Losing the family home, accruing debts of $400,000 and being forced to bin 10,000 copies of a software program may, in retrospect, have been the best thing that ever happened to Perth businessman Glen Smyth.
Losing the family home, accruing debts of $400,000 and being forced to bin 10,000 copies of a software program may, in retrospect, have been the best thing that ever happened to Perth businessman Glen Smyth.
Down but not out, Mr Smyth was determined not to become another small business statistic, or one of the hundreds of Australian businesses (80 per cent) to fail inside five years.
Unsure of exactly where he went wrong, Mr Smyth made a list of all the successful business people that he admired around Australia.
Included among the list of 40 people were Gloria Jean’s Coffees co-owner Peter Irvine, Eagle Boys Pizza owner Tom Potter, Jim’s Mowing founder Jim Penman, and ENJO Australia owner Barb De Corti.
Mr Smyth was sure that, if he could talk to and interview his list of business gurus, he would find out how they had been so successful in business when he had been “so spectacularly unsuccessful”.
“One by one, entrepreneurs from all over the country were agreeing to meet me and record an interview about their journey to success and the strategies they had used to build their business,” Mr Smyth told WA Business News.
“The people had to be Australian entrepreneurs and genuine small business owners. Their business may have expanded now, but there was one day when they were small and started out by themselves.
“I interviewed 23 people and the list of names began to look like a who’s who of Australian business.
“I noticed common themes and strategies about the path to success were emerging from the interviews.”
Mr Smyth realised the importance of the information, including advice and tips, presented in the interviews and realised that, if he collated it, he could help other people avoid what he went through.
“My passion now is helping others and three weeks ago I launched my book Success Leaves Clues – the difference between ordinary and extraordinary is that little bit extra,” he said.
“The book provides a summary of the main strategies, principles and attitudes that have enabled these business leaders, develop such large and profitable companies.”
Mr Smyth said the 20 companies represented in his interviews had an annual turnover of more than $1 billion.
“When you consider that 80 per cent of these businesses didn’t even exist 15 years ago, you start to appreciate the phenomenal growth that they have experienced, and the wealth of knowledge that they can share with anybody willing to listen.”
Mr Smyth has also put the each interview onto a separate CD and created the Success Builders CD Series.
And, since starting on this research-and-interview-project-turned-business venture in December 2003, Mr Smyth now understands why his financial planning software didn’t work.
“There were several reasons,” he said. “Firstly, because software costs too much too create and you have to have the means to update it, and with a new product I didn’t have that.
“It was a great product, but superannuation isn’t sexy enough.
“What I have learned is that you need passion and to do that little bit extra in everything.
“A little bit extra in your product, customer service and marketing.”
