Mentorship is a significant factor in one’s entrepreneurial development. Having a guide along the challenging path of the entrepreneurial journey helps accelerate one’s growth, progress and momentum. The good thing about mentorship is that it can be done over a specific period or can be repeated at certain points of the journey or can be done continuously, depending on one’s need.
President's Update - November 2021
From the President
The festive season is suddenly upon us and it is in full swing. The lead up to the end of the year has kept our Board busy planning and executing events. November kicked off our first face-to-face gathering after a long while with a twilight event at the Prince, which included our AGM. Our guest speaker Craig Harper reminded us that high-performers are generally willing to get uncomfortable, so I challenge you all to reflect on whether you are getting out of your comfort zone. Craig also challenged us to reflect on why we do what we do if we haven’t defined what success means to us. It’s quite a philosophical question to grapple with, and for me, the answer typically changes from year to year. I will be attempting to answer this again at the start of the new year.
Corporate values and nurturing them in your business
Corporate values are important in every organisation because they provide a strong foundation for decision-making, team building, customer relations and driving your business forward. It is your company’s compass that directs you which way to go and the backbone on how to run your business successfully.
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.
Becoming a polished gem through mentorship
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.”
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.
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.
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?
Nowadays, most people work from home. Whether you work in the comforts of your residence 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.
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?
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.”
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 and accepted realities of the organisation. Thus, it is important to build good habits early on to be able to achieve huge successes in the entrepreneurial journey.
Discussing business and work with your life partner – how much do you reveal?
When it comes to your business, how much do you share about it with your life partner?
The life of an entrepreneur is a challenging one. The demands and responsibilities at work may often be overwhelming that you will sometimes feel the need to be supported at home by your spouse or life partner when it comes to your business endeavours.
President's Update - August 2021
From the President
As I write this update for our newsletter, Victoria clocks up 205 days of lockdown. Apparently, “lockdown” is 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.
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.
Building your team through a strong corporate culture
Having a strong and desirable corporate culture helps attract and retain good talents who perhaps share the same values with you and the people in your organisation. Every company has its own culture, and although not all corporate cultures are perfect, there’s something about it that draws the right individuals to your business.
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.
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.
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.
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.
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?
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.