A business survey published by MYOB this month revealed that young Australian entrepreneurs are more optimistic about economic recovery. The report revealed that:

55% of 18‐39 year old business owners expect a revenue increase in the next 12 months, compared with 42% of business owners aged 40 or more years.

As well as being more optimistic, the MYOB report identifies young Australian entrepreneurs as the key to economic recovery. MYOB CEO Tim Reed stated:

“After facing one of the most significant economic crises in recent times, it’s fantastic to see young Australian business owners emerging as a force in business and helping lead the way to economic recovery”

If you are interested in reading more about the sentiments of young Australian entrepreneurs and other Australian business people, download the full report here.

For the last five years I have been involved in delivering training to young entrepreneurs. This has involved conferences, seminars, societies,  and training sessions. To reach more people and meet the needs of busy young entrepreneurs, we are now moving into eLearning.

These eLearning modules will be ready for eager young entrepreneurs to try over summer (that’s southern hemisphere summer). If you’re interested in taking part in the beta testing group, your course will be free as long as you provide some basic feedback.

If a flexible way to learn about marketing and business management sounds good to you, fill in your details below to secure one of 15 free places in the testing program.

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For more information on Hire Marks eLearning, check out:

www.eLearningDesign.com.au

Both Inc magazine and Business Week have recently posted some great lists of successful young entrepreneurs in the US. There are some interesting stories here and they are presented in slide show formats which are good to look at and quick to skim through. The two lists, which you can access below, are named the 25 under 25 (BusinessWeek) and the 30 under 30 (Inc)  -really original I know.

25 Under 25: 2009 Finalists in America’s Best Young Entrepreneurs

30 Under 30: America’s Coolest Young Entrepreneurs

On a Sydney ferry yesterday I was surprised to see a poster listing the ferry company’s key performance indicators (KPI). This poster compared the current performance of Sydney Ferries in terms of complaints, late ferries, patronage growth and service reliability.

The poster shown here was placed where any ferry rider can read it and next to the bridge so the captain sees it each day. This public display of customer service performance is a powerful way to hold all staff accountable. I wonder whether Sydney Ferries would publish KPIs if they get worse next year. But I bet these results will get better as Sydney ferrymen strive to make next year’s results something to be proud of.

Can you use public KPIs to motivate yourself and your staff?

Are you interested in entrepreneurship and studying at ANU?

You could be part of the founding team of the next Asia-Pacific Student Entrepreneurship Society (ASES). To find out more, check out this flyer or to apply please email me with the following information.

Name:

Year at ANU:

Which clubs are you currently involved in?:

What to you love about entrepreneurship?:

This week I have had 3 ridiculous deadlines which I was only able to meet because I have exceptional suppliers. Too often we choose suppliers based on who is the cheapest for the quality of the work but price is a dangerous criterion. What it is really about for me is loyalty, turnaround time, consistency and flexibility. Price is still extremely important but only as a necessary factor but not a sufficient factor for selection of a supplier.

To my awesome suppliers, I thank you here publicly especially:

• Graphic Designers – Impress Design
• Printers and Couriers – MBE
• Flash website templates – Wix.com
• Outstanding website hosts – DreamHost

I am not an affiliate of any of these companies but just love to spread the word about how much easier my working life is because of them. I’d also love to share my list of worst suppliers but don’t want to be sued for defamation (please ask me for my private list!).

I am fed up with the lack of ethics and morals in some businesses. The fact of the matter is though, misleading and deceptive conduct is not only unethical, it is completely illegal. Misleading and deceptive conduct is defined clearly by this ACCC site and some cases have led to fines from $200,000-$800,000 to each person involved and each company director (i.e. your own personal finances).

I don’t have much to say about this because I am not qualified to offer you legal advice but I would like to share this common saying in business:

Don’t fu*k with the Trade Practices Act unless you want to lose your house.

Today I was asked by a young entrepreneur whether I regret taking on a role in a small entrepreneurial business.  This young entrepreneur wants to know whether he should take on a role with a start-up and these are the questions I asked him. If you are tossing up between a conventional grad program versus a start-up leadership role, ask yourself:

• Is the business idea really viable?
• Is the business treading new ground or is the concept proven (even though innovation seems more diserable, proven concepts are much more successful)?
• How fierce is the competition in the industry and can you avoid a price war by differentiating on more than just price?
• Do you want a big name company behind you or is that insignificant?
• Do you want to specialise in one small area of business or do you want broader but less specialised business experience?
• Can you survive pay cuts and potential redundancy without much notice?
• Do you have a contingency plan if the company goes bankrupt?
• Will your reputation be severely harmed if this business fails?
• Is the team the kind of people who always want to win, never procrastinate and are fun to work with?
• Are you running the business for ego, to make money or because you love business? (guess which motivating force is most successful)

My favourite young software company Atlassian is hiring 32 new software developers despite the downturn. They have a fun recruitment video that states their very clear, very powerful and a little bit colourful values:

• Open company, no bullshit
• Build with heart and balance
• Don’t fuck the customer
• Play, as a team
• Be the change you seek

Gurbaksh “G” Chahal created, managed and sold two Internet advertising companies for more than US$340 million. In his recent book, The Dream: How I Learned the Risks and Rewards of  Entrepreneurship and Made Millions, G shares his incredible story of business triumph. I thoroughly enjoyed this funny, inspiring and insightful book which I recommend to all young entrepreneurs. The main lessons shared by G are as follows and I encourage you to read this 230 page gem.

Check out The Dream

• Listen to your heart and do what you love
• Success comes from wanting to win, forget noble motivations
• Adjust your attitude and believe in yourself
• Figure out what you are good at
• Trust your gut and listen to your inner self
• Do your homework before you start anything
• Be frugal except when it comes to paying good staff
• Hire the smartest people you can find
• Don’t expect perfection from yourself or others but never stop striving for it
• Learn to listen, even to people you disagree with
• Own your mistakes
• Never compromise your morality
• Never lose sight of the competition
• Watch your back
• Don’t procrastinate it’s just another word for wanting to fail
• Mediocrity is for losers so don’t do anything by half-measures
• “Be nice to people on the way up because you will probably never meet them on the way down” (quoting comedian Jimmy Durante)
• Always negotiate from a position of strength
• Expect the unexpected
• Perception is reality, what people see is more important than reality
• Don’t get emotional, logic and emotion don’t mix
• Be fearless, if you are afraid to fail you won’t succeed
• Pick your battles
• Grow a very thick skin
• Take chances, without risk there is no reward but take only intelligent risks
• Over-commit, become unstoppable and never quit

It seems I have given away all the good bits here but this book teaches these lessons in an exteremly entertaining and fun tone. So get your copy of this exceptional book, at Amazon or Fishpond (for Australians)