Secret Of
Entrepreneurs
Under.40
Exposed!
Dale Beaumont
With Shaun Stenning & Foreword By Justin Herald
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 2007
Copyright © 2007 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.
Secrets of entrepreneurs under 40 exposed!
1st ed.
Includes index.
ISBN 9780980308655
1. Entrepreneurs – Australia – Biography. 2. Young businesspeople – Australia Biography. 3. Entrepreneurship – Australia. I. Title. (Series: Secrets exposed).
658.421
Published by Dream Express Publishing
A division of Dream Express International Pty Ltd
PO Box 567, Crows Nest, NSW 1585 Australia
Email: info@SecretsExposed.com.au
Website: www.SecretsExposed.com.au
Distributed in Australia by Gary Allen
For further information about orders:
Phone: +61 2 9725 2933
Email: customerservice@garyallen.com.au
Editing by Simone Tregeagle [simone@inkcommunications.com.au]
Cover design by Jay Beaumont [www.thecreativehouse.com]
Illustrations by Grant Tulloch [info@secretsexposed.com.au]
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To my totally amazing and very special wife, Katherine. Your encouragement, hands-on support and love has been incredible. Looking forward to a life of adventures!
Dale Beaumont
To my mum and dad for their limitless love, support and encouragement. To my fiancée, best friend and business partner Stephanie for her endless support and great inspiration.
Shaun Stenning
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’.
To the 14 extraordinary entrepreneurs featured in this book, the biggest thank you for accepting our invitation to be a part of this exciting project. It has been wonderful to learn from each of you and get a glimpse into how your individual businesses now impact the lives of thousands of people.
Next, a huge thanks to Emma Lyons, our very special project manager who worked tirelessly to pull together all the material for this book. You are a real gem!
To the wonderful Simone Tregeagle and Kerrin Medenyak (from Ink Communications) and Neil Murphy, our great editors – thank you so much for your ongoing support. Sharon Witt your efforts are also greatly appreciated.
To Jay Beaumont (Dale’s brother) for designing the book covers, to Bookhouse in Sydney who continue to do such excellent typesetting and to Robert Stapelfeldt – thanks for everything you do to bring all of the ‘Secrets Exposed!’ books to life.
Next, to the team at Sure Fire Marketing – thanks for all your efforts with the ongoing development of the ‘Secrets Exposed!’ website. We really value your work and thank you for the many emails after midnight.
Thanks to all the staff at Gary Allen (our wonderful distributors) and each and every sales rep that has helped to get these books into the stores – we greatly appreciate the work you do.
Praise from readers of the ‘Secrets Exposed!’ Series
“This book series has been very inspiring for me as I have read many books within the same topic areas from very famous authors. I have found that Dale’s books are up there with the rest, if not above them all! I have gathered some wonderful information and I know that these books will help me to move forward to where I wish to be.”
Monni O’Garr – Pro Street Performance
“This is an excellent series of books. The most interesting part was reading about the values of the contributors and how much of an impact these have on their success and the success of their businesses. There is hope for the ‘good guys’.”
Nik Cree – Gandalf Group
“Having read a lot of books within the genre, the ‘Secrets Exposed‘ series has really opened my eyes when it comes to business concepts and ideas that I never would have thought of. They are a fantastic resource.”
Sam Bailey – Small Business Owner
“I believe the two most important components for success are to place yourself in the right environment and to learn from the experience of others, in order to fast-track your own success. The ‘Secrets Exposed’ series has given me the most amazing insight and I love that you are able to pick-up the books and read them over and over again.”
Dean Burrello – Year 12 School Captain
“To me, the best thing about the ‘Secrets Exposed’ series is the insight it gives into the backgrounds and journeys of the people profiled, which when combined, gave me a powerful reference for my own life and success.”
Rob Scott – Aspiring Entrepreneur
“I found the Female Entrepreneurs book very motivating. It is always great to hear of other people’s experiences and learn from them. I keep a number of books on hand as ‘literary mentors’ to turn to when I need a boost or some fresh ideas. This book will be included in that part of my library.”
Wendy Dumaresq – Rad-Pads
“Given the recipes of so many successful and intelligent people, I am so inspired to take the steps to fulfil my own dreams and goals. These people never let anything stop them from becoming what they dreamt, that for me is the greatest motivation.”
Gemma Bouffler - Aspiring Business Woman
“The ‘Secrets Exposed’ series has really changed the way I do business. I used to work believing I had to trade my time for money, however through reading Secrets of Male Entrepreneurs Exposed! I now understand how I can leverage my time by building a team around me.”
Craig Eve – Managing Director, Atch Designs
Contents
Preface
If I were in your position right now I’d be wondering if I really needed to read this section. However, if this is the first ‘Secrets Exposed!’ book that you’ve read, could I ask you to please resist the temptation to skip ahead, as I’d like to briefly share with you why this book has been created and how you can best 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
Download Your Free Audio Gift
Exclusive to readers of the ‘Secrets Exposed’ series...
In this 1 hour 43 minute recorded interview, author Dale Beaumont intimately shares the inner workings of the ‘Secrets Exposed’ series. Discover in greater details how he came up with the idea, how he managed to secure personal interviews with over 200 of the countries most successful people and what he believes are some of the most important business and life principles from each of the books in the series.
Simply visit the web page below and follow the directions to listen to or download the entire interview direct to your Notebook or PC.
Foreword
It is my great honour and privilege to write the foreword for this book for two reasons. First, Dale Beaumont has displayed true entrepreneurial flair over the years I have personally known him. His tenacity and foresight have been just two factors in his success. When I first met Dale, I could see in his eyes that he craved the success that he is now experiencing, so from where I sit, it is well deserved. Second, discovering entrepreneurial flair is something that I personally enjoy bringing out of people every day.
As you will see throughout this book, there are many different ways that you can reach success and if you tap into some of what you are about to read, you may just reach those heights that you desire.
Dale’s success with his book series is a direct result of understanding what the reader wants to know, and due to that you are about to discover some hidden gems in the following pages.
You will see throughout the book that youth is not a setback, it is actually an asset that has been used and captured by the people featured.
When I started my first business (Attitude Gear), I had no idea what I was setting myself up for, but with determination and focus I was able to steer that business to international success, along with my speaking and books. That success has now transferred into my new business www.trustytradesman.com.au.
Throughout this book, you will have the opportunity to read how other people have faced and cleared their hurdles, giving you a greater insight into how you can overcome whatever hurdles you may have.
This book is an invaluable tool in your journey toward your desired success. You are about to tap into the mind-sets of some very successful members of the younger generation. Forget about Generation Y or Generation X, just become part of ‘Generation Now’ – determined to achieve your goals and start your journey NOW!
Live your dreams,
Justin Herald
International Speaker, International Best-Selling Author
Introduction
If you have read any of the previous ‘Secrets Exposed!’ books, you will know that each has its own personality, its own character – usually determined by the blend of people featured in that particular book.
In Secrets of Entrepreneurs Under 40 Exposed! we see two powerful forces collide. First, we explore the whole idea of what it means to create something from nothing and succeed in business. And second, we expose the ideals of Generations X and Y, which represent our future.
As you read each of the chapters of this book you will see consistent themes begin to emerge. Are they really that unique? Will understanding them show you what the future holds? Without giving too much away, here are just a few of the standout themes to whet your appetite.
Lifestyle-driven – rather than seeing business as their life, it is clear that these entrepreneurs see their businesses for what they really are – separate entities of their own. They view and use their businesses as vehicles to create lifestyle and wealth. And once this is obtained, they take the time to enjoy the fruits of their efforts by rewarding themselves. Unlike their predecessors in previous generations, these entrepreneurs exude a ‘tomorrow will provide for itself, so why not live for today’ attitude.
Enjoy defying the odds – for this generation the words ‘sorry, it can’t be done’ simply don’t register. For some, these words are like adding fuel to a fire, spurring them on to find a way to make it work. It’s this never-say-die attitude, coupled with a creative spirit, which proves the old adage – ‘where there is a will, there is always a way’.
Obsessive learners – some may go so far as to say that the entrepreneurs in this book are anti-mainstream education – let’s just say that they see the limitations of formalised institutions. Instead they prefer the do-it-yourself approach to education by devouring everything and anything, putting it into practice and coming up with their own theories and formulas.
All about leverage – generations X and Y are often labelled as the impatient and, at times, lazy generations. The entrepreneurs in the book express the upside of what others would see as flaws. By being impatient they ask themselves, ‘How can I do this better, how can I speed up the process and how can I outmanoeuvre the competition?’ And by being lazy they ask, ‘How can I use technology to automate this process?’ or ‘Can I create a system so I can leverage this task to someone else?’
It’s not about me – it’s clear that there is a very strong belief among all of the entrepreneurs in this book that ultimately it is not about what you can get, but what you can give back. This is in stark contrast to the popular business philosophies of the eighties – ‘greed is good’ and ‘profit at any cost’. In fact, some even measure their business success in terms of the amount of money they donate to charity, or the number of smiles they create on any given day.
So how closely are you aligned to these ideals? The truth is, it doesn’t matter. You will be pleased to know that each of the people in this book started very differently. As these entrepreneurs have shown us, you can begin from wherever you are, chart your own path and form your own business ideals. All you need is a desire to start and the determination to persist and stay in the race.
In Secrets of Entrepreneurs Under 40 Exposed! we’ve assembled an amazing group of 14 highly successful business builders who are eager to share their experiences and pass on what they’ve learnt. By reading each contributor profile you’ll see that we have again covered a lot of ground:
• They range in age from 23 to 39.
• Their business turnover ranges from $250,000 through to $15 million.
• Their number of staff ranges from four all the way through to a team of 63.
• Some started their business career before the age of eight, while others had to wait until their late twenties before they discovered their business passion.
• Some have academic business qualifications while others learnt everything through experience.
This book covers content ranging from idea development, conducting market research, business planning, capital raising and company formation to sales and marketing, branding, hiring and motivating staff, leadership, delegation and time management, financial matters, public relations, strategic alliances, web development, online marketing, implementing technology, franchising, licensing, buying and selling businesses, future trends, national and international expansion and much, much more.
To further assist you in your own endeavours, 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 and follow the steps to download the bonus gifts – absolutely free.
At the back of the book we have included the contact websites of every contributor. You’ll discover that a number of them have their own books and educational materials, which we strongly endorse and encourage you to investigate further.
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 Beaumont and Shaun Stenning
Email: info@SecretsExposed.com.au
Business To Wealth
Jamie McIntyre
“There hasn’t been a single holiday that didn’t make me at least ten times more money than it cost me. And I wasn’t waiting for that ‘one day when I’m rich’ to start living life!”
Profile
Jamie McIntyre
Jamie McIntyre is a young Australian who is making a big difference to the quality of people’s lives around the world. He is a sought-after success coach and has travelled the world meeting and learning from some of the very best teachers, including former presidents and leading industry professionals.
He became a self-made millionaire in his twenties after founding the 21st Century Group of Companies, including 21st Century Academy, an education organisation that provides a valuable and relevant modern-day education to Australians and New Zealanders. He has been responsible for educating over 225,000 people worldwide through his DVD courses and seminars.
Jamie is a leading advocate for real-life education, including financial literacy, to be implemented in all Australian high schools. He believes this will give teenagers the most important skills they will need to excel in the 21st century, and improve what many say is an inadequate and flawed education system.
He is also an advocate for changing the biased practices of the financial planning industry. Jamie wants to see financial planners produce real investment results in their own lives before being allowed to advise others in financial planning. Currently, he is lobbying for improvements to superannuation to ensure Australians can fund themselves in retirement. He has also established a non-profit organisation called World Solutions Institute to educate people about global warming and other serious challenges facing the world today.
Jamie is also a sports fanatic who is especially fond of rugby league. In between travelling the world, you can often find him enjoying time in the country on his farms.
What was your very first business venture and what did you learn from it?
When I was a teenager living on the family farm, near Glen Innes (northern New South Wales), my dad offered me a deal: if I helped him develop a new paddock every year – pick up and burn the sticks, plough and sow paddocks, build fences (even in 35 degree heat) – I could sell the crop of Swede turnips that were sown with the grass and keep the profit.
As I was highly motivated – my goal was to be a millionaire by 18 – I worked hard and started a Swede turnip business. I sold them to the Brisbane markets every winter, and in a good year I would sometimes make $1,000 in a weekend. Ironically, I was making more money than my schoolteachers back then, which made me realise that being at school during the week cost me money.
Through this business arrangement I learnt many things, including:
• the value of teamwork, as I employed many of my school friends and cousins to work for me
• how to make work fun by creating competitions and incentives for myself and the workers
• to make hay when the sun is shining – some years you will make a lot of money and other years you may not
• to focus on the end result and not the hard work the organisational skills required to manage and run a team
• to have a strong work ethic and be highly motivated
• that I didn’t want to be a farmer when I was older!
In the beginning what were some of the skills you were lacking and what did you do about it?
I believe that school and university effectively teaches us to become a specialist in an area, such as being a doctor, accountant, nurse, builder, mechanic and so on. This is great for getting a job and is important to society, but it neglects to teach us far more valuable skills. These other skills helped me become a millionaire faster than I ever imagined possible. I call them ‘generalist’ skills. They are used in almost every profession or career and help us to:
• negotiate effectively
• communicate effectively
• market ourselves and/or a product or service effectively
• think creatively to solve problems.
I learnt these skills through attending seminars, buying audio programs and reading books. I then put them into practise by modelling successful negotiators, marketers, problem solvers and communicators.
Who are the mentors that have inspired you? What important lessons have you learnt from them?
I had numerous mentors, but I was particularly inspired by a millionaire I worked for about ten years ago. I learnt a lot of financial strategies involving real estate investing, running a business, and how to sell and negotiate. He was both an example and a warning of what to do and not to do, as he was a workaholic. I didn’t want to end up like this so I structured my future businesses in systemised ways so that they could grow and work without me. By doing this I have been able to achieve true financial freedom in that I can spend more time with my family and friends, and travel regularly to avoid becoming an obsessed workaholic.
Anthony Robbins, who had a big impact on my life and helped shape my speaking career, also inspired me. Anthony taught me the value of controlling one’s emotions – by controlling my emotions I could ensure I was naturally motivated to take action and overcome fear.
Can you describe the benefits of running your own business?
I regard lifestyle as being very important. No matter where I am or what I am doing in life, I always ensure that my lifestyle is given priority. Running my own business has allowed me to do this and has provided me with the lifestyle that I choose to live today. I believe there are five benefits of owning a business, all of which allow me to live a thoroughly exciting and fulfilling life.
1. It is the only way to create serious wealth – if you think about the wealthiest people in the world, you will find that the majority of them built their fortunes in business. Some still retain total control of their businesses, while others have sold part or all of their businesses for big sums of money.
2. It offers you the opportunity to create leverage – I believe that in business you can create leverage in two ways: you can make money and then put that money to work (i.e. invest), or you can find quality people and put those people to work. Through business you can leverage time and money because it allows you to reinvest profits and create a team of specialists who can perform tasks on your behalf.
3. It can generate passive income – if you set up a business with correct procedures and accurate systems in place, it will operate without you having to be there all the time. Essentially, you can make money while you sleep, as opposed to only getting paid when you show up for work (which is what happens when you work as an employee or self-employed person).
4. It is a source of freedom – running a business allows you the freedom to be your own boss and to not be constrained or limited by someone else’s vision. It also means that you don’t have to fear being sacked.
5. It lets you have the life you want to live – for me, I want the choice to fly to Tahiti or any other exotic location in the world on the spur of the moment – and I want the choice to go whenever I want without having to wait for my annual four-week holiday. Businesses can also provide you with the large income needed to live a truly awesome life, and to build further wealth by investing profits through other avenues like shares or property.
“It also means that you don’t have to fear being sacked.”
Your business now has almost a dozen divisions. How did it start out and what are you focusing on now?
The divisions in the business initially derived from client demand. The reason I created home study programs – seminar recordings of myself and a team of 35 other speakers – was because I needed to gain more leverage so I could focus on my other business interests. Although it was a pleasure helping people learn, it was very time consuming and required a tremendous amount of energy. My education division allows clients to study at home at their own pace and they can review the material as many times as they like. They can continue to learn without me being present. We also have an accounting division because to implement wealth strategies our clients require access to highly qualified accountants. We also have share broking, finance broking and property development divisions, among others.
The idea for creating these divisions was based on a model that I saw many years ago in a one-stop financial services group. Instead of creating typical financial services we wanted to focus primarily on education, and the financial services were put in place to assist clients in implementing the strategies they learnt. I teach my clients how to invest and give them access to an already assembled team of wealth experts, thereby developing their financial skills and increasing their chances of becoming financially successful in a shorter timeframe.
My main focus at the moment is to grow some of my new companies, including Pinnacle Capital Investments, which raises capital and takes companies public. I am also planning to list my group on the Australian Stock Exchange and to buy other existing companies in the wealth education and financial services industries.
When you shifted your focus away from your core business, did you find that you started to lose momentum?
I have seen many entrepreneurs lose focus on their core activities because they became bored with what they were doing. As a result, they’ve never stayed in a business or industry long enough to create serious wealth. The challenge for entrepreneurs is to be creative, but to focus that creativity. This means that at times they may need to stop creating or starting new ventures to consolidate their current activities, even if it’s not as exciting as starting something new.
For the last eight years I have been able to stay focused and gain a lot of momentum, which makes business success a lot easier because every year you are building on your past efforts. For example, I have zero passion for finance broking but massive passion for educating people by delivering seminars and creating DVD programs. So rather than spending time building up the finance broking business I focus on doing what I love – teaching, creating new products and starting new companies. My clients from my education company can also access my finance broking services or any other service I provide. By building up my client base for my education company I am also building up my many other companies, working with partners who are passionate in areas such as finance broking, without having to lose focus.
“The challenge for entrepreneurs is to be creative, but to focus that creativity.”
What are some of the ways to create leverage?
There are two ways to generate leverage. The most common way is to put your money to work, which is also known as investing. When thinking about becoming wealthy, most people only think of investing. However this is actually slower than the second way of creating leverage, which is to put people to work. I achieve this by hiring quality staff members in my companies and partnering with other businesspeople. For instance, I have many business partners who are multimillionaires. Their knowledge and expertise would be an asset to my businesses, but because they are multimillionaires I could never pay them enough to work for me as an employee. So I partner with them, in what may be a 50/50 arrangement, and they now work with me. This gives me massive leverage because not only can I tap into their knowledge and expertise, I can also reduce my need to micro-manage. To me, that is the ultimate leverage.
I also leverage my time by almost never taking phone calls as they interrupt my working day. One of the first things I tell a new business partner is to email me if they need me because I can respond to about ten emails in the same time it takes me to play phone tag or answer the phone every time it rings. I’m a big fan of technology and have all my key team and most business partners using devices such as a BlackBerry phone for mobile email. I can run my entire organisation from anywhere in the world from my BlackBerry. In fact, this simple tool has made me at least five times more productive and, in my opinion, anyone who isn’t using such technology has virtually no chance of competing with those who do when it comes to leveraging time.
How does licensing differ from franchising?
Licensing differs from franchising in several ways. Where franchising is generally adopted by retail-type businesses that have a physical location, licensing is usually used to grant someone the rights to an existing product or service. For example, if you create a product or service or acquire the rights to another product or service you could on-sell the rights to other potential business partners. Licensing is an option I have used to generate significant leverage in several of my companies. I have made millions from the upfront licensing fees. Plus you can set up a licensing agreement so that you also earn ongoing royalty income from every sale.
I recently started a new company, Eminis Global, where I acquired the rights to market a US trading product. The product trains and supports investors to make $US500-$US1,000 a night by trading on the US Eminis market, without having to give up their day jobs. Acquiring the license saves me from having to create the product myself (which takes time and money) and allows me to access a proven marketing system, reducing my risks because I know the business model already works. I then reissue licenses to potential business partners so that they can market the product themselves via internet businesses.
Essentially, by paying for a licence you can save time and money and gain the rights to profit from a proven product or service.
We understand that you put a lot of focus into internet marketing. Why are you such a big believer in this medium?
I think to be a successful entrepreneur you need to be able to create leverage and generate income while you sleep. Since the early stages of my business career I looked for ways to automate and systemise my businesses. Internet marketing made it possible for me to simply automate and systemise large parts of my business so that it worked without me. This is why I’m a big fan of internet marketing – it can also drastically cut your advertising costs by as much as 90 per cent and reach a much larger audience cheaply and instantly.
I always thought that newspaper advertising was designed to make newspaper owners rich, because regardless of whether or not the advertisers make money from the advertisements, you still have to pay upfront. With the internet there are cost-efficient ways to advertise, such as only paying when your advertisements are seen (for example, pay per click). The internet makes it very quick to dominate markets and yet so many people still have no idea of its potential for doing business and creating serious wealth. Many entrepreneurs don’t even realise that by using the internet you can effectively slash your overheads dramatically as billing, sales and even customer service can be completed online. With the internet you can even start up a business within weeks and for very little cost. For example, the cost of a website is a lot cheaper than the initial outlay for staff and offices, and the substantial capital which was required to launch a business in the past. For virtually no cost the internet also allows you to test new products and worldwide markets. You can also start online businesses and sell them for a small fortune.
“...every million dollars a public company makes values the company at ten times more...”
Now, do you understand why I’m a big believer in this medium?
Can you tell us about when you first started seriously considering listing your company on the stock exchange?
I had flirted with the idea for several years but in the past it was very expensive in terms of money and time, plus I wanted to grow my business rather than report to shareholders. These days it is possible to list on the Australian Stock Exchange (ASX) for a lot less. You can even take your company public, although unlisted, on platforms such as the Australian Small Scale Offerings Board (ASSOB). This is very inexpensive and has many of the same benefits of an ASX listed company, except for the regulatory scrutiny that can overwhelm business owners at times.
For entrepreneurs that are used to being in a private company and doing what they want to do, sometimes going public and having to answer to a board of shareholders is not all that appealing. Considering the responsibilities of directors, many large companies are actually de-listing and becoming private again through private equity firms. So for me, I want to explore all options – some of my companies will remain private, though the rest will go public through ASSOB and the ASX.
What important things do you need to do in order to prepare a business for public listing?
A company needs to be transparent and professional in order to take it public. As an investor, I know the sign of a good company is reflected in its management. So with my company, I am investing in better management and buying the expertise required to take the business public. A good tip is to start treating your company as a public company even before you list it. This can be an invaluable exercise because you learn to treat the company with more discipline, ensuring it is managed professionally. This can also drive the business harder to perform, especially when companies get lazy and plateau after enjoying a level of success (when the owner is making enough money to be comfortable). When you start looking at your business as an investor would, you start to look at ways to cut costs and increase profits by making better use of your assets.
A public company is largely about market capitalisation, or the total value of what the company is worth. Many private business owners fail to focus on market capitalisation because they are more concerned about making a profit. As an entrepreneur, I believe that profit comes second to the total value of the business (the share price). For example, every million dollars a public company makes values the company at ten times more, whereas a private company is generally only worth two to three times its earnings. As you can see, going public can create massive wealth in comparison to remaining private. A company that is making $10 million per annum profit may be worth $20-30 million if sold privately. If it was a public company it could be worth $100–150 million. That’s a big difference!
Apart from business, are there any other asset classes you invest time and money in?
My entire family still lives in the area where I grew up. It’s a great escape from Sydney and allows me to invest in rural farms at the same time. I invest time and money in buying and developing them and then selling some of the land, although I keep the majority to build up large landholdings. I do this for three reasons:
1. If done correctly, it offers a very good investment return, more than residential property.
2. It helps my brothers achieve success by including them as partners and managers.
3. It’s a hobby I love being involved in and is an escape from my other business activities.
Also, with global warming I feel that owning a large acreage of trees will not only become a very good investment over time, but may help with greenhouse emission reductions. But for the greatest investment returns, buying and starting new companies to grow and sell or list on the share market is the best way to make serious wealth.
Were there any times that you wanted to give up? What got you through?
Many years ago a particular individual who worked for a government regulator targeted me.
It was a very unfair experience and my unjust treatment made me angrier than I had ever been in my life. Instead of giving up and becoming bitter about the situation, I decided that I would ultimately win by becoming even more successful and creating more wealth. At least that way I could have a lot more power and influence in the future to ensure that such things never happened again. In hindsight, going through this difficult time made me a far better and more successful entrepreneur. Now I treat it as a gift – I’m glad it happened, as I wouldn’t be where I am today if it hadn’t. I learnt to accept that life is not always fair and to hold on to anger would serve no one.
If you had your time over again what are some of the things that you would do differently?
I would fire quicker and hire slower. This is not something that is always easy to do, and no one really wants to have to fire people. Nevertheless, I should have accepted fewer excuses from incompetent people and should have eliminated them from the organisation quickly. The key is to hire quality staff and managers because quality ends up saving you money, even if you have to pay higher salaries upfront.
Many years ago I was defrauded in one of my companies, so I have since had to put in place stricter financial controls (be careful who you hire as a bookkeeper). While delegation may be critical in business, don’t delegate control of your finances. You are the owner and you must always have an understanding of all company expenses, so put checking systems in place.
Something else that I would do differently would be to keep sufficient cash reserves because when cash flow is tight, stress levels go through the roof! I would also consider finding an investor early on, without losing control, so that I could grow faster through capital injection and pay for better quality staff members. Having said that, many companies go broke in the first year after experiencing their highest sales because their overheads skyrocket and they can’t handle a drop in sales, so be careful not to grow too fast.
“While delegation may be critical in business, don’t delegate control of your finances.”
I would also look at ways to eliminate expenses, but never at the cost of marketing. And a word of advice – adopt technology early!
What are your top tips for becoming a successful entrepreneur?
Be flexible – change is inevitable and inflexible people get left behind.
Model success – no matter what you want to do, chances are someone has already done it before you. Be smart enough to model other people’s successes. It’s easier to make an existing model better than to waste time trying to make something from scratch (especially when it has already been done).
Be generous – focus on what the end client will get and ensure they win first.
Take massive and immediate action – the main difference I’ve noticed between those who make it and those who don’t is that successful people follow through and do what they say they will do; the others will get around to it one day, maybe.
Don’t guess – successful entrepreneurs test and measure everything they do. This prevents them from taking guesses or stupid risks.
Embrace your creativity – to become wealthy you need to think and solve problems creatively. Everyone knows how to work hard, but not everyone knows how to work smart.
Understand people – to help someone you must first understand what they want and where they’re coming from. I have found that successful people are very good judges of character.
Have an open mind – be open to ideas and possibilities, but don’t be gullible. Successful entrepreneurs have a healthy scepticism but aren’t cynical, as cynicism is based on fear.
Be charismatic – to possess this quality is to be energetic and focus on showing genuine interest in others.
Be educated – have a constant appetite to read and attend seminars in order to continually grow (if you’re not growing, you’re dying). Successful entrepreneurs recognise that the more they learn the more they earn.
Is there a significant quote or saying which you live your life by?
• If you’re absolutely committed you will find a way.
• Be over-generous rather than under-generous.
• When leadership is required, stand up with certainty and fairness.
• There’s no such thing as ‘It can’t be done’.
• The more you learn the more you earn.
• Most people overestimate what they can accomplish in 12 months; yet underestimate what they can accomplish in a decade.
Why is lifestyle an important aspect of your life and how does it help you in business?
Lifestyle is ultimately what being in business, or any career, should be about. I combine my work with my lifestyle so it’s a natural part of my life. The concept of working all year for a four-week holiday is absurd and a good recipe for living an average life or becoming a workaholic – for me, that is complete failure and seriously out of balance. My first mentor was a workaholic and from the very beginning I didn’t want that. Even when I didn’t have the money, I decided to take a monthly holiday. I would plan the year in advance and schedule all the places I wanted to travel to and experience. Then I would set a goal and say if I could get all the work done in three weeks instead of four, then I will reward myself with a week off – even if it only involved an inexpensive weekend away.
Living this lifestyle and seeing all the places I’ve travelled has motivated me to make more money and become more productive. By squeezing work into less time, I free up my time to reward myself with a nice holiday break – plus, I always come up with my best ideas when I am on holidays (even when I’m not thinking about work). There hasn’t been a single holiday that didn’t make me at least ten times more money than it cost me. And I wasn’t waiting for that ‘one day when I’m rich’ to start living life.
“I ended up flying to Tahiti to spend a week with Anthony Robbins and some close friends...”
From day one, I made lifestyle a priority in my business career. If I didn’t have enough money, I would just take a shorter and less expensive trip. By rewarding myself along the way I have been able to live a much more balanced and fulfilled life, unlike people who sometimes die before seeing the world simply because they never made lifestyle a priority. Even to this day I still make myself go on holidays at least once every eight weeks. Believe it or not, but I remember complaining to myself about going on a recent holiday because I was too busy. I ended up flying to Tahiti to spend a week with Anthony Robbins and some close friends in one of the world’s most luxurious resorts, overlooking the aqua blue water of Bora Bora Island. I had to pinch myself: ten years ago this would have been an unimaginable dream – to have the time, money and opportunity to experience such wonderful pleasures and the great company of inspiring friends. As usual I came back from that holiday, like every other, with more ideas and breakthroughs because I was away from work, relaxing.
If I accepted excuses about not having the time or money to live the lifestyle I want to live, then my life would be worse off as a result. If you want to live an extraordinary life, then accept no excuses from yourself and start living while you are breathing. Know that if you take life for granted and don’t take chances then you may end up an unfortunate soul living a life of regrets. The last thing I’ll be thinking on my deathbed is, ‘I wish I didn’t go to Tahiti or on any of the other holidays I’ve had in my life’.
Jamie on holidays with good friend and mentor, Anthony Robbins.
What do you love most about being in business?
It’s a great buzz to think of an idea and then turn that dream or vision into a reality. As an entrepreneur, one has the ability to transform and add value to our society by constantly taking on challenges. I also enjoy working with a great team of people, which is important. Business has to be fun or why else do it? Business provides me with the privilege of making an important difference to so many people. Seeing people achieve things they thought was impossible excites me. Their joy and gratitude is the ultimate gift; the money is just a nice bonus.
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Saving And Service
Audrey Rodda
“Love life. Enjoy it, breathe it, always thank and appreciate everyone around you, try to understand others, and always help those who are really trying.”
Profile
Audrey Rodda
Audrey Rodda was born in Toorak, Melbourne, in 1981. Her family moved several times until she was in her teens when they settled in Dandenong, Victoria, and she completed secondary school there.
Audrey started working at the age of eight, and when she completed year 11 she left school to pursue fulltime employment at a university pharmacy. Being in an educational environment encouraged Audrey to learn more, and so she returned to study, completing an advanced diploma in business marketing. It was during this course that she met her long-time friend and business partner. At 19 years of age, the pair started their own promotions business and their success prompted Audrey to explore her entrepreneurial skills further.
When Audrey moved to Sydney at 21 to pursue a career, she found herself in the telecommunications industry. She started Phonelink Communications in her lounge room, and has grown the business into a leading source of total communications services. It has an exceptionally high customer retention rate due to outstanding service and a successful referrals system, and has recently begun the rollout of its first franchised retail outlets.
Audrey has once again returned to study to complete her MBA (executive). She currently lives in Sydney’s east and enjoys sport, reading, yoga and socialising. In her spare time she likes to help others, with plans to spend more time building community initiatives in the near future.
When did you first discover you had entrepreneurial talent?
As a young girl, my mother encouraged me to find ways to earn money autonomously. I distinctly remember knocking on doors throughout the neighbourhood with my best friend, offering to wash our neighbours’ cars. Even though we only charged eight to ten dollars per car in the end we had enough money to sneak into town to buy floral writing pads (which was very exciting for an eight-year-old!). When I was ten my older sister, Penelope, and I were sharing a babysitting job and by the time I was 12 I was babysitting two little boys every weekend. Two years later I found myself working 20 hours per week.
At 19, I ventured into a promotional job with my best friend and business partner at The Victoria Hotel in Albert Park. Prior to my appointment, the hotel had an average of four guests each Saturday night. We raised this average by 10,000 per cent with the introduction of Vibrate @ The Victoria Hotel. Our opening drew 750 guests, with an average of 400 people every Saturday from then on. Vibrate @ The Victoria Hotel proved to be a great opportunity for me and brought out my entrepreneurial flair. I went on to work by myself, developing marketing and promotional plans for nightclubs, urban gyms and many other venues. By the age of 20, my experience, credentials and successful promotional background resulted in the opportunity for me to coordinate the Versace parades Australia-wide.
Why was it important for you to begin working at such a young age?
It was important for me to begin working at a young age as I wanted to be independent. I did not ever want to rely on a man for my financial position or self-worth. While I have been in relationships and I love to be spoilt at times, I have seen how financial power can liberate someone or suppress them. I believe that an independent woman is afforded respect by the very essence of her character and her achievements. I take pride in being an independent businesswoman and derive my strength from my own personal convictions. I love it!
“I now comfortably sit at tables negotiating with men twice my age...”