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.

President's Update - April

From the President

Dear EO Melbourne,

EO is here for you. As we approach renewals, if a Member wants to stay in EO, EO will find a way to make that happen by combining 3 support packages: (1) Global; (2) Local; and (3) Scholarship Fund (to provide renewal relief for those severely impacted by COVID-19).

On Friday, 8 May, we will announce the Local Support Package and information on how to access the Scholarship Fund if your business has been impacted.

As a Board, we have unanimously adopted the idea that “No Member Will Be Left Behind”, and I am both honoured and proud to see our Board adopt and run with this idea.

Global’s support package for Members can be surmised as follows:

• Financial Support: All Members to receive a USD $600 credit applied to renewal fees

• Delaying Renewal Payment(s): Members won't need to pay renewal fees until 30 September

• Payment Flexibility: Pay in full or divide into 2 payments

• Extraordinary Financial Hardship: Members who have been severely impacted can request for additional help by contacting EO directly

• Waiver of Re-Qualification/Re-Certification Requirements: No re-qualification requirements for FY 2020/2021 and 2021/2022

• No Re-Join Fee for 5-Years: Members can leave and re-join within 5 years without re-join fees. (6 months minimum period away.)

• Free Training, Free Strategic Summits for Chapter Board Members and Moderator Training Program for Forum Moderators

• Accelerator Support Package, USD $400 credit applied to renewal fees. Payment instalment options. Scholarship for Members severely impacted. Waiver of re-qualification for FY 2021/2022. There is no re-join fee if rejoining prior to July 2022.

It has been inspiring to see Members band together and support one another over the last 90 days. From the special Forum One2One pairings that make sure we stay connected to the Board-to-Member phone calls that are in progress, from the use of our Resident Psychologist that is completely confidential and supported and funded by our Chapter to our Members sharing their knowledge and stories on our weekly webinar series, sometimes all it takes is a phone call to check in on one another.

As we sign off for April, I wish to acknowledge and give thanks to (in order of appearance) fellow Members who appeared as guests on our weekly webinar series to support and uplift others: David Kelly, Ken Matthews, Jeni Clift, Rob Rankin, Ryan Magdiarz, Jason Bertalli, James Murray, Arosh Fernando, William Du, Aaron Smith, Gary Tramer, Rory Boyle.

It would also be remiss of me to not express my gratitude and appreciation for our Past President Carlo Santoro who has religiously appeared beside me every week to support, host and moderate our Members-only weekly webinars.

Finally, as always, I invite you to join me in reflecting on how we can make this year ”Our Best Year Yet!” With the recent crisis, the lens at which I look at this statement has changed, and as I close off this month’s update, I consider that it is during times of crisis that great leaders emerge. Within our Chapter, I have seen great leadership on every level.

We are all in this together and we will get through this together.

With warmth, gratitude and hope,

Kym Huynh

President 2019/2020

Data vs gut-feel in decision-making

How do you make decisions for your business? Do you rely on numbers or to your intuition? In this age where information is vast and several tools are available in measuring them, many companies turn to data in helping them come up with plans and strategies for their businesses.

It cannot be denied, however, that there are entrepreneurs who gained resounding success for listening to their business instincts. But with resources, people and many other things on the line, you cannot afford to take a huge risk and decide on something that cannot deliver the expected result.

There are pros and cons when deciding based solely on data available or listening only to what your gut is telling you. The key is a balance of both. There are times when you need to take into consideration one over the other but it is helpful not to discount the other in the process of arriving at a resolution.

Data-gathering may take a lot of time, effort and resources. While numbers can scientifically provide a basis in forecasting what is to happen, there are other factors involved that data cannot fully capture. Since businesses always involve people, emotions and other influences may come into play that data may not be able to completely predict. That’s where gut-feel comes in. Certain decisions have to be made instantaneously and your instinct and hunch can guide you to making a good one. The downside with intuition is that it is more of a hit or miss thing, which can lead to either great achievement or a huge failure.

Numbers may sound cold but logic can provide a greater probability. On the other hand, perception and gut-feel will provide the warmth and may up your chances for success. Here are some instances of how looking at both methods can be advantageous in decision-making.

Spotting trends and patterns

Consumer behaviour can be plotted and measured, which can allow you to see patterns on how trends come and go. Data will provide you with a rationale on how the market moves and allow you to see the next things that may happen. However, how things will unfold cannot be foreseen fully by the numbers. Changes in human habits are unpredictable because people’s feelings are not based on logic. You need to have a good grasp of your market through experience and relationships, which may be able to complete the picture that data can partially provide.

Getting feedback

Surveys are prevalent nowadays, especially with modern technology, as they can be administered online. It’s a good way to get feedback from your clients and prospective customers. But it can only gather limited information as you may not fully know the rationale as to why participants gave such answers. But if you communicate effectively with your market and you interact with them regularly, you will be able to comprehend why they behave in a certain way. Knowing them well will enable you to get their pulse which graphs and pie charts may not be able to entirely provide.

Planning strategies

You can craft your strategies and tactics based on scientific facts. It may save you unnecessary losses as it will help you efficiently match the need and demand of the market rather than taking a shotgun approach and make you overpromise what you can do or underpromise and limit your capability. But there will be times when experience and right judgment may give you a better lead than what data can offer. You can inject some creativity and ingenuity in your strategies based on your gut-feel and good perception.

Putting your faith in your intuition may pose an enormous risk. But going into business is a risk in itself and only those who are courageous can truly achieve success. However, you can take a calculated risk when you back your judgment with data. That will increase your odds towards success.

President’s Special Update on FY 20/21 Renewals

From the President

To all EO Melbourne Members,

At 9:00 PM this evening, EO Global will be releasing details of a global support package addressing the current challenging circumstances. We too, in the EO Melbourne Chapter, will be providing a local support package to sit alongside EO Global's support.

As your Chapter President, I will convene our Chapter Board of Directors following tonight’s announcement so we can define these local measures in addition to Global’s contribution. This is to demonstrate our commitment to enabling every member to continue engaging with EO for the next fiscal year. We will be issuing the local support package information to all members by 8 May 2020.

With our fiscal year coming to a close, the EO Melbourne Board of Directors has unanimously adopted the idea that “no member will be left behind”. Please note that our intent is, and will always be, to wholeheartedly support our members and our chapter.

As I reflect on my own experience over the past 90 days, what stays front-of-mind is the overwhelming pace of change that occurs day-to-day. In times of uncertainty and instability, I have found comfort and constancy by leaning further into my forum and further into EO. I hope that this has been the same for you. As always, I am available should you wish to talk.


With warmth, gratitude and hope,

Kym Huynh
President 2019/2020

Letting go of employees

Certain circumstances may cause you to rethink your current organisational line-up and let go of some people in your team. Staff members performing poorly at work, acquisition or merger that may result in redundancy or financial difficulties or disasters that force businesses to downsize. Firing an employee is not always easy and may sometimes be unpleasant.

However, business owners have to face the situation and deal with the difficulties for the good of the company and the people who will remain in your organisation. How do you go about letting go of an employee?  

Check the laws and confer with your HR

Consult with a legal expert or refer to your local labour laws to avoid complications and ensure that everything is done appropriately. If you have a Human Resource department, empower your HR team and let them take the needed actions. Make sure that you process everything by the book.

Review the documents and assess the situation

You need to have a basis for why you need to release someone from his position or spot in your organisational structure. Make a decision that is backed up by data, so make sure that proper documentation is in place.

Plan the transition process

Before you start the ball rolling, plan out how to go about with the process. Do you need to issue a warning first? If the option is clear to fire the employee, have a checklist of what needs to be done and the crucial steps that must be taken to ensure a smooth transition of tasks and responsibilities. Include in your plan on how to avoid or lessen the negative impact of your decision on the business and the team.

Talk privately with the employee

The person concerned may not be able to fully grasp why you have to let him go. To prevent hostile scenarios, speak with the employee in private. Stay on the course and be direct without being antagonistic. There’s no need to sugarcoat things as well, but be diplomatic when you have to explain the whole picture and lay down the next steps.

Carry out changes and adjustments

The next step is to secure your company’s assets and information, which has to be explained thoroughly to the employee leaving your organisation. Also, you need to have alternatives when the position is left vacant to ensure that there is no void in the work you render to your clients and customers. Discuss with your other team members on the next steps to be taken as the employee turns over his responsibilities to the remaining staff.

It is often a sensitive issue to let go of an employee, regardless of the circumstance. The last thing you want is for emotions to run high. Don’t let tension take control of the situation. If a third-party or a consultant is needed to manage this scenario, tap into the expertise of those who the capability to do this. Don’t drag the situation too long and don’t delay the process. Settle things peacefully, learn from the experience and move forward to other important matters in your business.

The 5 C’s of PR Crisis Management

Unforeseen circumstances are not uncommon in any business and industry. You may not fully prepare for it but you can somehow mitigate the ill effects of a crisis if you just know how to handle it. There are many aspects of crisis management. Some may be working directly in the frontline to lessen the problem, others may be looking for a concrete solution, while others may be tasked to face and update the public.

Public relations in times of crisis is often necessary because it is during this period when your audience needs information and some form of assurance from you. But when do you need PR for crisis management? It may be a calamity, labour dispute, product damage, unfavourable situation, business change or any circumstance where it may adversely affect your brand. Here are the five C’s you can note when doing PR during a crisis.

Crisis Management plan

Planning is getting prepared for what’s to happen, even when it is just a probability. Part of it is anticipating the worst-case scenario and putting the safety nets in place before they occur. Gather your team and consults to put together a crisis management plan that will provide a framework of what to do before, during and after a period of disaster or emergency.

While it can be flexible to suit various situations, it should be able to outline the processes or protocols that your organisation must undertake during this circumstance, the structure of the crisis management team including the spokesperson, and probable timeframe. The plan must include training and workshops to equip your team in responding to a crisis.

Checking facts and gathering data

When a problem occurs, the basic action to do is to gather information and check the facts to size up the extent of the catastrophe, the corresponding solution to such predicament, and the resources needed to deliver such solutions. In times of disaster, people will always clamour for data so that they can gauge how the problem is being handled. Update your facts regularly so that you can monitor the progress of your actions.

Coordination with other departments

During times of emergency, it is helpful to have a task force representing the different departments of your organisation for a more coordinated effort in tackling the issue at hand. Some units may be putting the fire from behind the scene while the PR’s task is to face the people and assure them that things are under control. One is needed by the other and no single unit can face a huge task by itself. Teamwork, unity and harmony are vital to overcoming a crisis.

Communication content and messaging

Before facing your audience, be sure to draft the key points that you want to convey. While certain information needs to be protected, be as upfront and straightforward as you can. Wordsmithing and choosing the right words are crucial in communication. Stick to your core messages and communicate them calmly and diplomatically. Brief your task force and the entire team of these messages so that even if they’re not going to face the public, they still know the points and embody them in their work and casual conversations.

Credibility and sincerity

Another important aspect of PR is showing that you are sincere and trustworthy. Be consistent. Make sure that your statements coincide with your organisation’s actions. If you declare that you are distributing goods but people are not seeing them, then it will just result in doubt and suspicion. Maintaining good relations between your business and your market/audience is vital to your company’s survival.

In a crisis, one can either transcend it or fall flat on the ground. However, it’s not just all about you. It is also about your team, your stakeholders, and the countless people you serve, such as your clients or customers, including your prospects. Public relations during a catastrophe is a huge challenge that if it is not handled well it may cause a long-term setback, but if done properly can lead to better results.

Practising hygiene and sanitation at work

With the rise of so many illnesses and the world coming face-to-face with a pandemic, it is high time that we revisit our sanitation and hygiene practices at work, whether you do it from home, from the office or at the field. Nevertheless, it is a must to observe cleanliness at all times to keep you and the people around you healthy and fit and safe from infectious diseases.

As they say, “prevention is better than cure.” Make it your goal to put hygiene and sanitation as an important part of your corporate culture. Start with doing a checklist that you can do and instil with your colleagues and your team.

Come up with a policy on hygiene

Have you laid down some rules on how you and your team should follow sanitation and hygiene in your office? Inculcate strict handwashing, cleaning after working, and wearing clean and safe clothing, depending on your industry and corporate culture. Your policy may provide toiletries or materials to your team, install hygiene signages or reminders around your office or put anti-bacterial sanitizers in designated areas. If you still do not have such a policy in place, discuss it with your team. If you have one, make sure to review it regularly if it is still relevant and updated.

Designate different areas for different activities

Make sure that your office has a pantry, a toilet, and a supplies room. Given that, eat only in the pantry and not on your work desk. Keep food in a clean and safe place. Supply every work station with a trash can and segregate biodegradable from non-biodegradable garbage. Don’t mix dirty items from clean ones.

Equip your toilet and sink with cleaning tools and materials

Your toilet and sink must be clean at all times. Equip it with cleaning tools. Furnish your office with soap, detergent and disinfectant to be used in keeping bacteria and other kinds of germs away from every area of your workplace. Change common washcloths, towels and rugs regularly.

Assign someone to take charge of cleanliness

As your organisation grows, have someone who oversees the cleanliness of your office. If you cannot hire a cleaner, check third-party services that provide such services. Assign someone to regularly monitor the cleanliness of your office. If you work alone or if you are working from home, put cleaning as part of your schedule.

Have a yearly check-up for you and your team

Cleanliness starts with your body. Apart from good hygiene habits, take care of your physique through regular check-ups. Also, if there are vaccinations available, extend such benefit to your team.

Make your workplace bacteria-free and safe for you and your team. Put cleanliness, good hygiene and sanitation as among the top priorities in your corporate culture. It’s for your own safety and that of your organisation. In the end, you will reap the fruits of your endeavours, keeping you healthy and strong.

8 things to do while in isolation

The current global health situation has forced people to stay in their respective quarters, halting many activities around the world. But it is not only during times of quarantine when one has to go into isolation. There are many instances where one has to be on his own, may it be during travels or even to take extreme measures.

However, having some “me” time is something that every entrepreneur must enjoy. It allows business owners to recharge, think things through with clarity and step back to see the bigger picture that is often missed by the mundane day-to-day activities. But what happens when being isolated stretches for a longer period like how it is now?

For one, being away from the office or even your loved ones is not an excuse to cut off any form of communication with your team or family. Modern-day technology allows you to keep in touch with them and still do a lot of work remote and virtually. Nowadays, there are several platforms that you can use for online meetings. The only caveat is when you’re done with work and boredom sets in. What are you going to do? We have listed eight suggested activities to not only keep your preoccupied but also help you grow while you are in isolation.

Finish a book about business

This is a good time to immerse yourself in reading materials that can inspire you and give you life and business lessons. You can start by reading the biographies of successful entrepreneurs and businessmen. Learn some insights and be inspired by women business leaders who penned their books. If you want to brush up on your persuasion and negotiation skills, this list of books may also be a good recommendation.

Complete a jigsaw puzzle or a creative project

Being cooped indoors or away from others can be an opportunity for you to channel your creative energies and express them through a project. With more time in your hands, you can complete a jigsaw puzzle and even learn how to apply the insights from jigsaw puzzles to running a business. You can also get into painting, sketching, lego building or indoor gardening. It will hone your mind to see tiny details and allow you to visualise the big picture. How about checking out some of these hobbies that may sharpen your thoughts?

Do some DIY crafts or carpentry work

If there’s anything that needs fixing in your home or area, you can do some carpentry work or do-it-yourself crafts. You can create small cabinets that you can use in your work area or small useful accessories that you can put on your desk or something for your family and kids. DIY crafts can teach you how to become resourceful and transforming simple items into practical uses.

Watch videos about business or do a movie marathon

It’s time to binge-watch and finish that movie or TV series you’ve been wanting to see. But if you want something that can be close to home when it comes to entrepreneurship, these 10 movies might be helpful. Apart from films, you can also try watching these YouTube channels that are apt for business owners.

Organise your stuff

Go through your files or things and see which ones to keep and throw away. Keep your work area, even at home, always neat and tidy. Organise your documents, both the physical stuff and your digital copies. Sometimes, you’ll find something useful now that you’ve kept hidden for a long time. Check out some Mari Kondo methods and see what you can apply to your home. Check out also other areas of your life that may need to be decluttered.

Learn a foreign language

In our globalised world, learning another new language may be valuable in communicating with other cultures. Some online apps and websites will enable you to take language lessons. Knowledge of a foreign language or more, even just the basic words and phrases, can take you places, literally and figuratively.

Write an article or reflection

Put your thoughts into written words. Later on, you may be able to utilise your writings for your marketing, blog, speeches, podcasts, interviews or avenues where you will be able to share your thoughts and musings. It’s also a good exercise of self-reflection and remembering areas in your life that could be a source of inspiration for others.

Play an online game

Treat that inner child in you through an online game. Give yourself a break and have some fun moments even when you’re by yourself. If you want to nurture that entrepreneurial spirit within you and release your business prowess through a game, consider these online games about starting and growing a business. Who knows, you might just emerge as one of the top players in these games.

Just look around you and there are plenty of things to do. But then again, don’t forget to rest or sleep, which is very important for business owners like you. You’ll never know when you’ll be back in your normal working environment and routine so take your isolation as an opportunity to recharge your body, mind and soul.

An entrepreneur’s daily checklist

The life of an entrepreneur is demanding. It means facing risks, meeting challenges head-on, taking responsibility for lives reliant on you, and dedicating yourself to bring the business forward towards your goals. If you take a look at it, it is not an easy role, but the emotional, financial and social gains of its success are tremendous.

While you keep your eye on the vision, which may be a long-term one, you need to break down your goals into tasks to make them achievable. To do so, a good form of discipline, order and commitment can help you get through your day-to-day undertakings and obligations. Successful entrepreneurs have daily checklists and routines that enable them to manage the tasks on hand while not losing sight of the result.

Here are some of the things that effective business owners do. Of course, you have to tailor-fit your checklist towards your needs and priorities. More importantly, you have to be flexible. You can always adjust your checklist depending on something that suddenly props up or on its relevance to your over-arching goals. But they can be overwhelming sometimes and you may want to get some ideas on what to do daily.

Plan your schedule at least a day ahead

You wake up with a fresh mind if you already have an idea of how to go about your day. The best option is to plan. As they say, “take care of your tomorrow today.” Managing a team or a business effectively starts with managing yourself, which includes your schedules and activities. Visualise how your day will unfold and consider the things which you can control and those you can’t. See if you have any pending or unaccomplished tasks that you have to carry over the next day so that you will be able to tick it off your checklist of to-dos.

Think of what you want to achieve on this day and work around it

What are your top priorities? What do you need to achieve for the day? Is it meeting a sales target, approving new product designs or mentoring your understudy? Whatever big or medium goals you want to accomplish, break them down into doable tasks for the day, such as calling a prospective client or visiting a supplier’s workshop. And think also beyond work. Include your personal goals and those for your family and community.

Reflect and meditate

Always allocate time for reflection or meditation. It may be starting your day with prayer or simply breathing in and out while driving to work. Do something that you find therapeutic. And while you’re at it, reflect about your inner self, on what makes you happy and contented, and of what you want to achieve. 

Nourish yourself and take care of your body

Take good care of yourself so that you can take care of others. As a business owner, you have a team to supervise and lead. Many entrepreneurs are also parents, so they also have to oversee their household’s needs and make sure their family is okay. Be sure that you are physically, mentally and emotionally able. Eat breakfast and don’t skip meals. Exercise or do activities to keep your body fit and healthy. De-stress when you fell burdened or burnt out. Get enough sleep and rest when your body shows signs of tiredness.

Talk to important people in your life

Whether it’s a morning conversation with your loved one, bedtime storytelling with your kids, brief updates from your managers, meeting with your client or one-on-one forum with a fellow EO member, make sure that you allow time to talk with important persons in your lives. They may be family members, colleagues, team members, fellow entrepreneurs, customers or friends who can provide you with valuable insights, inspire you to keep going or encourage you to be the best that you can be.

Clear your inbox

In this digital age, it is also important to keep your gadgets and devices free from clutter. Delete unnecessary files. Make it a habit to clear your inbox regularly. You can either allot a schedule when you can check your emails or set your account to only notify you of urgent messages or from important people.

Clean and arrange your desk

Having a clean environment has a positive effect on one’s mood and mental state. Some people find order amidst the clutter, but it’s still best to have some system and arrangement in place even when your desk may be full of papers and other things. Separate things that need your immediate attention and put them in an area that can easily be seen. During the day, take a few minutes arranging your stuff and throw what needs to be in the wastebasket.

Develop yourself

Listen to a TED talk podcast or read a book. You can enrol yourself in a short class and allot an hour or two for practice or study. Indulge in your hobby or do a creative activity. Always include an item in your to-do list that can contribute to your personal or professional growth and development. It may not be too big or noble. It can be a simple thing that will add value to yourself.

Inspire others

Do something where you can inspire or help others. It may be a simple smile to a person you meet on the street, a tap on your team member’s shoulder, doing a podcast, writing a short sweet note to your life partner or family member, or a pep talk to a community of entrepreneurs. Each one of us can uplift somebody else. Include that in your daily checklist and see how it can do wonders to your day.

There may be days when you may not be able to accomplish a lot of things in your checklist. That is fine. Don’t be too hard on yourself. But if it keeps dragging on, see what causes the slump. Review your list if they are still relevant or if they are truly attainable. And if you need help from people around you, do not hesitate to let them know about it.

10 Biographies to Inspire Your Entrepreneurial Journey

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

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

Shoe Dog by Nike Co-Founder Phil Knight

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

Miracles Happen by Mary Kay Cosmetics Founder Mary Kay Ash

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

I Love Capitalism by Home Depot Co-founder Ken Langone

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

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

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

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

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

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

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

Bloomberg by Bloomberg by Michael Bloomberg

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

Alibaba: The House That Jack Ma Built by Duncan Clark

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

Steve Jobs: The Exclusive Biography by Walter Isaacson

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

Grinding It Out by Ray Kroc of McDonald’s

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

President’s Special Update on Sustaining EO Melbourne Through the Crisis #2

From the President

A single hand can easily break a lone stick, but if the same hand, or even both hands, gather many sticks into a bunch and then attempts to break them, the task becomes more difficult. Similarly, when we stand together, we become ever stronger, collectively smarter and better equipped to navigate life’s challenges. One thing I know with certainty is that we never need to navigate life’s challenges alone.

Weekly Webinars by the Chapter

Consistent with the above idea, our Board has convened to devise a strategy to help Members navigate the next 90 days together. As part of this, today we announce a 12-week series of online learning events focused on not just navigating the current crisis but also preparing ourselves for navigating what happens post-crisis. I am particularly interested in how we rise again post-crisis because COVID-19 will pass, but its impact on our businesses and lives will linger for a lot longer, and it is important that we are prepared.

These learning events are Member-to-Member only so Members will see familiar faces they know and trust. These are learning events with granular stories, and its goals are to share relevant experiences, wisdom and insight so that Members walk away with 3 things: (1) information with examples of how they are applied; (2) a sense of community and connection; and (3) perspective; something so important when one is drowning.

Resident psychologist

A mentor of mine recently said to me, "Kym, you must ensure you effectively lead yourself first, before you can lead others." As we navigate the impact of COVID-19 on our businesses, one thing we must also navigate is its impact on ourselves and make sure that we are in the right frame of mind to make good decisions.

In my many one-on-one conversations with Members, what I have seen is how much our Members are in pain, yet they put that aside so that they can focus on the task at hand.

Today, we are enormously proud to announce the launch of our Resident Psychologist; someone our Members can call and talk to, anytime. This is a resource that is provided and completely funded by our Chapter exclusively for our Members. Any day. Any time.

At a time when so many of our people are hurting, I, and our Board, believe that this is the least we can do. And if this resource can make the difference for 1 person, then for us, it has been worth it.

EO Melbourne Members can access our Resident Psychologist, Katerina Papamarkou, MAPS, CEO of Ariston Consulting Solutions at 0438 117 137 or email her at katerina@ariston.net.au. You can view her services at https://ariston.net.au/about/.

Virtual Forum Training

With our Forum meetings moving online, it is important that our Forums are equipped with the right tools, agendas, processes and procedures so that Members stay connected, and derive as much value from Forum as possible.

Past President Carlo Santoro will facilitate a Virtual Forum Training this Thursday. His training will uncover the following questions:

• What changes can we expect from a physical face-to-face Forum meeting vs virtual Forum meeting?

• What does a sample agenda look like?

• What if we want to run weekly check-ins?

• Tips and tricks for running effective virtual Forum meetings

I like to plan for the worst and hope for the best, and if our upcoming Forum meetings are to be run virtually, it is important to make sure that we do them efficiently so that we can navigate the upcoming months together.

Don't miss our Virtual Forum Meeting Training on 2 April 2020, Thursday, 12:00 PM-1:00 PM at  https://zoom.us/j/545443443. Register through this link.

Past webinars

A big thank-you to Past President Carlo Santoro who has facilitated our first 2 online learning events with Members David Kelly presenting on HR, and Ken Matthews presenting on getting the financial house in order, our Chapter Manager Kirsten Yokoyama, and our Events Manager Olivia Poynton who have together worked tirelessly to bring this to life. You can review the recording of our learning events at these links: Webinar 1 and Webinar 2.

Over the next few days, we will be sending out further announcements, and as always I will make myself available to any Member who wishes to get in contact. Reach out to me anytime.

With Warmth and Gratitude,

Kym Huynh
President 2019/2020

Webinar topics for the EO Melbourne series: Navigating Now and Preparing Post Crisis

Because we are all in this together, the chapter has come up with a 12-week plan on how we can navigate through this crisis and better prepare for post-crisis hurdles. We are setting up weekly webinars for our EO Melbourne family conducted via Zoom. It will have member-to-member sharings and expert topics covered.

Below is the schedule of the online learning event series. Note that starting Webinar #4, we will be shifting our schedule to Wednesdays, 12:00 PM-1:00 PM. We have also provided the topics that will be discussed in every session. Please be advised that these are subject to change depending on the environment.

Please keep an eye on your inbox as we will be sending individual announcements per webinar where we will specify registration details as well as a brief overview of the topic and background of the resource speakers. We will also be posting them on our WhatsApp and Facebook groups so you won't miss them.

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.

How do you find the right suppliers for your business?

Customers prefer brands that offer quality goods and services as well as great value for money. Thus, having the right suppliers that can provide you with the best materials at affordable prices will be instrumental in becoming the no. 1 choice of your clients. You must select suppliers that fit your needs and styles. How do you go about it?

Set your criteria for selection

Know your needs and wants. What are the important standards you want for your suppliers? Is it having an affordable cost of their offerings? Is it their capacity to deliver the number of materials you need? Your criteria may include location, pricing, reliability, availability, efficiency and output. List down what you require from your suppliers and make it as specific as possible.

Come up with an efficient supplier selection process and system

Gather relevant documents and data from prospective suppliers and do some fact-check and due diligence to ensure that they meet your criteria and that there are no conflicts of interest. Make sure that they are legit and that they comply with government requirements. If you are just starting with a limited network, you can find suppliers through referrals or by checking the internet. Then, create a process and system that will make the selection smooth and trustworthy. Have them submit their price quotation for your reference and comparison.

Check the quality of production or service

Apart from information and documents, also get samples of their products, test them and try the way they deliver their service. Visit their factory, warehouse and office to observe their quality of work. You can also inquire with their existing and past clients on their experience and satisfaction level of your prospective suppliers. Gauge their capacity to deliver to their promise by verifying their turnaround time and the volume of products they manufacture regularly.

Consider their knowledge of the industry and market

How long have they been in their line of business? Take into account their expertise, experience and understanding of the industry and your market. Are they up-to-date with the latest trends and needs of your prospects? How competitive are they in their industry? Are they able to lend sound advice to you to make your offerings durable and appealing to your market?

Assess their values and culture with yours

Treat your suppliers as your partners and members of your team. If they cannot work well with your work style and culture, things can be unmanageable. How easy is it to communicate, coordinate and deal with them? Even if they have the best services and affordable rates but may be difficult to handle, problems can still get in the way. Align their values with yours.

Have at least three prospective suppliers for your every need. Once you have chosen your supplier and signed a contract with them, implement a regular assessment on their output and evaluate if you need to continue or halt your partnership with them.

President's Update - March

From the President

Dear EO Melbourne,

For all our Members, the last month has been difficult, unsettling, destabilising and heartbreaking. However, I am also cognizant that it is during times of crisis that great leaders – and feats of great leadership – emerge.

It is during times like these that people turn to us as leaders, and one message has been clear in my conversations with leaders whom I deeply respect and admire: Leadership requires us to make fast (and well-informed) decisions, leadership requires us to be present, leadership requires us to increase our pace of communication, and leadership requires us to accept that we make decisions knowing what we know at the time and with the resources that we have available to us.

Further to the above, Warren Rustand’s summarises in his recent message to EOers globally the 3 key things that leaders must do during times of crisis: https://www.youtube.com/watch?v=ZlFhLat4kW0

1. Establish our priorities and have clarity of vision

2. Act on the things we can control

3. Be calm, rational, and the voice of reason

It has been incredibly uplifting for me to see Members pick up the phone and reach out to other Members even if to check-in. Sometimes, you can give a lot by giving a little, and your phone call can make all the difference for another person. As we navigate the uncertainty that lies ahead, I encourage everyone to lean on each other because what I know with certainty is that we do not have to experience this alone and that we are better and stronger together.

I include Melbourne-specific updates below and updates from Regional and Global. Please be mindful that our landscape changes every 24 hours, and so we will be increasing our pace of communication so that Members are kept informed. Please keep an eye on our Facebook group, WhatsApp group and your inbox for updates.

Melbourne updates

• Events cancelled until the end of Mar to date, and we will inform Members of further cancellations and changes. Given recent announcements, further communication pieces will be sent outlining our plan for the next 3 months.

• COVID-19-related learning events being scheduled (with 2 runs over the last 2 weeks) to help Members plan and prepare

• Coordination with Chapters globally regarding access to virtual learning events, and sharing of virtual learning events; particularly concerning COVID-19-related learning

• Creation of “EO Melbourne - Together” WhatsApp group for fast dissemination of information amongst Melbourne EOers - https://chat.whatsapp.com/BrXX5w9pabPFzzL3iaBAD0

• An APAC-specific central repository of information for COVID-10-19 with links to EO Members sharing their experiences around the world, webinars, virtual learning, medical news, ideas and stories

• Forum support, move to virtual and we encourage each Member to self-determine if they will attend Forum over the coming 4 weeks without penalty. Check Forum Best Practices Guide Link here.

• The Board will convene this week to discuss further strategies, resources and support that we will provide for Members, with communication pieces sent shortly after

Regional and Global updates

• Paid Zoom accounts for Chapters running learning events

• APAC Business Conference will be held virtually and will be free of charge

• Contents that are focused on how to survive 2020 physically, mentally and financially

• Global virtual tours planned for speakers from the cancelled Global Leadership Conference

• Pending updates on financial leniency on renewals and re-qualification

• All APAC meetings to go virtual

Finally, as always, I invite you to join me in reflecting on how we can make this year ”Our Best Year Yet!” With the recent crisis, the lens at which I look at this statement has changed, and as I close off this month’s update, I consider that it is during times of crisis that great leaders emerge. I hope that this provides an opportunity for us to transform into great leaders.

With Warmth and Gratitude,

Kym Huynh

President 2019/2020

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.

President’s Special Update on Sustaining EO Melbourne Through the Crisis #1

From the President

Dear EO Melbourne Members,

For so many of us, the last few weeks have been incredibly difficult and trying, and we are grateful for the outpouring of support and solidarity that have shown from this powerful community. It has been nothing short of amazing.

During times of crisis, we have the opportunity to decide whether we are brought closer together or torn further apart. What I have witnessed, from the numerous phone calls, to Members reaching out personally to each other, and to Past President Carlo Santoro facilitating a well-attended emergency event this week to discuss the impacts of this pandemic, proves to me that for us, it is the former. It is in times like these that our humanity shines through and shows that we are all in this together.

Whilst none of us are certain about the short, medium and long-term impacts or outcomes at the moment, we as a Board and Chapter are doing everything we can to support our fellow Members. Please see below a few updates on what we are working on, and we will be communicating regularly so you are abreast of updates.

Let's all work together to minimise the impacts of this pandemic. If you haven’t yet, I encourage you to pick up the phone and reach out to another Member. Sometimes, you can give a lot by giving a little, and your phone call can make all the difference for another person.

With warmth and gratitude,

Kym Huynh
President 2019/2020

IMPORTANT UPDATES

EO event cancellations

With the growing effect of the COVID-19 pandemic on countries, businesses, communities and individuals, the EO Melbourne board has discussed certain measures to assist our Members while taking precautionary steps for the upcoming events and activities of our chapter.

In the meantime, all EO Melbourne events are cancelled until the end of March, and we will continue to re-evaluate our position and keep our Members informed.

COVID-19 crisis support

Your health and well-being are of utmost importance. If you are feeling unwell, such as having a dry cough, fever or respiratory difficulties you should be tested and/or self-isolate until the virus can be ruled out.

• You can refer to this self-assessment test from the Victoria Department of Health and Human Services.

• The Department of Health has also set some guidelines on social distancing to avoid contracting the Coronavirus.

Should you require emergency crisis support, please reach out to a fellow Member. Below are also some further resources/support services that you can draw upon should you need it:

• Lifeline 13 11 14

• Crisis Support Chat https://www.lifeline.org.au/get-help/online-services/crisis-chat

There is also a page with all the translated health resources about COVID-19, which is essential for non-English speakers.

EO resources

Here are EO links if you're trying to navigate your business through this current situation.

• The EO COVID-19 Communications Centre has links to timely information on the spread of the virus, updates on the pandemic’s potential effect on scheduled EO events, and announcements for those who wish to volunteer their support for areas in need.

• Verne Harnish, on his Scaling Up, presents the 5 Practical Cs for leading in a crisis/downturn.

Forum support

We will respect that different Members have different risk tolerances and different situations that lead them to take alternative views on exposure, and we will provide an environment where the views of all, especially the most risk-averse are respected. Having said that, it is up to your Forum to choose how you would like to meet, respecting everyone's needs. If you do wish to meet face-to-face, please remember those in our community who have venues and spaces you can utilise.

We encourage each Member to self-determine if they will attend Forum over the coming 4 weeks, or not, and without any penalty. In other words, it should not be considered an absence. We believe that common sense should prevail and that each Moderator can manage this and determine if Zoom is a viable methodology to use for Members, who may prefer to not attend the physical Forum. This is your decision either way and your Moderator should govern the suggestions and planning.

• The EO Virtual forum guide lays down the basic format and some best practices in holding a virtual EO Forum.

EO Melbourne social media support

As a community, we want to keep you up to speed, so we have set up a WhatsApp group for more updates and exchange of information. There are also related posts in our Facebook group.

If you haven't yet filled out the EO APAC all member survey, please fill it up now. It will only take you five minutes to complete it.

EO Raleigh Durham COVID-19 webinar series

EO Raleigh Durham has graciously opened their COVID-19 webinar series to all EO Members. Please see the below invite from EO Raleigh President Todd Atlas, along with the series listing.

“In these challenging times, we have gathered a few experts for remote online learning and info-sharing to help your businesses combat the realities of Covid-19. Please join us for these virtual meetings "COVID-19 and Your Business." Rather than just making these meetings available for members of our chapter, we have worked with EO global to make these available to all EO members."  - Todd Atlas, EO Raleigh Durham President.

For questions about these events please contact Chapter Staff, Amy Henning at admin@eoraleigh.com. Full description of the webinars is found here.

1. Coronavirus and your business response, rationale and Q&A - Monday, 16 March, 2:00 PM-2:45 PM EST - https://zoom.us/webinar/register/WN_qjD9IBG9QPSjfiw_HpqPyg

2. Work at home best practices round table - Wednesday, 18 March, 8:30 AM-9:15 AM EST
   (Option 1) - https://zoom.us/webinar/register/WN_BIiXeOhzRVmGflp9aUnXew

3. Work at home best practices round table - Wednesday, 18 March, 3:00 PM-3:45 PM
   EST(Option 2) - https://zoom.us/webinar/register/WN_xRFZmulhT3e2dz-zkCCqkA

4. Disaster Loans and the SBA - Thursday, 19 March, 2:30 PM-3:15 PM EST - https://zoom.us/webinar/register/WN_roCGY2evQgico8H-uiqdtQ

5. Contingency Planning with Randy Nelson - Wednesday, 25 March, 2:00 PM-2:45 PM EST - https://zoom.us/webinar/register/WN_JcWiiF3eSFyZuoFauK5mZQ

Successful entrepreneurs who failed in business before making it big

We see their faces and names on magazine covers, TV documentaries, business news, and in some important events past or present. They have gained fame through the success of their companies and brands, but these entrepreneurs had tried their hand on business and, at one point, didn’t work like a Midas touch.

It goes to show that even when worst things happen in your entrepreneurial journey, it can never stop you from achieving your goals, as long as you keep moving forward with determination and persistence. These entrepreneurs embraced failures as stepping stones towards their ultimate goal, which made them attain the success they now have. Their stories are sources of inspiration, especially those who are going through the challenges, difficulties and frustrations of starting and sustaining a business.

Richard Branson

Virgin Group Founder Richard Branson is soaring high with the success of his companies like Virgin Atlantic, Virgin Games, Virgin Holidays and so much more. Yet, he also had ventures that hit a dead end. He has openly talked about these experiences and shared what he learned from them. At a very young age, Branson already exhibited an entrepreneurial mind. While still in school, he tried breeding budgerigars and growing Christmas trees and selling them. The birds took off, but not his venture. He then opened Student magazine. While it wasn’t successful, it paved the way for Virgin Records. He also made mistakes along the way, which led to companies like Virgin Cars, Virgin Brides and Virgin Cola to shut down. That didn’t deter him from growing his existing businesses and starting new ones. And look where he is right now.

Colonel Sanders

His face is right there at the Kentucky Fried Chicken logo, but Harland David Sanders, who later earned an honorary title of “colonel”, took a long time before he began his entrepreneurial journey. He first worked on several jobs in his 20s and 30s before he opened a service station when he was about 40 years old. While running his service station, he also served food to customers enabling him to open a café and later acquire a motel. But they were not without challenges. Feisty competition, a fire incident, route changes, the Great Depression and World War II were some of the adversities he had to face that led to the closure of his businesses. He went on to do other jobs until he franchised his chicken recipe to restaurant owner Pete Harman and other restaurant owners. That’s how KFC was born.

Milton Hershey

Hershey’s name is synonymous to sweet success. But it was after a few failed businesses that Hershey finally hit the gold mine in the candy industry. He first opened a candy shop in Philadelphia before he built some ventures in Chicago and New York. All of them closed later on. However, it was when he started the Lancaster Caramel Company that he made progress on his entrepreneurial journey. Eventually, he sold the Lancaster Caramel Company and established the Hershey Chocolate Company.

Christina Wallace

An Entrepreneur In Residence at Harvard Business School, Christina Wallace can talk about failures and overcoming them because she, herself, had her fair share of experiences when it comes to facing complexities in business and making difficult decisions to surmount such challenges. She co-founded the fashion company Quincy Apparel, opened Startup Institute New York as its founding director, and established BridgeUp: STEM, an educational tech startup at the American Museum of Natural History. With the failure of her first company, she spent weeks in bed watching TV to weep for her loss before she mustered the courage to move ahead and face the world. Now, she is the Vice President of Growth at growth advisory firm Bionic. She also authors several books, co-hosts a podcast and speaks about entrepreneurship, failure and women in technology.

Evan Williams

Blogger, Medium and Twitter are hits attached to his name, but Evan Williams also had some misses with Odeo and Pyra Labs. The silver lining was that Twitter and Blogger were side projects of these failed ventures, offshoots that became huge successes even when the companies folded. Blogger was eventually acquired by Google and Williams recently stepped down from Twitter’s board to focus on Medium, but his works continue to grow and bring more successes.

Kathryn Minshew

After spending sleepless nights and working weekends establishing and building PYP Media with three other co-founders, Kathryn Minshew lost everything, including her life savings, due to disagreements with the other founders. Out of that major bump in her entrepreneurial journey, which caused too much pain on her, Minshew and her co-founder Alexandra Cavoulacos went on to start The Muse, a career development platform and now have been helping people on their careers.

Ruth Fertel

With a need to earn more to finance her sons’ college education, Ruth Fertel acquired a restaurant for sale that she found on a newspaper ad. Despite not having any experience in running an eatery, Ruth went on to mortgage her house to purchase Chris’ Steak House in New Orleans. But Hurricane Betsy caused damage and power outages in her place, which prompted Fertel to cook and serve her perishable products to the community. Then, the steakhouse caught fire. As she had to transfer to a new location, she couldn’t keep the original name of the restaurant, so she added her name before it, making it Ruth’s Christ Steak House. And the rest, as they say, is history.

Mark Cuban

He may be considered a maverick in the entrepreneurial field, but Mark Cuban had to endure several failures in business, from selling garbage bags and powdered milk to setting up a bar, before he started tasting the sweet flavour of success. Still, there were hiccups along the way, yet those difficulties helped shape Cuban to become a lucrative businessman who owns NBA’s Dallas Mavericks, AXS TV, Magnolia Pictures, Three Commas, Dropbox, and several other companies.

Natalie Ellis

Natalie Elizabeth Ellis is the one part of the duo behind BossBabe, an online movement of women for women. But before she co-founded her BossBabe company with Dr Danielle Canty, Ellis was already on her entrepreneurial journey at a young age, selling candy floss and later on starting her digital marketing consultancy and a company selling detox superfood supplements. But this young serial entrepreneur also had her string of frustrations. In one of her earlier ventures, she experienced some disparities in a business partnership that led to its dissolution, which has caused her so much stress but also taught her valuable lessons. She realised that she went through that route because she wasn’t confident enough to do it all by herself. That led her to believe in herself more, making her what a BossBabe truly is.

Rowland Hussey Macy, Sr.

Named after its founder, Rowland Hussey Macy, Macy’s is one of the biggest and most popular retail stores in the US. At 22, Macy opened a needle-and-thread store in Boston which later closed shop. Two years after, he built a dry goods store and suffered almost the same fate as his first venture. Undaunted, he went on and partnered with his brother to open another dry goods store. The success was not astounding and only short-lived. Macy left and headed to New York City where he opened his own dry goods store -- R.H. Macy & Co. And that’s how Macy’s started and continued its rise, which would have not been possible if not for the persistence of its founder.

Countless more business owners have dealt with failures during their entrepreneurial journey. You’ll hear some of them from EO Members themselves. Still, they kept going and many of them have made breakthroughs and reached milestones in their businesses and careers. It goes to show that when you are determined and persistent about attaining your vision and you put your heart and mind into it, the possibilities can be limitless. Failures are inevitable, but if you embrace them and use them as tools for your journey, you will eventually reach the peak of success.

Innovate your products and services to grow your business

In a world where competition and survival are inherently embedded in our DNA, the playing field in the entrepreneurial space becomes tougher and tougher every single day. There is no room for complacency, which can only drag a business towards a downward slope. It often calls for a lot of creativity and innovation to bring your venture a notch higher than it used to be.

Merriam-Webster defines innovation as “a new idea, method, or device; the introduction of something new; can refer to something new or to a change made to an existing product, idea, or field.” Innovating your products and services will help you expand your venture and increase your earnings. It will also keep your customers or clients interested in your brand.

How do you innovate your items, amenities or services? When you get to the drawing board, take into consideration the following tips that can help you develop new merchandise goods or skill offerings to your clientele.

Review your current offerings

There’s no need to look too far to find concepts that you can use for innovation. By reviewing your existing offerings, you can generate several ideas that will enable you to introduce something novel in your present line-up. You can improve your product menu by upgrading your current merchandise or upskilling your people for added services. However, remember to remain true to the brand you represent and the industry where you belong. Don’t come up with new products that are too disconnected from what you currently have.

Innovate your systems and processes

Prior to instituting changes in your list of products and service on offer, innovate first your systems and processes. You may need to automate, use new software, shorten certain processes or speed up some procedures in your business. Make certain that you have laid down the necessary foundation that can absorb and support the changes in your enterprise. It is helpful to prepare your internal environment and stakeholders by modifying certain methods and instilling stability and coherence in your organisation.

Brainstorm with your team

Make brainstorming a regular activity in your team. It is good to have a Research & Development department, but if you don’t have one, you can opt to hire a consultant or utilise the skills and creativity of your existing staff. Check with your frontliners regarding the feedback and observations they get from your customers. Huddle with your team on the difficulties they encounter with your present products and services and how they can be improved. Get them to suggest improvements by establishing an atmosphere of openness and creativity.

Provide a venue for reviews, complaints and suggestions

Your customers, clients, and suppliers are also a rich mine of concepts for product innovation. Create a feedback system where you will be able to generate ideas from them. Consider not only their suggestions but also their complaints and turn them as a potential part in your innovation plan. Understand that your market’s needs evolve over time, so you also have to keep pace by upgrading your products and services and providing new solutions and added value to them.

Analyse market and industry trends

Change happens constantly and continuously. To be ahead of the game, you either pivot and introduce something mindblowing or be abreast with the trends in the market or industry. If you fall behind you might lose momentum and may not be able to keep up with the changing tide. Persistently watch out for possible trade movements and business development. Market research is an important aspect of the innovation process. Keep your eyes and ears open for things that may spark inspiration within you. Check the news, industry reports, and even social media posts, as they might be helpful in giving you ideas on how to improve your menu of offerings.

Test your new products or services

Once you have already come up with an idea and plan, set the ball rolling immediately. Test your new products and services to see how effective they are in attracting and retaining customers. Sometimes, you will never really know how good a product is unless you put it out there. If you find any gap in your new offering, correct it straightaway until you perfect it.

Communicate the changes

When you have done your product innovation, be sure to communicate it efficiently. Get the proper trademark for intellectual property. Come up with a marketing plan and launch your new product or service to the market. There’s no use innovating your offerings if people will not know about it. Produce materials and events that will bring these novel ideas closer to your customers.

Innovating requires risks and resources. It is a tedious process but the result, if done right, can be rewarding. How often you do product innovation really depends on you and the pace of change in your industry. Ask around and do some research of businesses that have done it so that you are well-informed when you make a decision of introducing something novel in your venture.

The rise of female entrepreneurs

In celebration of Women’s Month this March, we take a look at the present state of female entrepreneurship and how it contributes to the big picture of the entrepreneurial journey. Women taking the path of entrepreneurship are on the rise, yet we still need to do more to support and encourage them in this endeavour.

EO is taking extra steps to welcome more women business owners into their fold so as to extend the needed backing and provide the values that can strengthen them and their enterprise. There are governments that are also providing the necessary infrastructures to encourage more women to start and grow their own businesses. We still need to up our ante to level the playing field for all genders globally.

The challenges that female business owners face

Even in our modern times, women are still up against huge challenges in our society. The need for funding and lack of confidence in them by investors as well as unfavourable stereotypes and prejudices on women are just a few of those stumbling blocks female entrepreneurs have to face. It is even trickier for female business owners to navigate in industries that are dominated by men. In addition, they also play vital roles in family life and home management, which they have to juggle on top of running a business.

Successful female entrepreneurs

There are women who withstood the rigours of life, braved through storms and emerged triumphant in their journey. Arianna Huffington, Tory Burch, Cath Kidston, and Pamela Slim are among the many female business owners that have shown us that nothing is impossible if you only put your heart and mind into your goals. Their stories show that despite the hardships women face in society, one can still reach the top and carve a name for oneself.

How women can succeed in business

The question, however, is how to do it? First of all, go and test the waters. There’s no better way to find out what you’re up to unless you take the first step. Come up with a formidable plan, organize a good team and get the ball going. While you’re at it, widen your network and surround yourself with likeminded individuals. Join groups like EO or attend workshops and business conferences or get a mentor who can guide you through the journey. Put your venture out there, aim for continued growth in your profession and business, and watch out for opportunities that can help you on your journey.

The need for more women entrepreneurs

As we move forward towards economic development in various parts of the world across different industries, we need to narrow the gender gap among male and female entrepreneurs. Providing opportunities for women will empower them to run their own ventures, tapping into their strengths and capabilities that can help spur and increase financial growth and shape societies and communities.

More and more women are taking the entrepreneurial journey. It’s a good start, but we need to widen the road because the current numbers are not yet enough. We long to see a future where one day we’ll see equal figures for men and women when it comes to business ownership, especially among developing countries. We hope that future generations will have access to the same opportunities regardless of gender, belief and background.

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.