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June 2010
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From The Editor Welcome to our Magazine! Dear Reader, is month has come around very fast! Just last month we launched the first issue of Business Blueprint Magazine and I would like to take this opportunity to thank everyone that has supported the magazine, “liked” it on Facebook and le us a comment. It’s been fantastic to hear your feedback and know that you’re enjoying the content. is month we have some great articles and information for you, including our interview with Janine Allis, who just sold 65% of Boost Juice. Check out the article to find out her tips for hiring fantastic staff. Also this month we meet Creel Price who is an incredible Australian entrepreneur whose story is relatively unknown. He is a man on a mission and is sure to inspire you. In April we held our first Business Blueprint Conference and it was a fantastic event. So much work goes into producing events like these and Dale and I were thrilled with the result. I’m now planning the next conference in July and making sure we have some surprises up our sleeve for the participants. On the back page you will notice we profile Business Blueprint member Kristen Morrison this month. She is an amazing woman who has been achieving so many of her goals lately that I’m pleased that we can share her story with you.
In this month’s magazine … Check out our latest iPhone and Blackberry tips... Page 5 Find out why employing Gen Y’s could prove profitable for your business, just like Janine Allis from Boost Juice... Page 6 Learn from our experts when it comes to going from chaos to control... Page 8 Will Swayne Terry Hawkins Andrew Smith Read what Dale has been up to lately and view the photos from our Business Blueprint Summer Conference... Page 10 We sit down with Bakous Makari and find out if you should have a trust... Page 13 Read about Sascha Griffin and her fantastic company Pinklily... Page 14 Claim your free audio, e-book and video... Page 15
We would love your feedback, so if you have something to say, please email me at Editor@BusinessBlueprint.com.au and I look forward to hearing from you.
Learn from one of Australia’s most successful entrepreneurs Creel Price... Page 16
Until next time, have a wonderful month.
Read about our Business Blueprint Members and view the directory... Page 19
Contact Us For any enquires please call 1300 782 734 or email editor@BusinessBlueprint.com.au
Be inspired by this month’s success story - Kristen Morrison... Page 20
NEWS IN BRIEF
S S E N I BUS S F E I R B
The World’s Most Valuable Brands Research agency Millward Brown has compiled a ranking of the brand value of global technology companies. Not surprisingly, Google has come out on top again in 2010, followed by IBM, Apple and Microso. Check out the list and what position they held last year: 1. Google (#1) 2. IBM (#2)
Happy Birthday YouTube! is May, YouTube turned 5 years old. From very humble beginnings, it now dominates the internet and has changed the way that content is absorbed by the average business owner. Latest statistics reveal that the average person spends 15 minutes per day on YouTube. e very first video was uploaded onto YouTube in April 2005. e site was officially launched in December 2005, when 8 million videos were being viewed per day.
3. Apple (#3) 4. Microso (#4) 5. Hewlett-Packard (#12) 6. Blackberry (#14) 7. Oracle (#19) 8. SAP (#21) 9. Cisco (#35)
ose statistics have skyrocketed over the following five years. In July 2006, 100 million videos were being viewed per day. en in October 2006, Google bought YouTube for a handsome sum of $1.65 billion.
10.Nokia (#43) As you will see, the top four brands haven’t changed since last year.
In June 2007 YouTube launched in 9 new countries and in May 2008, 13 hours of video was uploaded to the site every minute! During 2009, the US Congress and Presidential channels were launched on YouTube, as well as the Vatican channel. In May of 2009, the number of videos uploaded per minute was up to 20 hours and in October 2009, the number of videos viewed per day was recorded to be 1 billion. Today, 24 hours of video is uploaded every minute and over 2 billion videos are viewed per day. YouTube is a machine that can’t be stopped and has changed the way the average person views content. A few interesting facts: • e first video uploaded onto YouTube was 19 seconds • e most popular video on YouTube, Lady Gaga’s “Bad Romance” has had 185.39 million views
The highest publicly reported amount of money paid for a domain name is $7.5 million! Paid for business.com.
• YouTube is now available in 23 countries across 24 different languages.
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NEWS IN BRIEF
Five Of The Best iPad Applications For Business
Hints and Tips for your iPhone and Blackberry...
Last month we discussed if the iPad was going to revolutionise your life and if there was really a need for it in our market. Well, if you’re considering purchasing one to make your life easier, you might want to learn about some applications that are proving very popular. 1. Evernote - this is a service that lets you clip audio, video, text, images and more and then save them to a central web repository. You can also assign documents or files with tags for easy collections and organisation. 2. Bento - this is a powerful database program aimed at home or small business users. You can use built in templates or create your own to manage expenses, addresses, projects and much more. 3. ings - if you don’t already have ings on your Mac, you’re missing out big time. It has now been developed for the iPad and can manage any task you might have. It helps you to create to-do lists and then you can sync that with your Mac. 4. GoodReader - this is the best PDF reader. Not only can you view files including PDF, Word, Excel, JPEG and more, but you can download files from a URL or connect to a web server. It is very good with large files and connects to Google Docs. 5. iWork - on your iPad you can use Pages, Numbers and Keynote and Apple have taken the time to make sure that these programs are simple to use and effective.
iPHONE Application of the month: DUB - DUB is your mobile business card. DUB sends your contact information from your mobile phone directly to the address book of your recipient's mobile phone with the push of a button. iPhone Tips One of the great things about the iPhone is that its headphones come with a handy little microphone with an integrated button. e button of course allows you to answer and end calls, as well as play and pause your music. You've also been able to double-click them to skip to the next song, but in iPhone 3.0 you can actually triple-click to rewind and go back to the previous track! It's a little tough to do at first, but it's a handy little addition that's sure to help out with your daily iPhone use. Enjoy! BLACKBERRY Application of the month: BlackTrack - this provides professionals with a complete log of phone/email activity durations. ese secure and private reports help you bill time and recover costs so you can more easily profit from your mobile use. Blackberry Tips Send your PIN - Need to send somebody your PIN so you can communicate with them? Just type MYPIN in an email or text message and the text will change to your actual pin number. Tips supplied by Audrey Rodda-Frack from Phonelink www.phonelink.com.au
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How Boost Juice Is Winning The Game Of Finding And Retaining Talent The media has recently slammed Generation Y for their lack of work ethic. To find out what business leaders think, Jack Delosa catches up with Janine Allis, founder of Boost Juice, to find out how she turned this generation into her greatest asset and what Gen Ys can do to get ahead.
THE ISSUE... Recent media attention has labeled Gen Y (people born in the 80’s and 90’s) lazy, unfocused and disloyal. Articles such as “Why bosses hate Gen Y” and “Gen Y too lazy and unfocused to hire” have appeared in the media at an increasing rate. With some companies going so far as to say they’re no longer hiring people in their 20’s, it seems as if corporate Australia and the media are throwing their arms in the air when it comes to the issue of Generation Y. So how do ambitious Gen Ys differentiate themselves and how does corporate Australia capitalise on the talents of the select few? A study from SmartCompany, Roy Morgan Research and Dun and Bradstreet indicates that 70% of employers are dissatisfied with the performance of their Gen Y employees. 48 per cent of Small to Medium Enterprises (SME’s) also expressed disappointment with the communication skills of their younger employees. To make matters worse, 90 per cent said that Gen Ys are more demanding than their counterparts and that we’re 79 percent more likely to ask for a pay rise. Although this data paints a bleak picture for Gen Ys in the workplace, it
represents opportunity for the industrious Gen Ys who are willing to defy the trend. Similarly, organisations who know how to speak the language of the younger generation will be able to attract an energetic and tech-savvy talent. Janine Allis is one person who has managed to turn the troublesome Gen Y into a strong commercial asset. Founder of Boost Juice and the winner of several awards including Telstra Business Woman of the Year (2004) and BRW Fastest Growing Franchise, Allis has been listed several times in the BRW Young Rich List as a result of her entrepreneurial aptitude. “Our lawyers are walking around in board shorts,” Allis tells me, instantly indicating that she has a different workplace culture to most. “We try to create a fun environment. I don’t believe you should be judged on whether you wear a suit or not. A casual environment doesn’t mean a casual workplace, it’s far from it, it’s high performance.” THE PROBLEM... “ey’re coming in feeling too entitled,” Allis explains to me of Gen Ys. “If I was a young marketer and I wanted to get involved with a brand like Boost, I would come into the Marketing Director and say, ‘I’m in,
6 Business Blueprint Magazine June 2010 www.BusinessBlueprint.com.au/Mag
FEATURE ARTICLE | BOOST JUICE
whatever it takes, I’m in. I’ll work for one month for nothing and prove to you that you can’t let me go.’” Some of her highest performing employees came in this way, starting at the store level and working their way up, gaining a practical education of how the business works. “Instead they come in and say, ‘I want $105,000 but I don’t want to work aer 5:00pm.’ I think the mistake is they lose sight of the fact that it’s a business and we have profits and losses.” With Boost Juice, Allis has managed to create a youthful brand that not only attracts Gen Ys as customers, but employs them as the bulk of their workforce. Allis explains that although there may be a higher portion of Gen Ys that come into the workplace feeling “entitled”, it’s about
recruiting the right people that are suited to the culture of your business. “We’ve got the right Gen Ys in the business. By getting the right Gen Ys and giving them a direction and a goal, that’s the answer.”
THE MYTH... With such a high emphasis being placed on tertiary education and good grades, SME’s and corporations can fall into the trap of placing too much importance on the grades of a student rather than the character of the person. “I wouldn’t not hire you because you don’t have a degree. If you had an MBA, great that’s nice, but I wouldn’t hire you because of it. I go by the attitude, the drive, the passion, the ability to succeed. at doesn’t come with a degree, that’s inbuilt.” Allis explains. She also indicates that she is not worried in the slightest that some companies hire purely on a grades basis. “ere are some who are old school, who won’t hire people without a degree. But I love those people because what that means is that these people who didn’t do a degree, these great people who will help me make my business successful, are free.” When asked if the fact she le school at 16 years of age has ever put her at a disadvantage, she replies, “Never. Never once.”
real-world comes from making mistakes and gaining experience. Having le school at 16, the vast majority of Allis’ education took place outside the classroom. “Talking about university courses, I see lessons in mistakes. I did a $300,000 course in site selection. I did a $800,000 course in getting the right person to do brand. I’ve done a lot of courses to get to where we are today.” THE OPPORTUNITY... According to Allis, recent media attention puts ambitious Gen Ys at an advantage. “ere are some amazing Gen Ys that are passionate and driven. ey’ll make a lot of money and be highly successful because there’s less competition.” e biggest challenge for companies is to find good people that will genuinely help them drive the bottom-line of their business. “e greatest challenge for the milk bar down the road is the same greatest challenge they have at BHP, and that is people.”
THE EDUCATION... Gen Y has drawn criticism due to our lack of practical experience in the real world. is is a position which is consistent with the majority of business owners I have come across. It is a downside which the most ambitious of the Gen Ys are overcoming through self-learning. Education can no longer be viewed as something that only happens within the four walls of a high school or university. University is fantastic, sometimes even necessary if you’re looking to become an accountant or a lawyer. However, this can’t be where the education stops. e Gen Ys who realise that the majority of their education needs to happen outside of those four walls, will ultimately breakfree of the pack. Education in the
e revolution will come when a select few Gen Ys put their hands up as the achievers of the bunch. Because of the negative media attention around the younger generation, the ones that do stand up as leaders in their field will be very visible. “For those great people who are willing to do anything to succeed, you will be able to write your own ticket.”
Jack Delosa has been named in the top 30 entrepreneurs under 30, in Australian Anthill Magazine's 30Under30 Publication. Jack is the founder of The Entourage, a movement of young entrepreneurs (18-35) leveraging the experience of top business leaders world-wide. jackd@the-entourage.com.au
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MONTHLY MENTORS | CHAOS TO CONTROL
HOW TO
GO FROM
Will Swayne
Terry Hawkins
We have dozens of internet marketing projects on the go at any one time, all with different specifications, timeframes and stakeholders. We have used David Allen's "Getting Things Done" time management methodology for a few years now to help manage this complexity.
As I am not in my office on a daily basis, I need to keep track of my staff and what is happening within my business. In order to do this we have implemented a system we call "In The Loop".
CHAOS
TO CONTROL
Oen in business, we are so focused on the big picture and strategy, we overlook the importance of the day to day tasks that help our business run smoothly. When a business is created and also when growth starts to occur, systems and processes need to be implemented in your business to make sure you avoid the chaos and retain the control. ese systems can be as small as making sure someone clears the phone messages every day, to something more complicated like a Customer Relationship Management System or database program that manages your contacts. If your looking to step back from your business and empower your staff to take care of things for you, then systems are the way to go. ree of our experts share with you their tips that have enabled them to keep control of their business.
Everyone at Marketing Results is required to read the GTD book and undergo specific training. This has made a huge difference to our team's ability to manage our complex multi-tasking environment with less stress, more creativity and more fun!
In the loop is a daily communication that passes between myself and my assistant. We used to have lots of phone calls and numerous emails per day which proved to be a mess, with information getting lost in transit.
Think about what aspects of your business might be slightly chaotic and see if you can find a resource or book that can assist you in getting that control.
At the start of each day my assistant begins an email with all of the information I need. She sends the one email when she leaves the office at night and I check it and reply to each task within that one email. She then opens that email in the morning and it starts again.
For more info call 1300 799 737 www.marketing-results.com.au
For more info call 02 9918 7777 www.peopleinprogress.com.au
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MONTHLY MENTORS | CHAOS TO CONTROL
Andrew Smith- Learn from those that have walked before you
When we first began our service based business, there certainly were elements of chaos. We knew that we had to start implementing some strategies to move towards control. At the beginning, I thought I was invincible. I was spending money left right and centre and we got into a bit of trouble because I thought I was unbeatable. The first turning point for me was getting a mentor. Learn from those that have successfully walked before you. Find the person in your industry that is succeeding and study them - stalk them even! Find out what they do and model it. There is no need to reinvent the wheel. You have nothing to loose if you ask that mentor for their help or assistance and you might even be surprised by how willing they are to assist you.
Secondly, a system we have implemented that has transformed my business is a CRM system (Customer Relationship Management Software). To begin with, we literally had post it notes with each day of the week written on them and that was how we tracked the work coming in. It was all done manually and it was messy. We had no database and my staff were loosing invoices and documents all the time. It was unmanageable and I had no control. Now with our CRM system, our business is fully computerised and I can control the entire thing. It now shows me daily what is happening within my business. I can keep track of all my customers and most importantly they are now in a database which is a fantastic marketing resource for me. I can now test and measure everything - what areas are bringing in the most money, which services are requested on a regular basis etc. Lastly, something we now have that we didn’t at the beginning is fantastic staff. When I started the business, I was trying to do everything, for everyone, all the time. I soon realised that this was actually hurting my business, not helping
it. So I started to put systems in place that I could then pass onto my future staff. Once we hired our staff, things started to go from strength to strength. They are now my secret weapon and allow me to beat my competitors. It’s also so important to look after your staff. Treat them like your family or your customers. With my staff we have implemented systems like reviews, weekly meetings etc that keep them on track and keep me in the loop. We create a 90 day plan and have our staff involved in it so they are invested and interested in achieving those plans and goals. I believe you should be hiring on personality and attitude rather than skill. You need to find staff that can follow your systems and fit into your team. You might hire the best accountant in Australia, but if they don’t want to follow your system and they don’t get along with the rest of your staff, you are guaranteed to have problems. For more info call 1800 704 882, www.tradesmaninnercircle.com. au
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Diary Dates Hot Seat Interview Wednesday 2nd June
Business Blueprint Members Area
Power Hour Class Wednesday 16th June
In April we held our very first Business Blueprint Conference in Sydney. As you can imagine, a huge amount of preparation had gone into this event, and I’m really proud to say that it was a fantastic experience for all involved.
Hot Seat Interview Wednesday 7th July
I am really privileged to have met many incredible business owners and entrepreneurs in Australia and I’m so happy to now be able to call some of them my friends. So at the Business Blueprint Conference, it was great to see some of these friends come and speak for our members.
The Business Blueprint Winter Conference is being held from Friday 16th July - Sunday 18th July
With over 12 speakers, it was certainly a packed programme and members had the chance to learn from some of this country’s best talent. Creel Price is an inspirational entrepreneur and he shared his insights and passion. Also Peter Sheahan is one of Australia’s most successful corporate speakers, and he really helped our members become clear on how to position themselves to be at the top of their industry.
Power Hour Class Wednesday 21st July Hot Seat Interview Wednesday 4th August
Another of the stand-out presentations was from Jess Logan. Jess is the mastermind behind some of Australia’s biggest brands and she shared her knowledge and skills with our members.
Power Hour Class Wednesday 18th August Hot Seat Interview Wednesday 1st September Power Hour Class Wednesday 15th September The Business Blueprint Spring Conference is being held from Friday 29th October - Sunday 31st October The Annual Business Blueprint Overseas Conference will be held in Fiji from Friday 4th February - Sunday 6th February
To lighten things up, we were lucky enough to hear from comedian Marty Wilson who brought the house down. We also had lots of time to get to know each other with informal networking and dinners together. At our Platinum-only dinner on Saturday night, we were even treated to a belly dancing show (check out the pics on the next two pages). Until next month,
eat ideas, then minars and got some gr se r he ot of lot a ne it and I have “I have do AT to do, not HOW to do WH me ld to d ha ey that, and discovered th ess Blueprint is not like sin Bu lf. se my r fo t ou had to work this the additional e training videos and th of l al d ha I at th knowing .” coaching was fantastic signer De e ap sc nd Lisa Ginns - La
MEMBERS AREA | FROM THE GALLERY
Blueprint Conference
SEE MORE PICS AT
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Platinum Member Dinner
SEE MORE PICS AT
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HOT SEAT | BAKOUS MAKARI
HOT SEAT
Bakous Makari
Bakous is one of Australia’s leading wealth advisors. He specialises in helping companies restructure their assets, reduce tax, raise capital and create strategic value. 1. Should business owners have a trust for their business and if so, what are the benefits? A business owner would be better off in a trust structure as this structure allows for the following: • Asset protection • Minimisation of income tax via a streaming of income • Reducing exposure to capital gains tax by using small business CGT concessions • Ability to income split • Ability to employ family members & salary packaging • Ease of use.
2. What about if a business has multiple partners – what’s your advice on how to protect everyone’s interests? If the business has multiple partners it may be more appropriate to have a partnership of discretionary trusts, that way the individual partners are not personally exposed hence allowing for some form of asset protection. Each partner in their partnership is jointly and severally liable for the debts of the partnership; however, as each partner is a discretionary trust with corporate trustee, the personal assets of the individual are protected. is is a distinct advantage over a partnership where the individuals themselves are the partners. Should the business fail only the assets of the partnership and the partners trust will be put at risk.
If one of the principals is bankrupted or gets into financial difficulty, the assets of the business are protected as the principal does not have any interest in the business or business structure that can vest in the trustee in bankruptcy. Unlike a partnership of individuals where, if an individual partner is bankrupted or get into financial difficulty, all of their assets, including their interest in the partnership, will vest in the trustee in bankruptcy.
• Preparation of GST & tax returns including financial accounts.
4. What are three biggest mistakes someone makes when it comes to structuring their business?
3. What’s your advice when it comes to choosing the right accountants & advisers for someone’s business?
ey fail to make the following considerations:
It’s best to use an accountant who has vast experience in business consulting and to look at the business from a holistic point of view. A good accountant should take interest in the clients concerns and care for the well being and growth of the business.
• e current structure does not allow for business expansion and admitting of new partners
A good accountant should offer the following services to establish the appropriate tax structure of the business: • Implement asset protection to the business owners for the protection of the business assets • Prepare the business for sale and succession planning • Provide specific advice on growing the business
• If the business fails, the business and personal assets are exposed
• Does the structure allow for income splitting to reduce tax? • At what rates are the profits taxed and can they be passed on to lower tax rate beneficiaries? • Can superannuation contributions be maximised? • If the business sold, will the structure allow the sale to be exempted for from capital gains tax? • Will the entity be entitled to Small Business Concessions and Capital Gains Concessions?
• Implement KPI’s (key performance indicators) and specific achievable goals • Design wealth accumulation strategies • Preparation of budget & cash flows • Preparation of Business plan
To find out more about Bakous Makari, call 02 9687 9333 or visit www.Makari.com.au
• Implement tax planning strategies www.BusinessBlueprint.com.au/Mag Business Blueprint Magazine June 2010 13
HOT SEAT
Sasha Griffin
Sasha was a single mother when she got inspired to start her own business, Pinklily. Today her business has customers right around the world and she enjoys lots of precious family time with her daughter. Can you describe the early days of pinklily? I decided on a mail order business because I found that women were running out of time to shop. I also knew that I could find and create products that women needed or would love to have. I wanted an image and brand that was immediately recognisable and something that I could personally look at and love. I chose pinklily for two reasons: first, I have had an absolute obsession with hot pink since I was a very little girl; second, lilies have always been my favourite flower because of their divine scent. I knew that I would create ranges around my logo, such as t-shirts, perfume and products where my logo would feature predominantly. So it had to be appealing and instantly mean something. Since starting the business I have had an amazing reaction to my logo. Women love the pink and are proud to have the logo on the products they buy. When starting up, I did all the groundwork three months ahead of the launch date – from contracts with couriers, to sourcing suppliers and my legal team. Everything was ready to go from day one!
What are your top tips for dealing with website builders and software developers? • Build a great relationship with your website developer. It needs to be a relationship built on respect, loyalty and trust. And a great sense of humour truly helps. • Your website developer needs to completely understand your vision. It is also very important that they understand your limitations and can still comprehend what you are trying to create.
• Honesty is critical – you need to be able to communicate exactly how you feel and exactly what you want. You need to be comfortable with absolutely anything you want to say to your website developer so that the end result is exactly the way you had envisaged it. • You need to completely plan out what you want to happen and then give them every single alteration that needs to be made. Alterations can be the most costly part of a web business, so you want to ensure that everything is complete.
Can you explain the steps in how you have used email to accelerate the growth of your business? Because my business was growing at an extremely accelerated rate, I was able to create a good-sized database. is database was made up of clients who had bought the product (and friends they had referred who also bought the product), loved the glamorous packaging and the immediate delivery. So whenever I had a new product or a special offer I would email them to let them know. e clients responded well to the emails and as a result bought more product and/or referred more clients to me.
With all of the exposure you generated, how do you know which strategies worked? Every single campaign I put in place is measured. On my order form there is a mandatory field that my clients have to fill in when purchasing. is information tells me how people found out about the company. I am then able to run reports on each referral so I can immediately determine the success of each campaign.
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What is the biggest challenge you had to overcome on your journey to achieving your personal and business goals? e biggest challenge for me was understanding the technology and the errors or meltdowns that can happen with the internet. When something crashes it is like a department store having their front doors locked at Christmas. Email is the only way we can communicate with suppliers, clients and businesses. It’s not like your audience is at the end of the phone waiting to call you to ask for the next product! Deep breathing through these episodes oen helps.
What do you think holds people back from becoming a successful internet entrepreneur? I think that people are held back because they don’t think they can do it. If you commit time, passion and common sense you will succeed at almost anything. I believe that changing decisions halfway through or not devoting every second to a new project will lead to a decrease in enthusiasm and fresh ideas that could have otherwise led to something that may have turned out to be really rewarding and exciting.
For more information on Sasha Griffin or Pinklily, visit www.pinklily.com.au
FREE STUFF | AUDIO, READING, VIDEO
FREE AUDIO
100 Great Businesses What do Microsoft, Chupa-chups, Liquid Paper, Ref Bull, Cornflakes and Post-it Notes have in common? All of these companies are household names across the globe! In this business book summary, you will hear of some of the greatest businesses of our time- and the people that created them. And whether you're a natural entrepreneur or just have a brilliant idea, you'll be intrigued, amazed and inspired to take your business to the next level.
In this audio book summary you will discover: • e key secrets to successful business empires including Sony Walkman, RipCurl and Coca Cola. • How the Nokia company went from manufacturing rubber boots to mobile phones. • How a mistake in a mental hospital, lead to the discovery of one of the most popular brands in the world.
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Execution - The Discipline Seth Godin - Why Tribes Are The Key To Business of Getting Things Done Success Larry Bossidy and Pam Charan combined have an enormous wealth of experience in leading many companies over many years. In this book summary, they will share the one thing that separates businesses, companies and individuals that succeed, deliver on their promises and exceed expectations, from those who fail. You'll discover why execution is the key to being successful in business, and not another statistic of failed ventures.
• In this book summary you will discover: • How to gain the most from your employees by ensuring that they are employed in the area best suited to them. • Why companies can have the best resources in the world, yet fail to reach expectations of shareholders and the market.
In this video, Seth Godin argues that lasting and substantive change can be best effected by a tribe: a group of people connected to each other, to a leader and to an idea. Smart innovators find or assemble a movement of similarly minded individuals and get the tribe excited by a new product, service or message, often via the Internet (consider, for example, the popularity of the Obama campaign, Facebook or Twitter). Tribes, Godin says, can be within or outside a corporation and almost everyone can be a leader; most are kept from realising their potential by fear of criticism and fear of being wrong.
In this video presentation you will discover... • What are the key elements to a successful tribe. • How leadership has changed and what leaders and managers should be focusing on instead.
• What it takes to become a truly world beating business.
• Why the discipline of execution is of crucial importance to your business success.
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• How to empower others through applying these tribe principles to step up and share the load.
www.BusinessBlueprint.com.au/ 100Great
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www.BusinessBlueprint.com.au/ Seth www.BusinessBlueprint.com.au/Mag Business Blueprint Magazine June 2010 15
ARTICLE | 21ST CENTURY ENTREPRENAISSANCE
Creel Price Inspiring A 21st Century Renaissance From scaling some of the highest mountains in the world, to workshops with Richard Branson on the future of philanthropy, exiting his business for over $100m to more recently captaining Australia in the World Elephant Polo Championships, he is the high octane adventurer at the forefront of what he now calls the “entreprenaissance”. Creel Price is part of a new breed of social entrepreneurs, or as Creel calls them “socialpreneurs”; Entrepreneurs who are no longer motivated by their own self-interests, but are now focusing on the big picture. “A socialpreneur is someone that uses their entrepreneurial ability to make a difference on the planet.” Creel explains. Like many socialpreneurs, Creel believes that the problems faced on the planet are not going to be fixed by Governments, corporations or charitable ventures but rather by social enterprise – organisations that utilise commerce for social benefit. “Governments try to use regulation to redirect funds oen with little success. Corporations can be well meaning but oen have to serve the needs of their shareholders before anything else. Charities can do a fantastic job on one hand but sometimes a large percentage of funds go to administration and they need to put out their hand again at the start of
each year which I don’t think is sustainable.” Rather, Creel believes the major shis are going to come from entrepreneurs. “For me, it’s entrepreneurial thinking that’s actually going to take the world to the next stage. How do we get entrepreneurs that are commercially savvy and put that intelligence to good use? What we’re talking about is a combination of commerce and charity working together.” Having co-founded his business at the age of 25 with $5,000, Creel built Blueprint Management Group to 1000 staff and within a decade sold the business for over $100 million. However Creel’s business advice remains profoundly simple. “Business has become too complex.” Creel explains. “But it doesn’t have to be. ere are so many components that can overwhelm entrepreneurs. ey’ve got to do the finance, HR, marketing, sales…there’s just so many things that can overwhelm you but the role of an entrepreneur can be a lot simpler than that.” Creel sees the role of the entrepreneur as being the ability to find and engage great people. “If you can help your people have clarity of what their roles are, they can achieve amazing things –
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particularly when the entrepreneur empowers them with responsibility.” He simplifies the different management styles required for each phase by breaking the business life cycle into three stages. 1.e Income Stage. How do I generate enough income to pay the bills, and eventually pay myself my market salary? 2.e Profit Stage. How do we build a model that is scalable, allowing us to drive revenue and profits? 3.e Value Stage. How do we create a solid business that is ready for sale? In the value stage it stops being about expansion so much and starts being about de-risking the business. Creel encourages entrepreneurs to start with the end in mind, drawing on lessons learnt from when he climbed Mount Kilimanjaro. “e goal in mountain climbing is not to get to the top of the mountain, it’s actually to get to the top and back down safely and that’s where it
ARTICLE | 21ST CENTURY ENTREPRENAISSANCE
parallels business.” He argues it’s not enough for entrepreneurs to know how to build a big business, it’s also about succession and exiting that business, something the vast majority of entrepreneurs neglect to fully understand. “One of two things is going to happen; either you’re going to outgrow your business or your business is going to outgrow you.” Creel calls this “the entrepreneurs curse” and explains “entrepreneurs can get so excited about an opportunity, but then they fall out of love with it, and so they move on to the next opportunity. Unless the entrepreneur builds the business to a point where they can sell it, they can get stuck in a rut and lose the passion for which they started the business in the first place.” Alternatively, the organisation will grow to a point where the entrepreneur is no longer the best person to be sitting in the chair. “Entrepreneurs are great at coming up with an idea, innovating and building it to a certain stage, but then sometimes they have to realise that the business has moved beyond their skill-set.” At this point he advises the entrepreneur step aside from the role of CEO and become a non-executive director, putting someone with greater management experience at the helm. Aside from the personality traits of an entrepreneur, Creel explains that it is also financially beneficial to eventually sell the business. “You can earn an
income working for someone else and you can earn an income working in a business, but it’s sort of capped. Whereas when you build up equity value within a business, you can make a substantial return because someone’s willing to pay a multiple of your income, so you can bring some of those future earnings forward.” An example of this may be a business that is making $2m profit, and is valued at a multiple of 5 times its profit, achieving a sale price of $10m. Creel emphasises that in order to achieve the highest possible price in the sale of a business, it is important that the entrepreneur is no longer there. “Execute a succession plan to maximise value. e business is worth a huge amount more if the entrepreneur isn’t in the business.” is is about systemising the business to a point where it is scalable, and eventually putting in place a management team and board to manage the business. Executing these key components of building and exiting a business, has given Creel the resources to be able to make a significant impact on the lives of entrepreneurs globally. He is now motivated by creating a movement where more people can think entrepreneurially in solving the key issues faced by the planet. He adds that you don’t have to exit your business in order to make a difference. “You can do amazing work through your business and through the partners in that business. It’s about
being socially responsible in business so not making money for the sake of making money, but doing it in the right way so that you’re helping people.” When asked about his main message for entrepreneurs he replies, “How do we unify as entrepreneurs? Entrepreneurs don’t tend to flock together, they tend to do their own thing, so we need to find a way to actually create a movement of entrepreneurs committed working together to create a lasting legacy. A 21st century renaissance inspired by entrepreneurial endeavour - or what you could call an entreprenaissance.” Today, Creel is involved in numerous ventures that are about encouraging this movement. He educates entrepreneurs of all ages starting at the age of 10 with his Club Kidpreneur Foundation, working with aspiring entrepreneurs at the Branson School of Entrepreneurship in South Africa and established entrepreneurs as part of his Accelerate your Business program in Australia. To get involved visit www.creelprice.com.
Jack Delosa has been named in the top 30 entrepreneurs under 30, in Australian Anthill Magazine's 30Under30 Publication. Jack is the founder of The Entourage, a movement of young entrepreneurs (18-35) leveraging the experience of top business leaders world-wide. jackd@the-entourage.com.au
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BUSINESS BLUEPRINT SUCCESS STORY
Kristen Morrison This month, we celebrate a very inspirational woman called Kirsten Morrison. We met Kristen last November at our 4 day Profile Accelerator Program and since attending the course, she has achieved some phenomenal goals and has just published her first book! During the 4 days, Kristen learnt some valuable strategies when it came to her book and the marketing that was needed to turn this into a bestseller. Here is a list of some of things she has recently achieved... • Set up a Facebook page - hits increasing weekly • Promoted a series of seminars with an International speaker in Melbourne & Sydney • Sent press releases and had her first radio interview • Added pictures to the radio interview (recorded) and uploaded it to youtube and then onto her website • Ran a very affordable prime time, 5 day radio campaign to promote the seminars and in turn her book / business • Purchased software and edited her own 7 minute video testimonial for the seminars – to promote her book and business message, empowering parents • Launched a ‘Seminar Edition’ of her book, digitally printed in paperback • Secured a foreword for her book, written by her guest speaker from USA • Received brilliant feedback including Celebrity & Parent Testimonials, Doctors & Practitioner reviews and a major Celebrity endorsement for her book cover and campaign
• Fine tuned the development of a range of products to support the book and to build turnover • Signed with a distributor for the book into the Australian book store market • Appointed a typesetter in Russia via elance.com to a brilliant result • Presold some books to help with the cost of printing for trade • Reworked her website to include several pages of ‘social proof’ based on the book and her previous career • Added a free download to her website to harvest visitors for her growing database • Hired an editor to assist with production of a Virtual Book Launch on May 25th. • Currently interviewing industry experts, parents and celebrities for her video book launch online. We are so proud of Kristen and she says: “It’s been incredibly hard work over a short period of time but with the help of Profile Accelerator, I am certain this has saved me at least a year and a huge amount of money when you consider the cost of publishing a book with a lower sale potential than if it’s done properly!” www.naturallybetterkids.com.au
Coming up in the next issue... Battle of the sexes - 10 steps for doing business with your better half Article: Frog Power - how to take giant leaps in your business Hot Seat Interview with Ari Galper
Another free Audio, Reading and Video that can enhance your business Exclusive tips from our Business Blueprint Mentors
Hot Seat Interview with Michelle Bowden who will teach you some amazing tips on Presentation and Influencing Skills Photos from more of our exclusive events