President's Update - February

From the President

Dear EO Melbourne,

As I reflected on what I would share with everyone this month, one thought that remained constant for me is that of challenge and hardship. We dedicate and spend so much of our lives to finding balance and building systems, processes, structures and relationships that make us feel safe and secure. But often, things happen outside of our control that quickly reminds us that perhaps there are too many unknowns that can destabilise us. Whether it be a personal or familial tragedy, such as the passing of someone we love or a global disaster like the recent Coronavirus/COVID-19 outbreak, perchance what we really seek is a feeling of safety. Whilst achieving it may be tenuous or temporary at best, we still have the innate desire to rebuild and strengthen each time a tragedy or disaster strikes.

The entrepreneurs’ new clothes

"What you wear is how you present yourself to the world, especially today when human contacts are so quick. Fashion is instant language."

These are the words of renowned fashion designer and entrepreneur Miuccia Prada. True enough, individuals are often sized up according to how others see them, including the clothes they wear. Entrepreneurs are no exception. But with more business owners becoming younger and more modern, their fashion style has also evolved.

Checking out your competition

In every industry, competition exists as there will always be various businesses that will offer similar goods and services. Even for industries where monopoly ensues, there are still indirect competitors that can provide alternatives to consumers. When you run a business, you do not operate in isolation, so you also have to be conscious not only of your market but also of other players in the field.

The importance of insurance to your business

At this age when climate change is causing natural calamities more frequently, plus with the threat of cyber-attacks, fraud, terrorism and other man-made disasters, it is vital to protect your business from such possible scenarios that may cause damage to your venture. It becomes imperative to avail of insurance for you and your business that will allow you to be in a position of confidence during times of uncertainty.

Messaging apps for entrepreneurs on the go

Running your business often requires you to be out in the field and travel for meetings or official engagements. Sometimes, you have to manage your team and your transactions from a remote location to ensure that everything is running smoothly. While you can communicate using SNS and calls, they are sometimes not enough to help you keep track of things. That’s where instant messaging apps can be of value to you and your venture.

Making good decisions as an entrepreneur

Business owners face tough decisions every day. There are several things that need your attention, including fires to put out. More often than not, these decisions can affect not only your personal life but also those of others. The responsibility of making a choice that can chart or hinder the growth of your business is a heavy burden to take.

The rise of social media stories

And how you can use it for marketing your business

At the turn of the century, technology has developed at an accelerated rate. Now, people can do so many things with the use of their smartphone, connecting users from different parts of the globe through various platforms and providing solutions to many needs we encounter each day. There are several applications for a variety of purposes. In social media alone, new features are added continuously to provide more ways for people to interact.

Attracting venture capitalists to your business

One of the things that aspiring business owners take consideration before they enter the entrepreneurial waters is capital. While there are ventures that may not need a huge amount for a startup, there are those that require some decent investment to open shop and keep it going. Some get a bit intimidated by this thought or discouraged to take the entrepreneurial journey due to lack of resources. Given this, there are those who delve into venture capital to fund the business to put it up.

8 free blog platforms for your business

We have tackled the benefits of blogging to your business, but the real challenge is how to start your blog, especially the technical part. Topics and story ideas may already be floating in your mind, but putting it into a blog format may be a bit of a challenge for beginners. You can seek out an expert or someone with the know-how to help you through the process. However, when the budget is a concern or if you want to do it internally, you can begin by learning the best blogging platform for you.

Keeping a 20/20 vision throughout the entrepreneurial journey

Eyes focused on the prize and the determination to reach the goal are the necessary fuel to keep you going along the entrepreneurial adventure. It’s a tumultuous journey filled with challenges, which may distract or discourage you to continue the path of entrepreneurship. Continually reminding yourself of the vision as to why you started the business in the first place will help you stay on the track and help you recover from the blurriness that may be caused by problems or difficulties.

Inspiring creativity in your team

How conducive is your workplace for your team members to think creatively? It’s not just the physical space but also the culture, interactions and systems in your organisation as well. Creativity is important in your day-to-day activities in business. Whether it is for a major project or a simple solution to a minor mishap, a dose of creativity can go a long way.

How do you close a deal?

You may be selling a product, working on a partnership or bidding for a new client. For any of these, you need to make sure that you successfully close a business deal that will be mutually favourable for you and the other party. The negotiation process may take a while, but there comes a point when you already have to make the final move to accomplish your goal.

10 Hobbies for entrepreneurs

The stress and pressures of work can often get into you, sometimes ruining your mood or affecting your physical, emotional and mental state of well-being. Indulging yourself in hobbies can relax your mind and bring joy to your heart. But when you are too preoccupied in your business with no time for other things, you may be at a loss on the type of hobby you can start.

Vitamins for you and your business

Sleepless nights, missed meals, fatigue and stress can cause illness and weaken your body. With so many people and an entire business relying on you as an entrepreneur, you need to take care of your health. To keep diseases away, taking vitamins regularly can boost your body. As the saying goes, “prevention is better than cure.”

Accounting tips for your business

Keeping up with your finances is always a major hurdle when it comes to managing your venture. Accounting is a key element that you must carefully pay attention to when running a business. Being conscious of your cash flow is important given that so much investment goes to setting up and maintaining your business, whether it is self-funded or financed by investors. Moreover, it is the lifeblood of your enterprise, which is why you need to go over your books even if you are not good with numbers or merely not fond of them.

Business notes from playing musical instruments

Several studies and researches have shown the effect of music on the brain, including how it stimulates the mind, improves memory and reduces stress. Music can also be a powerful factor in honing the skills and creativity of entrepreneurs. Picking up an instrument and learning to play it will not only make a great hobby but it can also bring a lot of benefits to one’s wellbeing, as well as insights that you can apply to your entrepreneurial journey.

President's Update - December

From the President

Dear EO Melbourne,

With Christmas’ imminent arrival at our doorsteps and today being the last operating business day for many, I hope that each and every one of us get moments and space to slow down, reflect on the 2019 calendar year that has come to pass, and spend quality time with those we cherish and love.

Whether it be breaking bread over Christmas lunch, sharing treasured memories during Christmas eve, or opening/watching our loved ones open their Christmas gifts with anticipation and excitement on Christmas Day while we snack on leftovers from the night prior, the upcoming holiday season is an opportunity for us to slow down, hit the pause button, and be amongst those we hold near and dear to us.

Marcus Lethlean on the business of serving

With several businesses under his belt, one would think that Marcus Lethlean, owner of Mediport, GoodBarTrade, 4Degrees Celcius, A2b Solutions and OneSevenOne, has already mastered the entrepreneurial journey. Still, he sees himself having the need to acquire better skills to take his businesses further and serve better the people that benefit from his services. At the same time, he shares the learnings he gathered during his years of establishing and managing his ventures.