Taking mentorship to a different level the second time around

Mentorship is a significant factor in one’s entrepreneurial development. Having a guide along the challenging path of the entrepreneurial journey helps accelerate one’s growth, progress and momentum. The good thing about mentorship is that it can be done over a specific period or can be repeated at certain points of the journey or can be done continuously, depending on one’s need. 

For Costa Vasili, CEO of Ethnolink, this is not the first time he is taking part as a mentee. “It’s my second time in the mentorship program. I had a really good experience in 2019 and learned a lot of helpful experiences, particularly around leadership and people management. This time, I was looking for a mentor who had skills in significant growth and also who had potentially exited a business at some point in their career as well. I was really looking for something different just for a different type of mentorship experience. They're both very different, but both are very, very helpful.”

This year, Costa’s mentor is Stuart Marburg, Director of TenPaces, who was once an EO member himself. Stuart accepted the invitation to become a mentor this year to support other entrepreneurs. “I’ve been doing it for a number of years. I used to be an EO member myself and I thought some of my experiences could be helpful to other EO members who are growing their business, that's why I got involved.”

Despite this being his second time in the mentorship program, Costa admits that he still has a lot to learn and that there’s always room for improvement and growth. He is thankful that through his mentorship sessions with Stuart, he is able to acquire additional knowledge. “My blind window of what I don't know is being further opened by Stuart because he knows so much and has experienced so much in his career, and I get to learn from his experiences in a considerable way. For me, that's been the most important part. It’s not just getting advice but actually learning about things to avoid and hearing stories about similar experiences that he's gone through or similar issues or challenges in his career.”

Stuart’s entrepreneurial story is something that Costa finds very inspiring. “Stuart sold his business to iinet - one of the largest telecommunications companies in Australia in 2010. He and his business partner were the shareholders and they sold Netspace for $40m. In order to do that, they were able to grow the business to a significant level in a relatively short amount of time and position the business in a way that was really desirable for a potential acquirer. In that case, they were able to have a really strong exit. So, they had a great business and they sold it for a really great price and I think that, in particular, has been really, really insightful for me,” Costa shared.

On the other hand, Stuart acknowledges that he also learned from Costa during the mentorship process. “I’ve enjoyed it and I hope he has as well. I’ve learned some different things about his business. Hopefully, some of my experiences have been helpful for him. I just find it interesting learning about different businesses and different ideas, different ways that different people market and run their business and the like, especially in this current era of everything being online and having to manage people remotely,” Stuart said.

It also helps that Costa and Stuart found a lot of commonalities when it comes to their values and goals. Costa expounded on this, “I can tell that Stuart's a very caring person. He cares about his family, he cares about his people, he cares about what he applies himself to as well. He's extremely considerate in the way in which he approaches issues. He fights for fairness and he's just a very, very ethical person. Working with someone in a mentorship capacity who is similar to me in that way has been really, really helpful because I don't feel as though the advice I’m being given is in direct conflict with my own values.”

Stuart added, “The common ground is that I was an EO member, he is an EO member and I’m pretty passionate about helping people who are truly on their way to having success in the business and growing their business.”

Costa is grateful for all the positive things that mentorship has contributed to his growth and the growth of his company. “Stuart's been instrumental in helping shape the strategic direction of Ethnolink for the next five to ten years. Without his push and without his mentorship, I probably wouldn't have been able to find the courage independently to make some big decisions about the future of our enterprise. Absolutely, I'd say it's been very life-changing,” Costa acknowledged.

He appreciates taking a break in between his mentorship programs to fully absorb all his learnings and being able to apply them to his journey. “Because I took a break between 2019 and 2020, I found that having that one year break just gave me a bit of time to absorb the year prior. So, it gave me time to reflect and review the notes from the mentorship. One thing I find about coaching or mentorship, in general, is that sometimes it's just so fast-paced, always doing and always executing, rather than having the opportunity just to settle and reflect. So, I think having a year off the mentorship program was really helpful for me to also find that renewed vigour to go in for this second year,” he explained.

Overall, it’s something that Costa and Stuart recommend for entrepreneurs to experience, whether as a mentee or a mentor. Stuart remarked, “I think that just for the same reason they've joined EO and for the same reason that they contribute and go to a forum that's why they should do it. At the same time, they need to be open about themselves and be open to their mentor and to them (Mentorship Committee), I think it's James who runs the mentorship, about what they're trying to get out of it so that the right mentors can be paired with the right mentees.”

What are your experiences having a mentor or being a mentor to someone? EO Melbourne will be having another run of its Mentorship Program for its members in March 2022. To learn more about the program, visit https://www.eomelbourne.org/mentorship. 

On trends and predictions: how it will help chart your business growth

Setting targets and goals is an important part of keeping a business running. It provides the team with the direction of where the company is heading and allows them to come up with strategies based on the objective set. Looking ahead may include forecasting, which helps gauge if the target is attainable and feasible within the given timeframe and resources on hand.

Entrepreneurs prepare for the future by looking at trends and coming up with a prognosis of what is to happen. EO Members share how they keep themselves updated on the latest trend in their industry.

• I talk to suppliers and partners to get to understand where the business is changing, as well as to the leading businesses in each industry category that we work in. – Carlo Santoro, RetailCare Founder

• Being an avid reader certainly helps with staying abreast of the latest trends in the translation and localisation industry. In my spare time, I regularly read global industry news, blogs and reports. When I am on the move, I also listen to industry podcasts. I also enjoy exploring research papers from academia to help understand how research and evaluation can help influence our translation company. Finally, staying connected with other professionals in the industry, including attending networking events, as well as arranging one-on-one meetings has been incredibly valuable. – Costa Vasili, EthnoLink CEO and Founder

• I read a lot of books, listen to podcasts and follow thought leaders on LinkedIn. – John Liston, Liston Newton Advisory Director

• Edison has M&A Advisory, Strategy & Transformation Consulting and Private Equity business lines, so it’s important I’m up-to-date across all three areas. To do so, I read extensively, listen to podcasts – including www.Disciplinn.com (which Edison proudly sponsors) – but most importantly, I engage with entrepreneurs and business owners to understand their priorities and listen to how their respective landscapes are changing. – Jason Ellenport, Principal at Edison Partners

Watching out for trends and conducting research enable business owners to have a foresight of what to come. It may not be 100% accurate, but it gives one a preview of what to expect and prepare for possible opportunities and threats. It also provides a different perspective on how we would be doing things and have a better understanding of things around us.

And what are some of the business predictions entrepreneurs have for the rest of the year? Here are a few we’ve gathered from our members:

• I believe many businesses have simply realised the number of unnecessary processes-protocols-routines that are nothing more than decorative stuff, mostly a waste of time and energy that until now has never been questioned. Today, we know that people can be more productive working from home and managing their own time. We know that we don’t always need fancy offices; that you can maintain relationships without travel; and that Zoom overtime sucks! I’m predicting a simplification to the way we do business. This is the time when we have the opportunity to adjust our work our lifestyle and start living the life we always wanted. – Cesar Aldea, Aldea Consulting Founder and Managing Director

• Heightened activity in M&A markets, with continued domestic and cross-border inbound interest in ANZ assets. – Jason Ellenport, Principal at Edison Partners

• Integrations and automation is the biggest growth area for business in 2021. – Carlo Santoro, RetailCare Founder

• Staff will not go back to normal pre-COVID work. As a business, we’ve seen the fall out of extended lockdowns and the way it’s affected how people prioritise work-life balance. Several team members have decided that travelling 2 hours every day for a job they love with an incredible culture - isn’t enough when they can work 5 minutes from home and be home at 5 every day. Priorities have shifted with people working from home and I am expecting many offices will see their people demanding to spend some of their time working from home with more flexible hours. I think we’ll also see a lot of people changing careers. – Gry Tomte, HÜD Skin + Body Director + Founder

• Increased volatility in listed-equity markets will likely drive an increased appetite for alternative private equity investment classes. – Jason Ellenport, Principal at Edison Partners

• E-commerce and digital products will be bigger than ever. I can see that the convenience of having everything accessible online at any time is something that won’t be going anywhere. And I think this world will see a lot more exciting innovation in the coming years as companies have pivoted their technology and operations to adjust to a covid normal. But I think the businesses in the tech space who will do best are those who have a broader purpose clear to the consumer. Even though we’ve gone online people still crave connection and genuine care. – Gry Tomte, HÜD Skin + Body Director + Founder

• High growth for all business that is focused and listening to their customers. – Carlo Santoro, RetailCare Founder

• My biggest prediction is that people will prioritize happiness; spending more time doing the things you love with those you love, over money and career. Therefore employers will need to shifts their focus from KPIs to KHIs to motivate, retain and attract new people. – Cesar Aldea, Aldea Consulting Founder and Managing Director

How about in your industry? What are the trends you currently see and from those, what predictions can you formulate for the rest of the year and the coming year? Share with us your thoughts through the comment section below.

Entrepreneurs' biggest lesson learned in 2020

EO Members share the biggest lesson they learned from the past year, with the hope of taking their learnings with them as they move forward in their entrepreneurial journey.

Acknowledge your vulnerability

“The power of vulnerability.” This is the fundamental realisation that Cesar Aldea, Aldea Consulting Founder and Managing Director, has gained from his experiences last year.

“At the start of the pandemic, our business was booming. We had 10 full-time doctors working with us across 4 states. As a General Practitioner Locum Agency, we thought COVID will bring more work for us. However, the 40% drop in patients attending GP clinics forced our clients to cancel the service. The impact on our business: we went from 10 FTE (Full-Time Equivalent) dropping to 1 FTE within 72 hours. Our revenue fell by 90%. The worst part, and at the same time the most relevant, was having those hard conversations with the doctors (90% of our workforce) to let them know they’ve lost their jobs,” Cesar recounted.

But he didn’t let these ordeals get the better of him. “I knew the way we handled this challenge was going to be paramount for the future of our company. Looking back, I remember the stress levels needed to quickly come up with a contingency plan to save the business, as well as the relationship with our workforce and our clients. The option taken was simply to be vulnerable and share our fears, hopes and plans, something as a business owner you often keep to yourself. Six months later, the result was that we managed to bring back all of those who once we lost, and the relationship with our people and clients certainly has strengthened. Today, our business is no longer driven by the fear of losing people or clients but by a much stronger sense of purpose and service,” he shared. 

Don’t forget to Take care of yourself first

For Gry Tomte, Director + Founder of HÜD Skin + Body, “There are no lessons better than those who smack you in the face. So thanks to the year that was 2020!”

It was not an easy year for Gry and her team. “Being in an industry -- amongst many -- that was closed for pretty much eight months, the biggest lesson I learnt was that you need to take care of yourself before you can take care of others. When we first went into lockdown, the adrenaline kept me working 18-hour days consistently to ensure that not only we could pivot in terms of operation but also we could pivot the way the team worked and felt engaged and connected to their brand new roles - much different to what they’d signed up for. There were so many challenges thrown my way every day that I completely forgot to look after myself. In a normal world of running a business, this is fine for a short amount of time. But sustaining this type of adrenaline over eight months can be detrimental. The result was a business and a team that made it through in good shape, while for me, having adrenal fatigue and burnout,” she recalled.

“Having reflected on the lessons learnt throughout, I can see I have become very familiar with the term amygdala highjack. I forgot to put on my oxygen mask before attempting to help others around me, which made it hard to function at my optimal,” Gry added.

Then, one of the lessons she picked in a learning event came to mind. “I had the pleasure of spending three days with Warren Rustand at a conference in Vietnam, and I remember his story of when he went through a very tough time. What he said was when he was faced with extreme pressures, he carved out MORE time for all the things that made him a better person. Double the time on gratitudes, more time exercising, more time doing the things that filled his cup, such as spending time with family. By doing so, only then can you have clarity of intent and laser-sharp focus on the road ahead. Somehow I’d forgotten this very valuable lesson. So my biggest takeaway is: the more consistent you are at taking care of yourself, the more consistent your results will be. And of course, like most business owners, I learnt that having a cash reserve is a must!”

Communicate, communicate, communicate

Transparency and constant communication have been key to many businesses, given the limitations and restrictions imposed due to the pandemic. Many have to work from home and conduct most of their transactions online. With the lack of physical interaction, people often miss certain things and can put some strain on them. This is where one’s presence, albeit virtual, can be of value to individuals or groups.

“Our success in 2020 has been communication with customers, suppliers and team,” stated Carlo Santoro, RetailCare Founder. They have achieved this because, according to Carlo, “We have over-communicated across the board to ensure everyone knew we are there for them.”

Stay connected with others, empathise and be resilient

“The biggest that I learned in 2020 was the power of resilience. Resilience is what gets you through the toughest of times,” EthnoLink CEO and Founder Costa Vasili remarked.

He pointed out, “Since EthnoLink was founded in 2011, we’d had a reasonably steady growth trajectory and never experienced a recession. The year 2020 was truly challenging for the world, and what I discovered was that resilience was a skill I needed to develop — quickly. I did this in particular by staying connected with my networks and speaking with our team, as well as our clients and suppliers. By staying connected, it enabled me to feel like I was in control. I could empathise with the situations that others were going through, which helped keep my situation in check.”

Meet the challenges with confidence and adapt fast

In the case of Liston Newton Advisory Director John Liston, his biggest lesson from 2020 is that “everything can be taken away from you very quickly, whether that is your freedom, your business or your life.  When I realised it can all be taken away so quickly, it makes me want to go for bigger and bolder goals.”

Having experienced such difficulties in 2020 have even made John bolder and more determined than ever. “As far as business conditions go, it couldn’t get much worse than last year, so I feel that surviving this is like surviving all the things you fear in business. You realise that you can adapt and operate in these conditions, which give you more confidence in yourself and your business,” he noted.     

Be Proactive

“In the challenging and uncertain times, a proactive approach to determining the future will almost always outperform a reactive approach to ‘weathering the storm’,” said Jason Ellenport, Principal at Edison Partners. This has been his biggest learning last year.

He cited how they made a proactive stance during the crisis and the benefits it has brought to businesses. “During the COVID lockdowns of 2020, Edison reached out to over 200 privately owned businesses to better understand their needs and understand how we could be helpful. Fast forward 6-12 months, those businesses that established operational clarity, a strong team and cultural alignment and a proactive strategic outlook (despite all the uncertainty) have fared demonstrably better than their more reactive and conservative counterparts.”

The previous year, due to the pandemic, may have created a huge dent in economies, markets, industries, businesses and people’s lives. Some of the damages may be irreversible. However, instead of shrinking from the difficulties, it is an opportunity for business owners to stretch their entrepreneurial muscles, learn from the experience, move forward with more resolve.

Share with us your biggest lesson you learned in 2020 through the comment box below.

We asked the question: As an entrepreneur, how do you practice diversity and inclusion in the workplace?

Having a diverse workforce and ensuring the inclusion of everyone within an organisation – regardless of race, gender or beliefs – help grow a company’s corporate culture, enhance one’s competitive edge and contribute to its bottom line. Entrepreneurs share their experience and tips on how they uphold diversity and inclusion in the workplace.

“Throughout my journey as an entrepreneur and even as an individual, I have been very fortunate to meet people from diverse backgrounds who helped me get to where I am now. I believe diversity and inclusion occur when different people from different experiences come together with their shared stories and talents to work collaboratively.”

- Anou Khanijou, Director of IFOTA Group and Managing Director of anouconcept

Anou believes that practising diversity and inclusion in the workplace is essential for a thriving business. “It encourages innovation, creativity and a sense of belonging and purpose. In my companies – IFOTA, a uniform wholesaler, and anouconcept, a PR and marketing firm – we have team members from diverse backgrounds. We have a work culture that embraces diversity and promotes equality. Culture may seem amorphous and vague, but to us, it means concrete actions in the workplace. These include, for example, having both men and women in leadership or management roles, hiring people from a variety of backgrounds, asking team members to contribute ideas, and respecting those ideas by turning them into action. Even simple activities like shared lunches from different cultural backgrounds and joint birthday celebrations are ways in which we promote unity in diversity,” Anou cited.

“I work with a lot of creative minds and being inclusive means acknowledging their skills, giving them the freedom to be innovative and to make suggestions, and allowing them to be themselves at work. Promoting diversity and inclusion also involves having the right attitude towards challenges and mistakes. We need to recognise that not everybody has the same experience and lessons in life. I got to where I am today because I learned from my failures and I was given second and third chances. My team deserves the same, and I see mistakes as learning opportunities,” she continued.

Recognising the value in people’s diverse experiences and backgrounds, Anou mentioned three tips to effectively promote diversity and inclusion in the workplace:

• Know your staff and know them well. Know what they have to offer and encourage them to participate based on their unique skills and needs.

• Be open to learning. Listen and learn from and together with others.

• Practice what you preach and set an example. By doing so, you create an empowering work environment where your team members trust you and want to collaborate with you.

“Diversity and inclusion have become - and rightfully so - one of the hottest topics across corporations in recent times. At Sharp & Carter, our guiding pillars are Trust, Generosity, Care and Humility.”

- Anthony Holdstock, Partner at Sharp & Carter

Sharp & Carter is more than just another recruitment agency. It is a team of individuals who aspire to change the way the recruitment industry is perceived and who believe that success can be achieved by putting people’s interests first.

“As such, we work with several blue-chip listed companies and many corporate responsible organisations to try and achieve better diversity and inclusion, not only in our workplace but also in theirs,” Anthony avowed.

“Guided by our pillars and values, our leadership group developed a set of non-negotiable behaviours that we, as leaders, must always uphold and remain constantly accountable to. This, in turn, has resulted in a culture of inclusion where employees feel safe to be themselves, and safe in the knowledge that if they come to us with any issue or concern, we will always respond from a place of these four values. Ensuring that we at ‘the top’ always act in this manner assists in growing a culture whereby every staff member follows the lead and checks themselves against these values in their interactions,” he professed.

Anthony also pointed out interesting aspects of promoting diversity in an organisation. “For example, language and communication in writing advertisements are important to attract a diverse range of candidates. Using phrases like ‘up and coming’ can promote ageism, while unconscious bias terms such as ‘strong foundation’ are found to attract more male candidates, whereas phrases like ‘multi-faceted’ will attract more interest from females.” 

He has a few pointers for those who want to develop diversity and inclusion in their respective businesses:

• Awareness is the first step. For those looking to become more aware, there is an excellent book called “The Art of Thinking Clearly”. This book explains about biases and talks about eliminating bias to make better decisions.

• Culture eats strategy for breakfast. Having the right people on the bus, people who genuinely care about making the workplace the best it can be is key. It starts from the top and cascades to the rest of the team. If this is pushed through the organisation and all the people and all the leaders believe in it then it will be driven through. If this breaks down and only happens in pockets you have the wrong people on the bus.

• Assess, review and challenge. The best leaders self-assess and are constantly striving for improvement. Better habits more consistently lead to better outcomes. 

“For us, the key to inclusion is to ensure that we appreciate the differences in each other while bringing everyone back to our core values in the business so that we’re all on the same page, looking to achieve the same core goals within the business.” 

- Nyree Hibberd, CEO of Koh Living

“In terms of diversity, at Koh Living, both myself and my business partner, Tui Cordemans, are out and proud gay! I remember 15 years ago when we were first hiring staff, we would routinely ask if they had an issue working with people that we're gay.  Today, it’s absurd to think that we even asked those questions, and we’re grateful for our growth and changes in society to not see ourselves as different at all,” Nyree shared.

Having a joint purpose, no matter what their role in the business, has always kept Nyree and Tui on track. “We focus on the things we have in common, not the things we have that are different,” she stated.

Because human connections and relationships are at the heart of their business, ‘Making people feel important’ is one of their corporate values where they promote and practise respect and responsibility. Whether it’s a customer, supplier or service provider, everyone is important at Koh Living.

With that, Nyree shares a few tips to those who want to advance diversity and inclusion in their teams:

• Be aware of the diversity within your teams, especially if there are any staff that are sensitive to particular things.

• Ensure that there is no room for sarcasm and putting down. In my experience, Australians can be rather cruel with jokes without being directly nasty – so in our warehousing environment where there was a lot of casual staff, we make it clear what is and isn’t acceptable.

• Ensure each team member understands the important role they play in the overall goal of the business. We do this quarterly, having a quarter goal, and weekly. We check with each person their high priority activities for the week to help the business achieve its quarter goal. We find that it makes everyone feel they are on the same team, and there is little room for not feeling included when you’re part of the big picture.

“I firmly believe that a culture of diversity and inclusion in the workplace starts with the leadership team. We have assembled a leadership team from unique and diverse backgrounds who have different experiences and views on the world.”

- Costa Vasili, CEO and Founder of EthnoLink

Highlighting leadership as a significant part in diversity and inclusion in an organisation, Costa elucidated that “By starting from the top down, this culture developed in the leadership permeates through the rest of the company, helping to foster the diverse and inclusive culture that we want for the entire company.”

As one of Australia’s leading providers of professional translation services to corporate and government organisations, EthnoLink Language Services caters to clients with diverse composition or those that reach out to multi-lingual stakeholders with different backgrounds. Thus, diversity and inclusion are prevailing in Ethnolink’s internal and surrounding environments.

Costa then shares his tips for those who want to be better in this area of their business:

• Be real and honest with yourself about how your company is performing on diversity and inclusion. It's a typical response to be defensive and thinks that everything is fine in your company, but if you want to make meaningful change, you need to be completely real with where you're currently at.

• Take on the mindset of "the standard you walk past is the standard you accept". If you see or hear something that doesn't align with your company's endeavours to foster a diverse and inclusive culture, call it out and seek to educate.

• When advertising for positions with your company, let potential applicants know that you are a diverse and inclusive workplace and that you encourage people from unique and diverse backgrounds to apply. Each of our job ads has a statement to that effect which can help improve the talent pool that you source new talent from.

Now, you can take these pieces of advice to your business and see how you can apply them to ensure you have a diverse workforce and inclusive organisation. Share with us your experience by leaving a comment below or sending us your story at communications@eomelbourne.org.

The language of entrepreneurship for Costa Vasili

EthnoLink’s founder and CEO Costa Vasili is a son of migrant parents. His father, who was born in Cyprus, moved to Australia at 13 years of age. It is where he met Costa's mother, who is also of Cypriot descent, and where Costa was born. To ensure that Costa had the best chance of success in Australia, his parents spoke to him and his brother mostly in English rather than in Greek. While this decision had a positive impact on Costa's English language skills, it impacted Costa's ability to speak Greek.

For example, Costa had great relations with his grandparents, who spoke almost exclusively in Greek, but he struggled to have in-depth conversations with them because of the language barrier. With that pain point in mind and with an opportunity to be introduced to the language services industry during his university years, Costa went off and started his translation company at the age of 20 years old, while still in university.

His company provides professional document translation services by certified translators to new migrants and travellers who want to apply for a visa, university admission or car rental services. They also serve Australian businesses and government agencies in translating legal contracts, manuals and marketing materials.

It was a blind leap of faith for Costa as he had no previous experience in owning and running a business. Although he had a few years of working in a corporate setting, he found that in shifting to the entrepreneurial space, there was no playbook or roadmap to becoming a business owner. He had no traditional business mentor when he was starting out, relying mostly on self-belief to get him going.

Costa found inspiration from his parents and the people he met in EO Melbourne. “From the EO community, I look up to so many people who are doing incredibly well. Because I can speak to them at a peer-to-peer level, I've been able to develop an appreciation for what they do. I have seen how remarkable these people in the EO community are, based on what they're doing with their lives and their businesses,” he said. Through those years, Costa has learned a few things that have helped him improve himself and his business.

4 business values of EthnoLink

According to Costa, “We have four values at EthnoLink. They are: better every day; real relationships; openness and honesty; and customer service excellence. The last one will always be part of our values. Even as our business and values may change over the years, that one will always be there because, without our customers, we don't have a business.”

He was able to develop a team that is values-driven, who have bought into the vision of helping to break down language barriers for individuals and businesses. As such, they are focused on their customers, ensuring that they are acting in the best interests of the people they serve.

3 things to note in translation and business

Understanding the meaning, having clarity, and giving attention to detail are three things that are essential in translating documents and in running a business. Costa explained, “First and foremost, we have to understand the meaning of the source text so that we can translate accurately into the target language. We apply this in the business context when we try to understand what our customers need to solve their problems. Secondly, clarity. One of the biggest reasons why translation projects fail is because the source text is not clear, which leads to ambiguity. In the business space, you need to be 100% clear in your communication with your team to ensure that they are acting on your advice or direction. The other part is attention to detail. In translation, it is a core skill because sometimes the slight nuance of a question or statement, if not translated accurately, can alter the entire meaning. In business, it is also a core skill because it can ensure excellence in the service you provide.”

2 qualities of an entrepreneur

Entrepreneurs can develop a myriad of qualities that can help them in successfully bringing their business towards its goal. However, Costa underscores two important ones. He cited perseverance for the non-technical quality, and then sales and marketing for the technical one.

“Entrepreneurs need to have the quality of perseverance. You cannot give up in business. If you don't build the mindset of perseverance before you start a business and while you're starting an early-stage business, then it's destined to fail. On a more actionable skill that business owners or entrepreneurs can build up, I would say marketing and sales because they are key at the start of most businesses. You need to focus on driving sales at the start, and that begins with having a strong understanding of what your customers want and need and help them understand that the solution you're providing is the right one for them. You also have to know where your customers are hanging out so that you can market to them,” he remarked.

1 major takeaway in his entrepreneurial journey

“Your life and the business journey are a matter of micro-choices or decisions,” declared Costa. He learned this from his philosophy class in university, which has become a pivotal moment in his life. The facilitator gave a difficult and uncomfortable scenario, to which Costa responded. As he was probed deeper, he ended up saying, 'I have no choice.' The facilitator corrected him and told him that he always has a choice.

“I realised very clearly how powerful I am as an individual because, in every moment in my life, I have a choice. Whatever the case, make the decision, own the decision, own the outcome, and own the consequence. I believe why I got into the business is because it gave me the strongest ability to make my own choices in my life,” he added.

Part of those choices is for him to take action and accountability, which he learned from the EO Accelerator Program. Surely, Costa has adopted the language of entrepreneurship. As he continues to learn, he shares this insight for others to pick up. “In my opinion, the number one thing that stops small businesses from growing quicker is their choice not to take action and not to execute. We all have strategies and ideas, but the difference between businesses that grow fast and those that grow slow is the ability to execute and put things into place. Within 12 months of entering the accelerator program, we doubled our revenue. For me, it shows that taking action has a huge impact on the success of your business,” he stated.

Know more about Costa Vasili through his LinkedIn profile. Read more on EthnoLink at https://www.ethnolink.com.au/.