shoestring.

Dominic McVey and Simon Tate launched a range of breath fresheners. In 2004 they started a company, Kew Health and Beauty.

In 2009 Dominic McVey purchased ‘Front’ magazine for £87,500 with business partner, Francis Ridley. The men’s lifestyle magazine audience are the 16 to 24 year-olds. ‘Front’ features bands, clothes and girls. The acquisition of ‘Front’ made Dominic UK’s youngest national magazine publisher.

Now 23, Dominic is head of the busy cosmetics company, Cosmagenics.

Appointments

At 18 yrs, Dominic was appointed a Pioneer for Entrepreneurialism by the Queen in 2004. Dominic is also an advisor on entrepreneurialism to the Department of Enterprise, Trade and Employment of the Irish Government.

He has consulted for many institutions and organisations including the DTI. In 2009 the Sunday Times named Dominic as Britain’s second most influential business person under the age of 30, in their ‘Top 30 power players under 30’.

Success Principles Learned

Dominic says he rushed in to everything. He wanted this and that and wanted to do it all. This way of working was how he ended up losing a lot of money.

Experience has shown him, you need to consolidate your interests, and take time out to work out where you’re heading for next.

If you want to read more about Dominic McVey he is one of the British Tycoons featured in the book, ‘How I made my First Million’ by Tammy Cohen.

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