Chapter 1: My Journey in Entrepreneurship

In 2013, I made the leap from the corporate sector to start a side project named Hotdesk, a decision I’ve never regretted. Over the past decade, I've encountered a mix of achievements and setbacks.

One notable success was Collective Campus, a tech consultancy that generated seven figures and collaborated with major global brands, assisting in the launch of 100 startups that collectively raised $200 million. In 2018, it was recognized as one of Australia’s fastest-growing companies.

Additionally, I initiated Lemonade Stand, a program aimed at teaching children about entrepreneurship. While it received positive media attention, it ultimately operated as a modest six-figure venture, impacting several thousand young minds.

I’ve also developed various projects, including Metavise, NoFilter Media, and NewLaw Academy, along with a range of media properties such as podcasts and online courses, each yielding mixed outcomes.

From my experiences, I've gleaned a small amount from triumphs but a wealth from failures. As I approach my tenth anniversary as an entrepreneur, I want to share my insights, hoping they might aid you in your own business endeavors.

This video titled "10 Lessons Learned From 10 Years in Business" shares key takeaways that can enhance your entrepreneurial journey.

Every enterprise is unique; strategies that succeed for one may not work for another. Your unique value proposition is crucial—are you addressing a significant problem or offering real value?

Maintain a laser focus on one core aspect, be it a specific customer group or problem. A scattered approach complicates brand alignment and market fit. Prioritize customer feedback; listen actively and adapt your solution based on their needs.

In the early stages, concentrate on mastering one product and one customer segment. Diversifying too soon dilutes focus and execution. Excelling at a single offering fosters network effects, enhancing future sales.

Focus on your strengths. Once you establish a reliable sales process, hire skilled sales personnel—conduct thorough reference checks and be ready to let go of underperformers swiftly.

Content marketing can be a powerful tool for generating leads and closing sales. Develop eBooks, blogs, podcasts, and case studies to attract and convert customers.

Relationships are key—nurture them before, during, and after transactions. Who you know can be as vital as what you know. Align your work with passion and purpose; otherwise, it risks becoming merely a job, leading to burnout.

Automate and delegate routine tasks to concentrate on high-value activities. Be cautious when outsourcing critical tasks like software development; it helps to have someone in-house to oversee quality.

Measure what truly matters and manage those metrics. Signals can provide valuable insights into market sentiment and lead generation.

Avoid generic outreach; instead, personalize your communications to resonate with your audience. Entering saturated markets requires being significantly better than competitors.

Don't let enthusiasm cloud your judgment; just because an idea excites you doesn’t guarantee its viability. Seek opportunities in less crowded spaces.

Adaptability is essential; markets evolve, and staying stagnant can be detrimental. Simply being the best isn’t enough—your market must recognize your superiority to fend off competitors.

Persistent follow-ups are crucial—aim for at least five attempts with prospects. Engage through calls rather than relying solely on emails.

Consider subscription models from the outset to ease future sales processes; buyers favor businesses with predictable revenue streams.

Invest in talented individuals, often paying more for better performance. Ensure your unit economics are favorable—lifetime customer value must exceed acquisition costs.

Cherish and support your top performers; they are invaluable. Empower your team to make decisions quickly, learning from mistakes without delay.

Utilize task boards to streamline workflows and enhance productivity without micromanagement. While rapid experimentation is beneficial, maintain balance to avoid hasty conclusions.

Social proof serves as a potent sales tool; document compelling client success stories. Recognize that a small number of individuals often generate the majority of value—regularly assess contributions and replace underperformers as needed.

Avoid the pitfall of retaining employees out of obligation. Regularly evaluate team performance and ensure alignment with organizational values.

Foster a culture of ownership and transparency. Reflect on your organization's practices and make necessary adjustments.

Strive for a balanced work schedule—long hours can be counterproductive, while six to eight focused hours of meaningful work can yield optimal outcomes.

Use tools wisely; social media and communication platforms can distract from productivity. Prioritize impactful work over busy work.

Remember that success in business is less meaningful without people to share it with. Build a supportive network to enhance focus and enjoyment in your journey.

Luck plays a role in success; even with the right strategies, failures can occur. Position yourself within networks of potential customers and investors to enhance your opportunities for luck.

Networking is vital; establish connections, be engaging, and provide excellent experiences to foster repeat business.

Influencer marketing can significantly amplify brand visibility. Create value for others to encourage collaboration.

Consistency in branding fosters trust among potential customers. Lastly, recognize that true happiness stems from within and from the quality of personal relationships, not merely financial gain.

Steve Glaveski, founder of the web3 accelerator Metarise and innovation accelerator Collective Campus, is also the author of "Time Rich: Do Your Best Work, Live Your Best Life." He hosts the podcasts Future Squared and Metarise and contributes to Harvard Business Review. Follow him on Twitter @steveglaveski.

This video, "10 Lessons from 10 Years in Business at Age 26!" provides insights from a young entrepreneur's experiences, which can inspire and inform your business journey.