SydStart 2011 Autumn - Nathan - Marketboomer
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The document provides 9 lessons in 9 minutes about business and leadership. Each lesson is accompanied by a cost associated with not following that lesson. Some of the key lessons include trusting your instincts as the CEO, getting advice from trusted sources, asking customers for feedback often but not always listening to them, using common systems, understanding the business numbers, ensuring all employees have the right roles, not continuing to invest in unprofitable areas, and only listing the company publicly when it is clearly ready. The overall message is to focus on what the business excels at, what customers love, and what makes money.
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SydStart 2011 Autumn - Nathan - Marketboomer
- 1. 9 co$tly lessons in 9 minutes
- 2. $ 4m 1. Be the CEO, trust your instincts. $ 4,000,000
- 3. $ 2m 2. Get advice you respect and trust. $ 6,000,000
- 4. $ 2m 3. Ask your customers …… often. $ 8,000,000
- 5. $ 3m 4. Don’t always listen to your customer! $ 11,000,000
- 6. $ 5.5m 5. Use open and common systems. $ 16,500,000
- 7. $ ? 6. Understand the numbers. $ 16,500,000 +
- 8. $hitloads 7. Make sure everyone is on the right bus and in the right seat. $ 16,500,000++
- 9. $ lots more 8. Don’t keep feeding a poker machine. $ 16,500,000 +++
- 10. $ 3m 9. Don’t list on the ASX unless you have rainbows and sunshine bursting out of your ass. $ 19,500,000+++
- 11. Focus on what you are good at, what your customers LOVE and what makes you money.If you are not having fun change one or all of the above.
Editor's Notes
- I am a founder of Marketboomer which I started in 1997 and currently the CEO of ASX listed QANDA TECHNOLOGY (QNA). Marketboomer provides web based e-procurement systems and services to international hotel groups in 10 countries. We have 55 staff in offices in Sydney, Shanghai, Singapore, Bangkok and London. Todays focus is on the lessons I leant that cost me the most.
- Don’t be fooled by the grey hair factor and look for an import.Have a strong vision and believe in yourself. If you don’t know it either learn it or find someone who knows.
- Find people that fill the gaps in expertise. Have they done it before? Have a partner. Don’t do it alone. Times will get tough and you will need support and a helping hand. Know where that will come from.
- If you don’t have any then ask someone you want to be your customer. Ask them for feedback, ask them for advice, ask them for help. If they do all than then ask them for money!
- Sometime you do know better. Sometimes they need you to tell them they are wrong. Be a though leader and show them the light. They will respect you more if you say no sometimes. Don’t build stuff just because they ask for it.
- Don’t use proprietary or early adopter technology without a bloody good reason and don’t reinvent the wheel.
- Start by knowing how you will make money. What does it cost and how much will you sell it for. Don’t worry too much till about a year in but then really understand P&L, Balance Sheet and Cash Flow and how they interact. Don’t rely on someone else.
- Don’t mess around when you know you have the wrong person (or customer) in your business. Work out how to move them on quickly. If they are awesome but in the wrong job, then see if you can find the right role for them.
- Know when to pull out of something that is not working. Don’t be afraid to cut, turnaround, back flip, or say no especially if it is costing you money. Sometime you may even need to run!
- Otherwise it will cost you time, energy and money you could use to grow your business.
- Otherwise it will cost you time, energy and money you could use to grow your business.