How to have continuous learning along the entrepreneurial journey

Knowledge is not static. It constantly expands. Each day always brings something new to the table, which is why growth and learning are essential parts of human nature. Continuous development builds up a person, and many leaders and entrepreneurs get to where they are right now because of their thirst for learning.

How do you keep on upskilling yourself and expanding your knowledge while on the entrepreneurial journey? There are plenty of ways to consistently expose yourself to new things and widen your understanding of various concepts and information. 

Read books and other materials

There are multitudes of reading materials that can provide you with pointers, tips and insights on improving yourself. Business leaders and visionaries have also written countless books that can give you a peek into their minds and experiences. Apart from books, there are magazines and online posts that give additional information and remind us of already acquired knowledge that we can take with us to our day-to-day lives and into our business.

We had shared several lists of books on this site. There are books recommended by EO members, biographies of known business leaders, books on persuasion and negotiation, books by women business leaders, crisis management books, and books written by EO members.

Listen to podcasts

Podcasts that cater to the needs of entrepreneurs are a great resource of information and inspiration. There are plenty of known podcasts online and we’ve compiled 20 of them that can be helpful to entrepreneurs. Apart from this list, there are also some amazing podcasts by EO that feature different entrepreneurs and business leaders and covers various topics across many industries.

Attend seminars, workshops and learning events

What better way to learn from the more experienced and the experts than to have first-hand interaction with them? When you attend seminars and learning events you get the opportunity not only to listen to them but also to ask questions and clarify things. Among the benefits that entrepreneurs get when they join EO is access to opportunities, events and executive education programmes. 

EO members share some of the learning events that they find have helped them in their professional growth. John Anderton, Founder and CEO of Butterfly, found that he learned a lot from “the whole-day sessions on elements from Scaling Up, e.g., People,” referring to EO’s Accelerator Learning Days, which includes workshops and pre-work, such as readings from Verne Harnish’s book, Scaling Up.

There are EO learning events that stood out for Anthony Holdstock, Director and Owner of Sharp & Carter, and he cited them, “I really liked Warren Rustand’s event on raising high-performing families and I enjoyed the Gabby Leibovich session (Catch of the Decade).” Warren Rustand’s event was attended by the families of EO members, which made it even more meaningful.

Whilst for Mark Calabro, Co-Founder of HungryHungry, the event that he found helpful to his journey was the "Battlescars of Business" with Gus Balbontin. “He was fantastic, and he really stretched my mind with the way I think about education and the world,” Mark shared.

Experience things

They say there’s no better teacher than experience itself. It’s even more exciting when the things you’ve read and heard are put into practical use and you even learn more along the way. Many entrepreneurs and business leaders learn from their experiences, taking into account their strengths, weaknesses, limits and capabilities that can often emerge in a particular situation. Even institutions that provide formal education acknowledge the importance of experience, which is why practicum and internships are included in courses and school programs.

Observe and reflect

Learning is often as simple as using the five senses. Be conscious of things you encounter each day. There are instances wherein you may not be in the thick of things, but you can observe and learn from the things and happenings around you. You can watch how someone you look up to does things in their business or listen to the experience shares and tips from your mentor. Whether you experienced something yourself or somebody did and you only witnessed it, follow it through by reflecting, filtering the things that you’ve seen or heard, and picking out the lessons that you can take with you on your entrepreneurial journey.

Think about the best way on how you can further hone your skills, talents and capabilities. Don’t be afraid to acknowledge your weaknesses so that you can expand your learning and improve yourself. How do you make sure that you continuously develop yourself as a person, entrepreneur, and business leader? Share with us your tips below.

Becoming a polished gem through mentorship

Steve Wood (mentor) and Edric Taing (mentee).

Although he already has over a decade of experience running their family business, Edric Taing, CEO of SH Jewellery, still finds ways to polish himself further so that he can be a sparkling gem in the entrepreneurial space. He thought that having a mentor would help him become a finely cut entrepreneur, someone whom he could bounce ideas off, just like how a gem would bounce light to produce a beautiful masterwork.

Becoming part of EO Melbourne’s Mentorship Program, Edric found that “The biggest value for me is really being able to have a solid person to share my thoughts and ideas and current progress and also being able to talk without judgment about the challenges that are rising.” 

As solid as a rock, a jewel in the crown

A solid person is what Edric found in Steve Wood, Director at Roaring Success and an author of five books. With Steve having written books related to business, Edric feels he has hit a gold mine as he sees it as an added bonus to their mentorship.

“What I found really good with Steve is that he's written a lot of papers and books. It's quite common that I would present a current challenge -- and it's happened a few times -- and he'll email me a white paper that is written or something that’s got research behind it with his name on it, which quite impressed me. We then use that as a foundation for our discussions, as well. That I didn't expect from mentorship, but that's been a bonus that's been thrown in there,” Edric remarked.

Edric is glad to have Steve as his mentor. “I’ve had business coaches in the past, but not really a mentor. I just thought that would be a good relationship and friendship to form over time and somebody to be able to bounce ideas off and workshop ideas with,” Edric said. “Some of the immediate benefits (with having a mentor) have been having somebody when you've got a challenge or something that you want to share. To some extent, it’s with somebody who's been there, done that and has worked with a number of different people in that field as well. That always makes the conversation and workshopping really smooth.”

To this, Steve explained, “To be honest, the only reason I’m able to do that is I’ve worked with over 100 companies. They've been my training ground for experiences, which then I just gather. Then, Edric turns up. We can talk about what I’ve seen in the past -- working with a different company, what they did well, what they did badly, in my opinion -- and therefore, options for Edric to consider for making his own decisions to move forward. So, I’m very fortunate that I’ve worked with many companies that basically provide experience.”

The backstory as to how Steve has gotten involved with EO Melbourne’s Mentorship Program is quite interesting. As a management consultant, he had the opportunity to work with EO Melbourne Mentorship Chair James Murray in his business. James asked Steve if he would be interested to partake in this program as a mentor and he willingly lent his help.

Cast in the same mould

Finding a common ground is often a good starting point for mentors and mentees. Although they only met in April this year during the first meet-and-greet for the mentorship program, it was easy for Edric and Steve to instantly find things that can tie them together. 

“I'd say that in that first session, it wasn't long before we realised we had similar things. I realised Steve was growth-oriented and really into learning. Obviously, we're both in the business space, and we're looking at business improvement. On a personal development level, we ran a few exercises through that workshop. From that conversation, I felt that we gelled pretty well and the flow of the conversation was just really easy to be had. It has continued that way for the last few months as well,” Edric narrated.

Steve concurred, “I recognised in Edric a younger version of me -- a smart cookie, hard-working, leader -- all those sorts of things. I was thinking, ‘Yep, I like this fellow. I can help him. He's going to do the right thing by himself and by me. He's not going to waste my time. He's going to be in charge of the process,’ which he was.”

Even though the current situation has limited their face-to-face interaction, nothing has hindered their mentor-mentee relationship and the friendship that has formed along the way. According to Edric, “If I think about this relationship during COVID and if COVID wasn't to exist -- and in the short time, we've had both, actually, with our course -- the principle has been the same. I would say that the structure and what we aim to get is the same. It's about bringing what are your top challenges that you want to discuss and what are the updates that are going through. Whether in COVID or not, I think the help and the support level has been equal. It's really in line with that progress and that growth and just attacking things that are on top of the list to get done.”

Mentorship: a treasure trove of learnings

Both Steve and Edric found great value in mentorship. Both learn from each other and both have taken something out of the program. The learning process has accelerated as they were able to sit down and discuss various aspects of their lives. 

Edric was able to pick up nuggets of wisdom and knowledge during the course of their mentorship. “It's like a compounding thing over time. Now, we've been in this for three-four, maybe even five months now, and I can feel that the problems that I’ve brought to the table, I’ve come away with more clarity of mind about how to address those things. Maybe in five months, there isn’t one exact thing that's to say, ‘Oh, I got this really good result,’ but I’m sure if I compounded that over time, the results would be really, really amazing.”

He continued, “Sometimes, even unpacking it myself as I explain things to Steve, I’m kind of working out solutions just by being able to go there openly and talk about those things. So, the biggest things or biggest wins and value adds for me are really having that relationship -- a solid person that you can talk to, get feedback on and also workshop things together in that mindset of growth, then improving things. That's probably my biggest takeaway.”

Steve is also amazed at the whole experience as he gets to learn new things. One of those that really stuck to him during their discussions is on the lifeline diagram. “Edric showed me the life cycle or the life stages diagram -- The lifeline. Again, that's a model I’ve never seen before. Edric talked me through his (lifeline diagram) and then I talked him through mine. What's very interesting is that our personal learning happens in times of good stuff, but it also happens when it's really difficult. And when it's really difficult, I reckon we learn actually more because we have to be resilient and we have to work out what to do and how to do it. And then, that builds our skills, our mental muscles, our physical muscles, and our logic muscles to be able to figure out what to do next. I hadn't seen that model before, but it reinforced that we learn in many ways and we should always be open-minded to those sorts of things.”

Moreover, Steve enjoins those who are considering becoming a mentor themselves, “I would certainly say it's worth giving a go. It's not about you or me as an individual. It's actually about helping others to achieve what they can do. And actually, that's quite a skill. If you're able to do that, that's quite a skill that you're building for yourself. For me personally, I get huge satisfaction out of helping others grow, helping others get through maybe challenging difficult situations and moving forward.”

There are many more gems to mine out of mentorship. If you have experienced mentorship, feel free to share with us your precious learnings by commenting below.

Retrospection along the entrepreneurial journey

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

- Jordan Peterson

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

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

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

Explore and get that experience you need

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

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

Identify what you enjoy the most

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

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

Find people who can guide you

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

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

Join a group that can support your journey

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

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

Enjoy the ride and keep learning

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

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

President's Update - October 2021

From the President

What’s Coming Up

As we slowly emerge from lockdown, the Board and our Chapter staff are looking forward to hosting members in person again. 

One of the most significant realisations from my decade-long EO Journey is that the learnings I have acquired from the informal discussions with other members are invaluable. 

Before joining our ranks, I assumed that the majority of my learnings would be gleaned from external experts presenting at events. 

But, more than ten years down the road, I’ve come to realise that some of my most valuable learnings have been through discussions with fellow entrepreneurs. 

As a member of the EO Melbourne Chapter, we all have the privilege to connect with exceptionally talented individuals who share our passion for learning. Many have lots of lived experiences to share.

I would encourage you all to tap into the deep pool of knowledge, experiences, and life lessons that vary from each and every one of our 150+ members and make an effort to meet someone new at our next event.

We have a wide variety of amazing events locked away, and I am confident you’ll be shifting commitments in your calendars to make sure you don’t miss a single one.

One of our most popular events, the AGM, is fast approaching. Locked and loaded for the 11th of November at one of our favourite venues, the Prince in St Kilda, it’s the perfect start to get back into the swing of face-to-face events again.

In addition to catching up with some familiar faces and making new connections, our guest, world-class speaker, Craig Harper, will deliver inspirational guidance to help us take our lives from mediocre to extraordinary at the AGM.

Our events team has been working tirelessly to ensure our annual end-of-year event raises the bar yet again. 

Block out Friday, the 17th of December now and join us at the Carousel for a chance to relax and enjoy each other’s company. We’ve got a few big surprises planned, and I am sure everyone will be blown away with the line-up of quality entertainment.

As the saying goes, there’s no rest for the wicked, and we’re also busy planning our EO Chapter retreat, scheduled for Friday, 25th through to Sunday, 27th of February. 

The Chapter retreat committee is very close to finalising the agenda. As you would expect, we have a once-in-a-lifetime experience planned that is guaranteed to be unforgettable. If I can give you some valuable advice, you won’t want to miss this one! 

Our Chapter is committed to inclusion across all our operations. As the situation evolves, we are aligning our COVID-safe policies and practices in line with Victorian Government public health advice. As a community organisation that is centred around gathering at public venues, we are guided by public health orders and the individual venue requirements. If you have any queries in this regard, please reach out to our Chapter staff for further guidance.

This month, your Board Members will be busier than ever as they develop the Chapter’s three-year strategic plan. Look out for updates as we start to create the focus for the next three years. 

Personally, I am excited to explore how the Chapter can contribute to the transformation growth of our members. The Board welcomes members' ideas as we commence this critical task.  

Warmest regards, 

Socrates Capouleas
President 2021/2022, EO Melbourne

Making your office space conducive for work

The physical space where you conduct your business or day-to-day tasks plays a major role in your productivity at work. How do you make it conducive to your job and your team?

Whether you work in the comforts of your home or you work with your colleagues in your company’s office space or you share working space with others, it is important that you take into consideration the overall environment of your work area and how it contributes to your efficiency. We’ve put together some pointers that you might want to consider to make your space more conducive for work.

Have good lighting

Good lighting is important in your work because it can increase your productivity, reduce the incidence of errors or mistakes and provide a more pleasant environment in your job. On the other hand, poor lighting can cause eye strain, headaches, stress, and even mishaps. As much as possible, have adequate lighting in the area where you are working. Check your bulbs if they are bright enough or see if your desk provides you access to the sun. Take the cue from Mark Calabro, Co-Founder of HungryHungry, who prefers that his workspace has “natural light and near the windows”.

Keep things clean and organised

John Anderton, Founder and CEO of Butterfly, keeps his space clean and organised at all times. When items in your work area are neat and in order, it is easier for you to find whatever you need on your desk. It provides you with more leeway to do the different tasks you need to do, where you can scribble, spread documents you need to read and other things needed for your job. It also allows you to focus better, lowers stress levels that may be caused by a cluttered workplace, and other psychological benefits. Whilst there are some who thrive in disarray, it is better to put your things in the right place, where it is free from dust, microbes and bacteria.

Allow the space to fit your corporate culture

How do you make your office space fit into your corporate culture? Anthony Holdstock, Director and Owner of Sharp & Carter, shares, “We make our office space conducive for connection. We want our people to connect, to love working with each other. It probably isn’t the best for productivity but it is for culture, and culture keeps people, and keeping people is a win for customers and long-term profitability and growth.” 

Get away from distractions

If your workflow is hindered by noise, movement, clutter, or something else, it is best that you find a spot where you can minimise or be free from these diversions. Mark Calabro’s tip for this is to “try and always sit away from others to avoid distractions.” You can position your work area far from where people converge or you can use a meeting room if you’re doing something urgent or have an important call, especially nowadays when most meetings are done online. If you are easily disturbed by sudden text messages or emails, you can mute them or assign a time to respond to them. 

Make the tools and things you need handy and available

Always check if your various office equipment are all working or if you have stocks of your office materials. It can cause you so much stress when the time comes that you need them and they’re not functioning or available. Also, make an audit of your office equipment if they have to be upgraded or if they are regularly needed in your business. Sometimes, you don’t have to do everything in-house and you can have some tasks be done by a supplier or a third-party agency. 

Once you identify those that are must-haves in your workplace, keep things you need more frequently within reach. John Anderton makes his space conducive for work by “having access to good coffee, keeping everything in working order and outsourcing all the boring tasks.”

Personalise it and make it more alive

It is good to put something that can inspire you to do your work better and more efficient. It can be a photo of your family and loved ones, a picture of your dream destination, a favourite quote, an artwork you love or something that will make you smile and bring you energy. Place a plant nearby. Decorate your desk. Create that space into something you’d like to walk into every day. But don’t overdo it, otherwise, having too many things can become distractions. You still have to be conscious of the space allocated for work.

How about you, how do you make your space conducive for work? Share with us your tips in our comments section below.

Dealing with burnout and work fatigue

When your days are filled with tonnes of emails to check, meetings to attend, fires to put out, and many responsibilities to take care of, it won’t be surprising to find yourself feeling weak, tired, anxious, irritable, exhausted, drained, depressed, forgetful and the list goes on. How do you manage burnout and work fatigue so that you can sustain yourself for the long haul?

There are different ways to deal with burnout. One, you can do something before it happens and, two, you can find a way to overcome it or relieve yourself from it when it occurs. Burnout is a huge challenge to many business owners, so we have put together a few tips, including some pointers and experience shares from entrepreneurs John Anderton, Founder and CEO of Butterfly, Mark Calabro, Co-Founder of HungryHungry, and Anthony Holdstock, Director and Owner of Sharp & Carter. 

Try to separate home and work, workdays and weekends

Setting boundaries between work and personal life can be a struggle for many entrepreneurs. However, you often need to switch off from all the demands of the role and devote certain time for self-care. Take some time to focus on yourself after work or during weekends. While it can be a challenge, it is something that can be beneficial in the long run.

It is a tough thing that Mark tries to conquer as well. “I try to keep work away from weekends but that’s difficult as knowing I have a tonne of stuff to round off from the week gone, which also builds anxiety, so it’s not easy.”

John sees it as a way to avoid burnout by having a “strong separation between home and work”, such as “ignoring emails at night and on weekends,” for example.

Know your limits and learn to say “no”

Even though you want to be on top of everything and stay in control of things within and around you, there are times when you need to say “no” or acknowledge the stop sign before you run out of energy to keep going. Especially that entrepreneurs are living a life that is always on the go and with various obligations to attend to, it is better to take a pause and assess if the things before you are something you can carry out at the moment. If not, delegate tasks to your team. Seek help when needed. 

“Knowing my limits” is one of the ways John deal with work burnout and entrepreneurial fatigue. There is wisdom in not going beyond what your body and mind cannot take. There’s nothing wrong with admitting there are certain things that no longer be accommodated on your plate. Listen to your body. Don’t overdo yourself to the extent that you exhaust yourself.

Take a break or vacation

“Rest if you must, but don’t you quit” is a famous line in the poem “Don’t Quit” by Edgar A. Guest. True enough, resting is not quitting. Instead, it is one way to recharge yourself so that you will have all the energy to tackle the next big thing along your journey.

A vacation is also something that John finds helpful in avoiding or relieving one of burnout. “Holidays or at least dreaming about holidays,” he commented. It’s good to be away for a while, be in a different environment or scenery, and do something that you don’t get to enjoy every day, for a change. It allows the mind and body to rejuvenate and have more stamina when coming back for work.  

Exercise

Exercise can do wonders not only to the body but also to the mind and one’s overall wellbeing. This is why John makes sure that “Physical exercise is built into my weekly routine,” he revealed.

Anthony has been keeping up with his exercise as well. He shared, “I don’t think I have ever had burnout or experienced burnout. But maybe that’s because of what I do consistently. I exercise for 1 hour at 5 or 6 times per week; running 10km every second day and HIT/Strength workouts on the other days and 1 to 2 rest days per week.”

On the other hand, Mark admits to facing certain challenges when dealing with burnout, but he tries to overcome them with exercise. “I struggle. Exercise is my sure way of levelling myself out, usually with a 3-4km run.”

Meditate and reflect

Meditation and reflection can help you clear your mind, organise your thoughts and focus on the more important matters. It can also open your mind to insights and ideas that you may have missed due to the various things that have been preoccupying your mind. You can take a few minutes each day to just have some quiet moment by yourself and do meditation exercises. Reflection also helps you review the things you’ve done and give serious thought to what is on hand or those that are about to come.

It is one of the preferences that Anthony does to avoid getting burned out from work. “I try to make sure I have time set aside for reflection, learning and family time,” he remarked.

Spend time with family and friends

Spending time with your loved one -- be it in the comforts of your home, the fun and familiar atmosphere of your favourite hangout place or the excitement of a trip -- can help ease your worries and burdens. The positive energy you generate by being surrounded by people who are dear to you can inspire you to have a better outlook of work, despite its many challenges. As Anthony has mentioned above, quality time with his family is something that he makes sure to set aside in his schedule. 

Read, learn and equip yourself

To take a cue from Anthony’s remark about setting aside time for learning, trying something new that can expand your knowledge and hone your talents can get you motivated. Learn a new skill, tap on your creativity or start a new hobby. Read books about your interests, grow a garden, build a piece of furniture, do some handicraft, or study a new language. There are lots of activities that can take your mind away from the pressures of your job while, at the same time, contribute to developing your capabilities as an entrepreneur and a person. Little accomplishments from your other interests or new endeavours can increase your drive to do better at work.

Talk with someone who can understand your situation

Sometimes, all it takes is for you to be able to let out your frustrations, problems and disappointments that come with your many responsibilities as a business owner. That is why it is helpful to surround yourself with like-minded people who can understand and relate to your predicament. This is the beauty of EO through its Forum, which fosters peer-to-peer sharing between members in a trusted and confidential environment. 

How do you deal with burnout and fatigue? What are the ways you do to overcome it? We’d love to hear from you. Share a tip in the comments section below.

Mentorship as a game-changer in the entrepreneurial journey

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

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

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

Mentor Greg Tucker and Mentee Gary Lorden.

Having the right match of mentor

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

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

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

The beauty of the EO mentorship

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

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

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

Getting great value from the mentorship journey

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

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

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

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

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

Business habits to help you run your business successfully

Every little thing we do leads to something big, whether they are good or bad. Even in business, our small actions, if done regularly, become habits and these habits build the corporate culture of an organisation. Thus, it is important to build good habits early on to be able to achieve huge successes in the entrepreneurial journey.

To begin with, take a look at your existing habits. Record your activities during the week or month and see which ones you should stop, start and continue doing. While it might be easy to tick off which ones you should stop and you should continue doing, the big question is what are the habits that you need to start incorporating in your life?

Here are a few suggestions that you can do, along with some experience shares from successful entrepreneurs.

Create a routine or rhythm

Having a routine works for some, while others may struggle with it. If you are not much of a routine person, have at least a checklist of some activities that you need to do on a daily, weekly or monthly basis. This allows you to prioritise tasks and focus on more important matters.

For John Anderton, Founder and CEO of Butterfly, one of his business habits are having a great meeting rhythm. A consistent meeting rhythm with your team enables you to align your ideas and actions as well as build strong communication with each other.

Consult a coach or mentor

If you are at the early stages of your entrepreneurial journey or if you are on the crossroads or in the process of transition, it is helpful to have someone guide you to save you on time and effort because it will help you nail things early on. It also adds to your growth and learning to consult with an expert or a more experienced entrepreneur. Make it a point to do meet with your coach or mentor regularly and add it to your calendar. For example, John meets with his business coach every month.

Set short-term, medium-term and long-term goals

Goals are major factors in the success of a business. It’s good to have long-term goals that reflect your vision for your company and then break them down into medium-term and short-term goals. In the case of John, he makes sure that he does and reviews his “articulated BHAG (Big Hair Audacious Goals), 3HAG (3-year Highly Achievable Goals), Financial-year goals and quarterly goals”.

Meditate or commune with nature

It’s good to develop a habit that will help with your mental health, de-cluttering your mind and enabling yourself to focus on your priorities and more important matters. This is why Mark Calabro, Co-Founder of HungryHungry, makes it a habit to do “morning meditation or breathing to clear my mind and focus. I also make a point of parking my car in short time allocations, which forces me to go outside and get some sun and fresh air.”

Practice punctuality

“Be on time.” This is one of the habits of Anthony Holdstock, Director and Owner of Sharp & Carter. It is good time management wherein you budget enough time for preparation so that you will be early in your meetings and business schedules. There’s a sense of calmness when you’re not in a rush as it allows you more time to be ready for what comes next. Moreover, being prompt is also a way of respecting other people’s time as much as you respect yours.

Match your words with your actions

Another habit that Anthony finds useful in running a business successfully is to “do what you say you are going to do (with no exceptions).” Delivering on your promises is something that is not easy to do. But if you are careful in what you commit and being able to carry them out, it enables others to build their trust in you.

It would help to note everything down and include them in your checklist of tasks so that you do not miss the things that you’ve offered or agreed to do. Be mindful of what you assure others that you will perform and make sure that you fulfil them.

Look for win-win outcomes

A valuable habit for Anthony is to “treat people how I want to be treated. Internally and externally, always look for win-win outcomes.” To run a successful business, you have to be conscious of how you deal with people, whether they are your team members, suppliers, third-party service providers, peers, or clients. Find a common ground and respect each other’s uniqueness and ideas.

There are many more good habits that can lead you to wins and successes. Read through the profiles and biographies of successful business people. Listen to their talks and experience shares. Find out what they do that contribute to their thriving companies.

Once you have identified them, see which ones are doable and fit your values and lifestyle. Some habits don’t have to be grand. Remember, big journeys start with small steps. Develop good habits and you will see later on the fruits these habits can produce.

President's Update - August 2021

From the President

As I write this update for our newsletter, Victoria clocks up 205 days of lockdown. “Lockdown” is apparently the word of the year for 2020, according to Collins Dictionary. It’s pretty crazy to think we are going through this again, however, I am supported by the fact that we all belong to a great community of like-minded people where we are ready to lend support to each other.

I think that if we can learn from some of the shortcomings of our current Government, it’s that we need to be transparent in our business dealings and take accountability when things go wrong. Maintaining the trust of those that are closest to you, including family, staff, customers, friends and forum will ensure you remain viable in the long term.

We are being tested as entrepreneurs, business owners and leaders like never before, and I continue to be amazed by the resilience that the EO community continues to show. I have no doubt that all of our companies will be more viable and have better systems and processes when we are on “the other side” of this. I know that when this crisis is over, I am aiming for my business to have transformed rather than default to our original way of operating.

Forums are the backbone of our EO experience and I continue to hear amazing stories around how forums provide a safe place where we can experience share and hear alternative views on business and personal matters that may be challenging us at the moment. Our Chapter has been exploring ways that forum experiences can be taken to the next level so that the value we all get from forum can continue to increase. Our Forum Chair Damian Blumenkranc will be providing you with further details.

Our Chapter is introducing specific leadership training to Board members and new moderators to give back to our volunteer members who contribute significantly to the Chapter by taking on leadership roles. We hope that the leadership training will benefit them both in their EO journey and their own entrepreneurial journey.

I hope everyone got to watch the video recording from our resident psychologist, Katerina. I have been using the “signs of burn-out” she identified to help determine if my staff or I am suffering. It has proven to be a great tool for me. I want to remind all our members are eligible to for to 3 consultations with Katerina, so if you are finding this period challenging, please make a booking. The feedback I have received from members has been great and they have all walked away with great tools to use for dealing with stress and anxiety and the pace with which change is required.

We recently rolled out the “GOAT Year” Survey, spearheaded by our Member Engagement Chair Costa Vasili. GOAT, meaning Greatest of All Time, is our way of knowing what we’re doing well as a Board and how we can still improve on as a chapter. I encourage you to complete the GOAT Year Survey to help us in delivering the type of events or speaker support that you’d like to see in the chapter.

Our Board has been working hard to re-establish our calendar of events. We are planning a number of great online events that blend fireside chats with entrepreneurs and also include masterclasses on things like how to appreciate whiskey possibly a deep dive into the world of cheese making. We propose to continue to look for opportunities to reschedule our flagship major events like our Gala Dinner and end-of-year celebrations, as well as roll out our great speaker line-up in two parts being virtually and then a follow-up face-to-face event.

We have also established a committee to roll out our Chapter retreat which normally occurs every two years in the EO calendar. This retreat will be fully funded by our Chapter and will be held over 3 days (likely to be in February 2022 over a Friday, Saturday and Sunday).  We are planning to introduce a variety of speakers to cover a range of topics focussed on entrepreneurs living and sustaining their best life. It is our hope that we can bring some powerful experiences to this retreat that provide our members with the type of value that they expect from our organisation.

I am grateful for the opportunity to continue to lead this Chapter and confirm the Boards commitment to continuing to contribute to everyone living their best entrepreneurial life.

Warmest regards, 

Socrates Capouleas
President 2021/2022, EO Melbourne

Filling a gap: what is the purpose of your business?

A sense of purpose is what every individual and business chart their path as to where they want to go. Without it, it’s like losing one’s direction in the journey. Businesses thrive because they provide a solution to a problem or responds to a certain demand in society. Many enterprises were established because the founder has experienced or witnessed a particular need that has to be filled in.

If you are planning to start a business or if you have one and want to revisit your mission and vision, it is essential to identify the purpose of your business. What is the gap that your product or service trying to fill in? Still in the process of figuring out the solution that your business must provide? You might find some inspiration or insights from the experience shares by these entrepreneurs.

Austin Vaughan

Managing Director, Pacific Solar

We fill the requirement for commercial solar installations. Nationally, most companies now consider a Solar Energy System as an essential item to convey their corporate environmental credentials, as well as an energy cost savings from the bottom line. We offer an end-to-end solution to ensure our customers have a seamless delivery process to achieve the environmental and return-on-investment outcomes they aspire towards.

Joanne Camilleri

General Manager, Telco Business Solutions Group

Co-Founder, Work Tank

In 2018, my business partner John Rovas identified a gap for high-quality coworking & shared office spaces in the suburbs of Melbourne. We were often travelling to the CBD to conduct off-site meetings and connect with colleagues or suppliers. We started to talk about how great it would be to have something like this locally (our businesses were based in North West Melbourne). 

We continued to build out the concept of what we would like to see in our coworking space, and construction commenced in August 2019. We planned for everything – except a pandemic! We were scheduled to open in March 2020 but Work Tank was officially opened in June 2020.  We are proud to say that one year on, we are building our community and whilst the impacts of COVID have been challenging, we have seen some benefits coming from it, also with people wanting to work closer to home.

Dion Castle

CEO, Struber

With the fast-changing environment in society and the world, in general, it is easy to see that the culture, technology and customer experience in our industry were due for an upgrade.

Data-full decision-making drives our thoughtful mix of communication, engagement, marketing and creative solutions, forging strong human connections one major project at a time. With our eyes firmly on the prize, we build bold engagement programs, working hard to deliver greatness for our clients every day. And it’s this greatness we’re most proud of. It’s what’s earned us the respect of people in the Struber universe – our clients, our peers and each other.

Cameron Bell

CEO, Pyrochar

Oh wow, I see more and more as I become more experienced. Right now, I am focusing on two, which are (very briefly) disability housing and scale capital for globally expanding ventures.

But I've honed it down to two main areas:

• Painkiller - is what you are solving a real pain or problem for a consumer?

• Vitamins - Is what you are solving a more interesting or easier way of doing something?

The data shows that neither is more likely to be successful than the other, which is very interesting. There are just so many new businesses to be created that easily fit into those above two categories.

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If you just look around you or pay attention to the day-to-day things you do, you will find that there are gaps, hurdles and obstacles that people need to overcome. However, every challenge and problem presents an opportunity – the opportunity to make things better, to provide a solution, and to make people’s lives easier. And that’s what visionaries see. They don’t see the huge rock in front of them as a reason to turn back and give up. Instead, it’s a way for them to jump higher or build something to surpass that wall that prevents them from going forward.

Share with us your experience. What is the gap you’ve seen that inspired you to start your business?

Building your team through a strong corporate culture

Having a strong and desirable corporate culture helps attract and retain exceptional talent. Every company has its own values, and an inclusive and healthy culture can assist you to attract high-performing and engaged team members.

It’s time to look into your internal environment and assess what particular aspect of your culture keeps your team going and even brings in impressive recruits. To help you get started, some EO Melbourne members share their experiences and best practices when it comes to maintaining a culture that supports the growth of their business.

Nurturing relationships with key stakeholders

Having good relations with people you work with is a major factor for wanting to stay longer in an organisation. The same goes for third-party service providers, which prefer to conduct business with those they have amicable dealings with and those they can trust. This is why Austin Vaughan, Managing Director at Pacific Solar, emphasises strong relationships as part of their corporate culture. “Our core values are towards nurturing relationships with key stakeholders, such as contractors, suppliers, developers, and builders, so that they continue to think of Pacific Solar first when any new or forthcoming opportunities are presented. When something unexpected occurs (and it always does in construction), they have our back to pull us through and vice versa. A good cooperative approach is essential to our success.”

Open communication and encouragement of team members

Open communication helps build rapport with team members. It also enables business owners and HR managers to lessen misunderstanding and address concerns at the onset before things can blow up into serious issues.

Ben Stickland, Founder and CEO of Alliance Software, shared how they do it in his business. “The best corporate culture technique we have is a one-on-one interview with every staff member. We ask the staff member to reflect on challenges and coach them to consider and act on solutions. It's 30 minutes, that's all about them. We always ask the question ‘from a 1 to 10, how happy are you,’ and follow this up with ‘and what would it take to get to a 10’. People become unhappy for many different reasons and the key is to get to people early in their ‘unhappiness’ cycle and coach them to a good outcome rather than pretend there are no issues. Look for issues, don't avoid them.”

And for Dion Castle, CEO of Struber, it’s all about having “High-performance behaviours + high-performance habits”. A culture that fosters behaviours and habits that help increase productivity and create positive energy will encourage team members to always do their best and aim for the utmost results in all they do.

Building mutual respect and a sense of belongingness

Trust and respect are strong foundations of a good relationship and a positive corporate culture. But how do you achieve this? According to Steve Jackson, Director at PurpleMonky and Founder of Moon & Back Co., “People on the team respect each other, have fun with each other inside & outside of work, but most importantly, they support each other daily. No one is in it for themselves, and the ability to produce a shared vision where ‘when one person wins, the entire team wins’ is invaluable.”

Similarly, for Nyree Hibberd, CEO of Koh Living, it’s all about promoting a safe and healthy environment where those in the organisation feel they belong to the team. She explained, “We had a guest speaker in a recent EO forum, Fiona Robertson, who wrote ‘The Rules of Belonging’ and we applied it immediately in our business by asking each of the staff what they felt the rules of belonging and being accepted within Koh were. It was an amazing exercise to get clarity on the culture or rules of belonging, and we now use that not only in the interview process by selecting more carefully but also in the induction process by outlining those rules of belonging to help new staff slide in and feel more comfortable a lot faster.”

Culture is important in the longevity of a business and an organisation. Share with us below what particular culture you uphold within your company that strengthens your team and helps it go forward.

The importance of succession planning

Recent global events have taken many of us by surprise, reminding us that planning and preparation for the inevitable must be taken into serious consideration. It goes not only for our individual lives but also, and most especially, in business. One of the things that business owners and HR managers must have is a viable succession plan and strategy in place for the longevity and sustainability of the business.

A succession plan helps prepare a business avoid any vacuum within the organisation that may be caused any eventuality. It is by being ready to fill in key positions with the right persons fit for the role. According to Rahul Kale, Director at Sunpower Renewables, “Succession is a layered approach for our business, and I am particularly on the lookout for the key positions that drive our business – Head of Innovation, Head of Strategy, Head of Business Development and Head of Engineering. We tend to hire accordingly for these positions and start right from the hiring process.”

It's not just in the hiring process, but Rahul and his team also look into their internal talents. “There are regular succession planning discussions during our management meetings, and we always have a plan A, B and C in place. I also ask the respective Department Heads to groom their key personnel and do trial runs when they are on holiday. You will be amazed to see what some people can do when you empower them and give them more responsibility. It is important to provide job security to the right people, so they want to groom people and are not threatened by succession planning discussions,” Rahul remarked.

Succession planning also enables entrepreneurs to work on the business rather than in the business, which can allow the enterprise to keep running even in their absence or with minimal supervision from the business owner. With this, Rahul added, “From a leadership perspective, my spouse and I do the same thing and interchange roles regularly. In doing so, you can also see where the company’s systems must be strengthened which then allows good people to work more effectively. We also have a succession plan for the company’s ownership to ensure the longevity of the organisation and brand that we have developed.”

Malcolm Bean, Director at Beanmkrgy, also shared their succession strategy in their company. "We talk to leaders about their departure from the business and how that looks like to them and when. Encouraging them to write a plan to move onto the next thing so we can assist. Often, this results in longer tenure and discovering other opportunities for A-players in the business. Ideally, the leader is part of the plan to build or source out succession individuals into the business as we work on the departure of team members or towards the next thing. As a team, we talk about talent or ‘rare needles in a haystack’ regularly. The point is that talent (opportunity) often presents itself over time, many times when we are not looking. So when we see it, we need to secure them into our business ASAP.”

For Meirav Ambar, Partner at Trendtrade International, it also starts from selecting the right people, whether as team members or third-party providers. Meirav expounded, “No doubt, choose the right partners – first and foremost, your business partners (the best in the world are taken by me!), and then everyone you work with. I do not work with suppliers, customers and service providers. I see all of us as partners, and I choose to work with partners that share the same values and whom I can trust.”

On the other hand, whilst Lauren Staley, Managing Director of Infolio Property Advisors, does not see herself taking a step back from her business anytime soon, she’s already laying the foundations to make her business ready while she’s still determining her next steps. “I’d like to say I’m super clear on this, but frankly, I’m not – currently I am building the rent roll as that is the most saleable part of my business. I’m working on the balance sheet and accounting to make it as clean as possible so that if a buyer did come along, I can be ready. I’m also currently grooming a member of my team to be able to take the driver’s seat for me.  Once I have these ducks firmly in a row, I will have the headspace to think about what next.  I love what I do so it’s hard to see myself out of it, yet,” she explained.

Succession planning is just one way to trouble-proof one’s business. Although we cannot predict and fully prepare for the future, it pays when one takes the necessary steps to lessen any negative impact that an unforeseen circumstance may bring. Have you given a thought to your succession plan? What actions have you taken to make your business future-ready?

Paying it forward in the entrepreneurial journey

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

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

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

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

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

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

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

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

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

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

President's Update - July 2021

From the President

Welcome, EO family! I hope this Chapter Update finds you and your family well.

Throughout last year, we all had to shift our focus and adapt to the changes happening around us. Shifting gears, constantly making changes to our well-meaning to-do list, and not necessarily meeting our goals are no fault of our own. Yes, the pandemic has challenged us in many ways, so I encourage you all to embrace getting out of your comfort zone, as it will make you better leaders and entrepreneurs.

Likewise, our Board has had to keep on their toes and continue to pivot with re-scheduling events and new ideas. I am preparing this update directly after an awesome strategy day with the Board coming up with a great plan to bring transformational growth to your upcoming year with EO.

I am pleased to announce that our membership renewal rate was the highest our chapter has ever had and the highest in the APAC region at 94%. We are tracking towards 150 members over the next few months and will be onboarding some awesome new members shortly. We plan to continue to run small intimate events whereby you can all continue to build life-changing connections with fellow EOers.

I was hoping that at this stage of our calendar we would have had our End-of-Financial-Year Gala Dinner whereby we would have thanked our outgoing President Sherryl and I would have introduced our theme for this year. Our events team is re-scheduling the gala dinner, so stay tuned as it will be an amazing event.

Without delaying any further, our theme for the year is Thriving Through Life-Long Learning; Taking our business and personal lives from merely surviving to thriving. You have joined a Chapter where, as individuals and as members, we are invested in one another’s growth and success. It is our goal that you experience business and personal growth through peer-to-peer learning, support and global connections and once-in-a-lifetime experiences. The Board and I, as President, are the custodians of the Chapter and we are focused on executing our theme for the year.

I look forward to seeing you all at a face-to-face event shortly.

Warmest regards, 

Socrates Capouleas
President 2021/2022, EO Melbourne

Realising true entrepreneurial freedom

by Jamie Lingham 

As an entrepreneur, I want the benefits of not only being my own boss but also having the ability to do what I want, with who I want, where I want and when I want. After 20 years of running my immigration business, dealing with staffing issues, long nights, long weekends and time away from my family, COVID was the one to push me to take on the ultimate travel, work, and family adventure around Australia.

“My business works better when I get out of the way. As much I would like to think that I am the centre of my business universe, the reality is that after 20 years, the business is just fine without me.”

The year 2020 was particularly bruising for the immigration advice industry. Instead of laying off staff, as our competitors did, we circled the wagons and took on the message from our EO Melbourne WhatsApp group to double down on marketing and use the resources around us to get through this together. As a result, we not only survived but also grew the team during this period. Personally, it was taxing and stressful, yet it was also exciting as it reignited my entrepreneurial fire and reconfirmed my ability to manage a crisis.

Fast-forward to January 2021, my wife, Penne, and I decided to purchase a camping trailer, take the kids out of school, rent our house out on Airbnb and drive around Australia, while still working on the business. Four months later, our Instagram handle ‘@leadingremotely’ was born and we were on the road!

Nine weeks in and I have already learned some great lessons:

Why didn’t we do this sooner? – Our business allows us to work anywhere with internet access, and our clients don’t care if we are in Melbourne or Mexico. As a family with young kids at this age (10, 7 and 5), we feel the timing is perfect. Home school can be a battle, but we figure that they are learning more every day than they will at school.

Systems, processes and preparation – We have spent the past few years (over)-engineering the systems and processes in the business. We have also employed the right people in the right seats and invested heavily in their success (two of my team are in EO’s KEP and we are trying to get something similar for another team member in New Zealand). These team members get the same buzz that I do after the forum and it’s amazing to see their growth.

My business works better when I get out of the way – As much I would like to think that I am the centre of my business universe, the reality is that after 20 years, the business is just fine without me. This has challenged my purpose and relevance, yet the best news is that it allows me to unshackle myself of everything but the top-level strategic decisions.

It’s my eat-love-pray moment – No matter how spontaneous the trip felt, it is apparent that there is a deeper meaning to this journey. Rather than a holiday, it is a lifestyle, outside of leading remotely. It’s about letting go, as well as it’s about connection - connection with myself, with Penne and, most importantly, with my kids, before they seek connection away from our guidance and are lost to us forever.

We have already travelled more than 14,000kms over this vast land, changed three tyres, busted the water tank on our camper, and I have also torn all of the ligaments in my ankle after falling off the roof of my car. Despite this, we are still only 40% in of our planned journey, and not only am I excited for the next six months but I am also eager to meet the family that will soon to Melbourne and the impact that this amazing life experience has had on us as individuals, as a couple and as a family unit.

For more updates on working remotely and our outback journey please follow us on Instagram @leadingremotely.

*Jamie Lingham is a member of EO Melbourne and the Global Immigration Leader of Absolute Immigration.

How do you communicate bad news to your clients?

In every business, there are times when things take a different turn and projects can often head south, may it be due to human error, unforeseen circumstances, or uncontrollable situations. When things go awry, how do you break the bad news to your clients?

“Bad news is never good to deliver, but developing a process over time has made it easier to handle.”

- Steve Jackson

There are different approaches to it, depending on your client’s characteristics and your relationship with them. A few entrepreneurs share with us their experience and how they tackle the problem when the situation calls for it.

However, all of them have one common word – HONESTY.

Truly, there’s no better way than to be upfront about things, especially in business. It saves all parties time, resources, and effort when things are talked out promptly and issues are tackled head on.

Austin Vaughan, Managing Director at Pacific Solar, confirms this. “I would commonly take a direct approach as we feel honesty applies in all our communications,” he said.

Nyree Hibberd, CEO of Koh Living, expounds on this further. “Honestly, as it’s one of our 5 brand values: “We are honest, authentic, and down-to-earth; ‘keep it real’ is our number one mantra. We tell the truth and strive to always do what we say we’re going to do.”  For us, bad news may be around stocks selling out or delays in arrivals of replenishment. So at every stage, we aim to keep the customer informed with accurate information to limit the interruption to their business.  In most cases, we find it’s about the communication of the news rather than the news itself, so we aim to always be upfront and honest with any bad news,” she remarked.

While unfavourable news cannot be avoided, it often depends on how the information is delivered. But having a method or careful approach can help mitigate the negative impact it may bring to the client or business. However, it doesn’t stop with just telling the client about the problem. Coming up with alternatives at the onset can also help ease the worries of the client.

Steve Jackson, Director at PurpleMonky and Founder of Moon & Back Co., shared, “Bad news is never good to deliver, but developing a process over time has made it easier to handle. Firstly, an urgent team meeting internally to discuss what happened, and what solutions are available. Then, we make an immediate phone call with complete honesty to the client about what happened and how we want to work together to find the best solution. No matter the outcome, the client always respects the honesty & willingness to find the solution.”

In short, crisp words, Dion Castle, CEO of Struber, stated it simply but powerfully, “Communicate quickly, clearly, honestly with a solution ready.”

This is echoed by Joanne Camilleri, General Manager of Telco Business Solutions Group, “With complete honesty, authenticity and ensuring, if necessary, that we are taking ownership.  Ideally, we communicate face to face.  If appropriate, we would finish it off with the challenge or opportunity that is arising from the bad news.”

A more detailed explanation is provided by Ben Stickland, Founder and CEO of Alliance Software, “We do it with brutal honestly and as quickly as possible. The formula is simple: we tell clients this is what happened, this is how it'll affect you and this is what we're doing to fix it. We also always tell clients that right now, we're focused on the fix and when the dust settles, we'll do a review and work out how we avoid these problems in the future and make it right. In our space, clients are very understanding if you're upfront and drop everything to make things right.”

Have you experienced a similar situation where you have to break some bad news to your clients or customers? How do you do it? Share with us your approach and its effect on your business.

Budget-saving tips for more cost-efficient work operations

In business, it is important to track what’s being used, including cash, goods and, of course, time.

Keeping up with your day-to-day operations may quite be a handful, but with a few tips, you may just be able to have a more cost-efficient day-to-day operation in your workplace.

We gathered some amazing ideas from entrepreneurs on how they budget their resources, lower their spending, and save money, time, and effort.

Go paperless

The use of less or no paper at work is an earth-friendly initiative and also a great way of saving on costs. Besides, using paper a lot can take up so much space in your office. For Dion Castle, CEO of Struber, their way of doing this is to “make it really hard to print.” He added, “When your team stays digital, you save the planet and save on printing costs at the same time.”

Monitor expenditures

One way to stay on budget is to constantly keep your eye on your spending. Alliance Software Founder and CEO Ben Stickland shared how to do this. “Set a time (for us, it's every 6 months) to review all recurring expenditures and challenge whether you need them or perhaps need them at the level you use them. It only takes 10 mins and saves money on subscriptions that were good ideas but didn't get used,” he remarked.

Gather data and purchase correctly

When purchases are done in bulk and large quantities, keeping track of spending might be challenging. However, with the current technology, it can be done fast, accurately and effectively. “With all our larger commercial solar projects, there are bulk materials to be procured, so purchasing correctly is the key to cost-efficient & profitable operation. Also, utilising streamlined operational systems and apps to efficiently capture details from all parties involved reduces admin hours considerably. This presents a very professional outcome that is appreciated by the end customers,” explained Austin Vaughan, Managing Director at Pacific Solar.

Put systems and have business rhythms

Being cost-efficient is about keeping track of money spent as well as the amount of time spent on the kind of work that has to be done. Putting a system in place and coming up with a regular business rhythm can save a lot of time, effort and resources. This is what Malcolm Bean, Director at Beanmkrgy, and his team have been doing in their organisation. "We come up with simple systems as much as possible and agree on daily or weekly rhythms for meetings and planning wherein we stick to start and finish times. The more we are aligned and adhere to business rhythms, the more we multiply productivity. So, most of our focus is productivity, which is getting more out of each hour as opposed to cost savings,” he stated.

Think of various strategies that may be applied to your business

Look closely at how you do things and get your team to brainstorm and come up with strategies that will help you manage your cost more effectively. Moreover, be sure that these strategies are executed in your business. Rahul Kale, Director at Sunpower Renewables, revealed what they’ve done within their business.

According to Rahul, “We went through an exercise to identify the top 2-3 operational cost drivers and implemented a proper strategy to manage these costs. We also ran an internal competition within the organization and the person with the best idea to save costs over a period was rewarded. This strategy was well communicated and shared within the organization. It is important to get everyone’s buy-in to make this a success. We try to do it as much in-house as possible to save costs, and as of late, the simpler things seem to be helping us save a lot:

• Being more energy-efficient by turning off the computers and lights before we leave;

• Calling our suppliers and asking for discounts if we buy in bulk (important to have good inventory control and line-of-sight on future orders to do this);

• Replacing paper-printing marketing material with digital and online material;

• Utilising technology and VC tools to reduce commuting and travelling costs;

• Doing a barter system with businesses in the area. We specifically worked with a data & AI business that we have helped go energy-efficient, and they returned the benefits via reduced bills as their energy costs have plummeted.”

Automate

Taking advantage of technology and, at the same time, making less use of physical resources is one way of lowering costs. This is why Cameron Bell, CEO at Pyrochar, utilise available software to his business’ advantage.

“I think people really overpay and underuse software. Many businesses (including my own) still rely very heavily on human input for certain tasks and requirements that could become automated with the right level of skill. My secret weapon is Zapier, which is used to automate as many things as possible. While I do currently automate a fair amount, I know I could do it more with greater skill in that area which would allow for: a.) lower staff costs or b.) a reallocation of staff capital to revenue-generating processes that need human input,” he shared.

These are just a few things that you might be able to apply to your own business as well, but there are still more best practices and suggestions out there on how you can manage your resources well. Now, if you have an office budget-saving tip, we would be happy to hear them. Share your tips below in the comment section.

Entrepreneurs' Information Night

Join us in our Entrepreneurs’ Information Night: Startup to Scaling Up as we have a lineup of exceptional entrepreneurs that have found their passion in crafting a business that has made a mark, not only in Melbourne but also around Australia. Joining our panel are Hannah Vasicek of Francesca Collections, Kate Save of Be Fit Food, and Sam Saltis of Core DNA. Learn insights from these entrepreneurs on how you can scale up your business and launch it forward at an accelerated rate.

This event is proudly supported and organised by Entrepreneurs’ Organization.

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The Entrepreneurs’ Information Night: Startup to Scaling Up will be on:

DATE: Tuesday, 31 August 2021

TIME: 5:30 pm - 8:30 pm

VENUE: The Botanical, Archer Room, 169 Domain Road, South Yarra

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Kindly fill out your expression of interest to attend the event through the button below or email help@eomelbourne.org.

If you are interested to be part of EO Melbourne, please check out this page on how to join the chapter.

EXPRESSION OF INTEREST

Essential items in an entrepreneur’s business scorecard

What is a scorecard? It’s a tool or report that monitors the status or success of a project. In business, a scorecard allows teams to set their goals and rate their performance vis-à-vis what they have set for themselves. Every organisation may have different scorecards, depending on their targets, focus and key performance indicators.    

For entrepreneurs, what are the most essential items in their business scorecard? EO Melbourne members share with us the important things they put in their scorecards and why they keep track of them.

• Net cash flow – According to Rahul Kale, Director at Sunpower Renewables, one of the three most essential items on their scorecard their Net Cash flow position (current and forecast). “This can make or break your company. You can be profitable in the long run, but if your net cash flow position is negative or has the potential to be in the red then you are in serious trouble. For me, this is the most important metric to monitor,” Rahul explained.

• Cash at bank – For Jeni Clift, Director/General Manager of DWM Solutions, “no cash = no more business. We need to know the cash position every week,” she stated, which is why they need to put Cash at Bank in their scorecard.

• Total dollar amount quoted - Anthony Lam, Managing Director of Punchy Digital Media, remarked that knowing the “total dollar amount quoted gives us an indicator of our future work and pipeline.”

• Headcount, revenue and net profit – Appscore Co-Founder & Managing Director Alex Louey shared that they have various scorecards in the various levels of their organisation. “At the company level, the most important ones are pretty boring – headcount, revenue and net profit. We use the headcount as a measure because our target is to be 300 persons in 24 months,” he expounded.

• Performance measures – “At the team level, we use a dashboard to measure performance and predict outcomes. We normally have 2 leading indicators and 2 lagging indicators, i.e., for the sales team, each salesperson is to have a rolling $3M new business qualified pipeline for a $1M new business target. On the other hand, our recruitment team’s measure is on the number of interviews as a leading indicator and the number of contracts signed, targeted at 3 per week,” Alex added.

• Customer and employee satisfaction – This is another item on Rahul’s scorecard. “This is not a regular metric as we update this semi-annually, but we have found this to be a great metric to monitor and shape our strategy. This gives us an external perspective of what our employees and customers are thinking of us and our products and it helps us improve, innovate, and get better.”

• Days when projects are open – This is found in Anthony’s scorecard because for him and his team, “the average number of days that projects have been open gives us an idea of our current production pipeline.”

• Total projects open – In addition to the number of days that their projects are open, Anthony also looks at their “Total number of projects open, which gives us an idea of our capacity.”

• R&D and Non-R&D costs – These costs are important to Rahul because according to him, “We are all about innovation, and understanding the R&D spending is an important gauge on how we innovate and evolve our product offering.”

Depending on your industry and type of business, you may have different things on your business scorecard. Also, within your organisation, each level, department, unit or team member may have different scorecards based on their deliverables. Also, this tool helps in improving one’s performance, growth and development, whether as a group or as an individual.  

Share with us in the comments section below what you have in your scorecards and why they are important to your business.

Local (Melbourne) leadership quotes for your entrepreneurial journey

Food for thoughts. They are often needed to keep us going, especially in the entrepreneurial journey. And so, we gathered some leadership quotes – either new nuggets of wisdom or familiar motivational pieces you have encountered before – which will help you move forward when things become rough.

Let’s start with some motivational lines that have inspired some of our EO members.

Aaron Smith, Founder of KX Pilates, finds entrepreneur Jim Rohn’s quote something helpful to his journey, which is “Care more about your customers than you do about the money you make from them, and you will be successful.”

On the other hand, Meirav Ambar, Partner at Trendtrade International, learned an important insight from her experience. “There is no such thing as a journey (especially a disruptive one) without failures – both professional and personal failures. As long as you learn from them, you are fine. (I am still working on accepting that.)”

“Be firm, but fair.” Many have probably said this line, but it is something that Lauren Staley, Managing Director of Infolio Property Advisors, has found useful and helpful to her leadership journey.

For Malcolm Bean, Director at Beanmkrgy, he holds on to two guiding statements, both of which pertains more to team composition: "It's all about the people - with the right people on board, you can go anywhere" and  "You get the staff you deserve."

“The secret of leadership is simple: Do what you believe in. Paint a picture of the future. Go there. People will follow.”

- Seth Godin

Rahul Kale, Director at Sunpower Renewables, shares three inspirational quotes. The first one is “The secret of leadership is simple: Do what you believe in. Paint a picture of the future. Go there. People will follow” by Seth Godin. According to Rahul, “leaders that are entrepreneurs must first dare to dream. Yes, this must be backed up with significant and focused action, but they must be willing to create alternate realities that do not currently exist or are relatively uncommon. And for that, they must be dreamers.”

Another quote that keeps him motivated is Barbara Corcoran’s “My best success came on the heels of failures.” Rahul explained why he finds this inspiring, “Invariably, most Leaders in this space are relentless with their focus, discipline, drive, energy and ultimately faith in what they set out to accomplish. I have never met an entrepreneur who has not faced disappointment or failure in his/her career, but they don’t quit. Many have endured those instances multiple times, but they never let it faze them. It is an opportunity to return to the drawing board to re-strategise, examine or change course. It is an area I am proud to be a part of because I witness regularly how we use failure for what it's good for – a teacher to guide you onto your next achievement.”

Lastly, he finds Lisa Haisa’s quote very encouraging: “Great leaders don’t set out to be a leader…. they set out to make a difference. It's never about the role – always about the goal.” Rahul shared, “Our entrepreneurial journey started by wanting to make a difference - to provide energy independence and replace traditional fossil fuel consuming energy generators with clean, green, technically advanced, and economically cheaper renewable energy alternatives.  Today, we have been recognized as one of Australia’s Most Innovative Companies. We wanted to create an alternative for a better future; being a leader just happened along the way.”

Other popular leadership quotes that you might find helpful in your growth as an entrepreneur are as follows:

"Do not follow where the path may lead. Go instead where there is no path and leave a trail."
- Ralph Waldo Emerson

“Before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others.” —Jack Welch

"To add value to others, one must first value others." - John Maxwell

“A genuine leader is not a searcher for consensus but a moulder of consensus.” - Martin Luther King Jr

"One of the tests of leadership is the ability to recognize a problem before it becomes an emergency." - Arnold Glasow

“A leader takes people where they want to go. A great leader takes people where they don't necessarily want to go, but ought to be.” - Rosalynn Carter

"Leadership is the capacity to translate vision into reality." - Warren G. Bennis

“Innovation distinguishes between a leader and a follower.” - Steve Jobs

“A true leader has the confidence to stand alone, the courage to make tough decisions, and the compassion to listen to the needs of others. He does not set out to be a leader but becomes one by the equality of his actions and the integrity of his intent.” - Douglas MacArthur

“Whenever you see a successful business, someone once made a courageous decision.” - Peter F. Drucker

"The price of greatness is responsibility." - Winston Churchill

“Effective leadership is putting first things first. Effective management is discipline, carrying it out.” - Stephen Covey

The best way to make good use of these quotes is to place your favourite ones somewhere where you can always see them – to remind you every day of why you’re on this path in the first place and push you forward to achieving your goals.

Share with us some of the quotes that have helped you keep going on your entrepreneurial journey.