RICHARDLUCAS_2022_IANBURRA.pdf

RICHARDLUCAS NOVEMBER 2022
A ‘normal’ career or
your own business ?
www.richardlucas.com

Housekeeping rules
• JRL rule
• Workshop – not a talk ->
Participation, discussion
• Be useful, share ideas, experiences,
perspectives

Goals
Help you think through the
Pros and Cons of starting a business
Answer questions
Be Helpful

Thank you
• Purpose & Success
• Rejection & ego
• Opportunity spotting
• Tips and tricks
Alyssa
Taylah
Christy
Aidan
Joshua
Tom
Jack
Sam
Saul
Christos
Shae
Kai
Myranda
Sophia
Harry
James
Kos

Why am I here? – my Australian
convict roots - no

MY “WHY”

Not
Me telling you you “should
“ start a business
Don’t let other people tell
you what to do

REJECTION

Definitions of Success ?
Yours
Family, relationships,
security, property,
travel, impact, impact
of time
Others

Your own business ?
Pluses Minuses

Work for someone else?
Advantages ?
Why ?
What are you aiming to achieve
Who are you trying to impress

Working for someone -minuses
What can go wrong?
How well do you know yourself?
Is it a compromise?

Opportunity Spotting
No guarrantees
Turn your radar on, put your ego away
Look for strong emotional reactions
Be curious

RICHARD AND MAURICE 1940
PRODUCTION LINE CONCEPT 1948
RAY CROC (BORN 1902) 1954
TAKE OVER 1961
2016 REVENUE about >$25 bn

Money can be bad
• If u’ve got money from rich uncle, 10
years work, VC remember the parable of
the Prodigal Son..
• Kids at school with too much money
• Learn to do things cheaply
• think like a small business/behave like a
big one

Money and profit
• How much have you got?
• How much do you need?
• Revenues higher than cost, happy clients
• World Medical
• Why?
• If only I had xxxx zł ‘it’ would be easy
November 2009

Your business is…

Analysing your business idea
• What’s different/faster/better/cheaper/cooler
• What/whose serious problem do you solve
• What value are you going to add/create
• Why you/your team/company?
• Why are clients going to be happy ? How many
clients are there, LTV
• What’s going to stop people copying you?

What is a
entrepreneur/business
(wo)man?

Ice Cream
Factory
Challenge
Richard in 1982

Military University, Church

Entrepreneur?
• Who
• What
• How
• Why
• When
• Where www.richardlucas.com

Why?
• 1906r Sōichirō Honda
• 1921 Left home 15 years old
• 1922 Apprentice in Tokyo
• 1928 Founded car repair workshop

Your own business?
What’s the most
important question ?

Own business - advantages?
Why start a business ?

Your own business – Mini MBA ?
• A great idea ? - Michael Dell
… 3Ps, 4Cs, 4 Ts
• Interpersonal skills/Motivation
• Being organised - MBA
• Self Awareness

Before you start
Try to buy what you want to
sell

Families, Fools, Friends and angels
• What are the advantages / disadvantages
• Angels
• Gentlemen’s agreements. Fair deals
– „I put up the money, you do the work, split the
profit”
– You need GBP10K to make GBP50K
• What happens if it goes wrong?

GOOD STUFF
• NOT YOUR BOSS
• YOU WANTED TO BE FREE
• YOU ARE FREE TO BE REJECTED
• MONEY GIVES YOU INDEPENDENCE

Leadership
Getting other people to
follow willingly
Faith, Courage,
Be an example,
Trust,
Knowledge,
skill, discipline
ability
Ignite Warsaw February
2011

Are leaders/entrepreneurs
born or made?

Motivation – Why?
• Mr. Hanel –so rich he could be anywhere. He is still working
• You must be competitive, but individually competitive people
are not good leaders.
• Many think „If I’m am going to win, I must be the best - but a
leader succeeds through bringing the best out of the people
he (or she) leads
• Managers sometimes think ‘aren’t I clever’ ‘I’ll show ‘em’
‘people round here call me the brain’.
• Staff think ‘If you are so rich, why the XXXX aren’t you smart”

Hacks/Tips and tricks
• Be self aware – what will make you happy?
• Be strategic – know what you want. Be careful
• Aim for leverage
• Spend less than you make
• Volunteer, network, tweet, ask questions, talk to
clients, even if you are not in sales
• Learn how to sell, even if you are not in sales

Selling Product(s) (service(s)
• Not ‘what is it?’ but ‘Why?’
• Why should people buy it?
• What is better and different?
• How are you going to keep it getting better
and better (reinvestment)
• Talk to clients… anticipate their needs

Organisation & Processes
• Be a Swiss watch
• Be well organised
• Reliable
• Take responsibility
• Make it all happen
• How are you going to get it all done
• Automation automation automation
Global Entrepreneurship Week 2010

Interpersonal skills
• Who do you need to get on with and why?
• Communication skills
• Understanding people is key to motivation
• What are the characteristics of a leader?
• Can you ‘be friends’ with your team?

Character mistakes
• If I’m am going to win, I must be the best
• Aren’t I clever “people round here call me the
brain”
• If you are so rich, why the XXXX aren’t you smart”
• Face up to to your weaknesses.
• Bad with people, bad at giving negative feedback
• Avoid conflict/Don’t criticise to people’s face
• Don’t set an example

Execution mistakes
• Time management
• Failure to delegate
• Learning to let go
• Productivity
• Create an environment
– for ordinary people to do
extraordinary things
– to work the way you would
only better
• Getting things done

Product (service)
• Not ‘what is it?’ but ‘Why?’
• Why should people buy it?
• What is better and different?
• How are you going to keep it getting better
and better (re investment)
• Talk to clients… anticipate their needs

Organisation & Process
• Be a ’Swiss watch’
• Be well organised
• Reliable
• Take responsibility
• Make it happen
• How are you going to get it all done
• Automation automation automation

Productive Culture
Meetings have to be productive
–If you don’t know the objective, clarify or
don’t go
–Topic /agenda presented before the
meeting
–Always (written) Who? What? When?

Productive Culture/2
Criticism must be constructive
–What is the problem
–What is the cause of the problem
–What are the possible solutions
–Which one do I think is best

Get things done/time management
– Action orientated. Better well executed good
idea, than over discussed great idea
– “A small thing done beats a big thing not done”
– Staff should know to manage their own time.
(urgent/important) set realistic daily and long
term priorities and goals …

Learn how to manage people and
Teams
Not Rocket Science

Sales Skills
• What is the stereotype of a sales person?
• What skills does a good sales person have to
have
• Listen, think and ask questions

Marketing is about sales leads
• Worry about anyone who thinks the logo is
unemotional*
• Systematically hunt organisation and people like your
first „good” client
• Put sales at the top of your „to do” list
• Treat your top sales people like the geniuses they are.
• marketing serves sales
• *McKinsey’s logo is black ink on white paper,/Goldman
Sach’s logo is dull

Before a meeting
• Review history of contacts
• Use Linkedin to find additional executives on the same
site.
• Review track record for, competition, applications,
prepare relevant case studies
• Review client web site, about us, news, Google
• If it involves travel, check internal data sources and
external sources to get other meetings in the same
area, and make additional appointments

On site
• Be friendly to gate keepers, receptionists, get
them into conversation
• Collect ‘in house’ newspapers
• Keep eyes and ears open for additional
opportunities.
• When your prospect arrives, smile, make eye
contact and let them lead

Open mini pitch
• Thank you for seeing us, I appreciate you must be busy –
I’ve been on your web site, and got some ideas of things
that we could do for you based on the type of work we’ve
done for companies like yours.I;ve got a presentation about
our company and track record but before we get into that
could you tell me why you agreed to see me in the first
place and what would be a successful meeting for you?
• Then “STFU*” and listen
* ”Shut the **** up”

Interpersonal skills
• who do you need to get on with and why?
• communication skills
• Understanding people is key to motivation
• What are the characteristics of a leader?

Leadership and discipline
• Leadership is the abliity to get others to willingly take
a course of action
• Discipline is the acceptance of leadership.
• The purpose of the leader and the led has to be clear
to all, otherwise there can be no acceptance
• Leading people is a skill

The task of a leader is..
• To use people for a purpose
• A clear and worthwhile goal has to clear, with the will
and commitment to achieve it
• The goal has to be communicated
• Acquire and use the skills to lead. Skill is the result of
natural aptitude with knowledge and experience

Qualities of a leader
• Courage
• Willpower
• Judgement
• Common sense and flexibility
• Knowledge
• Concern for your staff
• Integrity
• Faith

Get co-operation of the team?
• Get people to follow but how ?
– Be admirable. An example
– Show concern
– Be firm
– Discipline from the word “disciple” meaning follow
• Communicate a purpose people can believe in. Be ready to explain
„why? „
• Sun Tsu “treat your men as children...(but old fashioned style, with
authority...)
• Once the debate is over, power has to be clear

Qualities of a leader
• Sets an example, and commands respect for his
– skills
– abilities,
– knowledge and/or experience
• A leader chosen for their potential without enough
experience may struggle to establish authority

Motivation
• Theory X and Theory Y McGregor
• Lynda Gratton and hotspots” Teams that create a Hot Spot in
organisations are energized and buzzing with inspiration. They know that, working
together, they will make a difference by achieving something brilliant, important and
purposeful, with a strong impact on the bottom line of the business
• Knowledge workers are volunteers
• Cannot buy initiative
• How to balance discipline and initiative

Leaders make best use of their team
• Gets ordinary people to do extraordinary things
• Brings the best out of each individual
• maintains and supports their team
• Gives them the tools and training to do their job
• As if you were there, when you are not

Leaders should
• Set clear and challenging goals
• Make sure team knows what the leader would do
without asking
• Be good listeners, know team as people
• Never panic
• Trust and verify that their trust is deserved

Get good at something useful

RICHARDLUCAS_2022_IANBURRA.pdf

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