Marnus, thank you so much for joining us and thanks for joining CEOwise.
Now it only occured to me when I actually arrived here that I'm in water with a shark,
which maybe wasn't the best thing.
I didn't realize.
But most people know you or
a lot of people would know you from being the shark on Shark Tank. How do you pick
your entrapreneurs? What draws you towards an entrepreneur that's
pitching towards you?
I think nowadays and it used to change over the years and
I think nowadays it's a sales guy. I came to the conclusion that a great sales guy
will make a great entrepreneur because they actually, they're not afraid of
anything they actually go out they get clients, clients mean money, money means a business.
So nowadays I like I like sales people, but the bad thing is
they can also sell themselves.
Exactly, you don't know whether it's a sales pitch.
Yeah but I think, I don't know I think over the years I developed this
gut feel for if I can see if someone can make it and many times I've
been right in the past so I trust my gut feel now.
No I'm sure it's down to
gut, how you feel about the person how they're presenting themselves yeah
I'll tell you a little secret now that we're talking about Shark Tank and I
don't know if I'm allowed to say this Dawn so... Dawn had a thing where if
someone came through the door she looked at their shoes and
if their shoes were clean Dawn would say that I'll listen to this person, because
I think in day-to-day you might have like dirty shoes and that's okay
better here you're coming on to a TV show, you need to prepare you need
to look good and if you don't go through the effort of cleaning your shoes when
coming on to a TV show that I don't think you can look after business and
every time dawn was like spot-on, really, like the door would open she should go like
"No" and then it would be a bad pitch so I think everything about you sells who
you are in the business.
Definitely, now you've just launched your
book, or you're going to be launching a book on the 1st of November 2017, Yes,
but I have read a copy thanks to, thanks Tracy, but what I loved about the book
I really loved the book, what I loved about it is that it's called 90 Rules
for Entrepreneurs and it's just one obviously is 90 chapters or 90 rules
yeah and they're all over two pages and it's just precise at the point but what
I also liked about it it's not just for aspiring entrepreneurs, yes, it's through,
wherever you are on your entrepreneur journey it's something for aspiring
entrepreneurs getting into it something you want to increase your business I thought it was awesome.
Thank you so much.
So what what inspired you to write it?
I think coming out of Shark Tank I realized that suddenly I received so
many messages from aspiring entrepreneurs, but many of the messages
were the same like 90% of the messages I could condense into 20 questions and
everyone is asking the same thing and unfortunately I couldn't get to replying
them all and I thought let's write about it and let's answer these
questions in a book and we ended up calling it 90 rules for entrepreneurs
but it's really 90 little lessons that I've learned throughout my career and
journey and like you say throughout the different stages whether you an
aspiring entrepreneur want to start up well you've got a business or you're
running a big business and little tips that can help you.
Absolutely, so just hold your book up
For entrepreneurs who don't have a big idea they can still create successful
businesses by looking at other businesses and see how they can improve
on it. Do you think that's a good way for someone getting into
the entrepreneurial life?
I think it's one of those things that again we've
been taught that's not right about starting a business is that you've got
you have this big brand new idea and you don't, absolutely don't, and if we've got
ten businesses who's starting on based on an idea probably one will succeed and
if you've got 10 businesses who starting on improving another business probably
nine will succeed, because you already know there's a market for it you
already know these customers, people understand the product it's not
something new that you need to go and develop, you just need to find ways of doing it
better and we've done amazing things from the accounting industry and there's
an accountant around every corner, but yet we managed to disrupt an
entire industry by doing things completely different and now the rest of
the of the firms and industry caught on.
So did you start your career with The Beancounter? Is that where you started your business?
I started little small businesses and then
I did my articles in accounting and then immediately thereafter I started an
accounting company but with a very strong focus on tech, on IT so it was
around accounting software and systems and tech and in accounting services yes.
You say planning is wonderful but not to the extent of not starting a
business and I think many people do that they have this idea, they think about it
constantly for months they plan, plan, plan, they never actually get off the ground.
The old way of doing it is you develop for three years and then
you put it out and then no one buys it. Now you put it out in three months or
six months and then change it as per the customer.
Now I think that that's been fault
in one of my own businesses where I just try to perfect it and it wasn't the
right thing I mean six years later you still trying to perfect this thing in it never got off the ground.
Yeah and I also think if you think about what's going on around
us right now we're growing economy is growing at 1%
we've been downgraded to junk status so if you want to start a business now and
you hear all these things then you're not going to start it so that next year
there's gonna be different problems and you're not going to start it and make
sure there's gonna be that they'll never be a perfect time.
The one number you say
entrepreneurs need to know is that break even number now when I had
to look at it I always presumed the breakeven number
is from when you've paid your expenses, not including profit, but
you include a profit in it.
Sure, you are so I think first of all
break even what is it it's what what number for what amount of sales you
actually need to generate to to break-even not to make a loss yeah but
for an entrepreneur you don't want to go to work just to break even
so you want to make a small profit so we add that at the bottom and we get
to the sales number that we actually need to turn to make that profit and I
think it's important for two reason, I think as entrepreneurs you're so in
the motion of running a business you just rock up at work and you just go
through the motions and you tackle problems as it can, but you don't know
what you're chasing and I think that breakeven number if you wake up every
day and you've got a number that you actually need to change this month or
today it's a hell of a lot of motivation to actually go and do that and it makes
you think differently about the business and then why is the profit important
because you know if I do achieve that number I'm getting gonna get the carrot at the end of the stick.
Sure. I like your exercise that you say if you don't
really want to do something you give yourself five minutes and then
you give yourself an out, so if you don't really don't like it off to five minutes
then you you get up and leave whatever it is. Does that work for you?
It does, it does, have you tried it?
I haven't.
So I think the most difficult
thing in anything is just starting. Once you start the rest is easy so the deal
is you just do something for 300 seconds, five minutes, and if you don't want
to do thereafter you stop and whether that's going to the gym or whether it's
just starting with a project just do it for five minutes and then stop and I
think we as humans we like to procrastinate and we like to defer
and the most difficult thing is just to start so I promise you try it out.
I'm gonna try it
If you want to go to the gym I promise you if you've gone through
all the effort of putting on your gym gear driving to the gym being on the
treadmill for five minutes you're not gonna stop and the same goes for business.
It's true, and you said if you want to scale your business you need to
put policies and procedures in place, but mainly when you're upscaling your business
but why wouldn't you do that right from the beginning?
I think in the beginning
you don't care about it and you've got enough time so you've got time so
you can spend more time on processes and it doesn't matter but if you want to
grow and scale obviously your time get less and you need to do those things
quicker and faster and that's probably one of the biggest lessons that I've
seen since Shark Tank and with the entrepreneurs that I got involved on
from the Shark Tank show and subsequent is that they don't want to put that in
place they want to struggle they don't want to put in systems and then they
don't get to it and they can't scale and that leads to failure again, yeah, and you
get always this entrepreneur that they grow and then they grow too big and then
they they take one of two choices either they'll scale down to a small little
business they can manage or they fail or you need to put in systems.
Yeah that's true.
Are we gonna run through all my rules here?
All your rules, I've got 90.
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