Igniting indelible encounters: EO Melbourne's First-ever Forum Mashup

In an exciting move to bring fresh perspectives and invigorate the EO Melbourne community, the first-ever Forum Mashup event took place recently, leaving participants buzzing with new insights and connections. This exclusive event, open to all EO Melbourne members, promised to be an extraordinary experience, and it certainly did not disappoint.

The Forum Mashup was designed to provide EO members with a unique opportunity to expand their horizons, learn innovative forum techniques, and forge meaningful connections with fresh faces from the EO Melbourne community. Held at the vibrant Creative Cubes in South Melbourne, the event brought together approximately 6-8 participants in each forum, ensuring a diverse mix of perspectives and experiences.

What exactly is a Forum Mashup, you may wonder? This one-of-a-kind event featured a novel format where attendees were divided into new forums for a single meeting. Each forum had a dedicated moderator and coach, who skillfully guided the discussions and activities throughout the day.

The day kicked off with a socialising session, where participants had the chance to mingle and get to know one another before diving into the forum experience. It was a fantastic opportunity to build camaraderie and establish connections that would last beyond the event itself. The energy in the room was palpable as EO Melbourne members shared their entrepreneurial journeys and engaged in meaningful conversations.

The main highlight of the Forum Mashup was, of course, the forum sessions themselves. Participants embarked on a journey of growth and learning as they engaged in thought-provoking discussions, shared challenges and triumphs, and gained valuable insights from their fellow EOers. With fresh perspectives and diverse backgrounds, these forums opened up new avenues for exploration and provided a platform for personal and professional development.

But the excitement didn't end there. Prior to diving into the Forum Mashup activities, attendees were treated to a delectable lunch at the esteemed Lamaro's. The exquisite culinary experience not only delighted the taste buds but also served as a backdrop for EO Melbourne members to connect and forge bonds before the immersive forum sessions.

As the event concluded, EO Melbourne members left the event feeling invigorated, inspired, and armed with new skills and perspectives to take back to their respective forums. The connections made during this special gathering promised to strengthen the EO Melbourne community, fostering collaboration and mutual growth.

The first-ever Forum Mashup was undoubtedly a resounding success. EO Melbourne members were presented with a unique opportunity to break the mould, expand their networks, and amplify their forum experiences. The event exemplified the spirit of EO, fostering an environment of learning, connection, and personal growth.

EO Melbourne members eagerly await the next edition of the Forum Mashup, with hopes of continuing the tradition of bringing fresh faces and invigorating perspectives to the entrepreneurial community. With events like these, EO Melbourne remains at the forefront of providing exceptional experiences and fostering an ecosystem of support and growth for its members.

Mentorship: it’s a two-way learning

It was a first-time for both mentee Laiken Kerr Clarke, Director at Medisound, and mentor Catherine Duncan, COO at Matthews Steer Accountants & Advisers, to take part in EO Melbourne’s Mentorship Program and both found it enjoyable. Plus, they found the program nicely structured, which allowed them to go through their objectives for this mentorship journey.

“We did have that prior time where you thought about your goals and what you wanted to achieve through the mentorship. I think it just set a nice foundation that you could work off from, as you continued on along the journey with the mentor,” Laiken remarked.

Recognising common ground

Catherine recalls how they began with their journey, “Laiken and I met at that session where we were paired up. How they set that up that morning of us getting to know each other, I found it really good fun. I think we got to know each other pretty quickly in a short space of time.”

To which Laiken concurred, “We just had the same outlook on a lot of things – the same values and the way we saw the world and our kind of place and role in it. It was definitely something that I picked up immediately. Also, we have similar interests like yoga and the spiritual side of things, which clicked us quite quickly. It was a nice surprise, I guess. It wasn't something that I thought would happen to go into it, but it was a very good addition. We had lots of interests outside of business that was aligned.”

And there’s an interesting story to their similarities, which Catherine explained. “Apart from the fact that we've both got an accent as well, which is another similarity, the really quirky, funny thing was Laiken’s name and the background to that. It’s a place in Scotland where I actually lived 20 minutes from, and it's a very remote part of Scotland where she was referring to. So, I thought that was quite spooky, actually. We were very well matched in a lot of similar interests, which were fantastic.”

Finding direction through their conversations

As they found many parallelisms and similarities in their background, Laiken and Catherine also learned a lot from each other. “There were so many that came out of it, so it's hard to just go down on one,” Laiken pondered. 

She continued, “I heard a great quote a little while ago and it was something like ‘good mentors give useful answers but, great mentors ask great questions.’ I think that's what Catherine did really well and just effortlessly. Coming from that side of it, it helped me to solidify what I wanted to do and which direction I wanted to go. That then propelled me to make certain decisions based on those questions and conversations that we had. So, I think that the key learnings would definitely be to ask better questions and really dig down into what your motivations are for why you are choosing to do certain things and go in certain directions.”

But the questioning and learning were not just coming from one side of the mentorship because Catherine, too, was picking up insights from Laiken. “For me, the questioning part is interesting because, likewise, Laiken does ask a lot of really good questions. I think a lot of our discussions ended up about whatever Laiken was doing in the business or thinking about doing. It was actually tapping into how she was feeling about it. It’s that connection with both the health and the whole being of the person. It’s not just about your business but also about your heart, soul and mind. That was really easy to help align Laiken into where she was going because she's very clear and structured in what she's doing. And she's done wonderful things and got an incredible vision of where she wants to go.”

“It was just really tapping into that and checking in with herself along the way. Doing that with Laiken reminds me to do it with myself. That's the thing when you're working with somebody. It's about applying it back to yourself and going, ‘Oh, am I doing that for me, too?’ It's very easy to do it with somebody else because you're talking to someone than applying it to yourself. So, that was great learning for me. I guess it's that validation of surrounding yourself with good and like-minded people but in totally different industries and totally different walks of life, yet you have so many similarities that you can navigate together. I just love that I always come away percolating what we talked about. So, it was always two ways for me,” Catherine added.

Recognising a solidifying, powerful experience in mentorship

Not all the time one can experience a positive experience in mentorship, but for those who do, it can be so impactful to them. In the case of Laiken and Catherine, their mentorship experience is something they will always treasure. 

“The whole experience in itself is really solidifying, how powerful that can be. Also, a lot of people would struggle to find a mentor, but just the uniqueness of this relationship is quite nice. I had thought there might be an element of forcedness or that it wouldn’t quite work, but it's just been really a nice experience and something I’ve really enjoyed, and I’m very happy I got into it,” Laiken professed.

Catherine couldn’t agree more. “For me, it comes back to that whole thing of validating. When you talk to somebody in a place of trust, you get deeper into those visions and those goals that you become more familiar with what the purpose behind it is. For me, another learning is you need to talk things out what you're thinking just to really validate back to yourself. What is the purpose? What am I trying to do? Why am I trying to do this? It’s a simple thing of talking about building different relationships with a certain person and then seeing what difference that would make if you do that across a wider range or how that would change you. Those deeper discussions really resonated with me, and Laiken’s been great in sharing that and just helping me validate the need for those deeper discussions and deeper relationships with people who you can trust. It's been great to get that opportunity through EO to do that.”

There’s so much that mentorship can offer. In fact, many entrepreneurs have recognised the value of mentorship in their journey and growth. If you’re interested to know more about EO Melbourne’s Mentorship Program, visit https://www.eomelbourne.org/mentorship. 

Retrospection along the entrepreneurial journey

“Experience is the best teacher, and the worst experiences teach the best lessons.” 

- Jordan Peterson

In a challenging world of entrepreneurship, you can learn a thing or two from experience, may it be from your own experience or from the experience of others. When you retrace the steps you’ve taken and look into your past actions, you can see what you could have done earlier, what you shouldn’t have done at all and what you should have done better. Even in driving, you have to glance at your rearview mirror once in a while to ensure you move forward safely. It helps to look back to the journey taken or observe what others have done and bring the lessons learned to help you go forward in achieving your goals.

Although you cannot undo what has already happened as they already belong to the past, retrospection enables you to analyse the things that can help you in your future actions and share these learnings with others who are just starting out in the entrepreneurial path.

What are the things you have learned from your journey? What are the things you want to learn from other people’s journeys? Here are a few tips as well as some advice that entrepreneurs would give to their 20-year-old selves. Check out if there’s something that you can apply here to your entrepreneurial journey as well.

Explore and get that experience you need

Sometimes, you won’t be able to find answers or discover new things unless you go out of your comfort zone and explore various opportunities. Whether you get on the entrepreneurial path at a young age or somewhere along the way, try to do many things and get the experience you need that will help you achieve your dreams.

You can pick some insights from the entrepreneurial journey of Anthony Holdstock, Director and Owner of Sharp & Carter. “I didn’t become a business owner until I was 30. I still don’t know what I waited for that long. But that being said, I think my experience in Accounting and my experience working for a global listed organisation taught me a lot about what I wanted to be and didn’t want to be.”

Identify what you enjoy the most

At a young age, there are those who may have not yet narrowed down what they really wanted to do in their lives. This is an opportunity to identify them. When you explore and try different experiences, you can uncover what you really enjoy doing, which can lead you to the kind of entrepreneurial journey you’d like to take. As Anthony shared, his experience working in corporate have helped him realise what he wanted to be.

Mark Calabro, Co-Founder of HungryHungry, would advise his younger self to “take a year off and understand what you love doing and your path in life. It’s not a rush, it’s really your first year out in the world with many, many to come.”

Find people who can guide you

You may be able to identify what you really want to do with your life with some help from people who can support and challenge you. Mark added to what he’ll say to his 20-year-old self, “find people who are going to challenge you and your thinking to discover yourself.”

Self-discovery may come at any age in life but the earlier you get into it, the earlier you can chart the path you want to take. Since you still have to experience a lot of things to find out some answers to your questions, it is advantageous to get inputs from people who have experienced a lot more than you and who have been on the journey for quite some time. You can use their experiences and intuitions as your guide as you get on the path of entrepreneurship.

Join a group that can support your journey

For John Anderton, Founder and CEO of Butterfly, he would tell his younger self, “join EO earlier.” EO is a unique, experience-based network that supports the needs of the 360° entrepreneur through business, family, community & personal experiences, which is a good support group for many entrepreneurs.

Early on, surround yourself with like-minded people who can help you in your continuous growth as a person and as a professional. Motivational speaker and self-help guru Jim Rohn once said, “You are the average of the five people you spend the most time with, including yourself.” Although you have your mind to decide on things, people around you can influence, inspire, motivate and help shape your character, values and future. Find a group that can support your development as an entrepreneur.

Enjoy the ride and keep learning

The entrepreneurial journey may be a tough one, but John wants to advise his younger self, “I would say enjoy the ride, the ups and downs.” Embrace the wins and the failures, the opportunities and the challenges. Keep learning and don’t be afraid to keep trying. Savour the whole experience and don’t forget to have fun.

It is often helpful to look back and reflect on the lessons that we can take with us in the future. What greatest lesson have you learned? What can you advise your 20-year-old self? Share them with us in the comments section below.

Mentorship as a game-changer in the entrepreneurial journey

For most business owners, the entrepreneurial journey is full of challenges, but the experience is very rewarding. There are moments when they hit an obstacle or arrive at some crossroads along the way. Having someone to guide them can be a huge help in leading them where they want to go. And that’s what mentorship does.

“It's been the biggest game-changer for me,” said EO Member and Davidson Technology Consulting Director Gary Lorden regarding the EO Mentorship Program. He continued, “It has provided me with a lot of value around growth. It has added an even further challenge on how I approach things and look at things in terms of connecting the key rocks in my life.”

Gary is grateful to have as his mentor in this program Greg Tucker, former CEO of Maurice Blackburn Lawyers and Chair of Claims Funding Australia and now Non-Executive Director of Thompsons Solicitors LLP, the Asylum Seeker Resource Centre and the Australian Urban Research Infrastructure Network.

Mentor Greg Tucker and Mentee Gary Lorden.

Having the right match of mentor

Although Gary admitted that he wasn’t open at first to join the program because he had a mentor at that time. He was thankful that EO Melbourne Mentorship Chair James Murray never gave up on inviting him to take part in the program. “James persisted and followed up and said, ‘you'll be surprised with the different matches that you can get.’ I was certainly open to looking at how I could take the next step in my journey and luckily I got matched up with Greg from there, which was good,” he recalled.

Similarly, Greg was also convinced by James to be a mentor for the EO program. “I've mentored a fair bit in the past, both as a CEO of a big organisation, where I mentored people internally for years, and when I left that organisation in 2019, where I have mentored senior people in all sorts of walks of life, mostly in professional services.”

Having somewhat of a different setup now as a minority shareholder after a previous business transaction, Gary has been going through different challenges where he needs support, advice and guidance from someone articulate on shareholding, legalities, and the like. He then pointed out that Greg’s skills and experience fit the profile that he’s been looking for in a mentor. “There were a couple of things I highlighted. Greg has a strong background from his professional career in financial markets and shareholding, and he comes from the legal profession as well. On paper, we matched up from day one. I was really surprised, and it surpassed expectations around that alignment. Everything I asked for was pretty much matched up in the person that I was looking to be matched with,” shared Gary.

The beauty of the EO mentorship

With his experience on mentorship, what Greg finds special with the EO Mentorship Program is that “it provides a structure at the start so that both parties understand how to get going.”

Greg expounded, “My experience in mentoring is that once you've got that structure, you then take off where the mentee wants to go. You need a structure to start with, which EO does. There are regular check-ins, six-monthly or something, which is good because some mentoring relationships can go off the rails. I think having guard rails at the start of how you should begin it and then having check-ins is a really good idea. That's different from what I've experienced. Mostly it's been me. At the organisation I was at, we had our guidelines for establishing mentor-mentee relationships. So, I'm used to that. This is a little bit more structured. With Gary and I, we look at what the areas are, and then it's all about refining those and then doing whatever EO wants us to do in terms of reporting back and shaping the journey further.”

As for Gary, he sees mentorship as a way for him to be challenged and to grow. “From a mentee perspective, I want to be challenged. Ultimately, the success of it is that you feel like you've grown and matured in different ways. The journey is probably not where I expected it to necessarily go completely at the start, although I believe it will still cover all the initial goals and things I wanted to cover. It's probably encapsulated in different areas of my life around joining the dots, around how they all need to come together from a personal perspective – health, business, personal assets, and family. They’re all interconnected and we're bringing all these together. It’s probably a bigger journey, and it challenges my thinking around and approaches to things. It feels like I'm on that pathway of growing. Particularly with COVID, mentorship has helped me around how I'm supposed to be coping with that and progressing as well, which is good.”

Getting great value from the mentorship journey

Through mentorship, Gary was able to break down the various things in terms of the hats he wears professionally and personally. “In my business, I've got four different roles that we've identified and broken down. I need to understand how I'm performing in each of those roles separately and then how they interact together to get the best outcomes and the best interest of my business. I also need to have that approach around the hats I wear in my family, with my friends and in my business. I need to focus on them separately but also on them as they connect, which will ultimately give me the best outcome that will make sure that I’m happy and healthy and driving towards the goals that I want to do personally.”

Gary went on, “I talked about health and family and business and personal assets. We're building out to four quadrants, then understanding that they all impact each other around how you are personally. The success of one results in the success of another one, around how they're interconnected. So, by actually breaking them down, it has simplified things around how I view some key components in my life. But I also need to make sure that I'm focused on all of them individually to make everything work in the right direction. So, that's been real learning for me, around focusing on core areas of my life, both business and personal, and driving towards making them better.”

Yet, it’s not only Gary who reaps the benefits of mentorship. Greg acknowledges that he, too, is learning in this mentorship journey. “There's that learning part, which I think a mentor needs to have. If they’re interested in learning and listening, there are those, and then there's the giving back. Making that difference is rewarding that's why I mentor because of making a difference to someone. Then, there are the challenges along the way. In my life, I've always found it beneficial to be able to articulate or vent my challenges. Just doing that alone helps. Having trust in someone enough to articulate your challenges helps in itself, let alone anything that comes out of the discussion,” Greg noted.

Greg further added, “I certainly get something out of it. The learnings we tease out between each other in the sessions always give me insights into my own life. That's the value of it for the mentor. I guess a lot of people would ask, ‘why would you do it?’ But it's got value because it clarifies your way of thinking and gives you insights into your own life. That's a powerful way of providing a mirror to yourself like self-learning, and that's a learning in itself for me.”

Like Greg and Gary, you, too, might find the mentorship program a game-changer in your entrepreneurial journey or professional growth. If you’re interested to become a mentee or mentor in the upcoming EO Mentorship Program, apply now at https://www.eomelbourne.org/mentorship. 

Do the universal laws play a part in business?

By Tui Cordemans

A few months ago, I overheard two entrepreneurs discussing holidays. One of them said to the other, “Didn’t you just have a holiday, you always seem to be on holiday. I can’t remember when I was last on holiday.” The other one responded by saying, “That is why you are more successful than me, mate.”

I couldn't help but intervene. I laughed and asked, 'Isn't having a life where you always feel as if you are on holiday a sign of great success?”  They both stared at me and then laughed as if to say 'good point'… it made complete sense to me! 

We live in a world where we are constantly busy, where we are bombarded with ideas of what represents a successful life. There seems to be a stigma attached to the notion that if you own more things, do more stuff (busy), make more money and be more of yourself,  you will be happier. Says who? 

I read that rather than constantly chasing something like success, we should just allow ourselves ‘to be’ and to go with the flow, in tune with nature. Is that even possible when you own a business?

As business owners, most of us would struggle with this concept. In fact, of all the people on the planet, we are the people who need it the most. The need to control everything often leaves us totally stressed. Our left brain thinks that we can control our destiny; the concept that the universe is actually guiding and protecting us seems impossible - bah! What universe? 

Entrepreneurs and business owners are rushing, pushing, pulling, chasing, controlling, and stressing to reach a never-ending goal, often at the cost of their physical, mental and spiritual health. We may even become alienated from family and friends. We are often not living by our highest values.  These are some of the concerns that Entrepreneurs’ Organization endeavours to help its members through its various programs, such as the Forum.

Being grateful for what you have achieved and enjoying the journey of life is really important. The best thing about this strategy is “The more you are grateful for what you have, the more you will get of that for which you are grateful for.” To me, this implies that being mindful and grateful will bring us more 'success' (or the feeling of it) than being constantly stressed and feeling as if we are not good enough.

Recently, I have been working on connecting with the universe. This involves sitting every night at my shrine and offering gratitude for everything that ‘is.’ I acknowledge that I am not alone - that no matter what risk I take or decision I make, the universe has my back, and is guiding me. Letting go of fear and the need to control dissolves the stress. Rather than becoming frazzled thinking we have all the answers, we can trust in the universe to guide us (or God, Buddha or whoever your guide might be).

I am practising letting go and accepting what ‘is’ - connecting to my life and business vision. I am working on enjoying the journey of life, rather than waiting for something to be achieved. This way, when I do work, I am working on things I feel inspired about, things that help me live my vision right now.

By embracing hope and faith, one can live a peaceful life. Constantly setting goals creates a mindset that you must achieve something to feel fulfilled. The key is to gently hold onto your goals, and visions and to surrender them to the universe. You know you have surrendered when you trust in the wisdom of the universe.

What is your life vision? What is your idea of success? Do you know what your values are and are you aligned to them? Are you feeling happy, relaxed and inspired every day? Do you have fun? Are you leading from a place of love or fear?

I encourage every business owner and entrepreneur to take a day out to just sit and visualise what your ideal life would look like. How would you feel? How would you behave, and who would you have around you? I believe that we all want the same thing, we all want the feeling of love in our lives. If we are not feeling this right now, then surely this should be the priority? When we have the feeling of love around us, everything else just seems to fall into place. 

About the author: Tui Cordemans is the Co-founder and Creative Director of Koh Living. She is also a member of EO Melbourne.

Mentorship Story: Reflecting from the rearview mirror to drive forward on the entrepreneurial highway

To be a better leader – this is the goal this year of James Murray, Founder and Managing Director of Work Healthy Australia. And for him to drive himself forward in achieving this goal, he recognises the value that the mentorship program is offering entrepreneurs like him, who aims for continuous personal and professional growth.

James is thankful to have Steve Sacks, Chairman of Sonnant, as his mentor because of the value that their relationship has brought to James’ professional development. “My journey for my self this year is to become a better leader, which means to become a better listener. Steve has been very helpful. Even if I've only changed 1% or 2%, I attribute a lot of that to some of my conversations with Steve because he's just such a good listener,” James professed.

For both James and Steve, their mentor-mentee relationship is like a two-way street where they get to learn from each other and be inspired by what the other has done in his entrepreneurial journey, notwithstanding the differences they have in their respective phase in the journey.

Restoring things to make them more efficient

Steve has enjoyed being a mentor to James because of the many facets of entrepreneurship that James brings to the table. “I've enjoyed hearing James' agenda of activity, like the amount of stuff that he packs into a week is pretty inspiring. But I've enjoyed telling him to slow down as well. I've found great value in learning about a completely different sort of business sector. Well, it’s two actually, between the egg farm and Work Healthy Australia. And also, I like hearing about James' various non-work activities like his passion for old Saabs,” Steve shared.

Whilst Steve is learning from James’ involvement in such a diverse range of activities – both business and personal interests – he is also imparting with James some of his learnings from his entrepreneurial journey. “One of the things we've talked about has been around where James’ company is at now, with 70 staff members. I've taken a couple of companies from startup up to that number of people, and some of the challenges that you face when you get to around 25 and then around 50 are that the management structures typically need to change. Some of the control needs to devolve. Some of that I learned painfully and I think most founders learn painfully even if they hear it from somebody else. But I've tried to reflect on that in some of the conversations with James as he goes through that same challenge. I'm sure he'll get through it,” Steve said.

From Steve’s experience, James could draw out his thoughts and realisations and then apply them to his business, hoping to make it better, the same way as to making his Saabs up and running. “It’s helpful hearing about what you have to do at 25 people, which is a lot different than what you have to do at 50 and how different those businesses are because, for me, I've just been adding a couple of people at a time. I haven't looked at it like it’s 25 then 50. That reflective view, back in the rearview mirror, is helpful because as an entrepreneur, sometimes we don't want to let go of things, especially if they were like our favourite thing or they were something that we used to think we're good at. That ability to recognise that you've got to let some stuff go to let other people do well is a great experience to hear,” James reflected.

He added, “When Steve shares some war stories from a couple of the other business he was in – some of his tough times, the hard things that he's had to get through and the hard decisions he's needed to make – those are awesome learnings because typically in my experience, I've had to make every mistake to learn from it. Those are much cheaper lessons to work my way through, so I appreciate how genuine and how deeply Steve shares them with me.”

Slowing down but moving ahead to the future

Driving a bus loaded with a lot of people towards the goal can often be tiresome for entrepreneurs. Trying to accelerate their speed to get to their destination faster can sometimes take a toll on their wellbeing, which may affect their families, businesses and those who rely on them.

In James’ situation, “There's a lot of people around me right now. I've got 70 staff members and four kids as well, and everyone just wants a little bit of me. They just want to pull me here and there. Sometimes, I don't know how to say ‘no’. It's great that I like to help people but it's also really hard on me. What I've learned from Steve, and he’s good at telling me this, is to just slow down a little bit or make a better choice or just find some time to turn down the volume in my brain and chill out. I think that's good because no one who works with me is going to tell me that. Having someone external to me who can just say, ‘hey James, grab a hold of that volume button and turn it down a couple of notches.’ It's helpful because I can't see myself from an outsider's perspective. That deeper reflection from a good place has been helpful. I have learned a lot from that.”

“Steve's been successful and he's done a lot of great things. He's in a different phase than me. That phase where you get to pick and choose what you want to do and you don't have a lot of people who are on to you all the time, that ability to embrace your own choices and then also be disciplined within your own choices and enjoy those, it has given me a lot of hope for the future and a lot of inspiration to create my own life,” James remarked.

Driving the Mentorship Program forward

As a former EOer himself, Steve appreciates how mentoring is done in the organisation. “The past few years, I've been doing increased involvement in more informal types of mentorship situations, but given this is EO and I can relate to the culture and the ethos of experience-sharing rather than telling people what to do, I thought that it'd be a good one to have a more formalised kind of mentor-mentee relationship. I think part of it is that we're trying to keep to a reasonable structure here. I think it has worked well trying to structure the program and have some intentionality into what you're going to cover and how you prepare them.”

On the other hand, for James who is currently the Mentorship Chair, the program is a significant pillar of the chapter. So, while he works towards further strengthening the program, he also participates in it as a mentee and gets various benefits from it. “I think it's a great program because if you look at the calibre of mentors that we've attracted into the program this year in Melbourne, and we're talking about over 30 mentors now in in the program, we've got some incredibly experienced individuals and they're volunteering which is amazing. I love the program and I’m going to do it next year. Because the maximum that you can do in EO is three years, I think I'll probably keep it for the third year. I’ll try and build it up to be a real cornerstone of the chapter experience for the members of Melbourne. I don't think there are any downsides being part of it.”

Moreover, James couldn’t stress enough the idea that “Mentorship creates the environment through which both of us can share our experiences for mutual benefit. I hope that Steve would like to continue our relationship after the official mentorship is over. This isn't a business transaction and the mentorship relationships provide critical value that is added to our membership in Melbourne. This is part of our entrepreneurial journey where we can continue to learn and grow.”

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If you’re an EO Melbourne Member, have you already signed up for the next mentorship intake? Find out more on our Mentorship page.

Bring out your inner warrior to confront an uncertain 2021

By Tui Cordemans

Instagram posts are full of inspiring optimism for 2021. We just couldn’t wait for 2020 to end and for 2021 to start. It is as if something magical happens when one year turns into another. Hence, we make New Year’s resolutions. But why do we have to wait for a New Year?  I don’t know about you, but I have never had a New Year’s resolution come to fruition unless I have worked hard at making it happen. Things do not magically transpire just because one year turns into another.

When I ponder over the concept of uncertainty and how uncertain we are feeling about next year, I realise that in reality, the future is never certain - so why do we worry about it now? If you reminisce about your years as an adolescent or young adult, you will probably admit that you never thought about the future, let alone whether it was certain or uncertain. One merely lived in the moment. I practice yoga regularly, and when I am doing my yoga poses, I consciously bring myself back to the present moment; when I achieve that moment, I feel much stronger in my poses.  If professional athletes took their minds off the present moment, they could compromise their balance and the game.

Life is always uncertain, but now it seems to be more so.  Who would have ever thought that a government would shut businesses down in a blink of an eye? This possibility is what is causing the most uncertainty. Does this uncertainty have an end?  Happily, we can prepare for this possibility and have our businesses ready to navigate a crisis. Remember, a business should always be crisis-proofed – prepared for the unexpected.

Warrior strategies to help you thrive in 2021

Focus on the present moment

As leaders, we must have goals and a clear picture of our future. But, the truth is that there is nothing more real than the NOW. You can save your ideal future for a visualisation exercise.  However, when you are in business, living in the present moment is when you will be most powerful.  What is more, just watch how your stress levels drop. When you are with your customers, be present with them. The more you know your customers, the more you will be able to satisfy their needs. When you give your customers what they want, you will become important to them and they will remember you when there is a crisis.

Be a creative and perceptive warrior

There were times during the pandemic when I felt I was slipping into victimhood – why did I not do more? Chastising oneself is not the way of a warrior; neither is pitying oneself an effective way of dealing with a crisis.  In November, I had a couple of bad days, so I took some time out to analyse the year and what had led to this state of affairs; what part had I played?

I visualised a Viking riding a magnificent horse and leading his people into battle. What were the stellar qualities that made him a strong leader?

The qualities I imagined a warrior would need to get through a crisis were: focus, strength (good health), caring for the needs of others (your customers/staff), standing up for their beliefs (purpose), foresight (strategy), faith and determination. Warriors have a purpose and a belief. They are courageous and they instil in their followers a winning spirit. They do not wallow in pity or expect others to make them feel better; they push forward, leading the way through adversity.

We can adapt the qualities of a warrior to our respective circumstances. Using our creativity, we can navigate our way through the crisis. Now, imagine yourself as a creative warrior on a horse and work out which qualities you need to get yourself and your people through a crisis.

Buckle Up

This year, I discovered that we could not always predict where our money was going to come from, but we could predict what we will spend. Last week, I admitted to my 80-year-old neighbour that my generation had been spoiled, and she agreed. She went on to say that as a child, she only owned one pair of shoes and that during the war and the recession, her mum had tightened her belt and kept expenses to an absolute minimum. In other words, business owners need to buckle up!

Know your purpose

In the same way that a warrior in battle is clear about his purpose and why he will win, we need to be just as clear as to why we are in business and why our business will excel. When our goal is infinite, we do not need to worry about finite goals not being reached. It is about believing in something bigger than ourselves. At Koh Living, our purpose is to make people feel important and loved through the creation of unique art-inspired gifts. What big goal are you working towards that will have an impact on this world or the people in it? Is it infinite and are your staff connected to this big vision?

During an EO APAC meeting this year, I realised that one’s purpose can begin in one’s own backyard. Do not be deterred by bigger businesses that devote part of their profit to grandiose philanthropic activities. What you can achieve is relative to the size of your business. As you grow, you can do more; the more people you impact, the more it will benefit you and your business.

 "Never let a good crisis go to waste."

- Winston Churchill

Learn the lessons – what will you stop doing, what will you start doing, what will you keep doing?

Many people have noted how weird or difficult 2020 has been, and we agree. However, our generation has had a fairly easy ride. Past generations have suffered more. But suffering can be beneficial as it can make us more empathetic, stronger and resilient. Successfully navigating a crisis can prepare us for confronting the next crisis.

Winston Churchill always said, never waste a crisis – this will mean something different for each person. For myself, suffering is only beneficial if I am open to the message it is sending. What is that one lesson I have to learn?

When we failed to reach our finite goals in 2020, I was hard on myself - until I realised that what mattered was our infinite goal. I also realised that it’s not even about the goal, it’s about reflecting on the journey. If it’s about the journey, then I need to understand that journeys will always have ups and downs. I then asked myself, “What had I done over the last few years that was stifling our growth?” At that point, I knew what it was that I needed to STOP doing and what I needed to START doing. This gave me 3 strategies for 2021 that I could use to feel confident in navigating an uncertain environment.

As business owners, we are often too ‘busy’ to stop, slow down, reflect, (be receptive) or meditate. This is usually to the detriment of our business and our personal lives. We should always start our days in meditation, reflection and visualisation to ‘create’ the environment in our minds that will allow us to live our most purposeful, authentic and sovereign lives.

How have your market and your customers changed?

To keep your business going forward, you have to understand what your customers need - this is not something new. However, during a crisis, people’s needs change temporarily and it is important to understand what these changes are so you can give your customers solutions. People are creatures of habit, and their basic needs will not change. After the great wars, people eventually returned to their previous way of life, but initially, they tightened their belts and their spending. So, adapting your prices according to customers’ ability to spend would be something to take into account. People’s shopping habits were already changing before the pandemic, but now, this change has shot forward by at least 5 years.

There is a multitude of strategies you can implement during a crisis, and I have chosen some of the most useful. Crucial to success is creating the right state of mind. From a holistic perspective, it’s important to have a healthy mind and body to keep 10 steps ahead. It is often hard to keep up with our personal or work routines when a crisis strikes, but this is exactly what we need to do. Routine in a baby’s life ensures stability for both mom and baby; routine keeps things ticking along nicely and this is no different to anything else in life. When life is rocky, we need that stability. Routine and discipline support us along our path of purpose, towards our infinite goal. Applying the lessons we have learnt will make that journey even more stable.

About the author: Tui Cordemans is the Co-founder and Creative Director of Koh Living. She is also a member of EO Melbourne.

Have you ever wanted to chat with a real-life hacker?

Due to restrictions on physical movements to contain the spread of COVID-19, more and more activities and transactions have moved from the physical space into the virtual space. As online transactions flourish and become more widespread, the threat to cybersecurity and privacy also becomes more prevalent.

Small and medium enterprises are not exempt from such risks and probable attacks. Concerns like these are what Adam Bennett and his team in Red Piranha are trying to address. They are white hat hackers, also known as ethical hackers, who are the good guys that break into computers and devices to test an organisation’s defence against the bad guys.

Speaking to the EO community, Adam shared his knowledge and experiences with regards to cybersecurity, the realities and risks that are present in businesses as well as the struggles in building and running a business.

He began hacking as a hobby and has an intensive experience in professional management, especially in the security and risk management industry. He first talked about how hacking has begun and how it played a crucial role in hacktivism.

However, the influx of cybercrimes and cyber-attacks have disrupted many businesses that led to the closing down of ventures, especially SMEs. With more and more industries connected to the network and relying on digital technology, it is inevitable for online problems to increase. Adam sees two major challenges in countering such setbacks:

1. People don’t know where to start. Many businesses think that having an antivirus is enough to shield their online assets from possible attacks. However, these antiviruses can only protect a small percentage of the business. Professional help is needed to safeguard the remaining percentage.

2. Marketing. Promoting and campaigning for products and services, such as cloud services, before putting defence structures in place can expose businesses to risks. A good network design is needed to address such hazards.

Network architecture is built for office structures to defend a company. But the onset of COVID where many work-from-home arrangements are currently done, the cybersecurity landscape for businesses has changed as it provided many doorways to an organisation’s system.

As problems and threats evolve throughout the years, cybersecurity measures have also improved through technology and companies that help lessen the risks to one’s business. However, it was not an easy path for Adam and his business. While providing the solutions to cybersecurity problems, he also had to build his venture and ensure its longevity.

The entrepreneurial journey is like a rollercoaster ride and the first struggle he had to surpass was communicating a concept when the concept was not thought of before. They have to make people understand and accept a new idea. The second struggle was buy-in as more people want to invest in technology than on the business side.

Notwithstanding such challenges, Adam pressed on and continued to pursue his vision for his company and his mission to help SMEs. He is proud of their mission-driven culture as his teams endeavour to serve their clients.

It is important to have a full grasp of the risks and opportunities that technology may bring to your organisation. It is better to always consult with an expert and seek help when needed.

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How are you protecting your business from cyberattacks? What challenges have you encountered in your entrepreneurial journey? You can share your story by emailing communications@eomelbourne.org.

Three Qualities of a Successful Entrepreneur

Jacob Spencer, Owner and Managing Director of Mobile Skips, cites the various virtues that he finds useful when leading a team. Among them, he names three qualities – persistence, patience and resilience – as the most significant in shaping him to become who he is today. He shared, “There are many, many traits and attributes that have helped me on my journey as a business leader.  On reflection, I believe these three have been the most important and have had the biggest impact on me.”

Persistence

“Having started my working life flipping burgers at McDonald's, I was exposed early on to the stories of Ray Kroc and his successes (and failures) in building the McDonald's brand late in his working life. Ray’s consistent and persistent drive to succeed, regardless of the hurdles, failures and unexpected setbacks, was inspirational. When problems arise, and they initially seem impossible to navigate, having the faith to persevere and persist and believing in our goal has helped ensure I keep moving forward and leading the team through uncertain times,” he remarked.

Patience

According to Jacob, “This one goes hand-in-hand with persistence.  A couple of years ago, I accepted that if I truly wanted a business that ran without my operational input and daily direction, I needed to invest the majority of my time in developing the team and the systems, then have patience in waiting for the outcome. This has been the hardest lesson, as many times my lack of patience has led to a setback—in the heat of the moment, when I see the solution I can’t help myself but to jump in and take over, eroding the hard-won progress already made.”

Resilience

“The last 6 months have thrown more at us than anytime I can imagine.  And, what's more, there is no delineation between the impact at home and in business. Recently, I heard someone reflecting on tough times, ‘without darkness, there is no light and without sadness, there can be no happiness’.  Difficult times are guaranteed, but so are the happier ones afterwards. Facing problems, recognising difficulties and enduring them have helped me realise that we are all much more resilient than we think and that I’ve still got a long way to go,” he acknowledged.

When faced with challenges and difficulties, Jacob finds that having persistence, patience and resilience enables him to meet them head-on with confidence and determination. These and many good qualities are necessary for those who aim to achieve their goals and reach the peak of success.

What positive traits do you want to build up in yourself? What characteristics have you found helpful when taking the entrepreneurial journey? Share your thoughts below.

Persistence and dedication to business: the difference between success and failure

“The more I practice, the luckier I get.” – Gary Player

This inspiring quote from golf legend Gary Player has taught Canopy Fitouts Managing Director Karl Simity about the need to work hard to be able to succeed in one’s endeavours. “Creating space that is perfectly fit for the user is what drives me. Sometimes there can be multiple roadblocks to creating a space that suits. However, finding the perfect solution is what I pride myself on,” he declared.

Karl started his business 5 years ago and managed to turn it into an 8-figure business in four years. “And I have never looked back. I love every part of it, from inspiring clients to working with my amazing team, as well as the exciting projects and stories of success that we get to play a small role in,” he shared.

According to Karl, “There are many different ways to create beautiful things, but from an early age, I decided to follow my passion for construction and people and make office fitouts my career. I’ve been lucky enough to live and breathe fitouts for half my life and I’ve seen just about every aspect that goes into a fitout.”

Throughout his entrepreneurial journey, Karl learned that one cannot just achieve success overnight. Several factors facilitate entrepreneurs to reaching their goals. “You need to have a product or service that has a good market fit. You need a good business plan. You need start-up capital,” Karl enumerated.

Having these conditions are essential, but it is also important to have the right attitude and mindset towards business. He added, “You need to accept that you won't always get it right. Most of all, you need to be okay with not having the answers. It doesn’t matter how many entrepreneurial or business fundamentals you get right. It will never guarantee success. But there is one thing that will always be key – you need to stand up, you need to hold your head high and you need to get on with it.”

Karl further shared, “I’ve worked on the ground getting crucial hands-on experience. In design, it is challenging thoughts and boundaries of what is achievable, and in management, it is overseeing projects from inception and site selection to relocation.”

“You have to do the work, put the hard yards in and turn up every day as your best self, being ready to tackle the challenges head-on. There is always going to be someone smarter, faster and someone with more experience, but you have to be the one willing to work the hardest. Your persistence and dedication to your business is the difference between success and failure and the difference between good and great,” he remarked.

The reward can be quite satisfying for him as it motivates him to take the extra mile. “Seeing people happy in their new space and using them as designed drive me to continue to challenge myself to come up with smarter, more inspiring solutions and alternatives to ensure I can deliver the perfect fitout.”

Karl recognises that there are high points and low points in the entrepreneurial journey. But what matters is that he keeps moving forward until he gets to his goal. “You won’t always get it right, but it’s about getting up doing the work and putting the time in. That’s why ‘The more I practice, the luckier I get.’”

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What entrepreneurial lesson have you learned in your journey? Share them with us through the comments section below.

How to brainstorm effectively

Ideas are necessary for every business, whether it’s for product development, administrative matters, management or marketing. Having a safe environment and doing healthy exercises can cultivate concepts into creative outputs are significant to a business venture.

Brainstorming is one way to collect, bring together, sift through and improve on all the creative thoughts our team members may have. The question is: how do we do it efficiently? Premier Technology Solutions Pty Ltd CEO Matthew Beesley shares with us his experience and tips on how to conduct brainstorming effectively.

Brainstorming for your business

By Matthew Beesley

There are many tried and true methodologies and frameworks for enabling teams to brainstorm ideas. From mind mapping to round tabling, these methods are useful for finding innovative ways to solve problems.

As a business stacked full of engineers, we are rarely short of solutions or suggestions. One thing that’s clear to a business with 'all the answers' is just how easy it is to solve the wrong problem or problems that didn't need solving in the first place.

So how do you know if you're solving the wrong problem?

Firstly, separate the emotion

Problems generally come to the table as a result of a catalyst, often via a high-profile client or staff member. It's important to first separate the emotion and status tied to it to measure the true weight of the situation.

Secondly, understand the impact

It's almost impossible to have a truly effective brainstorming session without first understanding the impact. What is the cost of doing nothing vs. the potential gain of the 'perfect solution'. Something with limitless potential should be brainstormed without financial or resource constraint. Likewise, a problem with limited upside should have a narrower scope, allowing for conclusions to be reached quickly and efficiently.

Third, always ask 'why'

As the saying goes, "sometimes the problem is just the symptom of another problem". It's important to drill down several layers by asking 'why'. Questions like "why do we want this opportunity?" and "why will that help us?" will eventually lead to an underlying need or desire that could reshape your entire approach to a situation.

Bringing it all together

Dealing with the above ensures that round table discussions or other brainstorming techniques can have the most impact. Asking 'why' provides a purpose. Understanding the impact defines a scope. Finally, separating the emotion removes bias and enables true creative thought.

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Different businesses may have unique problems or needs that may require brainstorming to solve or address them. The tips above may be able to guide you on how to go about it properly so that you can make use of your time, effort and ideas proficiently.

If you have other tips to add, please feel free to share them at the comments section below.

Applying a childhood lesson to the entrepreneurial journey

Entrepreneurial insights flourish from experiences, resources, education and learning events. Yet, some of the lessons that business owners now carry in their entrepreneurial journeys may often be traced from childhood. Some develop their skills and knack for business since their early years, whether it’s through their family or their self-learning.

Founder and Director of Graman Advisory and Executive Director of Clark Rubber Graeme Goldman looks back to his early years and realised the gem of lessons he got during those times.

“I grew up in Rhodesia (now Zimbabwe) in Africa. Rhodesia was and still is a third world country, which means there is a lot of poverty. My father was a pharmacist, so whilst we were not wealthy, we were comfortable,” Graeme shared.

He recalled his childhood days and how he would enjoy it with his family. “When I was 6 or 7 years old, we, as a family, would have a big outing for the week and go to the movies on a Sunday night. This was a big event because in Rhodesia at the time, we did not even have TV (yes, think about how lucky I was to grow up without TV).”

However, one incident was ingrained in his mind and brought a valuable lesson that he still carries to this day. “On this particular Sunday, I was walking with my dad, my hero, and we walked in and bought the tickets. Next step was to go to buy popcorn and lollies. But my dad bent down and asked me if I would like to do something instead of spending money on popcorn and lollies. I said no because I was entitled to those, just like every other Sunday at the movies,” he recalled.

“Dad asked me if I saw the beggar on the pavement as we walked in and I said, ‘no, I did not’. Dad explained to me that the beggar was begging because he had no money and no food, and we could give the money for the popcorn and lollies to the beggar to buy food, but I would have to forego my treats,” Graeme continued.

The next thing that happened made little Graeme realise something important. “Begrudgingly, I walked with my dad to the beggar and dad gave the beggar the popcorn money, shook the beggar’s hand and wished him well. As we walked back to the movie, my dad said something to me that I have never forgotten and something that I have lived my life by:

‘there but for the grace of god, go I.’”

What his dad meant was that Graeme was fortunate not to be in a similar situation as the beggar, which is why he has to empathise with them. That lesson has shaped Graeme’s view of the entrepreneurial path and helped him overcome the challenges he encountered along the way.

“As entrepreneurs, we have all faced difficulty and hardship in our journeys. At least I know I have. Every time I think how challenging life is for me at that moment, I remember those words my dad said to me more than 40 years ago. It reminds me that life could have been a lot harder for me than what it is and I am grateful for what I have and for what I have been allowed to achieve,” he remarked.

Truly, the path of entrepreneurship may be full of ups and downs. However, many more may be in an even worse situation than the one you may be in. The entrepreneurial life calls for perseverance, endurance, relentlessness and determination. It may also need human values like sincerity, compassion and honesty. One does not learn all these overnight. Some of them you may already have picked up from your childhood lessons or your experiences, which you may be able to apply to your role as a business leader.

The entrepreneurial journey of Datto’s Austin McChord

Reading about the life journey and insights of successful entrepreneurs is inspiring and educational. But there’s a different kind of learning experience that you get when you hear their stories firsthand and have the opportunity to ask them questions that have been lingering in your mind. Such was the opportunity that EO Melbourne has presented to its members and community when it held a virtual event with Austin McChord, the Founder of Datto.

Becoming a unicorn startup is one of the goals many entrepreneurs want to achieve. But how does one start small and become a global success? It was not a smooth journey for Austin as he shared the ups and downs that he went through during the process of growing his business.

Austin started Datto from his parents' basement in 2007 and went on to build it as the first unicorn startup from his home state of Norwalk, Connecticut. With the mission of bringing best-in-class data protection solutions to underserved small and medium-sized businesses, he was able to make Datto as the world's leading provider of IT solutions delivered through managed service providers (MSPs).

According to Austin, there were some hits and misses as he began making his first products from limited resources. He built his online store, created a website and had his products listed on Amazon only to see no sales. However, out of his not-so-glorious beginnings, he kept on creating and innovating until he saw some promise from the ideas that he and his team have executed.

Moving out of the basement to a bigger office and later several locations across the US and around the world, Datto has grown and Austin, as the founder, continued to chart that distance to the future. While coming up with new concepts and creations, he made sure to look after his team and customers, as well as respond to the needs of the community, especially during times of disaster.

One particular incident that Austin couldn’t forget was when he received a strategic deal where a company wanted to buy his business. He didn’t believe it at first, but when he realised they were bent on offering his venture, he took Datto even more seriously. At that time, the deal didn’t get through and Austin went on to build Datto to the point wherein they even bought their competitors’ products.

As Datto became huge, Austin wanted to move towards his next big journey and give the company a new leadership space. He stepped down as Datto’s Chief Executive Officer after serving for over 10 years. Now, he invests in and advises other technology growth companies, while continues to invent and experiment in his lab in Norwalk, CT.

Since then, Austin has received various distinctions and awards. He was named to Forbes Magazine’s 30 Under 30 list in 2015, named an Ernst & Young Technology Entrepreneur of the Year in 2016, and earned recognition as one of the nation's top 50 philanthropists in 2017 by the Chronicle of Philanthropy.

It was an inspiring entrepreneurial journey worth emulating. Austin showed that with determination and perseverance, along with a passion for his craft and commitment to his team and clients, he can achieve his goals.

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EO holds chapter, regional and global events for its Members that help them in their entrepreneurial journey. Interested to join the EO Melbourne chapter? Check out how through this page.

5 books every entrepreneur should read

Crowd Culture Director Blake Brunne and Orange & Green Founder and Executive Director Rudi van der Vlies share the books that have helped them navigate through the business space and understand their market better.

According to Blake, “There are a lot of books about Marketing and Entrepreneurship out there at the moment but for me, the two that have stuck out the most for me are The 4-Hour Work Week by Tim Ferriss and Purple Cow by Seth Godin.”

As to why he chose these books, “Both of these books gave me some great insights and learnings when I was getting Crowd Culture off the ground in 2016 and a lot of which I still use today. The books itself isn’t too long and are easy to digest especially in Audio Book form, which makes it a great starting point for any busy entrepreneur,” Blake explained.

1. Purple Cow by Seth Godin

Blake shares what he has learned from the book. “Purple Cow was the book that gave me early insights on how to understand my customer better. Although my business has changed a lot since 2016 when I read it for the first time, my key takeaway from the book remains the same: Passion. In the book, Godin writes 'If you make something that you’re passionate about, it’s sure to be remarkable; if you create something that others are passionate about, it’s sure to have a market. Passion is key.’ I feel if that even you don’t read any more of the book, then you would have still learnt a valuable lesson from this.”

“We all want to do something we are passionate about or that we find a sense of joy in, and for a lot of us that could be the reason we became entrepreneurs. But for the majority of us, eventually, we are going to have to work on something that we are not passionate about. Godin writes 'you still need to project an air of passion, even if it’s not real.’ It sounds straightforward, but for me, it isn’t that simple. I was hell-bent on finding a way to do something I was passionate about, and I hadn’t thought about the fact that if I only did things I was passionate about, then I was leaving a whole heap of clients and markets left untapped,” Blake shared.

Blake has learned since and has adjusted his mindset. “It took a while and I still need to work at it today, but when I speak to clients about their event now I can show genuine excitement and share in their passion. In my game, that means a better solution for my clients and could be the difference between winning and losing the job.”

2. The 4-Hour Work Week by Tim Ferriss

Tim Ferriss’ The 4-Hour Workweek: Escape 9–5, Live Anywhere, and Join the New Rich tackles lifestyle design. Citing several case studies, the book presents examples of those who have multiplied their income, shortened their work time and enjoyed their life due to wise decisions, practical solutions and smart adjustments in their work regimen.

One doesn’t have to work round-the-clock, wear themselves out and wait for retirement when they can start to enjoy life. In his book, Ferriss shows that people can work smart enough to be able to attain financial freedom, location independence and frequent vacations or what he refers to as ‘mini-retirements’ while continuing their business journey.

And while Blake has gained considerable tips and advice from these two books, Rudi, on the other hand, believes that good business leaders should have the following three books at the front of their mind so that they can always act and manage accordingly. These books have presented mind-blowing concepts that have guided many entrepreneurs and helped them attain the success they were aiming for. They have also helped business owners reach their goals at an accelerated rate.

3. Scaling Up by Verne Harnish

If you want to master the four major decision areas of your business: People, Strategy, Execution, and Cash, then Verne Harnish’s Scaling Up: How a Few Companies Make It…and Why the Rest Don’t is a must-read.

The book contains practical tools, techniques and approaches that have been tried and tested by various companies and businesses. It also includes one-page tools that readers can use in scaling up their ventures. Entrepreneurs can learn from this book on how to grow a business that can dominate an industry without killing it.

Aside from authoring books, Verne Harnish is also the Founder and CEO of Gazelles, a global education and coaching company, and also the Founder of EO.

4. Good to Great by Jim Collins

“Good is the enemy of great” is a famous line of Jim Collins in his book Good to Great: Why Some Companies Make the Leap... and Others Don't. The question that this book wishes to address is ‘can a good company become a great company, and if so, how?’ Based on the five-year research on various companies, the book presented several findings: the Level 5 Leadership; First Who, Then What; Culture of Discipline; Hedgehog Concept; Technology Accelerators; and The Flywheel and the Doom Loop.

It’s a great read that reveals significant thoughts from the data and examples of companies cited in the book. The concepts are helpful tools for entrepreneurs that can challenge their mindset and motivate them to aim for better results.

5. The Ideal Team Player by Patrick Lencioni

Jeff Shanley is a leader who tried to save his uncle’s business by bringing back the commitment of the organization towards teamwork. He needs to find out the virtues that team players must have so that he can hire and build the team based on such virtues. His story is the central point in Patrick Lencioni’s book, The Ideal Team Player.

Apart from the story, Lencioni includes in the book a powerful framework and actionable tools that can be used in recognising, employing and fostering ideal team players. Since good human resource is an important factor in the success of a company or enterprise, the book is a valuable guide to business leaders in developing and nurturing an ideal team that can help them drive their ventures towards their goals.

This is a good list that you can take with you on your entrepreneurial journey and growth as a business leader. What books have you read that have helped you face the challenges of entrepreneurship? Tell us your recommended books in the comment section below.

Experimentation in business: the risks and rewards

Taking risks is a huge part of the entrepreneurial journey. You need to invest resources, time and effort to bring your venture to greater heights, and it is guaranteed that there will be many forks on the road and lots of trial and error before you can get there.

We’ll take a look at two circumstances where entrepreneurs had to experiment in their business and take the risks to reap the rewards.

An exciting, yet unfamiliar, endeavour that becomes a success

Barnbougle Polo was only an afterthought due to an available area in the Barnbougle Resort property. Despite the unfamiliarity with the sport, Barnbougle Golf Managing Director and Barnbougle Polo Co-Founder Penelope Sattler and her team took the plunge, not knowing that Barnbougle Polo would become a sought-after event in Tasmania.

“The Barnbougle Resort comprises of two golf courses – Barnbougle Dunes and Barnbougle Lost Farm – which are separated by the Great Forester River. Between the courses, there is a piece of land that is part of Barnbougle Farm, which wasn’t utilised for the courses as it was too flat – terrible for golf, perfect for polo fields! We had very little knowledge of the sport. However, we felt that polo and golf were a match made in lush green grassy heaven and therefore decided to delve into the ‘Sport of Kings’,” she explained.

While the idea was interesting enough, it was not without challenges as it involved a costly investment. “The biggest risk was the substantial financial outlay and the possibility of a lack of return in this investment. Secondly, running a major event and doing so poorly could be extremely detrimental to the brand we had created,” Penelope disclosed.

Yet, they went ahead with their plans, and the result was an overwhelming success. Penelope revealed, “The event has become a staple on the summer social calendar in Tasmania which has widened our brand exposure and strengthened our appeal to the younger demographic and non-golfers. The North-East of Tasmania hosts very few large scale events so the polo has been a great opportunity for Tasmanians to experience the ‘Sport of Kings’ in their state and enjoy a fun day out. It has also given us a great outlet to showcase our amazing Tasmanian producers and give back to the local community.”

Managing risks and making them a springboard to the next level

“Like most entrepreneurs, I have always had big dreams and goals I have set myself to achieve,” Crisp Solutions Founder and CEO Michael Clark declared. “To make these things happen, I have had to make big moves and take what could be considered as large risks.”

As he started his entrepreneurial journey at a young age, Michael is grateful to find guidance from entrepreneurs who have made their journey ahead of him. “Fortunately, one of the first books that I read cover to cover was Losing My Virginity by Richard Branson. I was about 19 at the time, and one of my biggest takeaways from that book was that you really can do anything if you set your mind into it. You can approach deals and so-called high-risk situations, such as starting an airline with creativity and a plan to protect the downside, in such a way that what appears on the surface as very risky offers very little risk at all.”

He recalled the time he ventured into entrepreneurship with no experience and limited resources. “In the very first business I founded while still at university, I locked myself into a long-term supply contract with a national retailer. Problem was I had under $3000 in the bank, no access to investment and had zero business experience. My minimum commitment to the large manufacturer was to buy 10,000 units of one product which cost tens of thousands of dollars. Plus, I needed to find the money for additional business startup costs. My family and friends either said it was too risky and thought it was a bad idea or simply couldn’t help.”

After feeling completely stuck for a long time and ready to give up, Michael luckily came up with a plan. “I arranged terms with the retailer to agree to an initial order that would cover all my expenses. I then got a commitment from them for very short payment terms of 14 days from in-store delivery. Lastly, I negotiated with the manufacturer to allow me 60-day payment terms on the first delivery. And there it was – an almost zero-risk scenario where I was profitable and cashflow-positive a little over 2 weeks after the business started,” he narrated.

That was 18 years ago and Michael’s business is going stronger than ever today. He has since gone on to apply this approach to risk in many other businesses and opportunities.

Out of the courage to take the risk and jump into the water, Michael has reaped the rewards of his hard work, persistence and determination to keep going forward. “I have built houses and a real estate portfolio in different corners of Australia, as well as in England, with a small amount of capital, even when I have never visited those parts of the world prior. I invested in a unique trading opportunity, which on the surface was high-risk and had a direct negative impact of more than a million dollars when it fell apart, but turned out that the real fall out was minor. I walked away from a good-paying job at a leading global consumer goods company to take a chance on a new idea. I’ve started several business partnerships where capital and energy were required and at risk. But through smart preparation and agreements covering, if they didn’t work out, the downside was minimised.”

Looking back, Michael has learned a lot out of the decisions he has made, not only for business but also in life. The lessons are nuggets of wisdom that he has taken with him as he continues with his entrepreneurial journey. “From my experience for any growth at all in life, there are tradeoffs. You constantly need to take big risks to take your life and business to the next level. I strongly believe that if you manage that risk the right way you will be able to stay in the game much longer and give yourself more chance of making it big,” he imparted.

We’d like to hear from you. Share with us if you have experienced taking risks by experimenting in your business and how it brought you huge rewards.

Overcoming self-doubt in the entrepreneurial journey

It is not at all times when business leaders are confident of themselves or of the decisions they make. The reality is that there are moments of self-doubt, which can often freeze you on your tracks. We wonder, when such instances occur along the business journey, how do entrepreneurs overcome their weaknesses and move ahead towards their goals?

KHQ Lawyers Founder and Managing Director David Kelly and Lights Lights Lights Director Danielle Mastro reveal how they embraced the experience and used it to strengthen themselves.

“Over the years I have learnt the hard way that my self-doubt is one of my greatest strengths.”

-          David Kelly

Founder and Managing Director of KHQ Lawyers

For David, self-doubt is not always a bad thing. “It keeps me sharp. It helps me see the other person’s perspective. It saves me from hubris, arrogance and blind faith in my correctness,” he stated. But it was not an easy thing for him to do.

“It took me a long time to get to this point – a lot of reading and even some counselling. Now, I cherish my self-doubt as one of the keys to whatever success I have achieved in my life. If I didn’t have self-doubt, I think I would much more frequently blunder into mistakes by making assumptions and that I would not be at all self-aware or prepared (not that I’m saying I am very self-aware or prepared) for anything,” he reasoned.

Because of that, David has come to accept that part of him and uses it to be more conscious of himself and others. “I have come to love my self-doubt.  Whenever I interact with another person who seems to have no self-doubt, who is sure they are right, who just knows they are right, I see a risk. I see a gamble. If that person is truly right, then great. They can congratulate themselves on their self-belief and their unshakeable confidence. However, if they are wrong and their lack of self-doubt leads them to blunder again and again into the same mistakes, I see a fool and I remind myself that my self-doubt is not my Achilles heel but a great asset.”

“The moments of uncertainty give birth to my most abundant personal growth.”

- Danielle Mastro

Director of Lights Lights Lights

Self-doubt can happen in different points of one’s entrepreneurial journey. It can occur even to someone who has tons of experience and successes on their backs. Especially at present with a pandemic and economic crisis to face, many people, including business owners, start to rethink of many things, including their views of themselves.

“Let’s face it, amidst the madness of 2020 and the madness of life in general, there are moments when I sit in uncertainty and chaos. In these moments, there is a pervasive and natural tendency to question my skill, my ability, and my belief in myself,” Danielle shared.

She continued, “I will start by saying that I am still a work in progress. But when I face self-doubt, I journal it while doing it beside a soft light and with the scent of Palo Santo to cleanse my space as I write. I write for pages and pages. I dump my often nonsensical thoughts onto paper and as I furiously try to keep up with the pace of my mind, I expose my thoughts and begin to make sense of the stories. This plants a seed that maybe, just maybe, the story I originally told myself has another ending. As the day progresses, the words and memories and moments of journaling surface in my mind and my narrative changes. This process of a mind-shift only works when I create space and time to find and collect my thoughts. Fresh air, breathwork, and some tunes as I walk in the moonlight of the early and late hours of the day help me to find the answers I needed to the questions I didn’t know I had.”

For Danielle, those moments of uncertainty enabled her to grow. “Each time I go to an EO event I take with me the words of Carlos Santoro: ‘What was the ONE BIG THING, the single greatest moment of learning that will stay with you from this EO event?’ Well, some time ago I sat with my EO family under the Leonard French stained glass ceiling of the NGV in the evening (I still have to pinch myself whenever I remember the moment) and I listened to Janine Ellis say, and I loosely quoted, ‘Facing self-doubt and challenge was like taking a subject at University on how to survive a challenge, how to learn about yourself and how to sit in acceptance of the now.’ That was the ONE BIG THING I learned from that night. I have taken that with me in my quest to overcome the moments when I have uncertainty on myself.”

It is a moment of great realisation for Danielle. “Once I make it past the initial reaction of catastrophe, fear and guilt (the list goes on), I write, I breathe, I listen to my thoughts and I study the moments, the feelings and the beliefs. I pass the subject with honours and learn at the very least ONE BIG THING in the university of my life.”

From such realisations blossom swift actions that lead to great successes. “I have introduced the ONE BIG GOAL (OBG) into our business. We collectively set an OBG for each member that stems from a growth point that each of us has encountered in our life. We make it our focus for 3 months and we openly discuss it with the team. It has nurtured personal and professional growth in a way that connects us to our life’s journey in that the OBG is something that we find ourselves, not something that is imposed upon us. It is natural and effortless and the LLL family love it,” she remarked.

What do you do when you experience self-doubt?

If you have experienced it ourself and want to share your story, email us at communications@eomelbourne.org or leave your comment below.

The biggest hurdle in the first 3 years of my entrepreneurial journey

The entrepreneurial path is always filled with risks and challenges. It is not a smooth ride but the journey can be rewarding. The most difficult phase is the early stage where birth pains mixed with the lack of experience can make the trials seem insurmountable. But it is also at this point where entrepreneurs can learn a lot and use those lessons as tools towards achieving their goals.

Treating challenges as sources of motivation

“What was the biggest challenge I encountered in the first three years of my business? This has been an interesting question to grapple as I struggled to articulate exactly what a challenge meant to me over this journey of starting the business,” quipped Laiken Kerr Clarke, Director at MediSound, a distributor of medical devices to the Australia and New Zealand market.

“Without sounding cliché, from the outset, every ‘challenge’ almost seemed fun, like a puzzle to solve, which I was confident, if I put into motion a set of moves or combinations, would eventually lead us on the right track. Don’t get me wrong, there were, of course, many obstacles that we had to overcome as all start-ups would have experienced,” she clarified.

As a small player, Laiken cited many hurdles when she was starting her business, “From competitors, which are large multi-nationals with resources we could only dream of at the time, to the difficult task of changing customer’s opinions and beliefs in a slow-moving and conservative medical community. There’s also the challenge of navigating personal financial instability in the early phase of the business, as it was my primary source of income with little profit in the first 12 months.”

But she believes that the internal struggles were the most difficult ones. “Looking back now, I would have to say, with many parts of my life, the biggest challenge lay with me and my mindset of what I believed about myself and, in turn, the business. It was that space between who I believed I was and who I needed to be for the next step that this business demanded from me. I clearly remember the different mental and emotional layers that unfolded along the way.”

“For the longest time, I seemed to resist owning the experience, almost as if I was playing ‘business’ like one would play ‘house’ when I was a child. Friends, colleagues and associates would often ask me what I did for work and without thinking, I would respond with some job title and space I had previously held, not yet integrating the transition from employee to the business owner who makes the decisions. This is one example of the challenges I continue to come up against my mindset, which has also been the biggest catalyst for my growth as well as the growth of the businesses. It is that trust muscle you build within yourself by being able to step into a space of expansion, without fully knowing how just yet,” Laiken shared.

Turning a challenge into an opportunity

It’s an interesting experience for Cesar Aldea, Founder and Director of Aldea Consulting. “Within the first 12 months from launching my business, I received a legal threat from a large corporate that forced me to kill all the momentum gained, where I had to consider shutting down the business. Fighting them back was certainly not an option.”

Acknowledging his limitations, Cesar decided to change course rather than challenging them head on. “Against all legal advice, I decided to follow my gut and approach them personally. Not with a legal letter but with a business proposal. I knew that having them as a client would be a gamechanger,” he stated. And while there was also a risk of getting rejected, Cesar’s boldness, persistence and positivity paid off. “It’s now been over three years since I can call them my best client,” he declared.

Challenges may come with hardships and sufferings, but no obstacle may be too difficult for entrepreneurs who have the determination and relentlessness to move forward to achieve their goals.

What’s the biggest hurdle you had to surpass during the early stage of your business? Share with us your experience by commenting below.

How to pivot a business

During interesting times, such as a global pandemic and an economic crisis, some industries and businesses suffer due to little, no or negative growth. It often happens during normal days as well, when the market does not seem to be enthusiastic about a brand or certain products or offerings. There are several moments when a business hits a plateau or reaches a downward slope. When this occurs, maybe it’s time to revisit your goals and if you need to do a pivot.

Pivoting is an option to save your business from eventual failure. If you do it at the right time and proper strategy, you may be able to even grow your venture. While it may not be easy to do a turn, especially if it’s something that may not be aligned to your core products or services, it is an opportunity to test your flexibility and resourcefulness.

The question is how do you pivot? How do you decide what kind of new offer should you be doing? How do you get out of the mould and institute changes in your business?

Assess your talents and assets

Have an inventory of your assets and talents. Maybe you can use your raw materials and turn them into something else that is unique, affordable and marketable. What are your other skills and talents? You can probably turn a business out of it. If you have hobbies and you are good at them, you can consider creating a business out of those. See how your other resources and talents can respond to a need in society. Some businesses are born out of necessity, while others are built because of ingenuity, generating new interest from the public.

Look at opportunities for new demand

Feel the pulse of your customers and see what keeps them preoccupied or if there’s anything that can make things easier for them. The best way to pivot is to create new demand for your market. Find gaps in society and evaluate how you will be able to fill that gap. Opportunities usually come in areas where there’s most need, so keep your eyes open for them. Some of them may be unrelated to your current offering. Look beyond what you currently have and view the scenario from the eyes of your current and prospective clientele.

Explore the digital world

Take advantage of modern technology. If you can bring your business to the realm of the digital space, you can probably come up with tons of possibilities to pivot your business. Transactions are done faster online, and with the occurrence of the pandemic, more and more industries are turning to the virtual world to deliver the services they can offer.

Innovate your business model or offerings

Is your business model still working? Are your products and services in demand at this time? If the answer to both questions is “no”, then probably it’s time to rethink your strategies and approach. Brainstorm with your team and assess how you can innovate to pivot your venture. You can bring your products a notch higher by innovating or introducing something novel to your clients.

When your business hits a wall, find ways how you can go over or around it. Look into how businesses that have successfully pivoted did it and learn from their best practices. There are many ways to pivot. Be creative. Consider carefully various alternatives and plan your next steps towards achieving your goal.

10 Biographies to Inspire Your Entrepreneurial Journey

If you’ve got some “me” time or when you’re stuck indoors for some reason, why not spend it by poring yourself on reading materials that will inspire and energise you to keep going in your entrepreneurial journey? A good start is to look into the life stories of business leaders who withstood adversities and exhibited determination and persistence in achieving their dreams.

These individuals have become powerful forces in their respective companies and industries. One may wonder, “how did they do it?” The answer may lie between the pages of those books that journal their lives and business experiences. We have listed 10 biographies that you can start reading and then you can work your way towards finding books that are related to your business or industry.

Shoe Dog by Nike Co-Founder Phil Knight

The book chronicles the early days of Nike in the eyes of its co-founder, Phil Knight. He also narrates his youth and how he faced the risks and challenges in getting close to his dreams. Did you know that this global footwear giant started being sold from the trunk of Knight’s car? But look where it is now. Get behind the story of the iconic swoosh and pick up the lessons you can apply in your enterprise.

Miracles Happen by Mary Kay Cosmetics Founder Mary Kay Ash

Mary Kay Ash started her company at the age of 45. Yet, it was not without some heartbreaks in her personal and professional life. However, she held on to her principles that were her beacon of light in her journey. She established her company not only to make her dreams become a reality but also to help women attain their dreams, too, by believing that miracles happen.

I Love Capitalism by Home Depot Co-founder Ken Langone

Regarding himself as the epitome of the American Dream, Ken Langone shares through his memoir that poverty did not impede his ambition of making it big. He worked his way to get an education, build a career and establish businesses. The book is a peek to his life and a testament on how capitalism has helped him achieve the success he now enjoys.

By Invitation Only: How We Built Gilt and Changed the Way Millions Shop by Gilt Co-founders Alexis Maybank and Alexandra Wilkis Wilson

Changing the way millions of people shop was something that Alexis Maybank, Alexandra Wilkis Wilson and their co-founders in Gilt never imagined they would achieve by putting up their online store. But the recession, the shopping culture of the market and conflicting needs of their suppliers were hurdles they had to surpass to save the company from impending death.

The Everything Store: Jeff Bezos and The Age of Amazon by Brad Stone

American journalist Brad Stone interviewed several Amazon executives, including former employees, to tell the story of Amazon to his readers. Although the Amazon founder, Jeff Bezos, declined an interview, he allowed Stone access to people around him to document how this modest online bookseller grew to become what it is now, offering many items beyond books and topping the online selling space.

Lean In: Women, Work, and the Will to Lead by Facebook COO Sheryl Sandberg

In this book, Facebook COO Sheryl Sandberg, who is also one of the Most Powerful Women in Business by Fortune magazine, puts the spotlight on women. Backed by research and based on her personal experience, Sandberg touches on the challenges on women with the realities they face at work, in the community and at home. She also provided some practical tips and useful advice for women on how to build their careers and empower themselves.

Bloomberg by Bloomberg by Michael Bloomberg

Bloomberg Co-founder Michael Bloomberg fuses his personal stories, business insights and management lessons in this book that he penned himself. Readers get an overview of his struggles during his youth and onto his career and how he bested industry giants. He also shared his foray into public service and philanthropy.

Alibaba: The House That Jack Ma Built by Duncan Clark

Being an early advisor to Alibaba, investor Duncan Clark has a first-hand view of how Alibaba has grown and how its founder, Jack Ma, has accomplished massive success. From being a teacher to becoming a worldwide business phenomenon, Ma has shown that nothing is impossible. Regardless of background and location, he has managed to grow his business and pit it out against industry titans.

Steve Jobs: The Exclusive Biography by Walter Isaacson

Writer-historian Walter Isaacson has written the biographies of Albert Einstein and Benjamin Franklin. He added another feather on his cap by writing the biography of Apple co-founder Steve Jobs. Jobs had granted Isaacson various exclusive interviews, sharing his thoughts and experiences to the author. Isaacson also spoke to the countless people surrounding Jobs to present his story coming from all angles. From Jobs’ childhood to his youth and career life, Isaacson presented the inspiring story of Steve Jobs, including his character, values and lessons.

Grinding It Out by Ray Kroc of McDonald’s

As the first partner of the McDonald brothers, Ray Kroc revolutionised the fast-food industry through franchising, automation, training and advertising that helped shape McDonald’s as a global leader in its business space. In his autobiography, Kroc shares his journey from being a salesman and how he became a huge success. It was a steep climb and full of twists and turns, producing many valuable lessons and insights that will inspire his readers.

Skydiving your way to the entrepreneurial path

Skydiving is an activity that may not be for everyone. People with a fear of heights may be averse to jump from a high altitude into the unknown. It takes knowledge, presence of mind and courage for one to do so. This is what many business owners stand out as they are ready to take the risk just to achieve the goal they have in mind.

If you love the thrill, curious about how it feels or want to tick an item off in your bucket list, then you may want to try what it’s like to skydive. It takes commitment, adherence to safety measures and a form of discipline to make the entire experience a success. And while you’re at it, learn to apply some lessons from this activity into running your business.

Calculate the risks and face them bravely

Going up thousands of feet from the ground and hurling yourself off the plane is something that should not be taken lightly. You have to prepare yourself mentally, emotionally and physically before doing your first jump from the air. Experts take note of the weather, wind velocity, height and other essential factors that can make the skydive a successful one.

Putting your efforts, time and resources in building and running a business mean you have to be prepared with the right tools and measures to make sure they don’t go to waste. It is crucial to know your capabilities, learn your environment, and surround yourself with the right people to have a better foothold when you hurl yourself to the entrepreneurial space. Data, experience and your gut-fell will help determine the decisions you have to take.

Listen to your instructor and trust your team

If you are doing it for the first time, you should pay attention to what the instructor says and observe it diligently. Review the guidelines and follow directions to avoid mishaps. There will also be a team that will support you, from the pilot to people on the ground. Trust them and establish a strong connection with them so you can better communicate during the entire process.

Having a mentor and like-minded individuals can assist you as you dip your feet on the water. Once you have established your business continue to upgrade yourself, seek the counsel of experts and join groups like EO. Hire people that fit your corporate culture and requirements and look after their professional development. Skydiving like entrepreneurship may seem to be a solo activity but there are many people behind the scene that ensure the success of the endeavour.

Wear the proper gear and always prepare for an emergency

Safety first. That is a primary principle in most industries. The same goes for skydiving and entrepreneurship. You don’t do these things blindly. You create a plan and several back-up plans when things go wrong. There will always be unexpected circumstances, such as calamities, economic crises, armed conflicts and pandemics.

Whether the investment you put in your business is your life savings or financial contribution from an angel investor, you have to ensure that it will multiply rather than a negative yield. Have your business insured, consult with financial and legal experts, create a short, middle and long-term plan, including an exit strategy. Make sure not only have two parachutes but extra ones when you dive into business because unlike skydiving, more people are dependent on you as a business owner.

Feel the moment and enjoy the experience

People who skydive want to experience the thrill of the activity. Entrepreneurs get into business because of their passion and vision. Never let go of that desire for success. Keep your eyes on the prize and the destination ahead. There may be times when it gets scary, frustrating, difficult or impossible, but your fervour and determination will keep you going. Enjoy the experience while you can because the joy of achieving your goal will be far more immense than the struggles you’ve been through.