Archives For Failure

It’s very really important that you feel your business, that you have an understanding of [yourself], your community, and network, and that you create your own network. For me, I’m a media person and I come from an events background, and that’s why I talk about my promoting; it’s because I learned how to hustle doing events. And then whilst studying media I learned the value of an audience and of a community, and how to commercialise that.” — Francesco Nazzari

[On decision making and the fear of the regret of making a wrong decision], we’re always going to have regrets; I have heaps! But the commitment to a decision, and the making of a decision in itself is really powerful. Whether the decision is right or wrong, to learn from the decision is what’s really important. Don’t sit and stew or get stuck. Make the decision.” — Francesco Nazzari

I failed accounting twice in university, and now I am responsible for all the finance in the business. Numbers drive the business’ action and strategy. I look at the numbers every single day; it’s what I need to look at to determine how the business performs, and my job is to decipher the numbers so that it tells a story. For example: Your cost of goods are running at 35%; what does that tell you? There is an inefficiency somewhere and you then start to dig deeper into those problems to answer questions like: (1) where are the inefficiencies?; (2) what is happening here?; and (3) could it be a problem caused by a supplier? Numbers drive everything.” — Thin Neu

Pay for good advice early on. Sometimes you cheap out on advice, and it costs you more mistakes and more money in the future. For example: If I didn’t have a good lawyer helping me at the very beginning (who happens to be my best mate now), I’d be paying 10–20% more on my leases, and I would not know about fit-out contributions (where shopping centres give you money to help you build stores). Other examples include: (1) how do you reduce bank guarantees; and (2) how do you get your employment contracts right. Get good advice early on even if you need to pay a little bit more for it because it will save you more in the long run.” — Thin Neu

One of my biggest personal drivers was borrowing that money from my parents. Once I did this, there was no possibility of failure in my head because there was no way I was going to lose the money. If you have to wake up at 4 am to do your job, you go do it. If you have to find innovative ways to draw more markets into your business, you go do that. Work on that higher purpose; it helps motivates you to get out of bed every single day, helps you take that next step, and helps take away the fear.” — Thin Neu

I spend a lot of time with staff. Having a business is challenging in so many areas, but you have to dedicate time to work with the people in your business. You have to sit down and invest your time in your people because they are the one who help you run your business. I spend a lot of time with my staff and finding out what it is that they want, and what it is that they want to achieve, and then I find a way to help them achieve their goals and dreams. Hopefully those goals and dreams align with Cupcake Central.” — Thin Neu

With thanks to

Francesco Nazzari is the founder of Rooftop Cinema on the top of Curtin House in Melbourne’s CBD. Since 2003 Rooftop has been showing movies under the stars with the best views in town. Frunch shudders when he thinks about the moment in his mid-twenties that he called the city council to get a permit to show movies on the roof.

Thin Neu is the Co-Director of Cupcake Central, building a business is a bit like following a recipe. His advice is to have the right people in place to help you and never cheap out on getting good advice.

About Masters Series by WeTeachMe

Masters Series is a show about inspiring entrepreneurs, creative thinkers, and visionary dreamers, and the stories behind how they built their companies.

Subscribe to show

Show brought to you by

Masters Series is presented by WeTeachMe.

Our strategic alliance partners: MYOB, SitePoint, and Entrepreneur’s Organization.

Our media partners: Startup Victoria and Digital Marketers Australia.

Our content partners: Written & Recorded.

The views expressed by the contributors on this show are linked websites that are not necessarily endorsed by the publisher.

Question of the day

What was your favourite quote or lesson from this episode? Please let me know in the comments.

Nothing in my last 7 years has been one major step. Everything has been tiny, tiny steps.” — Ben Cohn

Starting a business with the view as to who will buy that business, or what industry is going to buy that business, is a really important point. This shapes the way you will to develop the business so that it eventually has a buyer.” — Ben Cohn

The first-year and a half or two years were quite easy for me because I knew I only had to work really hard, and that it was just dependant on myself and my business partner. As the business grew, we got staff, we operated in 3 cities, and now we’ve got 49 full-time team members. People have things going on all the time in their lives, and you cannot carry all of that load. The interpersonal stuff that happens when dealing with people and work dynamics, I find it challenging.” — Ben Cohn

As time goes on, the odds and the stakes are much, much higher. To be frank, I don’t find that it gets easier with time.” — Ben Cohn

I’ve seen clients come in with a great idea and I desperately try to convince them to go and try to talk to their market. And they come back and say that they have talked to their market. And what they actually did was go to five people, who already like them, and said, “I’ve got a great idea. It’s going to be awesome. Do you like it?” and those people didn’t want to hurt their feelings and so the feedback they got was just rubbish. What the problem interview does is that it forces you to not show anything. It forces you to literally go to a group of people and just classify and prioritise the problem and just get a real sense of what is causing pain. If there is not pain in the market, it’s really hard to sell to.” — Ben Stickland

Go and talk to people. Don’t just say, “I’ve got a great idea, I know my market, and I’m going to be determined.” That little phrase is highly correlated to losing lots of money. (Just on my experience and my observation.) Get out of the building. Talk to five customers with problem-solution interviews and in most cases, it will change your idea.” — Ben Stickland

Really trust your gut instinct. We all have a very strong feeling in our gut as to who we really are and what we want to do in life. We get clouded by the expectation of what we should and shouldn’t do. Being in touch with your gut feeling as to what your calling is, and what you need to do, is a very powerful thing; it’s a very hard thing to do because there is so much noise around us.” — Ben Cohn

I hire on culture; I do not hire on skill. In our business, we feel we can train anyone up. I hire for culture, and skill is secondary. There has to be an interpersonal connection.” — Ben Cohn

The highest rate of success in tech startups is two people, not one, not three; and it’s people who have known each other for a lot of years, not people who have just met. Because when you know someone for years, you actually go into it knowing their faults and you don’t have unresolved expectations of them.” — Ben Stickland

With thanks to

Ben Cohn in a Co-Founder of TAXIBOX, the mobile self-storage solution that brings yellow cubes of joy to your front door. Ben did a lot of on-the-ground research to jumpstart his business. He explains his approach to making sure TAXIBOX customers always have a remarkable experience.

Ben Stickland is the Founder of Alliance Software and has spent a lot of time and money in the startup space. Ben says the first three years of business are like walking up a see-saw, then things start to level out and become a bit easier. He says he loves running experiments to see what’s going to work in his business.

About Masters Series by WeTeachMe

Masters Series is a show about inspiring entrepreneurs, creative thinkers, and visionary dreamers, and the stories behind how they built their companies.

Subscribe to show

Show brought to you by

Masters Series is presented by WeTeachMe.

Our strategic alliance partners: MYOB, SitePoint, and Entrepreneur’s Organization.

Our media partners: Startup Victoria and Digital Marketers Australia.

Our content partners: Written & Recorded.

The views expressed by the contributors on this show are linked websites that are not necessarily endorsed by the publisher.

Question of the day

What was your favourite quote or lesson from this episode? Please let me know in the comments.

 

Wouldn’t it be great if you could go back in time to tell yourself the things you know now! If you’re at the beginning of your startup journey, this podcast gives you the benefit of experience from two top founders.

Alex Louey is the founder of Appscore, the team behind Yarra Trams famous Tram Tracker app. Alex knew nothing about building apps when he went into business, but he knew all about project management. He recommends working with your strengths and surrounding yourself with people who can do things that you can’t.

Shan Manickam is the MD and owner of warehouse solutions business Cross Docks Australia. Shan tried to go into business through a management buyout which failed, but it pushed up the price for the buyer, so they sacked him. That was enough to put a fire in his belly to form his own company. He recommends hiring for culture rather than skills.

About Masters Series by WeTeachMe

Masters Series is a show about inspiring entrepreneurs, creative thinkers, and visionary dreamers, and the stories behind how they built their companies.

Subscribe to podcast

Podcast brought to you by

Thank you to Jahzzar for the music.

Masters Series is presented by WeTeachMe.

The Masters Series podcast is produced by Written & Recorded.

The views expressed by the contributors on this podcast and linked websites are not necessarily endorsed by the publisher.

Question of the day

What was your favourite quote or lesson from this episode? Please let me know in the comments.

 

When things go wrong in business, it can feel like the whole year has taken a turn for the worse. Will things ever get better? These founders say yes! And while it may not appear that way at the time, every challenge in business is an opportunity to learn.

Mia Klitsas & Jeff Gore are co-founders of feminine hygiene brand Moxie. While they have solved the problems of tampons getting lost in handbags, they have created a few challenges for themselves that have been difficult to overcome. Mia and Jeff point out the importance of profit over revenue and focussing on what’s important.

Tom Harley is the co-founder of Harley & Sons Roofing. After rounding up his plumbing brothers to work with his dad, Tom has led the way in developing a business that is doubling in size each year. Tom says if you don’t know something you have to get out there and learn it.

About Masters Series by WeTeachMe

Masters Series is a show about inspiring entrepreneurs, creative thinkers, and visionary dreamers, and the stories behind how they built their companies.

Subscribe to podcast

Podcast brought to you by

Thank you to Jahzzar for the music.

Masters Series is presented by WeTeachMe.

The Masters Series podcast is produced by Written & Recorded.

The views expressed by the contributors on this podcast and linked websites are not necessarily endorsed by the publisher.

Question of the day

What was your favourite quote or lesson from this episode? Please let me know in the comments.

 

One of the best ways to start a business is to create a solution to a common problem. Then, rather than trying to convince people to buy something they may not need, you can offer something of immense value.

Ben Trinh is the founder of Life Ready Physio & Pilates. Fresh out of university, Ben realised there was a fundamental problem in the physiotherapist’s business model. His solution has grown to 30 locations and over 300 employees in less than a decade.

Demi Markogiannaki is one of the founders of WeTeachMe. Demi worked with her co-founders to create a solution to help teachers find their students — but that wasn’t the solution they were looking for. After listening to their customers, WeTeachMe grew to become the go-to marketplace offering hundreds of classes to thousands of students.

About Masters Series by WeTeachMe

Masters Series is a show about inspiring entrepreneurs, creative thinkers, and visionary dreamers, and the stories behind how they built their companies.

Subscribe to podcast

Podcast brought to you by

Thank you to Jahzzar for the music.

Masters Series is presented by WeTeachMe.

The Masters Series podcast is produced by Written & Recorded.

The views expressed by the contributors on this podcast and linked websites are not necessarily endorsed by the publisher.

Question of the day

What was your favourite quote or lesson from this episode? Please let me know in the comments.