A recipe to a successful mentor-mentee relationship

(An EO Melbourne Mentorship Program Story)

“Access to knowledge is easy, but access to wisdom is difficult.”

- Kym Huynh

Founder of WeTeachMe and EO Melbourne’s Past President

During one of their most recent mentorship sessions, John Paolacci, Director at KMG Advisory, invited over Kym Huynh, his mentee, to his house and prepared his father’s gnocchi with him. Kym watched John closely while he cooked gnocchi in his kitchen. Kym found meaning and inspiration from this experience.

“I appreciate the degree of care that he takes in explaining every step of the process. John was incredibly specific and very conscientious and thoughtful that I understood the ingredients used, where the ingredients were sourced from, and how much to use in the cooking process so that the gnocchi comes out the way that his father makes it. It made me question whether I applied that specificity to the things that I do in my life. John is a lot more deliberate in how he does things and the processes he uses, and I derived a lot of value in that by just watching how he operates and how he works. That's an example of an intangible benefit that comes out of the mentorship program,” Kym shared.

Care and Love

Kym acknowledges that this was only possible because John has opened up himself in his home and welcomed him. Although this is the third time that Kym has participated in EO Melbourne’s Mentorship Program, he cherishes the learnings during their sessions together and the relationship that developed along the way. “He shared something with me that's quite intimate to him and special to him. That was a big learning for me, just seeing the intention that John puts into his cooking, how he shares it with others, and the love that he puts into it.”

“Through that interaction, I was able to ask a lot of questions and understand what was John's journey, what were his lessons, what are the things that are important to him, what were the failures, what are the things that he did well, what are his concerns, what are the things that he's most proud of, and how is he with his family. These are the intangible benefits that I've taken away so far from our mentor and mentee relationship,” Kym remarked.

Open to change

For John, on the other hand, he finds the experience as an eye-opener in various ways. “What I’ve found in mentorship is that it gives me exposure to a younger perspective or a different generation. If you hang around with people your age or who have similar experiences, (whilst) I think it's good you share a lot of common knowledge and other things, it doesn't necessarily challenge you or put you into the picture of what's happening out there.”

Seeing how the younger generation can use technology seamlessly and use it to their advantage personally and professionally has opened John’s eyes and made him more open to change. “I think the change part is a big element for a mentor, where a lot of the times if you keep doing the same thing and you're not exposed to new experiences it's very hard to not only change but even consider making a change or consider the need or benefit in making any changes,” he added.

As a mentor, it was an opportunity for John to share his knowledge and experience but also reflect on his business and personal life. John explained, “The exposure I've had to Kym and his business and his objectives, in terms of what he wants to achieve, has helped me assess from my perspective: am I doing things like that in my life? This mentorship has made me confront issues that are relevant to me personally and relevant to my business.”

Trust and friendship

Both Kym and John find the experience refreshing as it does not only help them learn more on how to deal with their respective businesses but also enhance their perspectives in life and contribute to their personal development. Moreover, they both appreciate the bond that was formed between them because of the program.

According to Kym, “I put a lot of value on his friendship. There's something quite bolstering in knowing that another person sees you and hears you and understands you and reassures you that whatever issue you have for that month and whatever issue you're experiencing is normal. It’s quite bolstering knowing that you have a friend and ally every step of the way, someone in your corner shouting for you and cheering for you and working with you. That’s a benefit that I didn't anticipate coming into the mentoring program. I thought it would be – here’s my problem, here's the issue, here's how to resolve it, this is the person you talk to – and you just get to it in a very methodical problem-solving approach. But what I've come to experience with John has been more of inner strength and fortitude. Again, that came as a big surprise, a very welcome surprise.”

John acknowledged that through the mentorship program, “you get the opportunity to meet someone and get to know someone. It allows you to delve into their life in a way that you wouldn't normally do with a person that you just met. So, I think personally and professionally, it's been a major benefit to me. If I can see that Kym gets some benefit or development out of our interactions, then that gives me a lot of fulfilment, knowing I'm able to assist and help while I'm also developing myself.”

Kym echoes the same kind of appreciation for John. “Having the benefit of his experience and his wisdom is invaluable to me. The interesting thing is that I came to John for business advice but what I'm getting from him is life and wisdom, which I think is 10 times more impactful than the business advice.”

Many others have become part of the program either as a mentor or as a mentee. From John’s and Kym’s experiences, there are a lot of things one can get out of the program, but it can only be achieved as long as one puts in the effort and the right ingredients to make it a success.

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Are you interested to be an EO Melbourne mentor or mentee? Learn more about our Mentorship Program and apply to be a mentor or mentee through this page.

A Reflection: EO Melbourne’s “Our Best Year Yet!”

In retrospect to the year 2020 and how it has become one of the most challenging years in modern times, EO Melbourne Past President Kym Huynh recalls how it has affected the Chapter and highlights the lessons that the experience has brought to him.

“Think of that one thing that when you achieve it, will make you want to jump up on the table, pop open a bottle of champagne, and start dancing.” This was the picture that Kym painted when he wanted people to consider what needed to happen for the 2019/2020 year to their best year yet. It also coincidently happened to be the EO Melbourne’s 2019/2020 theme.

“Our Best Year Yet!” provided a singular focus for Members to select one high-impact item that would make a difference in their own lives. Similarly, Kym applied this idea to his Board as he asked each Board Member to focus on the single highest impact item in their respective portfolios. As President, Kym saw his role as making sure every Board Member focused on the highest impact item. But who would have anticipated a pandemic to take place midway through the 2019/2020 term, causing the entire world to collectively halt and slow down?

Five lessons to remember

Maintaining focus is a challenge in itself. With COVID-19, the pandemic forced the world to shift gears as it shocked the world and affected so many lives. Kym acknowledged the crisis as both a difficulty and an opportunity for great leadership to emerge. He witnessed, and is grateful, for how the EO Melbourne Board and management team stepped up to look after the well-being of its Members. When asked to reflect on the year in five words, he shared: (1) stronger together; (2) methodical; (3) progress; (4) stronger; and (5) connected.

Strong Together

“Witnessing how invested the Board and the management team was in the well-being of the Members it serves was both inspiring and humbling,” says Kym, who has been a Member of the Board for six years. An example he cited was the appointment of a Resident Psychologist that was completely supported and funded for by the Chapter. He also acknowledged the Member-to-Member reach-out that took place during COVID-19. “During crisis and times of difficulty, we must focus on the relationships that we have with one another, and witnessing so many Members reach out to check and support one another made us collectively stronger together.”

Methodical

“Before COVID-19, the Board were already intentional in achieving milestones and delivering on promises every month. During COVID-19, the Board increased their cadences and were increasingly methodical in coming together, planning the response strategy, planning the communication strategy, and delivering on the execution strategy. What impressed me most was that the Board also placed a high degree of importance on not only managing the current COVID-19 situation but also managing what happens after COVID-19.” For Kym, witnessing the Board utilise the three lenses of short-term, mid-term and long-term planning when it came to Chapter guardianship was inspiring.

Progress

When it came to the Chapter’s programs – the Key Executive Program, the Accelerator Program, the Mentorship Program, the Significant Life Partner Program and the NextGen Program, Kym is satisfied with what the Board and the management team achieved during the 2019/2020 term. “I subscribe to this idea that when we have the opportunity to lead, we must leave things better than how we found it,” Kym professes, “and these programs were left in a very strong position for future Boards.”

“Whilst I am proud of the progress of the Board, the management team, and the Chapter, what I am most proud of is the progress in our humanity. At the end of our lives, I don't think it's our accomplishments and achievements that determine whether or not our lives have been that of substance, success and meaning, but rather, I think it is the quality of our relationships that we have with one another that make our lives meaningful. The progress in our humanity gave me a lot of meaning, gave me hope, and makes me feel incredibly proud because we exited 2019/2020 and COVID-19 as kinder, more caring, and better humans.”

Stronger

Going through the difficulties together has made the Chapter stronger than how it was before. “I, our Board, and our management team were tasked with looking after the Chapter. We had to make sure that as we rolled off our term, the Chapter was left stronger and better. It’s an investment of our time and energy into our Members because strong Members make strong Forums, and strong Forums make strong Chapters.”

“We also expanded our capabilities of delivering virtual events. Moving forward, I expect that these new capabilities will augment live in-person events.” Kym states.

“There's also greater inclusion of significant life partners and the family because it's the totality of the entrepreneur that makes us strong. These tools that we learn to master our businesses can also be used for our personal lives and the lives of our families and children. Now, that’s where the real power lies,” explains Kym.

Connected

Highlighting the value of relationships, another word that Kym wanted to describe his term was being connected. “The idea that we feel safe enough to reach out to one another when needed, and we have the environment for that, means that we are more connected as a Chapter,” Kym remarks. “I believe in this quote that says, “If you want to go fast, you go alone. But if you want to go far, go with others.” By ensuring that we are connected, we will go further,” he quips.

“Our Best Year Yet!”

When reflecting on the 2019/2020 year, one singular thing stands out for Kym. “The thing that we have achieved, that made the 2019/2020 year the best year yet for me, is the growth in our humanity. As Board Members, entrepreneurs, family members, parents, community leaders and as a Chapter, the growth in our humanity is our best achievement. It gives our lives substance, gives us meaning and means that we can all go out into our respective businesses, communities and families, and lead our lives that are better, kinder, and more compassionate.”

Moving forward

After a year of leading the Chapter to navigate through one of the worst global crisis in modern times, Kym has grown and learned from the experience. He made a conscious effort of leading himself first so he could lead others, and then he looked after the Board as leaders of the Chapter, and then made sure that the Members were looked after as well. “Once I knew that I had those three foundation pillars in place, I knew that then was our opportunity to make decisions that would make a lasting and positive contribution,” says Kym.

But for Kym, the greatest compliment a leader can receive is when they're not needed anymore. “We have built such a strong foundation and structure and systems and processes for the Chapter. There is an opportunity for incoming Presidents and Boards to stand on the shoulders of what we have collectively built, and to look further into the horizon to see what's possible, just as we did when we came into our term and stood on the shoulders of the Boards that came before us. I am incredibly excited about the new perspective and the new vision future Boards would have.”

“As for me, I would like to one day become Global Chair of EO, and so I will be taking my next steps into that pathway, but also mindful that my roots come from EO Melbourne. And so, EO Melbourne will always hold a soft spot in my heart,” Kym reveals.

Since stepping down from his position as President, Kym is approaching life with more wisdom, courage and humility, mindful that he does not hold all the answers. He looks back to the years he has served as a Board Member and leaves an excerpt of a poem he loves that sums up about the value of our humanity, the most valuable thing that can make us celebrate “Our Best Year Yet!”

"The Paradox of Our Time"

The paradox of our time in history is that we have taller buildings, but shorter tempers; wider freeways, but narrower viewpoints; we spend more, but have less; we buy more, but enjoy it less.

We have bigger houses and smaller families; more conveniences, but less time; we have more degrees, but less sense; more knowledge, but less judgment; more experts, but more problems; more medicine, but less wellness.

We drink too much, smoke too much, spend too recklessly, laugh too little, drive too fast, get angry too quickly, stay up too late, get up too tired, read too seldom, watch TV too much, and pray too seldom.

We have multiplied our possessions, but reduced our values. We talk too much, love too seldom, and hate too often. We've learned how to make a living, but not a life; we've added years to life, not life to years.

We've been all the way to the moon and back, but have trouble crossing the street to meet the new neighbor. We've conquered outer space, but not inner space; we've done larger things, but not better things.

We've cleaned up the air, but polluted the soul; we've split the atom, but not our prejudice.

We write more, but learn less; we plan more, but accomplish less. We've learned to rush, but not to wait; we have higher incomes, but lower morals; we have more food, but less appeasement; we build more computers to hold more information to produce more copies than ever, but have less communication; we've become long on quantity, but short on quality.

These are the times of fast foods and slow digestion; tall men, and short character; steep profits, and shallow relationships. These are the times of world peace, but domestic warfare; more leisure, but less fun; more kinds of food, but less nutrition.

These are days of two incomes, but more divorce; of fancier houses, but broken homes. These are days of quick trips, disposable diapers, throw away morality, one-night stands, overweight bodies, and pills that do everything from cheer to quiet to kill.

It is a time when there is much in the show window and nothing in the stockroom; a time when technology has brought this letter to you, and a time when you can choose either to make a difference or to just hit delete...

Level Up Your Life

Having clarity of vision and developing habits, tools and life-hacks to bring your B.H.A.G. into fruition this 2021 and beyond

As we leave 2020 and all its challenges behind, it is but apt to make 2021 a year where we level up our lives and set our minds to accomplish the things we want to achieve. Often, the big question is: where do we start? The “how” can be daunting.

“The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle.”

– Steve Jobs

To help entrepreneurs achieve their full potential and enable transformational growth in the lives of its members, EO Melbourne recently held the virtual workshop “Level Up Your Life” where OAK Journal Founder and EO Colorado Member Keith Roberts shared the tools, structure and habits to reach one’s limitless potential through the 90-day structured OAK Journal.

One of Keith’s key takeaways from EO was having clarity of vision due to its importance for goal-setting. Through science, spirituality and generosity Keith’s vision was to help others become the best versions of themselves, which is how the OAK Journal evolved, as a tool to help guide others on their life journey.

In the process of implementing the 90-day goal, the journal aids users to find their “why” or ikigai (one’s life purpose). The focus is to set three goals for 90 days (personal, business, and family/relationships) that will lead them to achieve their Big Hairy Audacious Goal (B.H.A.G.) and, eventually, their purpose.

“I have not failed. I’ve just found 10,000 ways that won’t work.”

– Thomas Edison

The creators of the OAK Journal developed this tool to share over 20 years of collective experience that will empower one to achieve what they set out to do. It has taken decades of wins and failures, along with countless hours of continued education and endless consumption of reading materials and books, such as How to Win Friends and Influence People, Great By Choice, Mastering The Rockefeller Habits and Scaling Up.

Keith also touched on the importance of writing vs digital. Based on science and research, many studies have shown that writing something down almost doubles the probability of accomplishing it.

“You’ll never change your life until you change something you do daily. The secret of your success is found in your daily routine.”

– John C. Maxwell

Along with writing down the long-term and short-term goals, the OAK Journal provides the method of how to achieve them. One of the things it encourages everyone to do is to follow Warren Rustand’s 10-10-10, wherein 10 minutes are spent on meditating, another 10 minutes on reading and another 10 minutes for journaling.

It is all about creating healthy habits from morning routines to evening activities. Keith stresses that it is an exercise in building willpower and discipline and motivating others to finish what they have begun. The journal additionally has sections where one can write down and track their daily and weekly progress.

“Be afraid, not of failing but of never trying.”

– Adam Beasley

As Keith recommended, more than just putting pen to paper, the best way to make sure that healthy habits are being developed and that the 90-day goals are being achieved is to have an accountability partner. Finding one in EO may not be too difficult as most members of this business community have similar experiences, qualities and aspirations.

Apart from gaining access to learning events like this, one of the advantages of joining EO is being surrounded by like-minded leaders, which provides life-enhancing connections and real conversations that can help one unlock their potentials and grow beyond their personal limits.

What is your goal in 2021? How do you plan to achieve it? Share your answers in the comment box below.

President's Update - January 2021

From the President

Dear EO Melbourne,

If you had one word to live by this year, what would it be?

"Intention" would be mine.

You see, every decision we make takes us on a different path. And as leaders, these decisions can significantly shift the needle on the compass for our people and our business.

Settling into the new year, we can find ourselves swept away into the day-to-day activities, being pulled into meetings and called upon to fight fires.

This year, I seek to sit with intention each morning and have the clarity to make decisions that serve the future. I must remind myself that long-term thinking will improve my short-term decision making.

To help you on your journey of growth and learning, we have sent you all an exclusively branded EO Melbourne OAK Journal. This tool was created by an EO member in Colorado who has tied in some of the most life-changing techniques from books such as Mastering the Rockefeller Habits and Scaling Up in the one journal.

2021, I am ready for you.

Warmest regards, 

Sheryl Thai 
President 2020/2021

Motivational quotes from EO Members from around the globe

“When things get exceptionally difficult to handle, I often fall back on quotes that I’ve saved or memorized for inspiration and hope.

I’ve been saving quotes for years — they’re scribbled in the inside of matchbooks, or highlighted in yellow, gems of light gathered in well-worn notebooks.

Sometimes they’re fortunes from cookies, often they’re arranged and rearranged on a bulletin board stretched on a canvas with beige linen fabric.”

- Kalika Yap, Founder and CEO of Citrus Studios and

EO Global Communications Committee Member and Member of EO Los Angeles

Quotes. We all love them. And they often come in handy when we are facing our best or even our worst situations.

A great way to start the new year is to take inspiration from entrepreneurs who have faced so many challenges and made through them with their passion and determination. Whether it’s a little push to keep you going, a new idea that you can bring to your journey or a thought that will let you take a giant leap, these nuggets of wisdom will help guide you to move forward towards your goal.

Entrepreneurial insights

It’s always good to hear the experience and learnings of other entrepreneurs, especially those who have taken the journey ahead of you. If you will browse through various EO online resources, you will find inspirational insights from EO members across the globe.

“Corporate culture is the most important asset in any business. It needs to be defined and deliberately nurtured to avoid a default culture that doesn’t serve your goals or your team.”

- Will Scott, Founder, Culture Czars® and

Finance Chair and President-Elect of EO Wisconsin

"As an entrepreneur, you have to be quite visionary. But not just visionary, you have to be willing to drive it. You have to drive it.”

- Dean Cherny, Founder and Director at Marketing Melodies and

Past President (2018-2019) of EO Melbourne

“I would tell myself: Trust yourself; have confidence in yourself. But also surround yourself with people who give you confidence — because they are so highly capable and confident themselves.”

- Melissa Harris, the CEO and founder of M. Harris & Co. and

Member of EO Chicago

“Always put one foot in front of another. Keep chipping away and pushing forward no matter how daunting things may get. Hard work pays off. As they say, if you don’t fail at something every now and then you may not be trying hard enough.”

- Andrew Pharo, CEO of Cahaba Brewing and

Strategic Alliance Chair of EO Birmingham

“ ‘You have no idea how amazing it’s going to be to see your employees grow personally and professionally.’ This has been my greatest joy in being an entrepreneur. I aggressively invest in people. And seeing them hit their stride, find their passion and thrive in our culture is beyond fulfilling.”

- Tracy Call, founder of Media Bridge Advertising and

Member of EO Minnesota

“Surround yourself with exceptional people and turn them loose. Avoid the temptation to do everything yourself and be everything to everyone. Focus on your strengths and leverage your team.”

- Kevin Tucker, CEO of SOLitude Lake Management and

Member of EO Southeast Virginia

On joining EO

Many of these entrepreneurs found great benefit and opportunity in joining the Entrepreneurs’ Organization. It has helped them in their personal and professional growth as business leaders. Read below how members from various chapters find EO relevant in their entrepreneurial journey.

"Being an EO member for almost 5 years now has been priceless to me. I have learnt to share things I couldn't before - and I didn't know the way to do it! I have gained value from entrepreneurs' experience and not from their advice - and this is the most expensive school! I have served as a Chair in the Chapter - and I have explored new ways of leadership. When I joined EO, I was thinking of it as a high-end business network. After almost 5 years in the EO, I have realized that is just the minimum!"

- Rebecca Pitsika, CEO of People for Business and

Member of EO Greece

“I joined EO because it’s a powerful international community in which I could adopt worldwide perspectives. The most important EO experience for me has been expanding my horizon on different cultures.”

- Aditya Burman, Director of Oncquest Laboratories Ltd and

Member of EO New Delhi

“EO membership inspired me to improve in every aspect of my life and to reach a better version of myself. Encountering fellow entrepreneurs enables us to consult and learn from the experience of others, which sharpens our thinking and motivation. Being part of an international organization like EO enables us to meet with entrepreneurs from around the world who are facing the same challenges, learning & growing together.”

- Galit Bar-Tal, CEO and Owner of Sycamore Group and

Member of EO Israel

“We help each other get through the trials and tribulations of starting businesses, owning businesses, and dealing with the realities of who we are and what it takes to become a successful business entrepreneur.”

- William Palisano, Lincoln Archives & LACyber and

Member of EO Western New York

“EO helped me get my business and personal goals aligned and energized me to grow my business. It has helped me with small things like dealing more efficiently with daily issues and more transformational ones like how to restructure my business to be less dependent on me.”

- Benjamin Knopp, Founder of V Coffee and

Membership Chair of EO Tokyo Metropolitan

How about you? What inspiring entrepreneurial insight can you share with us? We’d like to hear from you through the comments section below.

Bring out your inner warrior to confront an uncertain 2021

By Tui Cordemans

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

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

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

Warrior strategies to help you thrive in 2021

Focus on the present moment

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

Be a creative and perceptive warrior

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

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

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

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

Buckle Up

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

Know your purpose

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

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

 "Never let a good crisis go to waste."

- Winston Churchill

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

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

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

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

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

How have your market and your customers changed?

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

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

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

President's Update - December

From the President

Dear EO Melbourne,

A year that simultaneously feels as if it’s been the fastest yet longest 366 days.

A year that has pushed all of us into realms of discomfort and growth.

A year that will go down in history for all the right and wrong reasons.

There’s something comforting about starting a new year fresh, even if it’s only a clock’s hand tick away from the year before. The significance of being able to turn to a new page on a brand new year can bring a sense of relief and a spark of optimism.

We’ve all been dealt with some nice curveballs this year, and as we arrive at the tail end of 2020, there’s only one last thing left to do.

To celebrate.

Celebrate with those, such as our team, that stood by us.

Celebrate with those that supported us and inspired us.

Celebrate with those we love most.

On that note, it was wonderful to have celebrated with so many of you at our Christmas lunch. Even though we may have broken a few rules (bound to happen with 100 entrepreneurs in one room!) it didn’t dull the fact that we were finally able to clink glasses and share laughs.

We’ve got a full schedule of events planned for early 2021 so rest up, recharge and we’ll see you in the new year.

Keep the celebrations going until then!

Warmest regards, 

Sheryl Thai 
President 2020/2021

EO Melbourne Members who were recognised in 2020 for their outstanding achievements

The year 2020 is perhaps one of the most challenging times due to the current global crisis that everyone is experiencing. Yet, amidst the sullenness that the pandemic may have brought upon us, some shine bright, inspiring and encouraging us to keep on and face the difficulties with optimism and determination.

Among them are entrepreneurs and companies that have been recognised by various institutions and organisations in their respective industries for the hard work and brilliance they have shown through their businesses.

2020 SmartCompany Resilience Awards

Since its inception in 2007, SmartCompany has been paying tribute to the fastest-growing SMEs in the country through its Smart50 Awards. While it took a break in 2019 and was bound to come back this year, present circumstances have stirred it to change tracks and recognise companies that have exhibited the knack for problem-solving, flexibility and rebounding from disappointments. Thus, the first-ever SmartCompany Resilience Awards was conceived.

There are four categories: Adaptation, Community, People and Agility. Five businesses were shortlisted per category and one of them was announced as the winners by a panel of judges. Work Health Australia, founded and owned by Dr James L Murray, bagged the top position in the People category “for its focus on keeping its team connected and productive during Victoria’s multiple lockdowns.”

Other shortlisted businesses by EO Melbourne Members are Arosh Fernando’s Woohah Productions and Mark Calabro’s HungryHungry under the Adaptation category.

TEMI’s 2020 Australasian Mobile Workforce Awards

The Employee Mobility Institute (TEMI) introduced the Australasian Mobile Workforce Awards in 2019 to give merit to those who excel in the talent mobility industry, ranging from talent management to HR, employee engagement, remuneration, taxation, relocation, mobility, immigration, diversity and inclusion, corporate travel or housing, and other disciplines related to this field.

The Award Program acknowledged individuals, teams and initiatives in the industry at a local and regional level. Twelve awardees were honoured in this program; three winners each for the Leadership Excellence Awards, Business Advancement Award, and Employee Engagement Awards; and one awardee each for the Employee Mobility Champion of the year: Highly Commended Award, 2020 GMP1 Outstanding Achievement Award, and 2020 GMP1 Highly Commended Award.

Jamie Lingham, Global Immigration Lead of Absolute Immigration, is hailed as one of the Employee Engagement Awards Winners. “Receiving The Employee Mobility Institute’s award for Wellbeing Initiative of the Year for 2020 was a huge honour, especially given the impact COVID has had on the mobility and immigration industry. With passenger arrivals to Australia down by 99%, our objective was to keep the team engaged and employed while retaining the investment and corporate memory of the business. We know that the investment made in employee wellbeing will pay dividends into 2021 and beyond!” he said.

ARN Women in ICT Awards 2020

The Women in ICT Awards (WIICTA) was launched in 2012 to honour the accomplishments of female innovators and leaders who have played notable roles in the local ICT industry.

This year, over 110 individuals were included in the final shortlist in the following categories: Entrepreneur, Rising Star, Shining Star, Community, Technical and Achievement. Under the Shining Star – Partner category, Jeni Clift of DWM Solutions is among the finalists. The Shining Star awards are candidates that have eight or more years of experience in the ICT industry and have significant feats in a flourishing profession, as shown through milestones and successful projects.

“I was thrilled to be recognised within my industry as a Finalist in the category SHINING STAR – PARTNER of ARN’s Women In ICT Awards. I am familiar with the calibre of women who work in this industry and am honoured to be included amongst leaders who are making a difference!” Jeni expressed.

Ragtrader’s The Power 30

Every year, Ragtrader, a publication that comes up with news, features, analysis and opinion on Australia’s clothing, footwear and accessories sector, celebrates people in the industry that have innovated and created a remarkable impact in eCommerce, retail and design.

This year, among the influential fashion traders that made it to the Power 30 list is Lee Munro of Munro Footwear Group. Its productive partnership with suppliers, especially with the challenges that 2020 has brought, has helped them overcome obstacles in inventory.

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Congratulations to all business leaders who have been recognised this year and cheers to all entrepreneurs that have braved the proverbial storms and painstakingly led their teams through the crisis. You all deserved a pat on the back for all your efforts to navigate through the current situation.

Books by EO Melbourne Members

Our society is now mostly driven by electronics and gadgets to make things get done faster and easier. However, we often get too caught up with so many things we see on TV, online or on smartphone apps. It’s sometimes refreshing to go offline and enjoy other simple things that can fill your mind and senses with great inspirations, especially by reading books.

With that, we are recommending these great reads authored by EO Melbourne members. These are books written by entrepreneurs that contain lessons and tips, which you can bring with you to your business and entrepreneurial journey.

Culture Is Everything

Culture Is Everything is the story and system of a start-up that became Australia’s best place to work. It is about the entrepreneurial journey of Tristan White, Founder and CEO of The Physio Co. His quest to creating an inspiring place to work has led him to years of learning and building an approach, testing it and refining it until he has developed the Culture Is Everything system. How do you create a strong culture in your business or team? You will find the answers in this book.

The New Way of Doing Business

In this fast-changing world, trends can alter drastically and markets can be fickle at times. As a result, doing business is now different from how it was before. With his experience advising businesses, BNR Business Accountants Director-Franchise & Business Services Jason Bertalli shares the new way of doing business.

The Attraction Tradie

Edward Clark, Director of Gallant Plumbing, wrote The Attraction Tradie in 2017 for young tradespeople that want to build and grow their business. It points out the common challenges that tradies experience and provides relevant and real solutions to various aspects of managing a trade business. This includes marketing, finance, communications and leadership.

Keeping Retail Alive: Navigating Through COVID-19 and the Changing Retail

Business partners Tui Cordemans and Nyree Hibberd, the Founders of Koh Living, about their experience as a retail company during COVID-19. As the world, including the retail industry, changes due to several factors like the pandemic, retailers have to be up-to-date and ready to transform and innovate to endure the challenges and prosper. The book also touches on discovering your purpose, brand personality and personal goals for your retail business. It also provides several tips, especially on the financial aspect of retail.

Your Dream Life Starts Here

Founder of kikki.K Kristina Karlsson shares her story and the valuable lessons she’s learned from her entrepreneurial journey through this book. The book also has simple proven tools as well as powerful ideas that can help you make your dreams into reality. Along with the book is the Dream Life Journal, designed as a workbook for Your Dream Life Starts Here. Other books by Kristina are:

• Dare to Dream Big: Your Dream Life Starts Here Series, Book 1

• Follow Your Passions: Your Dream Life Starts Here Series, Book 2

• The Power of Purpose: Your Dream Life Starts Here Series, Book 3

• Visualise Your Dream Life: Your Dream Life Starts Here Series, Book 4

• From Dreaming to Doing: Your Dream Life Starts Here Series, Book 5
  
  

The Australian Tax Pitfalls of Administering an Estate with International Connections

This book by BNR Partners Managing Director Ian Raspin is a valuable resource and guide for Australian Estate Practitioners. It contains tools to better understand the complexities of estates, assets and tax issues, especially with offshore properties or residents. Other books by Ian Raspin are:

• Taxation of Deceased Estates for Estate Practitioners

• CGT on A Deceased Residence – A Tax Minefield

• The tax obligations of a Legal Personal Representative

• Tax After Death: Essentials for Executors
  
  

Retail Sales & Customer Service - Volume 1: Getting Retail Service Right!

Written by RetailCare Founder Carlo Santoro, this book is helpful to younger individuals who are building a career in online and bricks & mortar retailing. It covers sales principles and fundamental concepts of customer service in retail, which are useful for those employed in the retail service industry to prepare them before venturing onto the sales floor. Through this book, one can learn more about product knowledge, store presentation, occupational health and safety, competitor analysis, working with a team and other factors that can affect sales success. The book also has a Volume 2 that provides a comprehensive guide to Point of Sale (POS). 

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What other books can you recommend to read this holiday season? Drop your suggestions at the comments section below.

What quirky hobbies do entrepreneurs have?

Hobbies can help an individual learn new things, acquire additional knowledge, declutter the mind, bond with people who share the same interest, and warm the heart. Hobbies are beneficial to the physical, mental and emotional well-being of a people, especially entrepreneurs and business leaders.

Intriguingly, some entrepreneurs have quirky hobbies, showing us their fun side that we do not get to see most often. Here are some of the interesting pursuits of EO Melbourne members that they do when they’re not on their laptops or immersed in their business.

Kitesurfing

Kitesurfing is the leisurely pursuit of Cesar Aldea, Founder and Managing Director of Aldea Consulting.

According to Cesar, “I started kitesurfing back in 2007 when I arrived in Australia. I love it because it keeps me fit and takes my mind away from any pressing problems, allowing me the time to reset and come back to it with a fresh mindset.”

Flying a helicopter

Getting into the air is also a penchant of Honeycomb Strategy Managing Director John Bevitt. “I started learning to fly a helicopter last year when I turned 30,” he declared.

“It was something I've always wanted to do. My wife bought me a trial flight for my birthday and I absolutely LOVED IT. In terms of what I love about it - it's the feeling of seeing something familiar from a new perspective, looking down over Melbourne and seeing so many familiar places. Just the freedom of flying in a 3d space and being able to move in any direction (compared to a plane for instance) is simply wonderful,” John shared.

Growing cacti

“I love cactus for some weird reason,” says Andrew Colliver, Executive Director and Co-founder of Banjo Loans. He explained, “My interest commenced on visiting our happy place in Sorrento and there was a massive cactus garden against a Mexican-looking wall. It was further reinforced on a trip to California 2 years ago. Each variety is so unique; they can be very tricky to plant and some sting like crazy – and they grow so slowly. Patience is required, a virtue I lack.”

“Some varieties have incredible flowers growing from a hostile-looking plant. They appear to be the adaptive masters of growing and surviving in a hostile environment – the poster child of a weird individual combined with resilience. And unrealistically, I somewhat expected a dinosaur to suddenly appear one day and start munching on them which would just cap off a great day,” Andrew said.

Stacking books

WeTeachMe Founder and EO Melbourne Past President Kym Huynh stacks books. “You would be amazed at how many options or variations are possible,” he remarked.

“I find the art of stacking books both meditative and cathartic. From the endless variations (all vertical, all horizontal, half up/half down, sort-by-alphabet, sort-by-colour, sort-by-size, sort-by-genre, sort-by-author and the endless combinations thereof, including but not limited to combining with art, photo frames filled with pictures of loved ones and cherished memories that instantly transport one to moments of pure unadulterated joy, and objects discovered in strange and foreign lands) to conscious choices in symmetry or asymmetry (perfect if one feels a sense of anarchy or looming irony), stacking books perfectly combines art in its creativity and expression and organisation in the structure of carefully-selected or curated books.”

“In this sense, I find that it mirrors life quite beautifully, and I'm sure there are theoretical links to leadership here in that it requires both creativity and structure for one to be effective and free. In actuality, I'm just practising leadership in each corner of the bookshelf or coffee table. That's what I'll just keep telling myself. Stacking books is practising life in a safe and contained environment where it is OK to fail or make mistakes,” he reflected.

Collecting and restoring Saab cars

“I collect Saab cars and restore the classic 900s,” shared James Murray, Founder & Managing Director of Work Healthy Australia. “I started doing it about a year ago,” he continued. “Once, I had a head-on collision in a Classic Saab 900 and walked away. If I had been driving my Ute I would have had a much worse outcome!”

“I drove Saabs for many years after that but stopped when they went under in 2011. Last year, I realized that SUVs were not for me as I missed my Saabs too much. Since then it’s all Saabs! I have two of the wagons that I use for work and they are both crazy fun to drive,” James revealed.

Paragliding

A sports enthusiast and Executive Director of Sports Tech World Series, Johann Odou is into paragliding since 2012/2013.

“There is something magical about flying. Learning to operate in a different world, one where you go up, down, left, right, forward and back. It's a pretty special feeling to be able to look down on birds flying,” Johann quipped.

Collecting chess sets from the USSR

Rankin Business Lawyers Principal and Founder Rob Roy Rankin has a fascinating hobby. “I collect chess sets with a focus on sets from the USSR.”

Well, if one is a chess enthusiast, why not collect sets from the land of the chess champions? Chess and Russia have a long history together as it is believed that their rulers were partial to this game.

Rob recalled, “I started collecting chess sets back in 1991 when I made my first visit to the USSR. Chess was such an enormous part of Russian and soviet culture in the 20th century and the variety of chess sets produced in that period is incredible. So much of the nation’s culture and history can be gleaned form each set and every piece of each set is a small work of art.”

pinball machines

Dylan Smith, Founder and Managing Director of Rubix, found pinball machines cool. “I started only two years ago and now, I’ve got fifteen of the beautiful creations.”

What makes him take interest in pinball machines is that “I love every tiny little aspect of it. I strongly believe it is the ultimate example of lessons on how to run a global long term business using some of the most complicated and advanced skill sets, whilst keeping a diverse global customer base happy and screaming for innovations, but then complaining when the machines deviate from their definition of pinball.”

He added, “Disciplines include software engineering, mechanical engineering, game theory, manufacturing, pricing, global distribution, support, innovation, sound, lighting, theme licensing, cost of goods, fussy customers, theme integration, storage, business operations, artwork, tournament management and world ranking algorithms plus lots more!”

Cooking new and interesting food

Of course, there are also hobbies that we may find simple, yet relevant in the current situation. For Ben Stickland, Founder and CEO of Alliance Software, he found his interest in preparing food for his family. “I'm enjoying cooking as a hobby, works well in lockdown. Every weekend, I figure out at least one new meal and cook it. My goal is to transition our family to new & interesting food, and a few months in it is working well. It works for me because my wife and children all love food and so it's allowing us to explore new meals together,” he shared.

While most of his growth as an entrepreneur comes from the people he interacts with, many of which are from EO, he finds personal and professional growth through the readings that he does. Still, cooking provides a different kind of value. “Cooking is about an escape. It's a small, completable project. Often as entrepreneurs, we're working on big things that sometimes don't have clear finish lines. When I cook a meal, it's done. Delicious or disgusting, it's done,” he added.

There are many other hobbies out there that entrepreneurs can be involved in and benefit from. What rare or quirky hobby do you have that is not on the list above? Share with us why you enjoy it through the comments section below.

EO Melbourne events during the first half of 2020-2021

It is halfway through the 2020-2021 term, and amidst all the challenges of lockdown and other restrictions, EO Melbourne has endeavoured to provide various avenues for its community of entrepreneurs, as well as their families, to grow in their journey.

A well-attended Mentorship Program Launch and Online Training.

Despite events taking place virtually, it didn’t stop the chapter from coming up with interesting, informational and enjoyable activities that are beneficial to its members. Here are some of the online events that have happened for the last six months:

Learning events

Committed to providing opportunities for personal and professional growth and development to its members, EO Melbourne has lined up several learning events online that could equip them with tools and additional knowledge.

This included webinars and Zoom calls with experts and business leaders who shared their experiences, lessons learned and insights to the EO community. These virtual talks featured the following speakers: Jeffrey Cole (The Coronavirus Disruption Project), Dr Emma Fulu and Hannah Kassay (Diversity and Inclusion), Austin McChord (his entrepreneurial journey), Joe Pane and Katerina Papamarkou (Readjusting to life after lockdown), Adam Ross (Launching a VC-backed startup during the pandemic), and Adam Bennett (In conversation with a “White Hat Hacker”).

There were also member-led virtual events such as the “Building Brands that Last” with Andrew McKinnon and the “Influencer Marketing” with Hannah Vasicek. There were also various online sessions with the chapter’s Strategic Alliance Partners like Airwallex, BlueRock, EOS, and Evans & Partners.

Moreover, it was a successful Mentorship Program launch and online training that saw the participation of 27 pairs of mentors and mentees.

Socials and family events

Apart from the learning events, EO also organised social events to provide fun and light moments for the members and even their families.

There were virtual wine tasting nights where participants and their partners enjoyed a thing or two about winemaking while exchanging stories over bottles of wine. It was an entertaining and magical day for parents and kids as they learned new tricks from Australia’s greatest magician, Cosentino, during the EO Academy of Magic.

With the absence of physical gatherings, EO came up with catch-up events, such as the Chat Roulette and Needs & Leads, that allowed members to get to know one another and lend support to each other.

APAC events

The EO Asia-Pacific region has also put together several webinars and special interest virtual events for chapters within the area. The APAC Celebrity Webinars featured the likes of Marc Randolph of Netflix, Jack Daly, Dr Angus Hervey and Tane Hunter of Future Crunch, Bhutan's former Prime Minister Tshering Tobgay, and Starbucks Coffee Company International’s former president Howard Behar.

Meanwhile, the EO APAC Inspiring CEO Series took participants through the entrepreneurial journeys of Globe CEO Ernest Cu, Jindal Steel & Power Limited Chairman Naveen Jindal, Taylor's Education Group CEO Dato' Loy Teik Ngan, and Flight Centre Travel Group co-founder and CEO Graham “Skroo” Turner.

Apart from these activities, forums within the chapter continued to meet-up online. As restrictions are now easing after lockdown, some activities and events move towards the physical space. Although there is a face-to-face interface, safety measures and protocols are still strictly observed.

The calendar year 2020 is almost coming to an end and a new chapter in 2021 is about to unfold. Despite the challenges, EO Melbourne remains true to its mission of supporting entrepreneurial education by supporting the needs of the 360° entrepreneur through business, family, community & personal experiences and offering world-class learning events, skills-specific workshops and a venue to exchange business stories that can help its members learn and grow.

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Do you need this kind of support in your entrepreneurial journey? Check out here on how you can join and be part of EO Melbourne.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Partners in advancing entrepreneurs and their businesses

One of the benefits of being a member of EO is having access to the products and services of its Strategic Alliance Partners and being able to learn from them. As many businesses are struggling to get back on track due to the global pandemic, EO Melbourne and its partners provided virtual events to support those in the EO community during these challenging times.

Airwallex: Simplifying the challenge of doing business globally

Expanding one's business globally is not an easy feat, but the challenges can be easier to overcome when you have the right tools, people and partners at your fingertips. Through a virtual event, Airwallex Partnerships Manager Justin Huang discussed how their company can help businesses in their expansion and in managing their finances in their respective markets and around the world.

Their online session also touched on how businesses could set up bank accounts overseas and eliminate necessary FX costs. Moreover, a virtual demonstration of the Airwallex platform allowed participants to better understand how they can use it for their businesses more efficiently. As there are many details attached to operating a business globally and expanding to various countries, the discussion enabled online attendees to have more thorough information on how to go about it and the particulars involved in doing so.

BlueRock: Employee Share Options Plan and Startup Concessions

Attracting to and retaining good people in an organisation are not easy things to do for every business. Business owners come up with various rewards schemes and incentives for their people to stay motivated and perform well at work. However, one of the common misconceptions among startup entrepreneurs is that they can simply give equity away to key employees in recognition of all the hard work they’ve contributed to the business over the years.

As there are risks and resources involved and there’s a better way to do this, experts from BlueRock explained the various types of Employee Share Options Plans (ESOP) and their importance to one’s business. Their BlueRock Expert Panel composed of BlueRock Accounting Director Paul Evans and BlueRock Law Senior Associate Jeremy Goldman, along with BlueRock Group CEO Bruce McFarlane moderating the virtual event, talked through the process and how it can be done effectively. They presented the employee share scheme (ESS), various ESS options, and the particulars of the ESOP.

EOS: Getting a grip on your business

Created 18 years ago, EOS -- defined in the book TRACTION: Get A Grip On Your Business by Gino Wickman -- is a complete set of simple concepts and practical tools that have helped thousands of entrepreneurs around the world to get what they want from their businesses. EOS helps leadership teams to clarify, simplify and achieve their vision – and get traction. It is simple, but fundamentally changing the way a business operates can be hard.

Recently, certified EOS Implementers Martin Quinn introduced the vital Six Key Components of a successful business and demonstrated how the proven EOS Tools could strengthen them. The workshop enabled participants to do an organisational check-up and learn how to use the EOS model and tools in improving the different aspects of an entrepreneurial business and bringing discipline and accountability within an organization. The Six Key Components in the EOS model are:

• Vision

• People

• Data

• Process

• Issues

• Traction

Evans and Partners: Investment opportunities for businesses

At a time of a global pandemic, political uncertainty and record-low interest rates, some people are having doubts if there are opportunities found in the stock market. Through a virtual session, Evans and Partners Executive Director, Senior Investment Adviser Paul Benveniste and Evans and Partners Investment Adviser Glen Pearce provided general information and ideas on investment and illustrated how they work with their clients on an on-going basis.

This members-only event covered Evans and Partners’ views on the market and the opportunities they provide. Paul and Glen also walked the members through the process of getting started with them and responded to queries related to their presentation.

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If you want to become a Strategic Alliance Partner of EO Melbourne, you can enquire how through this page. On the other hand, if you want to enjoy the benefits of having access to these partners and other opportunities within EO, you can join and be part of this global community.

President's Update - November

From the President

Dear EO Melbourne,

Finally, we’ve reached the light at the end of the tunnel.

Businesses are opening up again. We’re able to socialise and connect in the flesh.

It feels like a huge weight has been lifted, doesn’t it?

It’s because humans are social creatures. We seek belonging and we seek understanding.

And it’s why we’ve all been pulled to join EO and be part of this community.

As much as it has been great to connect online, the time has come for us to come together and spend time face to face (socially distanced, of course).

So enjoy reconnecting with your forum buddies in person. Make an effort to grab a coffee or lunch with other EO members.

And of course, we hope you’ve RSVP’d to one of our most anticipated events for the year - our EO Melbourne Christmas Lunch. It’ll be the perfect way to cap off the year with great chats with good company and there’s sure to be some good laughs!

Warmest regards, 

Sheryl Thai 
President 2020/2021

Three Qualities of a Successful Entrepreneur

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

Persistence

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

Patience

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

Resilience

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

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

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

Lessons learned from launching a VC-backed startup during a pandemic

Raising capital for a new venture can be quite daunting at this time when a global crisis has affected many lives, including businesses, markets and economies. The present situation may be quite disheartening for those who want to take their first step into their entrepreneurial journey or those with businesses who want to open a startup.

However, there may be a spark of hope as CloudOlive Co-Founder and Co-CEO Adam Ross shared, through a virtual event with EO Melbourne, his valuable experience and the lessons he learned from launching a Venture Capital-backed startup during a pandemic. Adam is now pitching for round 2 of raising capital, using the lessons he learned from round 1.

It all started when Adam received from a friend a link to Antler, a global early-stage venture capitalist (VC) that enables and invests in the world’s most exceptional people, defining companies of tomorrow. Through this startup incubator, Adam met his co-founder earlier this year, and they both founded CloudOlive, a single place for Managed Service Providers (MSPs) to discover, purchase and optimise the SaaS solutions they resell to their customers. Since incorporating in April, they have raised funds for capital and are in the process of launching a minimal viable product to pilot customers. 

To participate in this funding process, Adam and other accepted applicants went through a 12-week program and training wherein they would find a co-founder, validate a problem area, get as much traction as possible, and have an opportunity to pitch to possible investors. What they usually look for in founders, as Adam noted, are technically-minded people, those with a commercial mind, and the main experts. These qualities and the ability to execute ideas are often chosen during the process.

One of the key factors for a successful pitch is good preparation. Adam and his co-founder had to come up with hundreds of possible questions before the pitch to ensure that they have diligent answers to everything that will be asked of them. They assigned topic questions to each other so that it will be easier to respond to queries during the pitch. It is also best to keep those answers short and concise.

Throughout the experience, Adam realised that raising money is a full-time job. He found that trying to close in the first call is never going to happen. For most VCs, what they care about is future traction. “Securing a VC is almost like securing a user for your product in some regard. They need to fit the exact intersection of where you are and what you’re offering,” he stated.

From the first phase of the program and going into round 2, Adam learned that it is better to ask diligent questions to investors early on. Such questions can be:

• Talk us through your last 3-4 investments.

• How long did they take to come about?

• What revenues were they at?

• What’s your follow-on strategy?

• If you invest in us now, how hands-on do you want to be in the business?

It is good to speak to their portfolio companies as well to be able to gain an understanding of what they are like when things are not doing well. Adam believes it is important to have this information because having a VC is like a marriage where both the founders and the investors have to make the partnership work and enjoy the returns.

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EO Melbourne organizes learning events like this where Members and those within the EO community can find nuggets of information, knowledge and wisdom that can help them in their entrepreneurial journey. EO Members also join lots of benefits that can further their development as entrepreneurs and help them with their businesses. To be part of EO Melbourne, you can check this page on how to join.

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

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

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

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

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

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

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

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

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

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

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

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

Learning from the experts: Readjusting to Life after Lockdown

Melbourne has endured one of the strictest and longest lockdowns in the world with stage 4 restrictions imposed since early August. There have been huge impacts on businesses, personal lives, and people’s general mental well-being. As restrictions have started to ease, the chapter turned to experts Joe Pane and Katerina Papamarkou to know how to readjust to life after lockdown.

An expert in human behaviour with a degree qualified in psychology and sociology, Joe Pane acknowledged that “there are a lot of realities that people have gone through that are very extremes. Some people had a tough time losing money, losing relationships, losing businesses and some unfortunate tragic circumstances where lives have been lost as well. At the other extreme, some businesses have been booming and doing well.”

With a healthy appreciation and respect for people’s experiences and what they have gone through, he elaborated on how to handle the realities of people, which are unique for everyone. One of the key points that he touched on was focusing on what we have, which is gratitude, without denying what is happening around us. When business leaders manage themselves this way, they can manage their teams more effectively because they can see more clearly when they’re in touch with gratitude.

“And that’s when you can start bringing in even more certainty, even more warmth and even more connection to your interactions every day if you’re running a team or dealing directly with customers or clients,” he said.

Joe added, “Hope, along with gratitude, is one of the simplest yet most powerful focus points in our lives.” It is helpful to come up with small rituals that people can look forward weekly and raise their spirits. This can be done by learning something new like a musical instrument or online course, getting involved in a new hobby or designing small events in your schedule like pizza night every Friday. He called this micro-hope. From that, people can create macro-hope that will help them get to the next stage by looking forward to something in the long-term, such as travelling to other places or getting together.

Katerina Papamarkou, EO Melbourne’s Resident Psychologist with over 25 years of experience in organisational consultancy roles, pointed out that “there is a wide range of different responses to what’s been going on so there have been several workplace challenges.”

What she has noticed was that as workplaces have started to think about going back to work, people experience anxiety on how going back to work will look like for them, since this whole thing is still novel. Some of the challenges for organisations and businesses are the social distancing requirements, travelling to and from work, and maintaining records for contact tracing. What businesses can do are to:

• Ensure safe and healthy practices

• Manage different attitudes and expectations

• Think of financial considerations

• Do contingency planning

• Care for the mental health and well-being of their team members

She remarked that people are experiencing lockdown fatigue and anxiety so it is important for organisations to lend support and talk it over to those who are going through these challenges. She also reiterated the need for compassion and empathy for those who are experiencing difficulty during these tough times. Since there are shifts in context, choice and control, it is normal to have a range of psychological reactions to an abnormal situation and it is important to acknowledge these various thoughts and feelings.

It helps to be mindful of such realities, to focus your attention on values and goals, and to know what is most important to you and what you need to let go. You can do this by putting things in perspective, taking precautions and minimising risks, and taking action according to your goals.

Finally, both cited open communication as the best approach that can help organisations and their members readjust to life after lockdown. Knowing the concerns of those in your team and discussing possible solutions can be a huge comfort to them. Although there has been a huge shift in people’s lifestyle due to the pandemic, things will eventually come to pass. However, to get through this and be able to cope through the changes happening within and around us, it is noteworthy to be mindful of one’s own as well as of others’ thoughts and feelings, accept these realities, and acknowledge them.

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When you join EO Melbourne, you will have access to these learning events, once-in-a-lifetime experiences, and other benefits that can help you in your entrepreneurial journey.

How to brainstorm effectively

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

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

Brainstorming for your business

By Matthew Beesley

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

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

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

Firstly, separate the emotion

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

Secondly, understand the impact

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

Third, always ask 'why'

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

Bringing it all together

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

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

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

Diversity and Inclusion: how do we make it become part of our corporate culture?

In times of social unrest, it becomes more critical for founders and leaders to dive deeper into diversity and inclusion within their organisations.

With recent events across the world bringing systemic racism and inequality to light, it is more important than ever to be upholding diversity and inclusion within the workplace. The worst thing any organisation can do right now is to do nothing.

But where do we start? How do we navigate the topics of diversity, inclusion, and equality with respect and do it right? How do we communicate about this with our team and our customers? How do we become more aware of our unconscious bias within our HR, marketing, or daily operations and address them effectively? What steps can we take to ensure long-lasting diversity and inclusiveness is part of our company’s culture?

EO Melbourne has been into the topic and some members have shared their thoughts and tips through the article “We asked the question: As an entrepreneur, how do you practice diversity and inclusion in the workplace?” This time, the chapter invited Dr Emma Fulu, Founder and Director of The Equality Institute, and Hannah Kassay, a refugee who came to Australia 17 years ago from Eritrea, to shed more light on this issue as they shared their experiences and thoughts on how we, as a society, can do better.

Emma talked about her personal experience coming from a family of diverse backgrounds. Growing up, she has received undue treatment from people who have perceived her as different from them. Since she found herself wanting to address injustice and inequality, she then pursued a career that enabled her to do this.

She became a researcher, social entrepreneur and one of the world’s leading experts on equality and the prevention of violence against women and girls. Her groundbreaking research has been featured widely in international media, including on BBC, Al Jazeera, CNN, and Huffington Post, and published in high-level academic journals. She is also a representative on the Victorian Government’s Ministerial Council on Women’s Equality, co-Chair of the Gender and Rights Advisory Panel of the World Health Organization, and a member of the Lancet Commission.

Eventually, she founded the Equality Institute, a global feminist agency working to end violence against women and girls with the ability to combine world-class research with creative communications.

For companies who want to uphold diversity and inclusion in their organisation, Emma stated that it is best to communicate with honesty and humility, to listen to team members, to acknowledge areas for improvement on this aspect, and to take further action that can create long-term impact. She recognised that there is no quick solution to ensuring equality in companies, but a good approach is to have a diverse recruitment process to more targeted groups, which may require more time and effort.

Hannah, on the other hand, shared her journey from her childhood in Eritrea to her move to Australia. “When I came to Australia as a refugee, ZERO was the only way one could describe my starting position. Without knowing English or having any real formal education, it was only power of will, utmost dedication on a daily level, and continuous personal growth that made me into what I am today - a businesswoman with a deep awareness of what it takes to convert ZERO to ONE,” she revealed.

She started her company, ACS Cleaning Melbourne, from scratch with zero income and built the business into a trustworthy resource that it is today through old-school perseverance, dedication, and customer-obsessed approach. Today, her business has 10 franchises and growing, with plans for expanding nationally.

Throughout her journey, when she has come to realise that she was different from everybody else, Hannah began to educate herself. Later on, she developed self-esteem and saw her value as a person. “Diversity comes from within,” she remarked, and equality is something she regards as self-responsibility. For her, diversity and inclusion in any organisation must be a genuine effort where the leader or CEO explores what it truly means to be different and conducts open communication about it. She also pointed out that embracing diversity will also nurture the creativity and growth of an organisation.

Through her business, Hannah extends an opportunity for women and those who are marginalised to reach their goals through franchising. At present, she does some public speaking and organises workshops and mentoring sessions for everyone interested in hearing and learning about the principles that proved their value and soundness during her whole career. “I have a special interest in empowering underprivileged women and youth, helping them find their place in a global business ecosystem,” she stated.

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EO Melbourne comes up with webinars and learning events like this that helps entrepreneurs look into various social issues that may be beneficial in growing their business and developing their organisation.