Jumping into starting up a regional business (for a multi-national company), I anticipated there would be a steep learning curve and quite a bit of risk. So along the way, you pick up whatever advice you can get and some of it becomes incredibly valuable. Here’s a sampling:
| Advice | Outcome |
| Sometimes you have to make a radical change and accept a lot of risk to open new paths | Now that the first year is over, I realize taking the risk of moving around the world to start up a new region is the best career change I possibly could have made. If you remove the grueling administration associated with small scale business, it’s the ultimate consulting project. |
| Keep your activity levels high | This advice kept me moving during the hardest part – the early days when you’re a one man band and juggling act. It has also resulted in finding niches of the market that are underserved or ignored. The best part is that the random fruits of early network building still come in very handy and fuel the ongoing effort. |
| You absolutely need a business plan | True, however the business plan takes on different roles over time. At first it was a gauge of ‘what assumptions changed and why’ and now it is a tool to focus and tweak, manage risks, and drive to goals/metrics. |
| You will make mistakes | You have to be prepared for some amount of failure. The first realization was that I boarded a roller coaster that doesn’t stop, it just hits the occasional flat run of track. The second realization is that you make the most of the ups and downs, and maintain a larger view of the win/loss record. Playing your own strengths, in addition to those of your team makes statistics improve. Oddly, the occasional defeat proves to be one of the best motivators to work harder and smarter. |
| You can’t just show up and get business in a few months | Absolutely true, in fact the Australian business culture runs on relationship and trust. Entering market was incredibly difficult as a newcomer (and continues to be a challenge). Once you have relationships and deliver value, you at least have a shot. In some ways, this traditional style of commerce is much better than the transactional “slam-bam-thank-you-mam” culture of business elsewhere. |
| You can’t come here and talk about who you were or what you did (in the US) unless you want to piss everyone off | This was directed at someone else fortunately, but was quite true in general. You’re better off not to break out the career history in business conversation. PowerPoint based conversations are equally useless. The ‘here and now’ atmosphere renders career pedigree a useless commodity. |
| You can transact globally with regional clients | Rubbish. Technically you can, but if you are sourcing labor in-region you immediately void a myriad of tax and employment regulations. If you import short-term labor you are most likely breaching immigration/visa policy. Most importantly, no one will take you seriously if you are taking a global trading position. Regional trading is vital. |
| Don’t try to associate with expats | Not true. In fact, a huge number of people in Australia hail from elsewhere, so people tend to share their histories and have a bit of interest if you share a history of packing up your kit and moving around the world. At times working in Australia reminds me of working in New York City or Brooklyn, a verifiable melting pot. |
| Be extremely careful in how you build your team | Every additional person counts and maintaining a good culture of positive thinkers and doers is crucial. I’ve always heard this advise from entrepreneurs but you only understand the gravity of this advice when you are building from ground-up. |
| Be wary of sharing information in market | Spoofing for competitive intel is constant issue, but the more you establish good relationships the less it happens. I’ve noticed the highly reputable people neither share or pry. After getting burned a few times you start to see the signs…. |
| Drive revenue, don’t worry about profit | This came from several people who are some of the most successful I’ve ever met and continue to hold in high regard. Very true to the point that you need to quickly build up a book of business, but hazardous if you want to have a job in a year. Healthy revenues are the only revenues if your destiny is measured in form of sustainable numbers. |
