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. 

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. 

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.

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.

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.

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.

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.

Preparing for a media interview

Business owners, especially those of startups or small and medium-sized enterprises, are usually the face of their company as they carry the name on their shoulders. People’s trust in a brand is heightened when they are familiar with the person or individuals behind it. Moreover, an entrepreneur’s story plays a significant part in conveying the narrative behind a business, product or service.

More often than not, media outfits are interested to hear all of these, particularly for new updates and announcements, straight from business owners themselves. It is also necessary in times of crises or emergencies. Granting them interviews for brief news statements or in-depth feature can be advantageous in putting your brand out there or clearing the air from any confusion or negativity. It is also an effective way of communicating to a bigger audience. But before you get in front of a camera or a microphone recorder, prepare yourself first to ensure that you say the right things that can benefit your brand and your target market.

1.       Get sample questions and know the interview topic

Various interviews are conducted for varied reasons. The first thing to do is to know the purpose of the interview, the topics that they want to cover and possible questions that they want to ask you. Coordination with the interviewee or media program, whether it’s for print, radio, tv, podcast or online, is essential to make the conversation smooth and on point. While you’re at it, get to know the background of the media entity and the interviewer as you may have some common grounds that can help you navigate towards the messaging you want to communicate.

2.       Gather data and information you want to share

Once you have secured the purpose, topic and sample questions, it’s time to refresh yourself with your internal information or gather new data that may be needed during the interview. Being knowledgeable of your brand, offerings and market will give you more confidence to discuss your company’s background, present state and upcoming plans. Have an internal briefing with your team from different departments and brainstorm the things you want to highlight during the interview. Some of them may not be part of the questions, but you can find a way to inject them in your answers.

3.       Include stories of your personal experiences

While numbers and data are important and effective, it is always good to humanise your brand through stories or anecdotes of your personal experiences. But don’t overdo it. Pick only important moments that you want to share with the public, especially one that can provide them with a deeper understanding of your company and inspire them to aspire for greater things.

4.       Put together your talking points

When you have identified the important ideas you want to raise and highlight during the interview, organise them into talking points. They don’t have to be lengthy. You can simply put phrases with keywords so you can easily remember them. Go over your talking points several times days before the interview. Don’t cram the information last minute as it might confuse you more.

5.       Practice, practice, practice

Your nerves may get the better of you during the interview. Relax and have confidence in yourself. But it’s easier said and done. The best way to battle becoming nervous is to practice with your team through role-playing. That doesn’t mean you have to memorise a script. Allow them to ask you questions that are not on the list because it happens all the time.

And don’t stop at the preparations. Have your presence of mind during the interview proper. If you are face-to-face with the interviewer, maintain eye contact. Dress the part and be courteous in your words and actions. Then, when the interview is over, be sure to thank the interviewer and the crew involved. Ask when it will come out and monitor it. Then assess what you need to stop doing, continue doing and start doing in your other succeeding interviews.

Remember that the first few media interviews are the most nerve-wracking. But once you get the hang of it, you will be able to do it like it’s your second nature. Most of all, enjoy the experience. It’s your way of reaching out to your customers and target market, so view this as an opportunity for them to get to know you better.

When your entrepreneurial journey hits a plateau

The path of entrepreneurship is full of twists and turns, as well as potholes and mounds, that make the journey challenging yet exciting. It’s a rollercoaster ride that can take you up and down, which can often cause you to stumble or lose your balance. But what if you’re going through a smooth ride like a paved highway, only to find out that you’re going flat and no growth happens at all?

As a startup, you have the potential to bring your business to whatever height you can reach. The danger is when it goes on a plateau because it can later lead to a slope unless preventive measures are taken immediately. When growth stagnates, it’s a warning that something’s not working right. Maybe it worked during the first few years of your business, but after some time it no longer produces the growth your company needs. One thing’s for sure – it calls for changes within your business. So, what should you do when things don’t seem to be progressing as they should be?

Evaluate your business

Find out first where the gaps are within your company. There may be dead-ends in some departments of your business that you need to fix so that the flow of progress can continue. Conduct some evaluation procedures to identify areas that need to be modified. Keep an eye on unnecessary expenses. Weigh well if you have to continue or put a halt on a project or initiative so as to avoid bigger losses. Don’t be afraid to call for a stop even if you have poured so much investments on it. It’s better that way than to cause uncontrollable damage in the future. Tie loose ends by coming up with specific action plans that can provide lasting solutions to your problems.

Develop new products or services

If you are stuck in the same profit margin despite making adjustments on your raw materials and prices then look at the possibility of developing new products or services. There are instances when you need to inject a new stream of investments to pump up your business growth. You may have to expand a bit, whether it is office space, geographic location or organisational structure. Having limited products may work in the initial phase of your venture, but not in the long run. There will come a point where you have to take your business a notch higher and bring in something novel to spice up your growth.

Modernise, automate or innovate

Are you still doing things manually or the traditional way? Take a look into technological advancements that you can apply or utilise in your processes or operations. At this age, there are plenty of equipment, gadgets, devices, software, and applications that can make things quicker and easier. Time is an important factor in growing a business. If you can find ways to hasten production and earn more income at a lesser amount of time, there’s a chance that it will boost the increase in sales and profit of your enterprise.

Re-structure your team

If something is not working out right in your team find your weakest link and resolve the issues. Probably, you have too many layers in your organisation or you have been holding on to people that are not fit to your business culture and set-up. Invest in people who have the right values, work ethics and skills that can help your venture to move forward.

Rebrand your image

Sometimes, your business is not doing well because your brand does not connect with your market. There are businesses that relaunch their image to convey a clearer or better message to their prospects. However, rebranding is not just about changing your company logo or product packaging. It entails resetting the perception of the public towards your enterprise, people, and offerings. When you take this route, plan it well and execute it right.

Don’t panic or don’t give in when plateaus occur in your entrepreneurial journey. Instead, take it as an opportunity to step back, review the overall picture of your business, look into the details and choose the right direction and pace that will bring you forward. You can tap into the expertise of consultants or get ideas from other business owners and like-minded individuals. The best thing you can do is to take a risk then prepare yourself for more uphill climbs to reach the top.

Accounting tips for your business

Keeping up with your finances is always a major hurdle when it comes to managing your venture. Accounting is a key element that you must carefully pay attention to when running a business. Being conscious of your cash flow is important given that so much investment goes to setting up and maintaining your business, whether it is self-funded or financed by investors. Moreover, it is the lifeblood of your enterprise, which is why you need to go over your books even if you are not good with numbers or merely not fond of them.

For startups and those scaling up, here are a few tips you can note to help you manage your accounts.

1.       Have a proficient accounting software and system in place

An accounting system allows you to track, keep and organise your records. You can also automate your methods and incorporate this to your system. Fine-tune your methods and procedures to put in place a proper order of how things should be done and ensure nothing falls through the cracks.

You can choose from any of the accounting software available for businesses. Take a look at the one that is most suitable for your operations and install it in your devices. Have yourself and your team trained on the proper way of using the software to make it more efficient and fast in implementing the system in your day-to-day activities.

2.       Familiarise yourself with the basics of accounting

When starting out, business owners usually do everything by themselves. However, whether you have to personally do the recording of your finances or have someone do it for you, it is still advisable that you know the fundamentals of accounting. It also makes it easy for you to understand the numbers and interpret them. That way, you know when something’s amiss or when you need to pay more attention to a certain part of the business.

3.       Hire a dedicated person to do your accounting needs

Being on your own at the initial stage of your venture is not an uncommon situation for entrepreneurs. But as you go along your journey, you may realise that there is a need to have another person do your accounting work. Whether it’s a full-time staff or a third-party contractor, you need to delegate the finance job to a particular person or team because it will take too much time and effort to constantly do it. In addition, it needs do be done in a detailed and meticulous way to make sure that records are accurate and regularly updated.

4.       Document and record transactions

Always keep and file your receipts and financial documents. It is needed for auditing purposes. Plus, it is also to your benefit and future reference when everything is put in black and white. Better to digitalise your files and save them on your computer so you can store them without taking up too much physical space. Don’t forget to back up your files and keep multiple copies. On another note, be conscious of tax requirements and deadlines and make sure you comply with them. A clean record of your finances will be helpful for auditing and tax filing.

5.       Segregate expenses

Even when you are starting out small, always separate your personal from your business expenses. As you expand, make sure that you segregate budget and expenses per project or department. This also makes it easy for you to track money that comes in and out of your business.

6.       Do regular financial check-ups and reporting

Filing, monitoring and reporting financial transactions are tedious work. However, they come in handy when you maintain a rhythm. Reporting allows you to be conscious of your current financial status. You learn from previous data, which you can use when you plan your future and forecast your earnings. Regular accounting check-ups contribute to the financial health of your company.

When in doubt or when problems come your way, always consult an expert. You can refer to certified accountants and fellow entrepreneurs regarding efficient accounting procedures and systems that can help your business grow. Observe good financial practices to avoid drawbacks that you may encounter in your entrepreneurial journey. Accounting is a serious matter because the numbers you see in your

Marcus Lethlean on the business of serving

With several businesses under his belt, one would think that Marcus Lethlean, owner of Mediport, GoodBarTrade, 4Degrees Celcius, A2b Solutions and OneSevenOne, has already mastered the entrepreneurial journey. Still, he sees himself having the need to acquire better skills to take his businesses further and serve better the people that benefit from his services. At the same time, he shares the learnings he gathered during his years of establishing and managing his ventures.

When faced with the question of why he started his businesses, Marcus admits that he couldn’t see himself in the corporate setting. Marcus likes to start something from scratch as it gives him the freedom to create, set his own directions and strategize his next steps. He explains, “I have worked inside the corporate environment and there are some aspects of the hierarchical chain that can blunt people of their creativity.  At other times, the system can teach people not to go out on a limb. And yet, every entrepreneur that I know went out on a limb, particularly founders. You don't even think of the risk because you just feel like it's going to work.”

It wasn’t always a smooth-sailing journey, however. Before he began his first business and went on to build more, Marcus had several attempts on building a business, all of which faded away. His first was when he was 13 years old doing door-to-door sales and went on to venture on several other business endeavours as he went along. He persisted despite the disappointments he encountered when those attempts didn’t fully prosper, which brought him to some of the low periods of his life.

Instead of leaving the entrepreneurial journey, he studied law and then started working at nights again until he found himself back to the path he always wanted to take. “The biggest lesson I have learnt is to follow the feeling. If an idea makes you feel excited then turn it inside out. That little buzz is a real call to action because it means you've got to find the next stepping stone that edifies the original feeling,” he remarked. And in that journey, he found the beautiful loop of thoughts-action-effort-outcome where he gets the feeling of accomplishment as an entrepreneur whenever he reaches his goals.

As to the challenges that he had to hurdle in starting and sustaining a business, he pointed out the lack of knowledge, lack of resources as he self-funds his ventures, and getting the right people on board his entrepreneurial bus. These same challenges also brought lessons to his continuous journey that he is now able to share with others who are also going through similar experiences.

The essence of a good business is simple

“Good businesses are identified where someone has a need and the other person can satisfy that need. And both parties want each other to stay inside the relationship, so they treat each other fairly. They price the product and the service accordingly,” Marcus expounds.

In all his businesses, Marcus ensures that they provide very good quality service to their clients, most of which are service-oriented businesses as well. They also use proprietary applications, software and systems that allow them to monitor and uphold the highest standards of service. For Mediport, where they provide logistical support in transporting vaccines and pharmaceutical products, there is the potential in this business to save lives through timely deliveries and the protection of the products through good process.

Say “yes” and back it up with action

“Say yes and then have an action that you have to follow through,” Marcus declared. “That's one tool that I used. Say yes and then figure out how,” he reiterated. He shared that he always find ways to make sure that the customers get what they need from him. Even when there are bumps, he’ll look for alternatives to guarantee the promise they make to their clients.

Widen your knowledge

Experience has taught Marcus how to handle adversities and it honed him to become a better entrepreneur. He also credits his late father, who had been his confidant and supporter. Still, he keeps on adding to his knowledge by reading books that can sharpen his thoughts and perceptions of doing business well with others. These are the four books Marcus mentioned that have contributed to his growth as a business owner.

1. Johnathon Livingston Seagull by Richard Bach – a gift from his dad when he was 12 years old where he found many important insights.

2. The Alchemist by Paulo Coehlo – “He teaches you to follow your dreams and never turn your back on opportunities as you cannot be sure they will still be there when you turn around again,” according to Marcus.

3. The Richest Man in Babylon by George S. Clason – “It's an incredibly powerful book about a slave that had an amazing work ethic. The richest merchant in Babylon bought the slave’s freedom and taught him the 10 rules for wealth so he too could become the wealthiest trader in Babylon.”

4. Think and Grow Rich by Napoleon Hill – “It’s a really good book because it allows you to tap into the mindset of the people who have been very successful.”

Manage and train people

Despite several businesses to oversee and with a huge scope of operations, Marcus is able to do it because of the people who work with him. There were staff challenges that he didn’t see coming, but he was able to tap on the skills and passion of those in his team to help him bring his businesses forward. He stressed the need to make certain that people feel they are part of the team. “If people have it in their minds that the workplace is a ‘them and us’ it doesn't work,” he stated. “It’s a delicate balance every day to manage people and make sure that you are all on the same page and getting the best from each other.”

A service-based model that people respect

Marcus highlighted the difference between humble service and servitude. He elucidated, “Setting up the relationship for service means you have the opportunity to let people know how well you are wanting to help them.  I think that is most important to identify their needs and highlight that understanding to the person for whom the service is being supplied.”

“If people think that they are in a relationship where one party is taking advantage or in a relationship typified by servitude, it will dull their enthusiasm to provide outstanding service and, ultimately, it might fall apart.”

He also added that it takes two good ears to be able to serve others better. “Whether it's listening to your market or to a new person in your business or to people who know more than you, you've got to be able to listen,” he added. Such a service-based model enables entrepreneurs to become part of a solution. It leaves no lingering feeling other than goodwill.

Taking the wheels and bringing it further

Marcus is the kind of business owner who is not afraid to take the wheels, literally and figuratively, and drive his businesses towards his goals. When he’s down on people, he would get in and drive to fulfil his client’s needs. He acknowledged that he still has a long way to go to expand his ventures internationally, which is why he joined EO Melbourne to add more learnings that can equip him to become a better entrepreneur. “I've never had a business mentor. As such, I think the structure of the learnings that occur with EO can fulfil that mentoring role incredibly well,” he said.

He has started thinking of better skills to acquire in a managerial sense, a marketing sense, and strategizing sense. And with a young family – a three-year-old and a year-and-a-half-old – he hopes to see his kids grow up to become fine men. It’s something Marcus looks forward to in the future, including a better version of himself and several thriving businesses that will continue to serve those who are in need of their services.

Nyree Hibberd: bringing meaning and beauty through her business

Gift-giving is part of our way of life from days old. People give gifts for every occasion, especially this time of the year when the holiday season is fast approaching. But selecting an item as a present is not as easy as grabbing anything available on the shelf or adding the first product you see online to your virtual shopping cart. It helps when you can find something that has meaning to people and society and give it to those who mean most to you. That is the core of Koh Living, the business that Nyree Hibberd and her business partner put up several years ago.

The conception of Koh Living was unexpected. Before she began with this venture, Nyree had an IT business for about eight years, while her business partner was in recruitment. “My best friend and I were travelling through Asia, and we were in Bangkok at an Israeli cafe having lunch. A lady on the next table asked to join us. She travelled the world buying products for her store in Queensland. My best friend and I just looked at each other and thought, ‘Well, that sounds fantastic. Why don’t we do that? Let's do it. Let's just stop doing what we're doing and start something that will just be fun and get going.’ So, that was probably the turning point for deciding to get off the path that I was on, which was business, but it was IT and completely different compared to gifts,” Nyree narrated.

Different topics, same themes

While there are differences in the types of business Nyree had previously and the one at present, which is Koh Living, she found that there are also parallelisms. Managing people, administering operations and staying on top of the financials, especially the cash flow, are some of the similarities she found between the two businesses.

The challenge she encountered was in retail. Nyree had never sold anything all her life. She had to get her hands dirty and do things by herself. She found herself selling candles in the markets, something she never did before. Creating products, overseeing stocks and dealing with artists, suppliers, and contractors were the areas where she needed to adjust. There were things that she needed to learn and some lessons came the hard way.

Learnings and tools

Through her experience in her IT business and now Koh Living, Nyree has come to learn a few important things in running a venture: define your roles with your business partner; foster an environment of challenge; watch the numbers because they tell you exactly how healthy your business is or when you're going to have trouble; and lastly, get the legal side of things in order.

During the first five years of Koh Living, Nyree and her business partner were just having fun. It was at the next five years of the company when they started to take it more seriously and looked at educating themselves and trying some tools that can help. “As we got to that 10-year mark, the first two books that we came across that were really useful were Jim Collins’ Good to Great and Verne Harnish’s Scaling Up. So, we started dabbling with the flywheel and the quarter sheets,” Nyree stated.

Having an end product that they need to constantly track, they use a software tool, Unleashed, to manage inventory. Then, they export the numbers to Excel to analyse their data. “I would say that in every industry, there will be a tool that feeds you back that data or about the health of your business and the core thing that you sell,” she added.

Her desire to upskill and bring more to her business led her to join EO Melbourne. She was through Verne Harnish’s website and found that he had coaches. That made her contemplate of doing focused one-on-one training instead of attending conferences. She and her business partner got a coach and it was during one of the sessions that EO was mentioned. Seeing that EO is composed of people with businesses, experiencing similar issues as they were, Nyree decided to join the group.

Products with meaning and beauty

To set Koh Living apart from other brands selling similar product lines, Nyree and her business partner decided to produce gifts with meaning. “People are becoming more and more conscious of connecting with other people. We live in a more connected but disconnected world. A lot of it is becoming about the experience. So, if you're going to give a gift, people want it to mean something. We want it to not just mean something to them personally but also to think about how it's being produced, where it's being produced, and if some of the money is going to a bigger cause than ourselves. What we do with our stories is we link them back to have some meaning not just to the gift recipient but to society, as a whole,” she explained.

To give meaning to their merchandise, they link the consumers with their artists, providing a platform where the customers can know the story behind the artworks. They have indigenous designs, Australiana themes, Wildflowers range and other motifs by their Aboriginal artists. Apart from meaning, they also make sure that their products exude beauty. They put a lot of thought into the design and the material of their items so that they come up with quality goods that are priced fairly.

Putting purpose on the business and the entrepreneurial journey

Despite 15 years of Koh Living, Nyree is unsure how the future will unfold 10 to 15 years down the road. Given the constantly changing consumer behaviours and trends, especially with technology transforming things so fast, she admits that it’s hard to even look at the next five years of the business. However, she is sure that Koh Living will still be going strong internationally at that point. She stressed, “We need to scale it in a smart way so that we don’t fall apart at the seams and become a victim of not watching how society is actually changing their purchasing behaviour.”

But on a personal note, she hopes to also contribute to society in a bigger way. “I've just applied to get on a board in the indigenous environment for artists. So, I'd like to see myself assisting businesses and individuals outside of Koh Living in a way that I can bring what I've learned about growing a business to others that aren't necessarily as big as Koh Living at the moment or are just starting out or in that stage where they're growing,” Nyree shared.

Since the time Nyree and her best friend thought of the idea of Koh Living, they now wake up with one thing on their mind:  to make people feel special.  Koh Living has come a long way and they look forward to continuing to create moments of connection, love and joy with friends and family among the chaos of modern life well into the future around the globe.

Know more about Nyree Hibberd through her LinkedIn profile. Read on Koh Living and its products at https://www.kohliving.com.au/.

Nyree and her business partner in Koh Living.

The importance of succession planning in business

It takes a lot of effort to plan, prepare, start, manage, sustain and grow a business. However, most ventures revolve around the business owner. If the entrepreneur does not have any business partner or family members involved and when unexpected things happen on the owner without any backup plan in place, all those hard work may go down the drain.

To ensure the continuity and growth of the business, especially when one wants to, later on, be on the business rather than be in it, putting together a succession plan won’t hurt and may even be beneficial to the entrepreneur. Having one doesn’t necessarily mean that you are leaving the business. Instead, it can help you focus on more important roles rather than taking on several responsibilities.

Ensures continuity and assures stakeholders

Creating a succession plan is a way of securing the continuity and future of your business. Whether you want to take on a different role, expand the business, start new ones or retire from the company, it will assure your investors, board, staff and clients that the company will continue to operate and carry on the vision and legacy it wants to create. It guarantees your stakeholders that there will be no void in the organisation should anything inevitable may happen to you or the business.

Motivates current employees and hones prospective leaders

Succession planning is usually done through internal movements in the organisation. Going that route can encourage your current employees to perform well in the hope that they will someday take on a higher position, which can be one of the positions you hold. You can evaluate members of your team who has the potential to take on bigger responsibilities. It will also hone prospective leaders within your team as you equip them with skills and qualities that are needed to fill in a leadership role in the business.

Fills in the gaps

When you put a succession plan in place, you may be able certain gaps in the organisation that you might not have seen before. It allows you to see things from a different perspective and gives you room to address what you may have missed before. When you look at possible candidates for an important post in your business, you tend to step back and look at things from a bird’s eye view and then you zoom in to the details, giving you the opportunity to think ahead of possible problems and come up with solutions or alternatives.

Provides opportunity for personal and business growth

Although most business leaders come up with a succession plan during the times when they intend to leave the organisation, it is not always the case. You may want to take on a board role rather than handling the day-to-day operations of your business. There may be instances when you want to start new businesses while maintaining the current one. Whatever circumstance you may have as a business owner, having a succession plan gives you more room to grow as an entrepreneur and expand your business.

If this is something that you are wanting to do in the future, it is good to discuss this with your HR and board so you can put a proper structure and system in place to get a succession plan going. But even before you draft a blueprint of your plan, you can first seek advice from mentors or other entrepreneurs who have done it before. Also, know the repercussions that may come with having that plan in your current setup. Nonetheless, it’s something you might have to face later on along your entrepreneurial journey.

How to organise a successful launch event

Assuming that you have perfected your new product or service and you are ready to tell the world about it, how do you make sure that many will know of and avail of your new offering? You need to come up with a well-thought plan to hype your product, service or campaign to the public, especially to your existing and prospective customers and clientele.

However, doing a launch event is easier said than done. It takes a lot of thought, effort and resources to create and organise an event that will move people to trust your brand and patronise your products. The best way forward is to hire an event team to do the work. But if you’re short on the budget since you’re still a startup business and want to do things by yourself, here are tips on how you can launch your new campaign successfully.

1.       Envision how you want the launch to happen

Start with your goal in mind. Set your goals, objectives and targets, and what you want the event to achieve. Envision what you want to happen during the launch and how you want it to benefit your business. Make sure to set measurable and achievable goals that you can easily assess later if the event is a success or not.

2.       Plot the best strategies

Once you have identified your goals and objectives for the launch event, come up with the best strategies to attain these. Doing research ahead of time on what will click to your target market will be most helpful as you plot the right tactics. Know the latest trends and map out the best routes possible to get you to your desired targets. Assign a coordinator within your team and divide the tasks among each other for easier monitoring.

3.       Brainstorm for a concept

To make your launch event memorable and talked about, you must have a cohesive concept that also ties your brand image and your new campaign together. Some go for an all-white event or a carnival or one that is easily associated with the occasion or the company. Decide if you will have a product test, a special show, a sit-down dinner, a social media hype or a combination of everything.

4.       Set timeline and budget

When you have designed your launch event, it’s time to get down to the details – venue, stage, lighting, talents, food, etc. But first, draft your budget and timeline as this will be the skeleton of your plan, along with your objectives and strategies. Based on your budget, you can adjust your concept if you need to tone it down or take out certain parts.

5.       Get down to the tasks and details

Now, it’s time to contact your suppliers and service providers that can mount your launch event. On the sales front, you can do pre-orders and sign-ups. For the communications part, nail down the right messaging and have a press release and FAQs written down. Create teasers and materials that can support the launching of your new campaign or product. Conduct regular meetings with your team to check on the progress of each task needed to accomplish.

6.       Create invite list and send out invitations

With preparations on the roll, create a list of people you want to invite to your launch. Tap influencers, VIP customers, industry movers and the media that can echo your message and create a positive ripple effect on your brand.

7.       Run-through the event several times

The reason why companies and brands consider special events as a marketing tool is to provide people with an experiential taste of their offerings. It is crucial that the experience during the actual event is magnificent enough for people to talk about it in a good way. Conduct run-throughs and technical checks prior to the event to make sure that every detail is looked into and each gap is filled in.

8.       Be visible during the event

The event proper is your opportunity to network and have face-to-face interaction with your guests. Make sure to allocate time for media interviews. It is also more impactful if your visibility is not only limited offline but also extends online. Use an event hashtag and post updates of the launch.

9.       Sustain the buzz

Every phase of the launch event is important. From the planning to preparations to the event proper up to the post-event, each opportunity must not be missed. The launch does not end when the event wraps up. It continues for a few more days, weeks or months through various initiatives and endeavours that support the hype. Make sure that your customer service is in place. Deepen your relationship with your consumers and take this opportunity to create a community among them.

If you’re doing this for the first time, it is good to seek the help of those who have more experience than you. Take advantage of opportunities to attend events when you’re invited so you can observe how they go about it. You can do both in EO Melbourne where learning and fun events happen all-year-round.

Short courses for entrepreneurs

Perhaps people are confident to go after their passion to start a business because they have acquired enough experience to do so or their training and educational background provided them with the knowledge and skills to make it happen. Still, this does not mean that business owners already know everything. They need to constantly update themselves with the latest trends and upgrade their proficiencies to move their ventures forward.

One of EO’s core values is Thirst for Learning, which is something every entrepreneur must have to keep going in their journey towards their goals. EO itself has executive-education programs that provide members with added resources and learnings. Several schools, professional groups and online sites offer short courses that help advance an entrepreneur’s competences. Some of them can run for a few days or weeks.

The personal and professional development of business owners can also lead to the growth of their enterprise as they are able to execute strategic plans of action and accelerate the progress of their productivity. Entrepreneurs can still continue their education and gain more expertise in different areas that may impact their businesses. Topics may revolve around, but are not limited, to the specialties below.

Leadership and Management

Graphic artists may open a design agency, health gurus can start a fitness gym, and lawyers and accountants can establish a consultancy firm. Basically, anyone can create a company based on their passion and expertise. However, running a business takes more than just proficiency in their field of work. It requires strong leadership and management skills to steer the venture towards success.

An entrepreneur must be able to look at things short-term and long-term, large-scale and micro-perspective. They need to grasp the nitty-gritty parts of human resource and operations. Being able to adapt to change is a skill that can be developed over time. Business owners must be able to think creatively and act strategically in any given situation.  

There are many courses on entrepreneurship, leadership, business planning and management that are offered in academic institutions. They sharpen one’s mind to innovate, transform, manage risks, generate ideas and create breakthroughs in their business.

Finance

Not many business owners may be able to understand and know the financial aspect of an enterprise. Yet, it is important to be acquainted with cash flow as this is the lifeblood of a business. You may find short courses on entrepreneurial finance, principles of accounting, budget planning financial analysis, financial systems, taxation, asset management, auditing, and other investment and economics-related topics.

Marketing

Marketing is an aspect of business that entrepreneurs should be familiar with because it drives sales. However, marketing is a broad area to study. It encompasses branding, market research, advertising, public relations, events management and sales, including customer service. Business leaders can expand their understanding and know-how of promoting their brand, company, and products or services.

As the market evolves, business owners also have to stay attuned to the changes not only to conform to the demands of the times but also to introduce new ideas and cause disruption to the minds of customers.

Internet and digital space

A new trend in marketing that presents a new and wide-ranging arena is the digital space. Gone are the days when promoting and selling are done face-to-face or via traditional media. The advent of the internet and new media has created a whole different culture in pushing for one’s brand.

From blogging, web management, SEO, social media marketing, mobile applications, new software to online community management, the digital field is expanding by the minute and new information comes in by the second. Short courses on such topics can widen an entrepreneur’s comprehension of the digital age and how this can help grow their business.

Technology

New technological advancements happen across various industries, such as in food, hospitality, accounting, engineering, education and medicine, to name a few. Artificial intelligence is applied in communication, security, research, aeronautics and other fields of endeavour. Business owners can take special classes on technology courses that can be applied in their business.

Special Interests

To develop other aspects of your entrepreneurial self, you can also take short classes on public speaking, writing, languages and other special interests that can also add value to your organization.

The road of your entrepreneurial journey may be steep or filled with potholes. As long as you continue to improve yourself and pour the added knowledge you amass into your business, you can achieve the unimaginable. With more skills and competence, what you are able to attain in three years, you might be able to realise in a shorter time. Learning knows no age, so you can keep on acquiring expertise as you go along your journey.

Time management for entrepreneurs

Juggling different tasks in business, roles in your personal life, positions in your various associations and commitments in other interests can be tiresome. “Time is gold” rings true to every entrepreneur, which is why there is a need to manage it well. Otherwise, you’ll end up doing too many mundane things that may take up a lot of your time and energy.

The best way to approach the rigorous demands of running a business is to put a system in place that will allow you to organise your schedule and thoughts while reaping positive results. You may hear a lot of suggestions and advice on how to deal with effective time management, but we narrowed down five important tips that can help you structure your work with your other responsibilities.

Break down your goals into small tasks

Huge goals can be overwhelming at times. If you have several projects to finish, it is better to break them down into small tasks that you can check every day. Make these tasks very specific and time-bound so you can easily monitor their progress. Designate a few minutes to go over your checklist at the beginning and the end of the day.

Categorise tasks according to their urgency

Not everything is urgent. Organise your tasks according to priority so you can easily spot the things that you need to focus on and set aside other things at the bottom of your to-do list. Review your tasks and distinguish which ones that need your immediate attention and those that may be delegated to others or at another time. Use applications or software that can make your task and schedule easier to manage. Allow a few hours each day for emergency cases, but learn to sift through your appointments or undertakings to avoid getting your day swamped with too much work.

Set aside time for each role

In your business, you can allocate time for your different responsibilities, roles and departments. When you are home, centre your attention to your family and loved ones. Make a timetable for your other commitments as well. If you are involved in business groups like EO, have a day specially dedicated for this interest. What you’re trying to avoid here is overlooking obligations outside of work that you end up neglecting your other accountabilities.

Delegate to your team

You don’t have to do all the things by yourself. Learn to entrust tasks to your team members. Invest in skills training and professional development of your staff so that they can also exercise leadership capabilities. Schedule a regular meeting with them for them to know your directions and business style, which they can imbibe in their work.

Give yourself a break

As an entrepreneur, what sets you apart from office workers is your culpability over the many lives that depend on you. You cannot take care of your people if you do not take good care of yourself. Don’t overwork yourself. Instead, allow yourself some short breaks to relieve your mind and body from stress. Stretch your muscles, do small exercises, have a nap, walk to the pantry or nearest café for a cup of coffee, watch the scene outside your window or breathe in some fresh air. These breaks will give you an opportunity to recharge and re-organise yourself, especially when there are too many fires to put out or decisions to make.

Most of all, listen to your mind and body. When you’re tired, take a rest. Remember that there are only 24 hours in a day and seven days a week. Know your limitations. Go after quality over quantity of things done. If you need to let out stress, find like-minded individuals or mentors who can listen to you and help you sort things out. Once you’ve mastered your day and the tasks you need to do, you can get through the challenges with more confidence and determination.

Entrepreneurial lessons from wine-making

On special occasions or to cap the night on a relaxing mood, a glass of wine can add sparkle and colour to any scenario. Wine is also a symbol of luxury, which used to be the drink of the kings and the rich. It has a long history, recorded in ancient books and manuscripts. However, behind the glamour ascribed to wines is a tedious process where we can pick a few lessons that we can bring to the business space.

Imagine taking a sip of wine and absorbing the various insights and inspiration that go with it. From growing the grapes to manufacturing the wine to aging it and bottling it, the procedure entails lots of obstacles and complexities. Several factors may affect the taste and quality of the end product. It takes a lot of patience, hard work and diligence to be able to produce good wine, similar to how it is when you want to achieve your entrepreneurial goals.

Knowledge and hard work are valuable

A vineyard requires land, storage and equipment. It involves a huge investment of money, time and energy. Wine-making can be laborious, which is why passion and determination are needed to produce good wine. You have to know the right kind of grape species and how to grow them successfully. Different processes and blend can produce varied flavours of wine. A good understanding of wine will make you become a connoisseur that will earn the trust of wine lovers.

As an entrepreneur, constantly updating yourself of information about the industry and doing research on your target market are vital tools in decision-making. Knowledge and skills of various aspects of your business will give you a macro and micro point of view of your venture, which can help you easily spot an opportunity or threat.

Fostering good conditions for your product can yield positive results

Grapes can grow well in suitable conditions, which includes weather, rainfall, type of soil, and other elements. Other components, such as the manner of pressing, the mixture of yeast and other ingredients, the wood used for the barrel, the temperature of the storeroom, the period of aging the wine and the like, are necessary for wine-making. It is important to choose the appropriate spot for your vineyard and winery so that you can produce good quality wine.

Putting importance on corporate culture and providing a positive environment for your team can enhance the productivity of your people. Strategic location and proper tools and equipment will put an edge on your venture over your competitors. As to your clients and consumers, good customer service and relations, notwithstanding high-quality offerings, will be beneficial to nurturing loyalty among them.

Pressure can squeeze out the flavours of grapes

The grapes are crushed and pressed to remove the juice from the fruit. It is a necessary step to squeeze out the flavour from the grapes and make the wine more pleasant to drink. Old methods had wine-makers stomp on the grapes. Now, modern machines do this process of extraction.

The entrepreneurial journey is a roller-coaster ride that is full of challenges. Nonetheless, such experiences mould you to become a better person and entrepreneur. It brings you immense lessons that are more impactful than those you read from books or hear from other experts. When hardships come your way, embrace them and turn them into learning encounters that can develop you to become the best in your field.

Patience develops taste (and character)

The entire process of wine-making takes years. Waiting is inevitable. But it’s not passive waiting. The wine is fermented, filtered, clarified and placed in barrels or bottles for aging.

They say that wine improves with age, so the longer you stay in the entrepreneurial space, the more lessons you reap. There are areas where you can accelerate success, but there are parts of the journey that you cannot take a short cut. Patience and perseverance are key because the passage to success can be slow at times. Dedication to your craft is also instrumental in achieving the results you envision for your venture.

Indeed, wine-making and entrepreneurship are both difficult paths to take, which is a reason why you need to pop a bottle of this precious drink when the occasion calls for it. Wine also symbolises celebration, and commemorating successes, big or small, can motivate you to keep going until you reach your goals. Remember that a delectable wine did not happen overnight. The process may be arduous, long and tough. However, if you endure and persist through the hardships, the result can be vivacious and bright.