Secrets
Of
Female
Entrepreneurs
Exposed!
Featuring written material by *Sonia Amoroso *Joanne Mercer *Suzi Dafnis * Margaret Lomas *Sue Ismiel *and many more
Dale Beaumont
With Katherine Beaumont & Foreword By Bessie Bardot
Disclaimer
All the information, techniques, skills and concepts contained within this publication are of the nature of general comment only, and are not in any way recommended as individual advice. The intent is to offer a variety of information to provide a wider range of choices now and in the future, recognising that we all have widely diverse circumstances and viewpoints. Should any reader choose to make use of the information contained herein, this is their decision, and the contributors (and their companies), authors and publishers do not assume any responsibilities whatsoever under any conditions or circumstances. It is recommended that the reader obtain their own independent advice.
First Edition 2006
Copyright © 2006 Dream Express International Pty Ltd
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission from the publisher.
National Library of
Australia
Cataloguing-in-Publication entry:
Beaumont, Dale Beaumont, Katherine
Secrets of Female Entrepreneurs Exposed
ISBN 978-0-987-21371-6
1. Business. 2. Women – Business. 3. Interviews – Australia.
4. Beaumont, Dale. I. Title.
Published by
Business Blueprint
A division of Dream Express International Pty
Ltd
PO Box 808, Newport Beach, NSW 2106 Australia
Email:
support@BusinessBlueprint.com.au
Website:
http://www.BusinessBlueprint.com.au
Editing by Simone
Tregeagle [simone@inkcommunications.com.au]
Layout
and typesetting by Bookhouse [www.bookhouse.com.au]
Cover
design by Jay Beaumont [www.thecreativehouse.com]
Illustrations
by Grant Tulloch [support@businessblueprint.com.au]
Printed
and bound by McPhersons Printing [www.mcphersonsprinting.com.au]
Smashwords Edition, License Notes
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To my very special and extremely strong mum. Ever since I was young you told me I picked you to be my mother. After twenty-something years I think you’re right. Thanks for everything and love ya heaps!
Dale Beaumont
To the four phenomenal women in my life: Mum, Jenn, Glenda and Ingrid. I am grateful for the lessons you have taught me, the belief you have had in me, your honesty and unconditional love.
Katherine Beaumont
Acknowledgments
As with any major project, there are a number of very special people who contributed to making this book happen, so we’d like to take a short moment to say ‘Thank You’.
First, to the seventeen amazing entrepreneurs featured in this book, the biggest THANK YOU for accepting our invitation to be a part of this exciting project, and for your faith and patience in seeing it through. It has been wonderful to get to know you and experience the positive impact that each of you has on everyone whose lives you touch.
Next, thanks again to Jay Beaumont (Dale’s brother) for all your help with designing the book covers, and to Craig Eve and Adam Davis for your support in building the ‘Secrets Exposed’ website. To Simone Tregeagle (from Ink Communications) our most amazing editor – thank you so much for your absolute belief in the vision for these books, and to Cheryl Jenkins and Bianca Costigan for your many hours of proofreading.
Thank you to our very talented publicist, Matthew Dillon (from KAPOW Media), for never ceasing to amaze us. And to our special friends for helping us write the hundreds of questions: Sharlene Naidu, Brent Williams, Ryan Butler, Armina Soemino – you guys are fantastic!
And finally, to the unsung heroes of this book – the totally terrific assistants of the entrepreneurs featured – Kim Edwards, Sophie Baker, Phillip Allcott, Tracey Booth, Paul Lacy, Sarah Irwin and Christine Nicholson. Our sincere thanks to each and every one of you for answering our many phone calls, replying to the dozens of emails and bringing it all together. Without your support this book would not have happened.
Praise for Secrets of Female Entrepreneurs Exposed!
“I can see this book being talked about for decades to come, as I am certain many people will use it to plan their own success and fortune. A delight to read and highly recommended to everyone.”
Avril Henry – Director, AH Revelations and Expert in
Generation X & Y
Author of Leadership Revelations –
An Australian Perspective
“Secrets of Female Entrepreneurs Exposed! should be required reading for anyone committed to starting up and building an extraordinary business – no matter if it’s their first time in business or their tenth start-up. These women ignite the reader with their passion as well as practical advice.”
Michelle
Carden – Co-Founder, The Aspire Group of Companies
Winner
WA Business News 40under40 Awards
“In case you think this book is just for women, think again. It contains numerous stories of courage, persistence and at times... genius, from which everyone can draw inspiration.”
Matthew Brooks – Business Journalist
“I’ve loved reading this book! As a young mother of two small children I thought I was incapable of being in business. However, the stories in this book, especially from other mums, really inspired me and I now know if these women can do it, so can I.”
Bianca Costigan – Aspiring Entrepreneur and Mother of Two
“It is about time someone put together a book like this. It’s a triumph for all women in business. The stories it contains are both inspirational and informative. Well done Dale and Katherine.”
Lisa
Messenger – Managing Director of Messenger Marketing Pty
Ltd
Finalist 2005 Telstra Business Woman of the Year
Awards (NSW)
“Having studied entrepreneurial psychology for the last 20 years, I’ve discovered that there are many common traits which make a person succeed in business. These traits are clearly explained by the highly successful women whose stories make up this book, so study it closely, it’s a shortcut to success.”
John Rawson – Founder of Demtel International and Success Gym
“This book is the ultimate tool for women in business! Be inspired, be amazed and be motivated. Grab your copy, take notes and spring into action. What are you waiting for!?”
Amy Wilkins – Television Presenter and Co-creator of Active Kidz
“Reading about how these ‘real’ women have built their businesses inspired me to take my own business to the next level. Understanding the challenges they have experienced on their journeys helped me to realise that we all face the same obstacles, and that with a clear vision and a passion to see it happen, any of us can achieve success in our lives.”
Jennifer Jefferies – Life Balance Expert, Author & Professional Speaker
“Having already read the Secrets of Male Entrepreneurs Exposed! book, I found this one to be just as insightful, if not more. Being a woman in the corporate world, I am excited about the calibre of Australian talent we have right here in our own backyard. I now have real life examples of successful women that are true pioneers. I sincerely value that.”
Louise Murphy – Executive Assistant
“Though I have never met any of the people in this book personally, after reading their chapters I now feel like I really know each of them. I’m now looking forward to the day when I start my own business and become the master of my own destiny.”
Myra Van Every – 23-year-old Aspiring Entrepreneur
Contents
Preface
If I were in your position right now I’d be wondering if I really needed to read this section. However, if I could ask you ta resist the temptation to skip ahead for just a few minutes, I’d like to share with you a few of the reasons why this book has been created and how you can use it to impact your life.
When I was growing up I heard somewhere that there are two ways to live your life: the first is through ‘trial and error’ and the second is through ‘other people’s experience’. At the time I dismissed it as just another one of those sayings that sounds good, but doesn’t make much sense. Then, like most teenagers I finished school with stars in my eyes thinking, ‘This is great! My education is over – no more books, no more lectures, no more people telling me what to do’. How wrong I was. After a few months of bouncing around, not quite sure of what to do next, I stumbled across the idea of personal development and started to hear concepts such as:
• Formal education will earn you a living, but self-education will make you a fortune.
• Work harder on yourself than you do on your job.
• You will be the same person five years from now, except for the people you meet and the books you read.
• Don’t wish that your job were easier, wish that you were better.
• You are your own greatest asset, so you must invest in yourself.
Since November 2000, I have been totally committed to becoming my own most valuable asset. After attending hundreds of seminars, listening to thousands of hours of CDs and reading shelves of books, I have discovered that the people who truly succeed aren’t any smarter, better looking or harder working than anyone else – they just think differently and have learnt to incorporate different values into their lives.
I am now in the very fortunate position of being able to travel internationally to present personal development seminars to teenagers and I am often asked, ‘What is the one thing you need to know to be successful?’ My answer is always the same: ‘The one thing that you need to know is that there is not one thing that you need to know to be successful’. I’ve learnt that success is multifaceted and that mastering one principle of success or area of your life isn’t going to take you to the top – the more you master, the more successful you will become. But if I did have to identify one of the most important success strategies, it would be this: ‘Find out what successful people do and do the same thing until you get the same results’.
That’s what this book is all about. The only difference is, instead of you going out and finding successful people, we’ve brought them to you.
You see, whatever you want in life, whatever you are shooting for, chances are that someone else is already living it. They have already invested years of their life and probably hundreds of thousands of dollars, they’ve made lots of mistakes, learnt from them and eventually succeeded. So why would you want to waste your own time, money and effort through ‘trial and error’ when you can fast-track your success by learning from ‘someone else’s experience’? As Sir Isaac Newton said, ‘If I have seen further it is because I have been standing on the shoulders of giants’.
Every time you pick up a book, attend a seminar or interview a successful person, you are compressing years of life experience into a few hours. With any of the ‘Secrets Exposed’ books, you can multiply that by between twelve and seventeen people and you’re looking at around 250+ years of experience and wisdom ready and waiting for you. It won’t prevent you from making mistakes of your own, far from it, but it will help you to make more calculated and purposeful decisions, rather than big, misguided and ignorant ones.
There is no shortage of information about how to achieve proficiency or even greatness in any area of life these days. Go to any bookstore or library and you’ll find the shelves sagging with titles from experts, all with their own theories and ways of doing things. But what I have discovered is lacking in almost all of these books is INSPIRATION. What’s missing is role models and mentors – the stories of people we can all look up to. People who started out exactly like you – with a dream in their hearts and with all the same fears and insecurities. Given the choice between reading a textbook or a dozen success stories about people who have actually done something, I’d take the success stories any day of the week. I’m not saying that theoretical information isn’t important, of course it is, but having presented hundreds of talks to all different types of audiences, I can confidently say that it’s always the stories that move people. It’s the whole, “If he or she did it, then so can I” that gets inside people’s hearts. When we’re inspired we get motivated and then we take positive action which leads to results.
The ‘Secrets Exposed’ books are not intended to be a one-stop-shop. They are an introduction to the wealth of knowledge available to you and to some of the real success stories of people who have reached the top in their chosen field of endeavour. That’s why at the back of each book you will find most of the contributors’ contact details and some of their other products and services that are available to help you continue your journey.
So, how did the whole idea for the ‘Secrets Exposed’ books come about?
Well, in 1998, when I was around seventeen, my nan gave me a copy of a book titled Collective Wisdom, by Brett Kelly. In it were transcripts of face-to-face interviews with a whole lot of prominent Australian personalities. And it was a fantastic read. Since then I have seen a handful of random ‘success story’ books, but the challenge I find with most of them is that they are either transcripts of interviews, that never really make complete sense in the printed form, or they are written by writers who paraphrase someone else’s story. The result tends to be a diluted message that doesn’t really allow you to get a sense of the individual’s personality or character.
In around 2001 I read my first Chicken Soup for the Soul book and realised that there were dozens and dozens of related titles designed to meet the needs of different people’s areas of interest. I thought that was pretty neat.
It wasn’t until January 2004 that the ‘Secrets Exposed’ idea boiled over. I was in my hotel room in Singapore relaxing after six straight days of presenting to hundreds of teenagers. I was reflecting on the ideas that had been shared with them. One of the most important was to seek out those who have already achieved what you want and ask them lots of questions. I was plagued by the thought that only a small percentage would act on that very valuable advice and that most would never take the step due to a lack of confidence, fear of rejection or an inability to contact the people they needed.
That’s when it hit me... ‘What if I could find the people and put together a number of books covering a range of different areas?’ I knew it would take a lot of effort, so for the next three days, I sat in my hotel room and developed the basis of an entire system to make it happen.
Based on my experience with other books, I decided that these books had to be non-time specific and be written (not spoken) by the people themselves. This way the answers would be planned and well thought-out, providing richer content and more interesting reading. I also wanted to make sure that there was an even balance between practical ‘how to’ information and inspirational stories that gave an insight into the highs and lows of people’s real journeys. I also wanted to ensure that a percentage of every book sold was donated to a charity relating to the nature of that particular book.
When I arrived home I got into action. However, between working out of a tiny one-bedroom flat and trying to manage two other demanding businesses, my plans were a little slow in the beginning and I had to be resourceful. So I bought a plastic tub and turned the boot of my car into a mobile office! Anytime I could find a spare hour or two, I’d park myself at the gym or a nearby coffee shop and make calls from my mobile phone.
Putting these books together has been both time-consuming and demanding, but it has also been a real privilege for me to have the opportunity to work with each of the people involved in the various books. Thank you, to each of you, for making it possible!
Well, I think you’ve heard enough from me. Now it’s time for you to discover for yourself the wonderful wisdom contained in these pages. I hope that you enjoy the read as much as we’ve enjoyed putting it together. And who knows, maybe one day we will be reading your story?
Dream Big!
Dale Beaumont
Creator of the ‘Secrets Exposed’ Series
Sydney, Australia
Foreword
I know there are going to be many successful people reading this book who will wonder, ‘Where on earth was all this priceless information when I was starting out?’
This book has truly captured the essence and heart of the entrepreneurial woman with its collective knowledge and fascinating insights. It has as much to offer the novice taking their first steps into the big wide world of business, as it does to remind and reinspire those already succeeding in the entrepreneurial world.
Being an entrepreneur, by default, means taking the bull by the horns and treading where most others fear to tread. More than anything else, this book offers a guiding hand over the inevitable rocks that we all face, and a crystal ball through which to benefit from the tried and tested advice of women who have actually walked the path before you.
Reading this book, I realised that many of my own experiences, fears and uncertainties would, without doubt, have been so much easier to deal with if I had the insights offered here. If I had realised that the obstacles I faced were simply part of the usual personal and business growing pains, I could have saved myself much time and many blocks of chocolate!
With its personal and easy to read format, it makes fun reading for even the busiest person who just wants to remind themselves about traits such as persistence, learning, time management and the many other common behaviours and values we must all share if we want to be in charge of our destinies.
So, whatever stage you are at, read this book, get back up, dust yourself off and remember you’re not alone.
Better than ‘good luck’ – ‘Good Learning’.
xxx Bessie Bardot
Professional Speaker, Best-Selling Author, Radio Presenter, Model and Businesswoman
Introduction
For centuries there has been a vast gap between those relative few who achieve high-level business success, and the rest of society – no more so than when it comes to women. But in recent decades we have seen many of the walls that have prevented women from participating (let alone excelling) in business come down. There are of course many historical and political reasons for this, but more recently it’s been the public exposure of highly successful businesswomen that has inspired a new generation of spirited souls.
But simply knowing about the achievements of today’s women business leaders, and learning about who they are and understanding how they’ve achieved their success are two very different things! This book aims to create a more personal relationship with some of the most successful businesswomen of today; to explore their rise to success, and share their ideas and philosophies on business and on life.
Following on from the enormous success of Secrets of Male Entrepreneurs Exposed!, in this book we’ve uncovered the secrets of seventeen women at the top of their game who are eager to pass on what they’ve learnt – and you’ll see that we’ve covered a lot of ground:
• They range in age from 27 to 53.
• Their business turnover ranges from $1.6 million, through to an incredible $50 million.
• Fourteen of these women call Australia home, but they come from eight different countries.
• They represent a diverse range of industries, from real estate to pet tags, and everything in between.
• Some have several degrees, while others dropped out of high school.
• Some are single, some are divorced, and others are still happily married to their childhood sweethearts.
• Some have no children, others have several, and one gave birth just two days before writing this text.
As for the content, this book covers: goal setting, idea development, research skills, product creation, capital raising, sales and marketing, finance, branding, hiring staff, firing staff, joint ventures, leadership, franchising, stress management, web development, international expansion and much, much more.
So, is this book for you?
If you have a desire to:
• be your own boss and work the hours you choose
• dramatically increase your income-earning potential and possibly retire early
• build something of value that will assist future generations
• utilise your creative potential and grow as an individual
• be recognised for your skills, rather than for your position
• help to add value to the lives of your customers and your society
– then continue reading.
To assist you in your own entrepreneurial endeavours, at the back of the book we have included the contact websites of every contributor. You’ll discover that many have their own books or educational materials, which we strongly endorse and encourage you to investigate further.
A number of contributors have also very generously offered valuable gifts to all of our readers. To receive them, all you need to do is visit the specified website, follow the steps and download the bonus gifts – absolutely free.
Finally, remember it’s what you do after you read this book that is going to determine its real value to you. So, go out there, apply what you’ve learnt and when you reach a goal – no matter how big or small – let us know so we can share your success story.
Enjoy!
Dale and Katherine Beaumont
Email: info@SecretsExposed.com.au
PS. 10% of the profits from this book will be donated to The Breast Cancer Institute of Australia, an organisation committed to research and testing for early detection and to discover more advanced methods of treatment, helping to ensuring that in the not so distant future, breast cancer will be a thing of the past. For more information or to donate directly, please visit www.bcia.org.au.
Power Of Education
Suzi Dafnis
“If I only focus on travelling around and producing events it just connects me to how exhausting that is, but if I focus on the result, which is thousands of people with improved lives, I can keep going any day.”
**********
Profile
Suzi Dafnis
Suzi Dafnis was born in 1966 in Sydney, to Greek immigrant parents and is the eldest of three children.
For most of her career, prior to starting her own business, Suzi worked in promotions and marketing positions in the music and fashion industries. She started Pow Wow Events International in 1994, together with partner Peter Johnston. The company was named after the American Indian term for ‘a gathering of people, an exchange of good ideas’.
Pow Wow Events distributes books and other learning products, and organises seminars with top international authors and experts in sales, internet marketing, entrepreneurship, real estate and investing. Since 1994 it has delivered empowering educational experiences through live seminars and online events to more than 250,000 people. The company occupies more than 50 per cent of the market in the personal finance, personal development and business skills segment.
Suzi has been featured in many national publications, including The Australian, The Sydney Morning Herald, Canberra Times, MyBusiness Magazine, Voyeur (Virgin Blue’s in flight magazine), as well as on numerous radio and television programs. She also appeared in the BRW Young Rich List in 2003, 2004 and 2005, where she was profiled among this country’s great talents in business and entertainment. In 2005 she featured on Channel 7’s revolutionary business program Dragons’ Den.
Suzi is the National General Manager of the Australian Businesswomen’s Network, which provides services for more than 10,000 businesswomen in Australia each year.
Suzi travels extensively for both business and pleasure, and is highly committed to her own personal development. She’s an avid investor in real estate and small businesses.
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When did you and your family first realise that you had an entrepreneurial flair?
Both of my parents worked for themselves and I think that had an influence on me, but it was probably something that I discovered as a teenager – I couldn’t wait to get out of school and start making a difference. I got my first after-school job making sandwiches at a suburban shopping centre café. I wasn’t even old enough to be legally employed but I wanted to have my own money and the freedom to spend it however I liked. To be able to work was very empowering to me.
My first business venture was Pow Wow Events International, which I started in 1994 (when I was 28 years old) to provide people with the tools to learn, without having to go back to formal educational institutions. I have a passion for transforming businesses and people, but I don’t have a tertiary education and I knew that there were many people like me who wanted to continue to learn and grow, but not in a traditional learning environment such as university. Starting the company was the biggest learning experience I could have ever hoped for, it developed me as a leader, a marketer, a communicator and a manager of people, and through it I’ve learnt an enormous amount about myself, people, business and customer service – as well as reaping the financial rewards.
What education or experience did you have prior to starting Pow Wow Events?
I’d mainly worked in marketing and promotions in the fashion and music industries. I started at the ground level, doing basic secretarial and reception jobs to get a foot in the door, and like many Australians do, I travelled and worked in the UK and Europe before settling down and getting serious about my career.
The job I am still most fond of was when I was the marketing coordinator for Virgin Retail. I was in my early twenties and it was a fun, fast-growing business. The culture there was one that I’ve always hoped to emulate in my own business. My boss was my first real mentor and he encouraged me to learn marketing and gave me opportunities to grow and be accountable. I also had the opportunity to meet Richard Branson (my all-time role model) on a couple of occasions, which was a wonderful bonus.
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“...we wanted the business’s future to be international and so we made it part of our vocabulary...”
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What made you decide to set up Pow Wow Events, and is it true that you started in the spare room of your house?
My partner PJ and I both have a passion for personal education so we were looking to create non-traditional environments for people to learn business and personal development skills. We started in our spare room and stayed there for two years while cash flow was really tight. When we ended up with staff working out of our kitchen and living areas, we realised it was time to move into our first office – a whole 80 square metres in Crows Nest, Sydney – today we have an 1,800 square metre building in Rosebery, Sydney.
During those early years what were some of the things you did to make your company appear bigger than what it was?
We named the business Pow Wow Events International for a reason, we wanted the business’s future to be international and so we made it part of our vocabulary from the very beginning.
Sitting in your spare room answering calls, you really need to have some strategies to cover up the fact that you a) may still be sitting in your pyjamas, and b) may be one of only two people doing everything. So we always adopted a very professional and business-like approach. We answered the phone very professionally (my reception experience coming in handy), we had email from the beginning, before it was common, and we got a website up early too, around 1996. It was only a few basic pages but it meant that we could advertise a web address, which gave people an impression about the professionalism of the company. We also created a client newsletter, which was a big investment in time and money, but it paid off.
In the beginning, what were some of the business skills you were lacking and what did you do about it?
At the start, the only skills I actually possessed were on the administrative and marketing side of things. The rest, such as managing a budget and staff, I had to learn until I could afford to employ people who knew how to do it better than me.
I love my staff and am very committed to helping them grow and learn, however managing people has been the biggest challenge for me. In the early days I used to take it personally when someone resigned, but I’ve learnt to see how their time with us can be productive and they will grow, but there will come a time when they want to move on.
What is one of the biggest business deals you’ve ever done and why did it work so well?
All of our great deals have been the result of good relationships. Our relationships with authors and speakers are usually very long term and I have found that the more open and honest I can be, the greater the trust that is built.
For example, Pow Wow Events has a very close relationship with the Rich Dad Company in the USA, which has spanned thirteen years. We have worked through many challenges, but remain great partners and great friends. With many of our relationships, we’re one of the biggest resellers of the speaker’s products and programs, and we contribute substantially to their bottom line. We still have relationships with suppliers that we first dealt with ten years ago – that’s what makes business work for me, when your team goes beyond your employees – it’s that extended team which allows you to have the confidence and power to do the bigger deals.
What do you think are some of the major benefits of having your own business?
Being as passionate as I am about business, I am sure I could easily write a whole book on this question alone. However, here’s a quick summary of what I think are four of the main benefits of business ownership.
1. You get to think differently – I remember in 1998 Apple launched its ‘Think Different’ campaign. Its ads featured a montage of people such as Albert Einstein, Richard Branson, Amelia Earhart, Gandhi, Martin Luther King, and Picasso, and the voiceover said: ‘They invent. They imagine. They heal. They explore. They create. They inspire. They push the human race forward’. In other words, they change the world. That’s the way I feel about business. By daring to build your own business you are forced to think differently, and by doing so you touch the lives of thousands, or possibly even millions, of people.
2. You get to be your own boss – One of the main reasons I decided to start my own business was because I don’t like limits, rules or being told what to do. That’s my nature; I think it is in every entrepreneur’s nature! In most jobs, regardless of how senior your role is, or how hard you work, you’re expected to be somewhere at some time, and do something in exchange for a defined pay-cheque at the end of the week, fortnight or month. I started my own business so that I could have the freedom to create my life just the way I wanted it. Today, as my own boss I work harder (much harder) than I did when I was an employee, but I love it! The good thing is that I work because I choose to, not because I have to, and when I want time off, I take it. It’s a great feeling.
3. No glass ceiling and no ladders to climb – Another upside of entrepreneurship, especially for women, is that there is no glass ceiling and there is no corporate ladder. No one can put a cap on your earning potential and you don’t have to play politics just to keep your job. Business doesn’t care about your past, whether you’re a man or a woman, your age or your background, it doesn’t have prejudice – it is just a creative process and anyone can use business as a vehicle to obtain their own sovereignty.
4. The alchemy of business – With business you have the power to create something out of nothing. First there is an idea, then you add your knowledge, time, money and intention – and suddenly, you have a new ‘something’. That’s magic. I believe business is the ultimate creative endeavour. I’ve often thought that I’m not using my creativity, until I check in and remember that there was once nothing and now there are hundreds of thousands of people with experiences that resulted from something I created. It’s very humbling.
In 2000 you left Australia to live in Phoenix to expand into the lucrative US market. What challenges did you experience leaving the Australian business?
Being away from the Australian business for up to eight months a year has been challenging because both PJ and I are still very much involved in certain aspects of the business’s day-to-day activities. Leaving forced us to put management systems, budgets and project plans in place, which was great because we wouldn’t have done it so quickly if we hadn’t left.
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“You can grow too fast and spin out of control...”
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The business was on an upward trend before we left and that growth carried on through the first two years following our departure. The last two years have been about consolidation. You can grow too fast and spin out of control and we were beginning to do that. All that was growing was the number of staff, but not the bottom line, so we’ve cut expenses and put systems in place to make us more productive and profitable.
What do you love most about business?
There’s a lot that I love about business, but primarily it is the ability to create something out of nothing – to innovate, to market and to see a project from start to finish. Business allows me to be as creative as I want to be and it’s also the best personal development program you can do –starting a business will test what you’re really made of. I relish the personal development that comes from taking new steps, whether you succeed or fail, and moving to greater levels of leadership and knowledge.
Pow Wow Events just had its eleven-year anniversary, which was a big milestone. During the next year we will re-engineer our processes, business functions, roles and activities. Having been away from our domestic business for five years, I have learnt new skills, identified new market trends and new ways of doing business that we’ll start to integrate in Australia. One of the great things about having offices in the USA is that we get to see another point of view and to experience opportunities that wouldn’t come our way if we were solely based in Australia. This is what I love about business – that you can grow and expand with experience.
What is the biggest mistake you’ve ever made in business and what did you learn from it?
When we first opened Pow Wow Events in the USA, we left the Australian business in the hands of a general manager, but we hadn’t set up the right reporting and financial systems and within four months money was flowing out the door – expenses were up, and productivity was down. We were forced to take back the reins, put in budgets, systems, key performance indicators, job specifications and procedures. What we learnt was that you can’t grow a business based only on intuition and hard work. To truly leverage your time, you need to put measures in place that enable you to be able to take the pulse of the business from a distance while others operate it within a structure.
Another mistake we’ve made is complacency. We’ve been very deliberate about staying ahead of the market, but over the last four years a number of copycat companies have shown up, and we didn’t pay attention to them. We’ve spent the last twelve months looking for our new ‘edge’. We’ve realised that our complacency was making us lose the upper hand we had over our competition – and we won’t make that mistake again.
What were some of the challenges you had to overcome on the journey to achieving your personal and business goals?
In the early years managing income was the biggest challenge. We were paying ourselves $100 a week, not out of the business but out of our savings, and we did everything ourselves for years to save on staff costs. In retrospect, I should have hired more senior and experienced staff to enable me to let go of many day-to-day activities. We didn’t think we could afford them, so we waited four years before we hired our first senior person and six or seven years before we hired an executive assistant, which meant that we were doing work that others could have done for us while we concentrated on the business-building that only we could do as owners of the company.
I also now see the need to create systems. In his book The E-Myth, Michael Gerber suggests that any process that will be done more than once deserves a system. Systems allow business owners to have others perform jobs with minimum training. We have great systems today, but they are like a moving target and we have to pay constant attention to ensuring that the systems keep up with our growth and changes in the business.
These issues came up again when we opened our office in the USA, but because we’d learnt from our mistakes and experience, we were able to grow so much faster and smarter, and to get up to speed on productivity and income twice as fast. It took us just two years to do what had taken seven years the first time around.
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“I believe that you are a product of the people you surround yourself with.”
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Have there ever been times when you wanted to give up, and if so, what got you through?
Our very first venture lost us $40,000 and put us in a hole that took two years to get out of. We had to negotiate with creditors to pay them back over two years, to allow us to continue trying to get new business. It was a disaster. We did think of quitting but neither of us really wanted to go back to working for someone else. What kept me going was the vision of creating a unique business that empowers the human spirit. This is my personal vision and the reason that I continue to do what I do.
I still do feel like giving up some days when things don’t go right; like when we are having issues with staff, or a deal doesn’t quite go the way I’d hoped, or when I’m just physically exhausted from travelling for weeks on end. Sometimes I just feel like stopping and ‘smelling the roses’ a little, but I love the business and the results I get from it way too much to ever give up.
What is the most important thing you have learnt about succeeding in business?
What I’ve learnt is to not be arrogant. Success can bring arrogance and a notion that you actually know something, but you need to continually watch the market, and be prepared to innovate and adapt to changing circumstances.
Some people say that ‘people are your best asset’ but I think a better way of saying this is ‘the right people are your best asset, but the wrong people (whether they are staff, suppliers or clients) can really mess things up!’ I believe that you are a product of the people you surround yourself with.
To be a successful entrepreneur requires certain leadership skills: the ability to see the big picture, respect for others on the team, willingness to be wrong about things and to learn from mistakes, willingness to take risks, and a commitment to learning and growing. No matter how hard they may work, unless they take these skills into account, most people will not be successful in business. Starting a business doesn’t make you an entrepreneur, but most people don’t realise that. I have always tried to be a successful entrepreneur, I never wanted to be a good manager, but I do constantly strive to be a good leader. I am very demanding and have high standards, which can be a vice at times, but I think it’s necessary if you want to be the best at something.
Your life partner, Peter Johnston (PJ), is also your business partner. What’s it like working together and what advice would you give to others in a similar situation?
The most challenging part is switching off and taking breaks from the business. We are a great team and really complement each other, so the business’s success has been the result of a great partnership. Many couples couldn’t work together, but I can’t imagine coming home and saying, ‘So how was your day, honey?’ Our goals and focus are very aligned. Regardless, we still need to work on having time out for the couple side of us, which we sometimes do by building days for us into our business travel.
For the last few years you have appeared in the BRW’s Young Rich List. What is that recognition like for you?
It’s an achievement that is both interesting and one that I am proud of. I can certainly say that I’ve been in excellent company in that list. It’s a nice accolade, but at the end of the day being rich is not the end game for me. It’s great to be acknowledged but there’s more to my happiness than that.
I recall someone very successful, maybe it was Gerry Harvey of Harvey Norman, saying that he never gets complacent about being successful, because tomorrow it could all be gone. I know that sounds ‘doomsdayish, but I think people need to have a reality check about what business is – it’s a wonderful adventure with its ups and its downs, and I always look to learn and grow, to try new things and take calculated risks.
Who are the mentors that have inspired you and what important lessons have you learnt from them?
There have been many role models that have inspired me. The ones who inspire me from afar, include:
• Richard Branson, CEO of Virgin
• Anita Roddick of The Body Shop
• Steve Jobs who created Apple
• Ray Kroc who started McDonald’s
The mentors who have inspired me more personally include my boss when I worked at Virgin, who was a young, extremely smart marketer who encouraged me to get into marketing, which I soon discovered was my real passion in business. Robert Kiyosaki, the author of Rich Dad, Poor Dad, has also become a mentor (whose business and investing advice I have taken on board), business partner and a truly great personal friend. In addition to these two amazing people, I have met countless inspiring entrepreneurs through the Australian Businesswomen’s Network – both well-known people and quiet achievers who are changing the shape of business in Australia.
I’m very lucky to keep the company that I do, I have met some amazingly inspiring people who all share drive, determination and a ‘never say never’ approach. I’ve found that these people are very big picture – they think big, act big, and they have a commitment to their own education, growth and ongoing development.
If anyone can succeed in business no matter what their background or circumstances, what do you think holds people back from becoming successful entrepreneurs?
I don’t actually believe that anyone can succeed in business, because very few do and ever will. Unfortunately, the statistics on the number of businesses that fail are terrible. I think the main thing that holds people back from success is what they don’t know – whether it’s how to manage money, how to market, what to market, how to manage staff, how to negotiate or how to sell – that’s why I’m such a big advocate of personal education.
Is there a significant quote or saying by which you live your life?
The most important quote to me isn’t so much a saying but a poem called Commitment. It is about how the moment one is truly committed, unforeseen circumstances come about to support the decision that you have made.
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Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative (and creation) there is one elementary truth, the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, then Providence moves too. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision, raising in ones’ favour all manner of unforeseen incidents and meetings and material assistance, which no man could have dreamt would have come his way. I have learned a deep respect for one of Goethe’s couplets: ‘Whatever you can do, or dream you can, begin it. Boldness has genius, power and magic in it’.
W H Murray (1951), The Scottish Himalayan Expedition
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What advice would you give to an aspiring entrepreneur who wants to get started in a business of their own?
You just need to go for it. Start and don’t worry about making mistakes. I’m not saying you won’t make them, you will, everybody does, but it is our ability to handle them that makes us successful. Build up your knowledge so that it is easier to handle or prevent mistakes, it doesn’t matter whether it’s through books, tapes, seminars or a traditional business education. Find your mentors. Speak with people who are successful and don’t take advice from people who aren’t successful in the area that you want to be in. You need to have a good support network, so surround yourself with people who share your enthusiasm for what you want to do.
What is the Australian Businesswomen’s Network and what does it do?
Since 1990, the Australian Businesswomen’s Network has served women in business by providing networking opportunities, business education and role models/mentors. Since 1995, I have contributed time and energy to supporting this organisation because of the good work that it does. I work with a group of volunteers that make up the advisory board and committees to fulfil the vision of the organisation.
The main benefit is the support that women receive from the network. The community is 10,000 strong and comprises women in business in remote locations, rural areas and cities. Being a business owner can be very lonely, especially if you’re in a small or micro business, so the network gives women a sounding board for ideas and provides peer mentoring in structured and affordable ways.
If you would like to know more please visit: www.abn.org.au.
Would you encourage more women to start their own businesses?
I encourage any woman who is brave enough to start. I really think that entrepreneurship is not a learned skill – you either have it or you don’t, but if the spark of entrepreneurship is within you it can be expanded.
The advantages for a woman in starting her own business are that there is no glass ceiling, which means she doesn’t face the prospect of remaining stagnant just because she’s a woman, and she can also set her own agenda, create something out of nothing, and find the flexibility to work in the business while having a family by leveraging her time.
The disadvantages are that many women still bear most of the responsibility for caring for family and kids, and having a business on top of that can be exhausting. Australian women also don’t have the support from government that American women do – there are far more initiatives for women starting and growing their own businesses in the USA than there are here.
What are some of the ways women can go about deciding what type of business to get involved in?
Passion is the key here. This could mean a passion for the product or service you will provide, for the results that it will bring, or for seeing something come to fruition. I have a friend who has a very successful, award-winning custom-wardrobe company – but she’s not passionate about wardrobes! She is passionate about using the profits from her business to buy and renovate properties and create a nest egg for her family. I am passionate about seeing people transform their lives and that’s exactly why Pow Wow Events exists. If I only focus on travelling around and producing events it just connects me to how exhausting that is, but if I focus on the result, which is thousands of people with improved lives, I can keep going any day.
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“I am like a ‘pig in mud’ when I’m learning and around others who are also driven...”
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Why is it so important for people to invest in their own self-education?
Self-education is a value that I hold very high and that’s why I’m in the business I’m in and why I work with the Australian Businesswomen’s Network. I finished school at eighteen and my family circumstances were such that I started working immediately and never completed a tertiary education. I have however completed many, many non-academic courses over the years and read hundreds of books that have all been a part of my learning, growth and success.
I can’t imagine ever feeling like I know enough. The scope of what I don’t know is huge, and I am like a ‘pig in mud’ when I’m learning and around others who are also driven to become smarter, better, stronger.
Having attended hundreds of seminars on business and personal development, can you list some of the most valuable lessons you’ve learnt from them?
Some of the most valuable lessons include:
Integrity – You need to be able to sleep with a clear conscience, so have integrity in your dealings with others and with yourself. Keep your relationships above board and work for the highest good.
Karma – I really believe that you reap what you sow. If you believe you are a victim of scarcity, there will never be enough money, clients or business. If you believe in abundance, you’ll be generous and it will flow back to you.
Assets vs Liabilities – This is a big one, many business owners know how to generate cash but they don’t know how to keep it. Using cash flow to buy assets, which in turn produce their own cash flow, means that your money is working for you, rather than you just working for your money. This was an idea that I mainly got from Robert Kiyosaki.
Marketing and Innovation – Without these components, you don’t have a business. No matter how good you think your product is, if you cannot market it you will go broke. Innovation is not about inventing something new, it is the commitment to the ongoing improvement of what you do, whether it is the way you answer the phone, the way you market, or the way you recruit. Innovation is what differentiates exceptional companies from average ones.
Numbers – Business is a numbers game. If you don’t understand financials, make sure somebody you trust does. No matter how fun it might be to take on a business activity, at the end of the day if it loses you money, it’s not worth doing unless it’s going to get you some other goal down the line. We’ve had some great fun projects that the team loved taking part in which cost us a lot of time and money.
Responsibility – Some people think that responsibility means taking on a lot of work. What it means to me is doing what you say you are going to do. As a business owner, I’m 100 per cent responsible for the success or failure of the business. Staff can and should be held accountable for their areas of the business, and my responsibility is to hold them accountable for what they say they will do, and to set an example by keeping my word.
How many books do you have in your library and what are your ten favourites?
I couldn’t exactly say how many, but there are hundreds and hundreds scattered between my homes and offices in Sydney and Phoenix. I’ve got multiple copies of many books – one in each location, and with the advent of Apple’s iTunes I now also have many audio books on my computer and iPod, which means I can be learning any time.
My favourites include:
1. Rich Dad, Poor Dad by Robert Kiyosaki – The bible for getting out of the financial rat race.
2. Rich Dad’s Cashflow Quadrant by Robert Kiyosaki – A must for anyone who wants to grow a business.
3. Good to Great by Jim Collins – This one is very inspiring and important for those wanting to grow lasting companies.
4. Losing My Virginity by Richard Branson – He really is the master of branding and business culture.
5. The E-Myth by Michael Gerber – This is the key for anyone wanting to systemise their business so that it works without them.
6. Influence by Robert Cialdini – Dr Cialdini was the first speaker from the USA that Pow Wow Events worked with. His book is a classic and reveals the six most important marketing principles.
7. The Power of Cult Branding by Matthew W. Ragas and B J Bueno – Case studies of businesses that don’t have clients, they have raving fans.
8. Business As Unusual by Anita Roddick – A wonderful role model and a social entrepreneur who explains her business.
9. Permission Marketing by Seth Godin – Any book by this marketing guru is worth reading.
Guerrilla Marketing by Jay Conrad Levinson – Another guru especially for marketing in small business.
The Shoe Queen
Joanne Mercer
“My favourites are a pair of diamante evening shoes in pink, which are part of our Joanne Mercer Italian Collection. I love their elegance and classic beauty. I am a big fan of boots, and have about ten pairs of long boots, which I know is ridiculous, but I can’t bring myself to throw any out.”
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Profile
Joanne Mercer
Joanne Mercer was born in Oldham, England, in 1965. In the first ten years of her life she moved countries six times before going to boarding school in Ashford, Kent. When she completed her schooling at the age of eighteen, she joined her parents who were by that time living in Melbourne, Australia.
While she was studying (arts, majoring in geography) at the University of Melbourne, Joanne held down three part-time jobs: working as a casual sales assistant in Miss Shop at Myer in the young fashion department; as a barmaid; and as a house cleaner for three families.
In 1987, after graduating, she started a traineeship with Myer where she had the opportunity to work in marketing, buying, distribution and personnel. She went on to spend two years as the customer service manager at the Myer Chadstone store and then moved into the buying office as a trainee in the footwear division. She was quickly promoted into the role of buyer for the Miss Shop footwear division and was soon running her own department with a turnover of $5 million. She later went on to become buyer of up-market and designer shoes at Myer.