HOW TO HANDLE BUSINESS GROWTH PAINS DURING HIGH-GROWTH START-UPS IS JUST WHAT A BUSINESS COMMUNITY NEEDS TO HEAR NOW AND THEN.
With federal parliament returning to Canberra this week, many commercial operators and innovators are looking for inspiration to make 2016 a financially successful year in business.
Canberra entrepreneurs learned from experienced entrepreneur Matthew Michalewicz about ways to manage the growth pains of high growth start-ups.
Mr Michaelewicz discussed what start-up entrepreneurs should focus on during the scaling-up stage of a business (which he suggests is the stage after the venture is funded). He also addressed how to build and grow a capable team to deliver on the growth potential of a start-up.
For 30 minutes Matthew talked on how to execute well during the start-up and growth stages. His charts on marketing, selling and deliverables were received well by the audience. He gave a number of positive ideas to encourage entrepreneurs to never give up:
“If I don’t sell = I don’t eat.” “Sales is KING. It’s not the best product that wins: communicate, convince, persuade.” “What journey has the customer been on until they met you?” “How can I help this client succeed?” “To raise capital: start with small milestones.” “Find foundation customers and secure them into follow-on customers.” “What can I do in the next 30-60 days to make sure I achieve my goal?” “What can I do within six months to achieve the goal?”
Matthew said at age 18 he began his first business, a personal training company, Since then he’s achieved success with a number of companies he’s co-founded, including NuTech Solutions and SolveIT Software. He’s authored/co-authored a selection of books, including ‘Adaptive Business Intelligence’ and his latest offering ‘Life in half a second‘. As an act of extreme generosity, Matt provided free copies of his latest book to seminar attendees.
Matt’s slides showing his early days pitching to leaders of European countries to be on the board of one of his start-up companies were enlightening. What hutzpah! Later in his talk, Matt took a number of business questions from the audience:
Q: How to deal with failure during the start-up life cycle?
A: HAVE A GOAL. This provides focus and context for all decisions during the scaling-up stage.
Q: Should I do xxxx (this) for my business?
A: It depends: what’s your objective/goal/what do you want to achieve? Does the act or decision fit with your end goal in mind?
Q: What does an ideal work colleague look like to you?
A: Someone who looks knowledgeable – and has elegance and charisma.
The event was held at: CBR Innovation Network (http://cbrin.com.au/) which is Canberra’s home of innovators (see http://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0ahUKEwi_tuTgr9jKAhUS8GMKHR5BDRAQFggcMAA&url=http%3A%2F%2Fcbrin.com.au%2F&usg=AFQjCNEgC-YqCQoll4YYf0uF7jdlR5DxkA&bvm=bv.113034660,d.dGY
Matt’s lunchtime seminar attracted about 50 people (see https://www.eventbrite.com.au/e/handling-growth-pains-of-high-growth-start-ups-a-lunchtime-talk-by-matthew-michalewicz-tickets-20538437018?aff=erelemremsim).
When was it held: Tuesday, 2 February 2016 from 12PM to 1PM (AEDT).
Where was it held: CBR Innovation Network – Level 5. 1 Moore Street. Canberra, ACT 2601 (http://www.eventbrite.com.au/o/cbr-innovation-network-7554063871)
What the audience said on social media about Matt Michalewicz after his talk:
- Mr Michalewicz’s informative talk was a great success, with a great turn out and many attendees receiving a copy of his book, ‘Life in Half a Second’. Of particular note was Mr Michalewicz’s emphasis on the importance of focus and sales in entrepreneurship and startups.
- Great turn out to hear @M_Michalewicz talk on high growth start-ups! @CBR_IN @GRIFFINAcc @kilninc #startup https://t.co/dynqMp3jdD
- RT @MischNarracott: @CBR_IN kicks off 2016 with a great seminar @M_Michalewiczentrepreneur and author of Life in half a second. https://t…
Text copyright: Fiona Rothchilds other than Matthew Michalewicz’s notes.
Photograph copyright: Fiona Rothchilds 2016.
Uploaded 02 February 2016.