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.

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.

Budget-saving tips for more cost-efficient work operations

In business, it is important to note the resources coming in and the resources that are going out and being used – may it be in the form of cash, goods, time, and other things. 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.

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.

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.

President's Update - June 2021

From the President

Dear EO Melbourne,

Work-Life-Changing Your Habits

Hello, EO family. I hope you have survived this financial year and is focusing on thriving. I am using the end of the financial year to re-set my mindset and throw out some of my old habits to achieve my goals. The pandemic has provided me with an opportunity to transform my daily routines. I have cut back my actual working day by about 90 minutes, and I can tell you that I am reaching higher levels of performance and achievement due to being able to focus more, for shorter periods of time. I feel more energised with a shorter workday as I have more time to pursue other activities, such as exercise and family time.

Dealing with unsavoury reviews of your products or services

Feedback is necessary for improvement, especially in one’s business. While positive reviews are always welcome, one cannot avoid getting unsavoury comments as it is not all the time that customers and clients have happy experiences with a service or product. When this happens, how do you deal with them?