10 Misconceptions on entrepreneurship and business owners

The entrepreneurial road is full of surprises, and you will never grasp the full extent of it unless you take it yourself. People have entertained different notions of entrepreneurship. Some of them may be close enough to the truth while others are far from reality. Nonetheless, it is best to know straight from business owners themselves about the bigger picture that the entrepreneurial journey entails.

 

If you read through the previous posts, you will find that most of the misconceptions on entrepreneurship and business owners are not always true. EO members who shared their stories cleared the air and narrated what happens behind the scenes. Depicting the various facets of running a business, good and bad, will help aspiring entrepreneurs who want to embark on this journey see the entrepreneurial world from different angles.

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Ashley Woodcock’s message signs for entrepreneurs

RPM Hire owner and director Ashley Woodcock began his entrepreneurial journey while he was still at university, starting with only three signs for hire. He had low expectations for the business. Never has he imagined that he would grow his venture into a successful enterprise and enjoy the experience along the way.

Supplying variable message signs (VMS) is the core of Ashley’s business. For over seven years, he has expanded his company by doing other product lines and services and now has over 400 signs and other products for hire. It’s a niche industry, but Ashley found huge significance in what he is doing, serving not only their clients but the general public as well. “If we’re giving the public a warning, it allows them to change their habits, take a different route, or use another mode of transport for that day. During road closures, our signs are dotted along a detour route to help them navigate around the closures,” he explained.

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The entrepreneurial house plan

In constructing a house, the first thing that is needed is a blueprint that will outline the plan for the edifice. If you want to put a structure in place, you need to have clear-cut boundaries, floor areas, and the layout of your living space. It’s the same way when building a business. There has to be a plan and an organisational structure that will help support your venture and make it stand firmly.

As a business owner, you are the architect, engineer and chief carpenter of your enterprise. You have to design your business proficiently so that it can withstand the harsh conditions and constant movements of the economic landscape.

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Alex Louey’s lessons on entrepreneurship through smartphone apps

With millions of apps available online that are increasing each year, an average smartphone user has a wide array of options on which ones to use that correspond to his needs. For AppsCore co-founder and Managing Director Alex Louey, whose company has been developing apps, websites, cloud solutions, Internet of Things (IoT), and other technology-based products, it’s more than just building a software. Its mission is to create great customer experiences for their clients and make their lives easier every day.

“We started off as a mobile app company. But now, we’ve progressed from being very focused on apps to focusing on making our customers’ lives easier and better for them to do things,” Alex quipped. “It means that we don’t look into a particular technology. Rather, we look at the problem to be solved and the appropriate technology to do it. We look at the entire life cycle. We look at the customer experience and the problem that they’re facing. Then, we build the software and look at what we can do to help clients engage customers and get the customers to use their business software,” he added.

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How to choose the right charity for your business

Partnering with charities is commonplace in the business sphere. Although it is not a requirement, it is something that many enterprises have adopted in their culture. Whether it is a personal pursuit of the business owner or a corporate decision, several companies involve themselves with charitable works for various reasons. Not many businesses may have the capacity to help a non-profit, but several of them have been contemplating of doing so when given the right resources and opportunity.

If it has been in your mind but doesn’t know where to start, there are a few tips you may take into account before you commit to a particular cause. For one, you have to assess first your capacity to engage your business with a charitable organisation. Whatever purpose or intent you have for doing it, helping a non-profit is not limited to philanthropy. While you can donate money, you can also make an in-kind contribution, volunteer your or your people’s time and skills, or help spread the word and promote the programs of the charity.

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Victoria Kluth’s path to being great and being grateful

Be great and Be grateful. These are the two corporate values of Araza, a technology systems integrator and consultancy company, specialising in cloud and digital solutions. Its co-founder and Managing Director, Victoria Kluth, endeavours to live by these values as she leads others towards the vision and goals of her company.

Coming from a big corporate background, Victoria initially regarded herself as a corporate person, with her mind not set on the entrepreneurial road. Becoming an entrepreneur is just one of the many surprises life has brought on her, for which she is thankful that it happened and strives to be great at it. Among the many other unexpected things in her journey was Araza’s growth, now with 350 people in its fold. Going international never crossed her mind and through a partnership with another company, their business has an international offshore component. She is also regarded as a leader in Australia for gender equity, which is another milestone that she has not foreseen to happen in her profession.

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CAPITALISM WITH A CONSCIENCE with Sir Richard Branson

Join us for a day of learning prior to attending a Gala Dinner with Sir Richard Branson.

We have arranged three workshops in conjunction with YPO Melbourne that will lead to discussions that will be covered with Sir Branson at the Gala Dinner event.

For those interested, there is an option to purchase a ticket to the Platinum pre-gala dinner event with the opportunity to take a photo and mingle with Sir Richard Branson. Following which YPO and EO members will have their own tables at the Gala Dinner.

(Please note Richard Branson will be attending the Pre Gala Dinner and the Gala Dinner events, not any of the workshops.)

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Jason Scher’s energy boosters for entrepreneurs

Speaking from experience, VÖOST co-Founder and Orange & Green Director Jason Scher affirmed that there are many difficulties that business owners encounter along the entrepreneurial journey. “Every single day, you’re going to be challenged with something that will make you think, ‘I’m not good enough. It is not working.’ Then, you start to have those thoughts of quitting,” he said. It takes a lot of effort, time, resources and inspiration to start a business and see it through.

“Anyone that hasn’t started a business or managed a business entirely has a different perception. It’s like the swan analogy where it all looks graceful above the surface, but under the water, the legs are paddling furiously. Some of my friends see our products in different supermarkets and outlets, and they think it must mean everything’s going well. But there’s a lot of hard work, a lot of long hours, and a lot of stressful moments that people don’t see,” described Jason.

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Scott Trevethan’s entrepreneurial experience in accounting terms

When you own a business, one of the key components to make sure it runs smoothly is a good accounting system. For accountant-turned-entrepreneur Scott Trevethan, managing director of the two companies he owns, there are several accounting concepts that he was able to apply to his businesses.

Scott started as an employee and embarked on a career in marketing and accounting before he founded his accounting-related business and later joined and acquired Scott Partners Chartered Accountants and Business Advisors. Two years ago, he opened his offshore business, called Go Global Bookkeeping. Throughout his business journey, he found himself constantly evolving and growing as a person. “For me, it’s the ability to change and adapt and try new things,” he remarked.

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Matt Beesley’s courage to make difficult decisions

“Don’t try to be all things to all people. Have the courage to know what it is that you do well and focus on that.” These are words from Matthew Beesley, Founder and Director at Premier Technology Solutions. It all started in his garage at home, where he began fixing home personal computers (PCs). Never in his wildest dreams had he imagined himself to own and run a company someday.

At the time Matt was working for someone else, he wasn’t happy with how his former boss treated their clients. It was at that point that he decided to go out on his own.

“When I left, I had no ambition to build a company any bigger than just myself. I planned to be a sole trader forever. There was no grand plan to get to a certain size, and there was no ambition to be a large company. I was only trying to solve a problem, and things just snowballed from there,” he disclosed.

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