Paying it forward in the entrepreneurial journey

In the challenging entrepreneurial path, where sometimes the roads are unpaved, being on the receiving end of an act of kindness is a huge help. It can often go a long way, especially for those who are just starting on their journey. Even seasoned entrepreneurs have been recipients of a good deed at some point in their lives, and so they are paying this forward to others as well.

Also, to be part of a community of entrepreneurs for entrepreneurs, such as EO, is like having a haven where one can grow in a safe environment and have a strong support system when the going gets tough. EO Members reminisce the time when they received an act of kindness and how they’re doing the same to others.

The sense of gratitude is evident to Joanne Camilleri, General Manager of Telco Business Solutions Group, due to the help she has received from others. She stated, “I have so many to be grateful for but the support and kindness I receive from my business partner, fellow EO’er John Rovas, who has been the standout. He has constantly supported me, mentored me and continues to do so – thus far, we have clocked up 11 years in business and built 3 businesses together. I like to pay it forward through mentoring and coaching people by sharing my journey.”

Ben Stickland, Founder and CEO of Alliance Software, recalled, “I took a job fresh out of uni and 3 months in, I decided to leave and start my own business. My old boss had every right to be bad and kick me out. Instead, he gave me three months of free rent, phone and use of the laptop (which mattered back then) while I got started. I've always appreciated it, and now, I pay it forward by encouraging and helping my staff with their side hustle ideas.”

And for any other business, having great people within your team, and those you interact with play a great role in helping grow your enterprise. It’s a give-and-take relationship where both can be the giver and receiver of kindness. Dion Castle, CEO of Struber, echoed this when he said, “Our team and clients have supported or invested in our mission along the way. I am thankful to them every day.”

Entrepreneurs are particularly thankful to those who are ahead of them in the journey and never hesitated to mentor them and point them in the right direction. This is why Rahul Kale, Director at Sunpower Renewables, values the people who have helped him along the way. “I have had some great mentorship (and still do) and have made an effort to mentor some new up and converse as well. Something I want to do more of.”

It was also the same for Austin Vaughan, Managing Director at Pacific Solar and he is now extending the kindness not just within his team but also to businesses they work with. He shared, “I had some early-stage mentors that offered key directions for efficient systems that established a methodology that we still embrace today. In our day-to-day business, we engage many small to medium contractors. I like to think we have assisted many of them to grow their businesses on the back of operational assistance and advice presented to them. We feel a real sense of appreciation from our contractors as we try to treat them as part of our team. It's great to be a part of their success, too.”

In tough situations, such as the one we currently have, Nyree Hibberd, CEO of Koh Living, appreciates people who have been kind to them despite the challenges and hardships everyone is facing. “As we are in retail and tourism, we were particularly affected by the impact of COVID.  I immediately started cancelling services, and my CFO and Bookkeeper both said that it wasn’t necessary. My bookkeeper would continue as normal no matter when she was paid, and the CFO said that all billing was suspended, not to be billed at a later date, but stopped until we got to a point of recovery that we could afford the services again. I almost cried because the help I needed the most was how to navigate financially through the mess that unfolded,” she shared.

Nyree continued, “We paid that forward by contacting all retailers that owed us money to make sure they understood payment was appreciated but not expected for the initial 2 months, and we set about providing value to our retail customer base by setting up webinars on various topics to help them with positive ways to enhance their business while compiling our book “Keeping Retail Alive” that was released in 2020 with all the key tips and tricks to help any retailer get through the crisis that COVID was and continues to be. When Victoria had its recent lockdown, all retailers that wanted it got a free copy of that book, anything we could do to have a positive impact on our retailers business drives us forward.”

Surely, a little help can go a long way, especially in the tumultuous path of entrepreneurship. Having people around you reach out and extend a hand can mean a lot. If you have an experience of kindness or if you have extended one, we’d love to hear them from you through your comments below.

Packing tips for the entrepreneurial journey

Taking the road of establishing and running a business is not an easy course. For the less-experienced entrepreneur, the track comes with full of surprises, not some organised itinerary that you know beforehand. Similar to most journeys, getting ready to embark on an entrepreneurial adventure is the most nerve-wracking part. It is like diving into the unknown, so you have to prepare for the inevitable.

When it comes to travelling, packing is a crucial part of preparation. Whatever you put in your luggage can either help you on your trip or wear you down. Carrying everything you think you need is not always a good idea because it can often hold you back from speeding up your pace. You will find along the way that you can discard some of the things you packed to make things lighter. Choosing the right things to bring and packing them right need strategy to make the experience all worthwhile.

There are several tips for packing things effectively that can help travellers organise their trips better. We can convert these tips into advice for those who are on the entrepreneurial road. They are good tips and reminders on how to run businesses more smoothly and efficiently.

1. Create a packing list

Put a plan in place at various points of your entrepreneurial journey. Whether you are starting out, midway through your business, or long enough in the industry but needs to reinvent your brand, a plan is necessary to help you craft your direction and succeeding steps. With a goal in mind, plot out the strategies necessary that can take you closer towards your vision. The advantage of putting it on pen and paper and having things listed down is that you can always go back to it and check which ones you have done right and which ones you need to change.

2. Choose the right bag

Know the industry and the market you want to target for your business. Many ventures fold up in the first few years because they failed to listen to the market and familiarise themselves with the industry’s movements. The business you put up should be able to address a need in society. Take a look at the landscape and see where your business best fits so that it will shine successfully. Carefully choose the right people to be on board your team. Make sure that your plans, team, stakeholders and strategies can bring you nearer to and not further away from your goals.

3. Use packing cubes and pouches

Divide your goals and resources into manageable magnitude. Organise your business into departments. Split your long-term goals into mid-term and short-term targets. Do not put all your investments in one basket. Share your responsibilities with your people. Huge concepts can be a bit overwhelming. Narrow them down to simpler and smaller portions that are easier to understand, digest, execute and monitor.

4. Roll and compress your clothes to conserve space

Tighten your budget and save wisely to safeguard your revenue. Cashflow is always a concern, not only for new entrepreneurs but even for those who have been on the journey for a long time. Resources are finite, so you need to have a close watch on your finances. Save whatever you can, don’t spend on anything unnecessary, and utilise every asset you have to manage your budget wisely.

5. Place items in Ziploc bags

Secure your assets through safety nets. Unforeseen circumstances like financial crises, burglary, catastrophes, embezzlement, and other misfortunes can damage your business. Take the necessary precautions to protect your business and avoid bankruptcy. Indemnify your venture, backup your data, and have a contingency fund set aside for emergency purposes.

6. Label your luggage and mark your bags

Let your brand stand out. The name of your business is a significant part of its success. Attached to it are the image and values it represents. One way to generate clients and customers is to have a trustworthy name. When they see the quality products and superb service you deliver, they will stay with you for a long time. Never allow your brand to get lost in the sea of other names. Make it prominent and noticeable so that you attract more people to your company.

7. Keep valuables on your carry-on

Hold your trade secrets and confidential information close to your chest. Not everything should be out in the open. Although transparency is noble, it doesn’t mean that you have to reveal everything. Discern well the kind of information that you can make known, and which ones that need to be kept in your vault. Guard this information and utilise them appropriately.

8. Choose multi-purpose clothes

Be flexible and versatile. Learn to multi-task. The initial years of running a business often entail doing a lot of things all by yourself. You have to learn a lot of skills even as you continue on the journey. Owning a business doesn’t mean you only have to give out orders. Business owners also have to be hands-on in various aspects of the enterprise and immerse themselves in different roles for a clearer perspective in setting directions for the venture. In the long run, even if you don’t have to do things on your own, having a clearer understanding of the various operations within and around your business will help you formulate wise decisions and plans.

8. Take out less essential items

Prioritise only those that are most important and relieve yourself of unnecessary burdens. Sometimes, when you take a look at the things we pack, we will find that we carry more than what we need for the journey. With many worries and concerns coming from various directions, entrepreneurs must be able to filter and focus only on the most vital issues. Do not put too much worry into matters that are less significant or deem trivial than the others. Only absorb those which your bandwidth can accommodate. If necessary, delegate other tasks to your team members. Find solutions head on and don’t drag issues any further.

10. Bring a smaller extra bag

Always have an alternative to your plans. Come up with a plan B, C or D. If things go awry, you have something prepared to lessen the damage of an unsuccessful plan. When something is blocking your way, find an alternative path that will take you towards your goal. In every problem, there is a solution. Entrepreneurs are resourceful in finding means to overcome the challenges thrown at them. You can diversify, expand horizontally, spread your investments, or create alternative products or services that can support your core business.

The reason why there is a need to travel light is that it makes the experience more enjoyable and less stressful. The entrepreneurial journey may be full of challenges, but no one and nothing can stop you from enjoying it. With a lighter load, you are free to expand your territories and explore more areas. If you are keen to traverse the pathway of running a business, then be sure that you have packed well and ready to go. You’ll never know what awaits you on your next adventure.

Furthermore, the journey is best enjoyed when spent with people who also share your passion and interest. Having travel companions in the entrepreneurial path, such as fellow business owners that you'll find in EO Melbourne, will make the whole experience more worthwhile. When your load is to heavy to bear, you have friends and travel buddies who can ease your burdens and help you for the rest of the trip.