Patience is waiting 2.5yrs for a joint venture deal to come off
Resilience is staying true to what you believe in when your industry and competitors are telling you you’re wrong
Discipline is starting small, slow and never giving up as you build
Courage is giving it a go when the odds are against you
Mastery is doing all of the above as a habit, not just reading it in a book and sticking it on your wall
Nice view from a morning walk
Shot of the bridge lit up for the Vivid Light Festival
A colleague who runs a successful IT Managed Service business in Adelaide recently asked in an industry forum about how to get started in the tech startup scene in Australia. Wearing his entrepreneurial hat, he asked how hard it would be to pivot from his existing Managed Service IT business to jumping into developing a cloud-based application to disrupt a particular vertical industry (i.e. Xero disrupting accounting, or Workflowmax/Harvest disrupting traditional time billing software for professional services firms). While I don’t know much about the Adelaide scene – I know Sydney and Melbourne are particularly bustling with startup activity at the moment.
I’ve said in the past that itGenius is in part a stepping stone for me to step into the private equity/venture capital/tech startup scene in the future – with decent capital behind me. I think there is a massive opportunity for me to apply my knowledge of how technology is embraced in businesses to create software products to help serve our clients and other new customers better – all in line with my personal vision of helping to improve the way the world uses technology for business.
A good start for an IT firm is to think about starting some development projects under your MSP business to get a feel for creating your own applications… You can even learn in-part on client time (with transparency, and starting with small projects).
How do you get involved in the Australian startup scene? Start reading techcrunch for the latest startup news (and BRW is pretty up to date with market disruptorsÂ as well. In Sydney you canÂ check out events like SydStart (coming up next month), connecting with the Fishburners
Â network and also the Bluechilli Startrail map:Â http://www.bluechilli.com/startup-growth/sydney-startups/
There are plenty of Sydney Startup groups on Meetup.com and it’s also worth heading along to Silicon Beach Drinks
When you’re ready to go creating your first startup, the first question to ask yourself is…. is Australia a good enough market for your product? For your startup team (ridiculouslyÂ simplified), you probably need a Hustler, Hacker and Hipster (business head, tech/coder and UI/UX Design) – oh…. possibly and an Angel (or private seed capital). There are plenty of B2C startups around at the moment however I’d suggest looking at the opportunities inÂ B2B rather than B2C as B2B is responsible for the majority of massively successful startups in the Australian market (think Atlassian, freelancer etc.).
If you’re a Young Entrepreneur (or young at heart) The Entourage is a great network of young entrepreneurs and startup businesses aimed at the under 40 crowd. You can check them out here: The Entourage
Here are some fantastic reads that I recommend:
- Good to Great â€“ Jim Collins
- The E-Myth â€“ Michael Gerber
- The 4hr Work Week â€“ Tim Ferriss
- Rework â€“ 37 Signals
- Rich Dad Poor Dad â€“ Robert Kiyosaki
- 7 habits of highly effective people -Â Â Stephen R. Covey
- The 80/20 Principle â€“ Richard Koch
- Losing My Virginity â€“ Richard Branson
- How to become CEO -Â Jeffrey Fox
- How to be a Rainmaker -Â Jeffrey Fox