NZ Entrepreneur Magazine - Issue 29

NEW ZEALAND’S E-MAG FOR ENTREPRENEURS AND BUSINESS OWNERS

April 2015

10

QUESTIONS with Roger Hamilton

How to start a business with no money Angel Behaviour - A Code of Conduct How to get more media coverage www.nzentrepreneur.co.nz

ABOUT / Short and sharp, New Zealand Entrepreneur is a free e-magazine delivering thought provoking and enlightening articles,

CONTENTS

industry news and information to forward-thinking entrepreneurs.

EDITOR / Jennifer Liew ART DIRECTOR / Jodi Olsson GROUP EDITOR / Colin Kennedy

4

From the Editor

6 How to start a business with no money 8

Outside the lines

14 10 Questions with Roger Hamilton 20

Story Telling

24

King Of The World!

26

STOP WASTING TIME, Get More Yes’s!

30

Entrepreneurial Intelligence

32

Angel Behaviour - A Code of Conduct

36

Ecosystem

40

Parting Shot

2 • www.nzentrepreneur.co.nz

CHIEF FINANCIAL OFFICER / Alastair Noble CONTENT ENQUIRIES / Phone Jennifer on 0274 398 100 or email jennifer@nzentrepreneur.co.nz ADVERTISING ENQUIRIES / Phone Jennifer on 0274 398 100 or email jenniferl@espiremedia.com WEBSITE / nzentrepreneur.co.nz

ISSN 2253-5683 NZ Entrepreneur is a GREEN MAG created and distributed without the use of paper so it’s environmentally friendly.

Please think before you print. Thank you!

iP is about igniting passion Great ideas shape our world if they are harnessed and protected in the right way. At AJ Park, we work with you to understand your business and where you want to take it. Our experts specialise in helping you identify, protect, commercialise, and manage your intellectual property. If you’re looking for clear IP advice, call us today.

0800 257 275 I www.ajpark.com I New Zealand + Australia

AJ Park is about iP • intellectual property • igniting passion • ideas pervading www.nzentrepreneur.co.nz • 3

EDITORIAL

selling our house and quitting our jobs to do so), doing something new with no one dictating how we should do it and the prospect of earning all those millions of course.

✉

WITH THE WELCOME break over Easter, I had some time to reflect on the very beginning of my time as an entrepreneur.

Seems like a million years ago now (entrepreneurs can cram a lot into a decade or so).

At the onset of my first business (my husband’s second), the excitement of it all really stands out for me. The idea of creating a bright and secure future for our family, creating a business that would add real value to people (and

4 • www.nzentrepreneur.co.nz

Our projections for the first year were beyond optimistic; I have a good giggle about that now. Being optimistic, having massive goals and complete belief in what you’re doing is nothing to laugh at but it’s the mad projections I’m referring to as a bit of a giggle. It all came down to lack of experience back then.

You just don’t know what you don’t know.

The second thing that stands out for me is when I guess the honeymoon period was over, about six months or so down the track. Reality hit me hard, and I became horribly aware of just how little I knew about running a business successfully. It’s one thing to be great at what you do in a relatively secure job; it’s an entirely different thing to be a great entrepreneur.

My (then much younger) ego took quite a blow, and I was faced with two choices; protect my ego by staying ignorant and learning nothing or let my ego go, get humble and get learning.

I chose the latter, and I’m grateful I did.

The first gem I learned was to stop trying to do, be and learn everything by myself. We got a business coach for support, a sounding board, outside perspective and someone else to be accountable to.

We also started surrounding ourselves with more likeminded people. The second gem was to dedicate myself to proactive, ongoing learning and make sure this became part of our company culture and a key value we look for in all our team members.

If you want to be a success in any field, you need to immerse yourself in whatever that field may be (entrepreneurship in our case).

Seek out like-minded people, groups, a coach to learn from who will encourage you and set you straight when you need it and READ!!! Devour books, articles, blog posts, magazines, news, whatever you can get your hands on to Inspire, Educate and Inform yourself. The key driver for all that we (NZ Entrepreneur) do is to INSPIRE, EDUCATE, and INFORM the NZ Entrepreneur community. So share your stories, tips and news with us and give us feedback on what you’d like to see more of. The more we all share, the more there is to gain for everybody.

Jennifer Liew

NZ ENTREPRENEUR IS PROUDLY BROUGHT TO YOU BY:

www.nzentrepreneur.co.nz • 5

ENTREPRENEURSHIP

HOW TO START A BUSINESS WITH NO MONEY Having no money is not an excuse not to get started

BY RICHARD LIEW

SO YOU’VE DECIDED you want to be an entrepreneur.

That’s great, but you have no money and, therefore, have also decided to wait until you get some before you start your entrepreneurial journey.

That’s not so great.

People come up with all sorts of reasons why they can’t start a business, and a lack of money is usually one of them.

You’ve heard the saying, “It takes money to make

6 • www.nzentrepreneur.co.nz

money.”? Bullshit – just ask all the hugely successful entrepreneurs out there who started off with no money. I’m sure this one negative belief must be responsible for millions of missed entrepreneurial opportunities alone!

At this stage, I can hear many of you coming up with examples of scenarios that absolutely need money to get started.

Many businesses require an investment of capital to get them up and running. The problem is when you let this stop you from starting your entrepreneurial journey.

So, what to do if the business you want to start requires money? Well, the first option is to go out there and sell that vision to get the investment you need. ‘Too hard!’ you say? Who’s going to give me 10 million dollars you say? Well, in all honesty, if it’s your first venture and you have no track record, connections or reputation to trade… probably no one!

Well then if you’re committed to becoming an entrepreneur, you won’t let that stop you from getting started by finding an opportunity you can start working on now without any money. What

“

Start small. Invest your time, not your money. Go talk to people and find out what they need help with. Go find some customers.

Focus on generating some cashflow

“

“But I want to build the finest 5-star hotel in New Zealand – I need money to do that,” “But I want to create a pill that stops people from aging – I need money to do that,” or “But I want to create an alternative to Facebook – I need money to do that,” and yes, you’d be right.

can you do with the skills and resources you have right now to help other people in some way? If you can’t think of anything, well then that’s your first entrepreneurial lesson – learning to see opportunities.

Keep looking, and you will find them – I promise!

Start small. Invest your time, not your money. Go talk to people and find out what they need help with. Go find some customers. Focus on generating some cashflow – it doesn’t matter how small it is because it’s the principles you’re learning in the process that matter.

www.nzentrepreneur.co.nz • 7

“

“

Don’t let the belief that you need money stop you from getting started because if you do, you’ll probably find yourself waiting forever.

To do this, you will need to work on your personal entrepreneurial, business and technical skills. You will need to work on your problemsolving skills. You will need to work on your sales skills. You will need to work on your skills as a leader to enroll others in your cause. You will need to work on being extremely resourceful, frugal and smart.

Start by building a small revenue stream with whatever opportunity you can get to work on now. Keep at it, keep learning, keep on ‘keeping on’ and eventually you’ll find yourself working on bigger ideas and opportunities.

You will have more money flowing, and hopefully a track record that will support you as you get closer and closer to starting that dream business of yours. Learn how to start

a business with no money, or very little money, and you will never have to worry about financial security ever again.

So far I’ve started four businesses with zero money – only the problems I saw people had, the skills I had to start solving them, and the ability to learn as I went.

Any money I’ve spent on my businesses has been money we’ve earned or have managed to scrounge together from personal savings and credit cards.

And with each new business, comes a new level of success.

Rod Drury, the founder of Xero, says, “entrepreneurship is a series of baby steps.”

Don’t let the belief that you need money stop you from getting started because if you do, you’ll probably find yourself waiting forever. ■

Richard Liew is an Auckland based entrepreneur and founder of Espire Media www.espiremedia.com

8 • www.nzentrepreneur.co.nz

Payroll made easy.

BNZ EdgePayroll is a simple and easy-to-use payroll solution that takes care of direct crediting wages, PAYE filing, IRD payments and KiwiSaver contributions.

Simple and easy to use Flat-fee from $25 per month1 - if you don’t use it, you don’t pay Secure, cloud-based system We’ve partnered with Datacom2, a PAYE intermediary, which means you’ll never miss a payment to the IRD Full support available from a New Zealand-based help desk

Click here to find out more.

5030

BNZ business transaction account required. 1. $25 per month fee is GST exclusive and covers payroll services for one to five employees. Other one-off set up fees will apply. 2. EdgePayroll is provided by Datacom Employer Services Limited (Datacom) for BNZ customers. BNZ will receive a commission from Datacom for referring you.

www.nzentrepreneur.co.nz • 9

Mandy Davies

INTERVIEW

THE

Outside LINES Outside The Lines is for people that want to expand their thinking on what’s possible, make a change to their life or career or do something they’ve always wanted to do – and ultimately live the life they aspire to: a life outside the lines.

“

My business partner and fellow Kiwi Sally Doherty and I share a sense of adventure and a desire for learning and growth.

We’ve both taken the leap from senior corporate positions, leaving the security of multi-national companies to take risks, move countries and back ourselves to set up new businesses. In the work we both do (leadership and executive coaching), we have noticed more and more of our customers and friends expressing their desire to get more out of life.

Often they talk of aspirations to be doing something other than what they are currently doing, yet their perceived lack of time and often a lack of confidence prevents them from taking the necessary steps to instil change. It was these observations that inspired us to collaborate and design the Outside The Lines series of programs.

“

Tell us a bit about how Outside The Lines came about?

We have combined 30 years of leadership & development experience to create a series of customised personal and professional coaching and development programs that will help others to realise their own aspirations

What do you want to achieve through Outside The Lines?

Our purpose is simple – we have combined 30 years of leadership and development experience to create a series of customised personal and professional coaching and development programs that will help others to realise their own aspirations.

We believe that we are all capable of designing, creating and living a life that we are excited to lead. We want to help others to tap into what that looks like for them and then support them through well researched contemporary approaches to make it a reality.

www.nzentrepreneur.co.nz • 11

What sort of topics does Outside the Lines cover?

Our programs help participants focus, develop and be the best they can be.

We explore mental, emotional and physical aspects of success. We incorporate yoga, facilitated workshops, healthy foods and meditation, all of which will help reinforce positivity, resilience and focus.

As experienced facilitators and coaches, we guide you through a combination of interactive workshops. Topics include; positive psychology, setting and planning goals, purpose and alignment, navigating change, mindset and focus and leveraging your strengths.

What do you think differentiates Outside The Lines from other personal development or coaching businesses?

We wanted to offer something different from the standard leadership or personal development programme where the content might be great, yet people still don’t get the results they are looking for. We also researched some of the many retreats on offer around the world and we

12 • www.nzentrepreneur.co.nz

noticed that whilst retreats might be a rejuvenating and relaxing experience, they also fell short on inspiring change once the person returned to their busy life, the experience often becoming a distant holiday memory.

So we decided to combine the best of both options for our 5-day residential LEAP Program – enabling the ‘time out’ to plan and reflect of which a retreat environment offers, along with wellresearched and practical workshops. This experiential combination is delivered in a stunning Eco Village Resort, and we believe this is the perfect environment for expansive thinking and optimism, and the best part – it’s on the tropical island of Bali!

We understand that with all the best intentions in the world, life can get away on you when you return home.

So we’ve included a critical element for success - one on one coaching after the 5-day programme. Our clients say that the experience is much more than a ‘self-development programme’ - it’s life changing!

Desa Seni village resort

What has been the reaction of customers to Outside The Lines?

What are your top tips for happiness?

We have been thrilled by the positive response; the intention of the programs is really resonating with people.

In these fast-moving times, it seems there is no question that an investment in personal development, happiness and life satisfaction is becoming a high priority for people.

Here are a couple of my favourites:

We have limited places available on our next Leap programme running in Bali July 26th to 31st, so email us if you are interested in finding out more.

• Write a list of 10 things that make you happy and prioritise the time you spend doing them • Think of the three things you are most grateful for each day • Take time each day to appreciate what you are doing, be 100% present • Have goals and a plan to achieve them, along with a healthy mindset • Do five random acts of kindness each week. ■

If you have the desire to do something different with your life, reach out to Mandy and Sally for more information, or to register for the next LEAP program on July 26th to 31st in Bali.

✉ Mandy Davies ✉ Sally Doherty

www.outsidethelines.life

www.nzentrepreneur.co.nz • 13

INTERVIEW

10

QUESTIONS with Roger Hamilton

14 • www.nzentrepreneur.co.nz

NZE: Roger, can you give us a brief overview about your personal entrepreneurial journey so far?

How and when did you start and where are you at now?

RH: I began the entrepreneur journey when I was at University, and began thinking there had to be a smarter way to success than by studying Architecture.

I began my first business while in college - selling my own artwork and then publishing an illustrated 3D map of Cambridge. That first business grew to over 40 maps in 40 cities around England, and I dropped out of college during my post-grad degree in London and became a fulltime entrepreneur.

NZE: Your books ‘Wink’ and ‘Your Life, Your Legacy’ have been around for about 10 years now, and your Wealth Dynamics model and test has been used by 250,000 entrepreneurs around the world to help them find their own paths.

Has this work achieved what you hoped it would?

RH: It’s gone beyond what I hoped for. The various books and Wealth Dynamics has encouraged many people to believe they can be an entrepreneur, and it’s helped existing business owners to build their teams effectively.

Last year my latest book, The Millionaire Master Plan became a New York Times bestseller, reaching many people in the US while most of our audience before that has been in Asia and Europe.

www.nzentrepreneur.co.nz • 15

NZE: You’ve spent time working with Richard Branson and have enjoyed time at Necker Island, his private island in the British Virgin Islands. Can you tell us a bit about how you got to be involved with Mr Branson?

RH: All my entrepreneurial learning has come from listening and learning from other entrepreneurs and leaders, as we don’t get this kind of learning at school.

So I’ve made that a habit and the majority of my travel each year is to connect with other entrepreneurs and masterminds.

That has led me to be invited into groups like the Transformational Leadership Council, Clinton Global Initiative and Peter Diamandis’

16 • www.nzentrepreneur.co.nz

Abundance 360. One group I was invited into was Yanik Silver’s Maverick 1000 group, which is a group of high-level entrepreneurs that meet, learn, have fun and contribute regularly. He has been going to Necker Island for a oneweek retreat with Richard Branson for five years now.

I was invited two years ago and it’s now become a regular thing. This April I brought my whole family (I have three teenagers) with me, and the education and experience they got was invaluable.

RH: I have cut down on travel (with just one tour to Australia, Asia, Africa and Europe each year) to focus on three projects to support entrepreneurs. The first is our online education platform, GeniusU, which is growing this year to one million entrepreneurs from 40 countries connecting online through our learning missions.

The second is our Entrepreneur Resorts and Beach Clubs, where we are expanding what we have begun in Bali with our resort, Vision Villas, to have resorts and beach clubs around the world running accelerator programs and co-working spaces in paradise locations, teaching entrepreneurs how to build a global business where they can work from anywhere.

The third is our Alchemy Fund and Crystal Circle, which is providing mentorship, connections and resources for fast-growing companies in the region – including entrepreneurs in New Zealand.

NZE: Do you believe that anyone can become a successful entrepreneur? Why or why not?

RH: Anyone can be a successful entrepreneur provided they follow their natural path. Some of us are more creative, some more extrovert, some more analytical. When we follow our natural talent and passion, there is always a way to create our own entrepreneurial journey. Entrepreneurship is like learning to fly a plane or play a guitar. Any one can do it, as it is simply a step-by-step process that takes practice, but we need to surround ourselves with the right people who already know how, and be willing to put the time in to learn.

“

“

NZE: It’s been around 5 years since you were last in New Zealand.

What have you been up to since you were last here?

Anyone can be a successful entrepreneur provided they follow their natural path.

www.nzentrepreneur.co.nz • 17

NZE: Have you ever doubted yourself in building your business? If so what advice would you give to those who have periods of doubt about whether or not they’ll make it?

RH: I always have and will continue to doubt myself!

We’re all human, and while I’m creative, I’m also impulsive and always try and do too much or start too many things.

That’s why I will never rely on myself to be successful. I’ll always surround myself with smart people who can do a better job than me. The advice I would always give others when in periods of doubt is to surround yourself with others who can support you - both emotionally and through their talents and resources.

NZE: What was the most painful lesson you’ve had to learn in business?

RH: I write about it at the beginning of my latest book - the experience I had in my 20’s when I was so focused at my business, I didn’t pay myself properly, and my car was repossessed very publicly in front of my wife and child and all our neighbours. That

18 • www.nzentrepreneur.co.nz

was the day I learned that to look after my business, it starts with looking after myself and my family.

NZE: The risks and pressures faced by entrepreneurs can be extremely stressful - what do you do to cope with stress?

RH: I believe stress is the enemy of mastery - whether in business, sports or any kind of skill that leads to high performance. The masters of any skill, whether it is Richard Branson in business or Roger Federer in tennis, convert pressure into action instead of into stress.

They get into a state of flow where they don’t feel it as stress, and the more pressure that comes, the better they get. They also make sure they don’t go too outside their area of expertise, so they manage their risk, which also minimizes any stress.

I’ve learned to do the same, and so if I begin to feel stress, I know I’m outside of my flow and I redirect either myself or I redirect the issue that’s creating stress to someone who can manage it far better than me.

NZE: What are the three most important personal qualities you would advise up and coming entrepreneurs to develop?

RH: The first is self-awareness: You can’t master anything outside effectively until you’ve learned to know what you’re best at and worst at, and you create a role that suits your strengths. The second is to attract a team: You don’t need all the knowledge, time or money if you have others around you who have knowledge, time and money (and if you can’t attract a team, begin by joining someone else’s team). The third is to have a passion and purpose, which drives you more than the money. Money will come and go, whereas doing meaningful work will last a lifetime.

NZE:You’ll be here in New Zealand in June as part of your “Fast Forward Your Business” world tour. What can entrepreneurs expect from attending the weekend long event?

RH: I’ll be covering the Top 10 trends that will most impact business in the coming year.

The world is changing very fast now, and the future waves are approaching bigger and faster. At the two day event in Auckland I’ll go through the 10 trends, and show entrepreneurs how to surf these waves.

Over the last five years this event has grown to be the largest entrepreneur event of its kind in the world, with over 10,000 attending each year. The majority return the following year as the content is always up-to-date and relevant to your business right now. So I’m really excited to have a chance to bring this to New Zealand. ■

Roger James Hamilton is a world renowned futurist and social entrepreneur. He is the Founder of Entrepreneurs Institute and the creator of the Wealth Dynamics & Talent Dynamics profiling systems, used by over 250,000 entrepreneurs to follow their flow. Website: www.rogerjameshamilton.com

www.nzentrepreneur.co.nz • 19

MARKETING

Story Telling

How to make your content (AND PR) more newsworthy and get real attention

BY COLIN KENNEDY

20 • www.nzentrepreneur.co.nz

IN OUR RUSH TO drive traffic to our websites, promote our brands and build market awareness we often miss the most important fundamental of content marketing, which is ‘the story’.

and is useful to the audience if it seeks to educate, entertain or inform.

A good story, or a good news angle, is a strong foundation that automatically promotes commercial objectives e.g.

The story, the news angle, • Providing objective the value a piece of content information your provides the audience, should audience can use is take precedence over the good customer service; commercial objectives of a • When you inform and piece of content because story educate your audience, drives engagement. you automatically position yourself as an expert, and Without a story, achieving that is good for your brand; engagement is extremely difficult, and that lack of • A good story, or a good engagement is the death angle, demonstrates your knell for any commercial unique point of view so objectives anyway. Good that you stand out as a content marketing tells a story ‘thought leader’.

www.nzentrepreneur.co.nz • 21

One simple way to tell a good story is to think of yourself as a brand journalist. To help you do this, try applying as many of these newsworthy values as possible to your content:

1 2 3

Is your content timely?

Old news is just that, old.

How many people will your story impact? The wider the audience, the more newsworthy; Prominence. Is your content based on information or comment from a prominent person or expert? Quote experts, even industry experts, not associated with your company.

4

Proximity. How pertinent is your content to the audience?

An event in Christchurch is unlikely to appeal to an Auckland audience.

5

Bizarre. Is your story different from the norm – ‘man bites dog’ is an old gem of an example, but it gives you the general idea.

It’s the old storytellers adage to ‘show don’t tell’ applied in a marketing context.

Instead of telling people how good your service or product

Controversy and conflict.

The fact is; people love conflict and controversy.

When it comes to brand journalism, however, it is advisable to look for the positive angle. Highlight a problem. But rather than whinge about it, show people how to solve the problem or interview people for advice.

Current and relevant.

Does your content address the needs, questions or problems of your audience?

Human interest stories have to be just that – about people in interesting situations. It is perhaps in this category that you can explore the true definition of a story. For example, if you’re selling hair care products, perhaps you could tell a story about somebody who had a disaster at the hairdresser and the social problems and emotional angst this caused her, before you came to the rescue…

is, which is just boring, show them through compelling stories that feature the tried and true news values of journalism. ■

Colin Kennedy from Iron Road is a thought leader in content marketing strategy and communications in New Zealand.

Visit his website at www.ironroad.co.nz

22 • www.nzentrepreneur.co.nz

6

7 8

Business

Upgrade to the new Samsung now, and next year.

We’ll cover your monthly Trade Up fee for a year, so you can also get next year’s model.

32GB

32GB

$29 upfront

$29 upfront

$

45

$

per month

55

per month

over 24 months

over 24 months

On any Business Freedom Plus Plan

On any Business Freedom Plus Plan

Handset only RRP $1099

Handset only RRP $1349

Get it on a Business Freedom Plus Plan today.

Business Freedom Plus

42.61 2.5GB

$

excl GST, $49 incl GST Freedom Term

NZ Carryover Data

Unlimited* Calls & Text to NZ and Aussie

Free Landline On Your Mobile

Team Share for an extra $25 per month (incl GST)

We’ll pay your monthly $10 Trade Up fee for 12 months. So you can get the latest Samsung interest free on a plan, with a one-off $120 upgrade fee.

MC3618A

Call 0800 022 249 today to speak with one of our Business Specialists.

Trade Up offer valid from 11 April to 1 June 2015, only with Samsung Galaxy S6 or S6 edge purchased on an eligible plan with an interest free mobile repayment (MRO). Trade Up must be applied on activation of MRO. We will credit you the monthly $10 Trade Up fee each month for 12 months from activation, provided that you upgrade to the latest Samsung smartphone available at the end of 12 months; sign up to a new eligible MRO for your new smartphone: and return your current handset in good working condition (or equivalent payment). A $120 fee applies on upgrade. After 12 months of your MRO, you will be charged the monthly $10 Trade Up fee for each additional month up to the date of your upgrade. Plan, MRO and Trade Up conditions apply. Handset offer while stocks last. Standard NZ and Aus minutes and text. Premium rate numbers excluded. NZ data usage only. *Fair Use Policy applies. For full conditions visit 2degreesmobile.co.nz

www.nzentrepreneur.co.nz • 23

Tomorrow’s Entrepreneurs

*

KING OF THE WORLD! RYAN KING TOOK PART in The Lion Foundation Young Enterprise Scheme (YES) in 2012. His company, Caring & Co, created an award-winning olive oil. The company used their profits to support the Life Education Trust’s work in their local primary schools.

Caring & Co won the 2012 YES national title, and Ryan has now moved on to study commerce at the University of Auckland. He has also been chosen to attend the prestigious ASES (Asia-Pacific Student Entrepreneurship Society) Summit, at Stanford University in April. Ryan is one of only 35 people chosen to attend the summit, from 350 applicants worldwide. We caught up with him to find out how the YES program helped Ryan get to where he is today.

24 • www.nzentrepreneur.co.nz

What was the biggest lesson that you got out of doing YES?

The biggest and greatest thing I learned from doing YES was that to succeed, you need to put in a lot of work.

Success doesn’t come easily.

If you don’t put in the time and effort, you won’t reap the rewards.

At the same time though, you have to enjoy what you are doing. I enjoyed working with my friends to help our community. When we were doing the YES program, we were constantly talking about our olive oil project.

We would be talking business in our history class, at lunch time, on our way home from school. It took up most of our time, but we were happy with that because we loved what we were doing.

Where do you want to go from here?

How has the experience helped you since then?

The program gave me a lot of confidence – I felt confident to network with students and corporates. In YES, I learned that to be successful, you have to be willing to put yourself out there and network.

In my first few weeks of uni, I identified people who could help me achieve my goals, and I went and talked to them.

Sure, I was nervous to talk to these new people, but I knew that I could do it. I have made some really good connections since being at uni, and I hope to keep building them.

I want to continue to help my community back in South Auckland. I hope to become a role model, showing students back home they can succeed and achieve their goals. I have become the President of the Commerce Association for Pacific and Maori Students (CAPM) at the University of Auckland Business School.

CAPM helps Pacific and Maori students with their university life and professional development.

In April, I’ll be traveling to Stanford University to attend the Asia-Pacific Student Entrepreneurship Society (ASES) Summit 2015. I want to show South Auckland students that nothing is impossible, and they can see the world and show everyone what they got.

I know the potential in South Auckland. Soon the whole world will know it too! ■

The Lion Foundation Young Enterprise Scheme is run nationwide by Young Enterprise Trust. It is a one-year experiential programme where secondary students set up and run their own business. More than 3000 students take part each year.

For more information, visit www.youngenterprise.org.nz

www.nzentrepreneur.co.nz • 25

SALES

STOP WASTING TIME,

Get More Yes’s!

3 reasons why prospects ignore your emails and how to better your prospecting odds

BY KENDRA LEE

IN A PERFECT WORLD, every email we send to a potential client would be read and responded to right away.

Unfortunately, many of our prospects are too busy to even look at all the messages they receive, much less act on them. By avoiding the most common mistakes other people make, savvy sellers like you can move their way to the

26 • www.nzentrepreneur.co.nz

top of the inbox, and fill their sales funnels with new leads.

In fact, Sheila, one of our clients, recently reported that she got a response from a top prospect after only 20 seconds — and this after she’d tried to reach him by cold calling for weeks! She was shocked by how only a few tweaks to her prospecting email got such a quick response.

“

“

Use your email message to emphasize common issues and triggering events you can solve that really matter to your customers and prospects.

You can get the same results simply by remembering the three biggest reasons prospects ignore your emails – and then avoiding them.

1

2

THEY NEVER GOT YOUR EMAIL IN THE FIRST PLACE.

YOU DIDN’T GIVE PROSPECTS A STRONG ENOUGH REASON TO TAKE ACTION.

With the sheer number of unwanted email messages most of us receive, it’s no surprise that spam filters are becoming more and more aggressive.

Hard as it is to believe, few people care that your company has a long track record of success. Prospects are too focused on their own problems and issues to bother with any of that.

Messages with attachments (especially large ones), lots of links, extensive marketing graphics, and other gimmicks aren’t likely to make it to the recipient’s inbox in the first place.

Keep your prospecting emails simple and image free, even in your email signature.

They’ll have a lot easier time making it past SPAM traps and junk filters.

Keep this in mind and use your email message to emphasize common issues and triggering events you can solve that really matter to your customers and prospects. Make them want to engage with you! The point isn’t to tell them more about you. It’s to give them a strong enough reason to begin a sales conversation.

www.nzentrepreneur.co.nz • 27

3

IT SEEMED LIKE TOO MUCH TO DEAL WITH AT THE MOMENT. You have three seconds — or less — to convince a prospect that they want to read your email, and that it won’t take up more time than they’ve got at the moment. Your goal is to make your email not just sound compelling, but also look easy to act on. The easier it is, the more likely your prospect will read the first sentence, and then dive in to continue and respond to you.

If your email is more than three paragraphs long, asks your prospect to fill out a lengthy registration form, or otherwise seems like something that’s going to take them away from what they were thinking about, then the chances are good they aren’t going to bother.

Your contacts are already too busy. Give them a clear specific call to action that you’d like them to take after they read your email. Reply.

Call. Click here. Register.

Tell them what you want them to do using a simple sentence. Then make sure that what you’ve asked them to do doesn’t take more than a moment or two.

Even following these steps, you might never achieve a 100% response rate on your prospecting email campaigns.

If you can take the time to incorporate these tips into what you do, however, I promise you’ll see an enormous improvement just like Sheila.

Derek, another seller who switched up his email approach using these steps, got a 61% response rate on his email lead generation campaign. In just a few days, his biggest problem went from needing more leads to finding the time to respond to all of them. Now that’s a problem many sales reps would like to have!

So take my advice and don’t fall for these three common email prospecting traps. Once you avoid them, you’ll start seeing significantly better results – both in your sales pipeline and your prospect’s attention. ■

Kendra Lee is a top IT Seller, Prospect Attraction Expert and author of the award winning book Selling Against the Goal, and president of the KLA Group. To find out more visit www.klagroup.com

28 • www.nzentrepreneur.co.nz

www.nzentrepreneur.co.nz • 29

PERSONAL TRAINER

Entrepreneurial Intelligence

with SandyGeyer

Recruiting for the first time, how to set yourself up to choose well

3 YOU LOOK FOR THREE things when you hire someone:

Qualification 1 EXPERTISE: certificates, work history

EXPERIENCE: Relevant experience can be quantified from work history and references. If a candidate has gaps in their work history, be sure to find out why.

and assessments you can source or compile yourself can quantify expertise.

Depending upon what type of expertise you need in some cases these can be trained.

Then, consider the reason behind why you want to take someone else on. There are two possibilities;(a) either you want to leverage your abilities and knowledge through someone else or (b) you want to expand your knowledge and abilities with those of someone else.

communication styles, and values. Traits can’t be trained, they need to be actively selected, and they will relate closely to the culture of your business. There are many training organisations and on-line resources that offer ways to measure the ‘surface’ and ‘source’ traits of your candidates.

It’s a good idea to be clear on this before you compile your role description and start your selection process. If you just want to leverage your own abilities you can select a ‘blank canvas’ in terms of experience and skills and take time to train them to merely achieve more of what you can do by yourself, in the same manner that you do things.

Traits include personal 2 TRAITS: strengths, interaction/

30 • www.nzentrepreneur.co.nz

If you want to expand your abilities then their expertise and experience is a very important consideration upon hiring them, and you will need to allow them to teach you new things. Don’t be afraid of hiring someone who seems overqualified for the position.

This is a mistake many business owners make to the detriment of their business.

Most could benefit from the experience and expertise of someone available from an economic downturn retrenchment, early retirement or they might be returning to the workforce after maternity or paternity leave. Even if these types of candidates were to move on quickly, which is often the main concern, the value of what you can learn from them could stay with you forever.

While you plan your hiring

strategy bearing the above in mind; consider these two thoughts: Jim Collins, in his book Good to Great talks a lot about placing the right people ‘on the bus’. If you have to choose between someone who will fit into your business culture well but is light on expertise or experience, and someone who has all the right experience and expertise but you don’t think they will fit into your business culture, choose the former. My longest standing and most valued employees in my 20 years as a business leader are from this category.

As your business expands, you can either function as a conduit to expansion or a barricade. Many business owners unwittingly function as a barricade due to their control issues and insecurities about what they don’t know. ■

In each issue, Sandy will be answering commonly asked questions from new entrepreneurs. If you have a question for Sandy to do with entrepreneurship, building successful businesses or the challenges and difficulties faced by entrepreneurs, email the editor at jennifer@nzentrepreneur.co.nz Sandy Geyer is an entrepreneur and mentor and teaches the principles of entrepreneurial intelligence (EnQ), to entrepreneurs in New Zealand, Australia and South Africa. You can visit Sandy’s website at www.enqpractice.com

www.nzentrepreneur.co.nz • 31

Investment Corner

AngelBehaviour A Code of Conduct Suse Reynolds tells us what to expect from Angel Investors..

GROWING THE BUSINESS of angel investment in New Zealand is largely a result of ‘member get member’ referrals. This is true when it comes to attracting new members to the networks, and it’s true when it comes to sourcing new investors for our early stage funds.

So as we head into a new year, with lots of exciting opportunities looking for our support, a reminder about the standards of behavior we should we expect of each other seemed a good idea.

A year or so ago, the Angel Association’s members wrote a Code of Conduct, which sets out these standards.

32 • www.nzentrepreneur.co.nz

this isn’t always possible. we all know ‘life’ happens. So if something does get in the way of you doing what you said you would, communicate!

OUR VALUES We agreed the following values are important to us: • To be passionately ambitious for angel ventures,

Integrity is everything in angel investment which is why we highlighted respecting confidentiality and disclosing conflicts of interest.

One of the most fundamental components of success in the angel world is speed. So we have made it clear that communicating quickly and clearly is vital.

We also expect professionalism. Dealing professionally with each other sets the standards we expect of the ventures we invest in as they grow into world-beating enterprises. Time and energy can be scarce resources in angel investment. This can make it challenging to operate at the levels of professionalism we are used to in other parts of our lives. It’s nevertheless important to ensure timely reporting, compliance with relevant legislation and good businesses practice.

We also put great store on ‘doing what you say you are going to do’; keeping promises and commitments. If you commit to invest or offer to make an introduction – do it. If said you would sign a document – do it. Of course

So these are the principles that serve as the foundation for our dealings with each other and are the standards others working with us – incubators, accelerators and professional service providers -should expect.

• To be collaborative and collegial, and • To act with integrity and honesty.

OUR EXPECTATIONS OF BEHAVIOR These values are reflected in how we should behave.

www.nzentrepreneur.co.nz • 33

WHAT DOES THIS LOOK LIKE IN PRACTICE?

Doing the deal – syndicating, due diligence and closing

The deals

Any deal approved for presentation by one of our members will meet required standards of presentation in terms of content and performance to pitch to any of our investors. And if other AANZ members are approached to take part in that deal, they have made it clear they will do their best to disseminate that opportunity as quickly as possible.

Founders seeking angel investment should know that our members are looking for a credible entrepreneur with aspirations to grow an international business with a well-defined product, customer, and market.

Founders should expect prompt, objective and constructive guidance from our members, whether or not they ultimately secure capital.

34 • www.nzentrepreneur.co.nz

In fact if a deal has been

“

“

The world needs more angels, so the last word in our Code of Conduct encourages our members to be ‘ev-angel-ists’ for the space.

approved for presentation by one of our members, it can only be declined for presenting to another of our members if it lacks alignment with their investor’s preferences or their fund’s portfolio strategy, but not for lack of investment readiness.

We all know the quality of due diligence has an impact on the success of a venture so our members support the use of DD checklists. We recognize the balance to be struck between thoroughness and timeliness.

Our Code of Conduct notes that all investors must make their own assessment of any deal and we make it clear no one should place any reliance on satisfactory completion of DD by one of our members as a sign of the ability or future

success of a venture and nor does anyone relying on any member’s due diligence report have any recourse against that members.

Finally, once the screeds of documentation are completed, we expect angels to respond to any final communication as quickly as possible and do their very best to secure relevant signatures.

Industry promotion The world needs more angels, so the last word in our Code of Conduct encourages our members to be ‘ev-angel-ists’ for the space. You can expect our support if you need any help spreading the word about the benefits of angel investment. Do let us know if there is anything we can do! ■

Suse Reynolds Executive Director of the Angel Association New Zealand www.angelassociation.co.nz

www.nzentrepreneur.co.nz • 35

Ecosystem

St Peter’s in Cambridge Now Developing Secondary Student’s Entrepreneurial Skills

ST PETER’S SCHOOL IN Cambridge has created a new Business and Entrepreneurial Centre (BEC) and is piloting a new program to focus on developing its students entrepreneurial and financial literacy skills.

and four state-of-the-art teaching spaces.

It will deliver the schools commerce curriculum for Year 9-13 students including Enterprise Studies; Commerce Studies; Economics, Accounting and The centre is housed in a newly Business Studies. refurbished block and includes Department head Craig a fully functioning boardroom, Morrison and the St Peter’s kitchen, communal workspace BEC team undertook the task Sandy Geyer 36 • www.nzentrepreneur.co.nz

of executing the vision of the Business and Entrepreneurial Centre, leading the initiative to develop students’ financial capability and provide opportunities to explore what it means to be innovative and entrepreneurial.

St Peters spokeswoman Jan Franicevic says the initiative represents a “whole school approach to building financial literacy skills” and it is hoped that by helping students to plan for future careers would come skills to “self-motivate, to utilise lateral, creative thinking and to develop an international mindedness.”

The school has drawn on several experts to help them deliver the program including education entrepreneur Sandy Geyer. No stranger to success Sandy founded one of South Africa’s leading educational publishing companies, a business she started in her garage in 1996. Alongside this, she runs a property investment company and heads up EnQ Practice, a global company delivering specialist training

to grow entrepreneurial intelligence.

Identifying the opportunity to provide ‘real world’ entrepreneurial skills to senior students while still in a learning-focused environment, Sandy worked with education advisors to put together the EnQ Young Lions Programme of which St Peter’s is the New Zealand Pilot School, in partnership with St Stithians College, Johannesburg.

She states, “This is not about being schooled in how to be safe in risk-taking, this is about focus. Asking; what do I want?

Why? Then forging a plan and building resilience. Ultimately having a vision model.”

The programme is open to all students in Years 11 to 13.

Another BEC initiative includes the hosting of a series of informative breakfast meetings for students with a number of business luminaries, including Sir William Gallagher and Waikato University’s Dr Steve Bowden. ■

On the web: www.stpeters.school.nz

www.nzentrepreneur.co.nz • 37

Ecosystem

Punakaiki Funding Fuels US Growth for Christchurch Entrepreneurs 38 • www.nzentrepreneur.co.nz

ONLINE RETAIL TRAINING COMPANY, RedSeed, have earned investment from New Zealand Investors, the Punakaiki Fund, which was launched as a private fund in April 2014.

The Fund invest in growthstage New Zealand-based technology, Internet, and design-led businesses.

The funding comes as the tech company sets its sights abroad. The funding will be used to fuel RedSeed’s growth into the US market, says RedSeed Director and Co-Founder, Anya Anderson.

“We’re very excited to be part of the Punakaiki ecosystem. This investment will allow us global reach with our primary focus on the USA and Australia in the next 12 months,” says Anderson.

The fund looks to invest in companies where there is clear evidence that they understand the end user,

and that have created products and services that delight them.

“We are delighted to join Anya, Glen and the team at RedSeed, and have been following them for a while.

We see that RedSeed offers a compelling product for Australian and USA retailers and are delighted to be able to help with funding for those two markets.” says Punakaiki Fund Director, Lance Wiggs.

RedSeed first attracted the attention of Punakaiki Director, Lance Wiggs, in 2013 during a judge in the NZ HiTech Awards.

“We later worked together through the NZTE Better

by Capital program, and it is really is a pleasure to welcome them as Christchurch’s first company joining the high-quality group of companies with Punakaiki Fund.” says Wiggs.■

Specialists in retail sales and service, RedSeed’s training blends online and offline learning together to produce powerful results.

For more information contact Ben Hogg (Marketing Manager): E: ben.hogg@redseed.training W: http://redseed.training

www.nzentrepreneur.co.nz • 39

PARTING SHOT

“Thebestwaytopredict thefutureistocreateit.”

- Peter Drucker

40 • www.nzentrepreneur.co.nz