Entrepreneurial Secrets

Last couple months I’ve been dealing with assignment for innovation product and entrepreneurship. I’ve been lucky to be able to meet Michelle Matthews, founder of Shopping Secrets Pty Ltd – publisher of the Deck of Secrets-, and learn a lot from her.

Shopping Secrets Pty Ltd has rapidly evolved from a small Melbourne based startup business to an international success story. Michelle Matthews’s hard work as the founder has created another success in the history of Australian entrepreneur. Shopping Secrets Pty Ltd was chosen because of its nature and success within the market. The idea was established through very humble beginnings and through adversity.

The Deck of Secrets reveals fifty two attractions from around the city so people can enjoy one for every week of the year. Packaged in a funky urban style of guides, The Deck of Secrets offers Michelle a new way to make a living combining shopping, traveling and exploring. Today, the Deck of Secrets has become a part of high-end "experience" tours which promises guided adventures through hidden treasures that the city has to offer.

The best part is that Michelle also share her entrepreneurial secrets, as now I will share it will all of you.

1. Persistence
Persistence, persistence, persistence!
Michelle suggests that of all of her qualities, the key to her success has been her single mindedness and persistence. Large percentages of innovative businesses that fail are caused by the lack of persistency. As Michelle put it, “don’t be afraid to fail, but make sure you stick with it until you succeed, because you only fail if you give up”.

2. Willing to take risk
“Not to know everything was the key driver for me to start the business”. “Know little, but just do it” she added as she explained how daring to take risks can be one way to succeed. To belief in your product and yourself is vital to developing the persistence and attitude –having self confidence- that is needed to succeed.

3. Human Relation: Interpersonal Skills
One aspect of launching an entrepreneurial product into the marketplace is placing a faith in others to deliver on your vision and to assist you. Inter personal skills play a huge part in launching and running an entrepreneurial business.

With so many individuals from different cultures and background, it is important to develop strong relationships with each of these staffs and partners. Without these relationships it is very easy for the business to fail. Clear communication and strong leadership qualities all assist in developing these relationships and such attributes must be nurtured to give the entrepreneurial business every chance to succeed.

4. Positive attitude: Passion
Michelle also suggested that it is important to not only enjoy what you do, but also be inspired by it.

5. Creativity
Clearly, creativity is an essential attribute to have when it comes to identifying an opportunity and developing an entrepreneurial business, but it is also essential in order to continue to maintain a successful business. The modern business environment is extremely dynamic and continuously evolving. To maintain a competitive advantage, the entrepreneur needs to keep his/her eyes open for new opportunities to extend the life of the product or to introduce new products into the marketplace.

6. Involvement
To involve in every step from creation through to production and distribution. Even though she provides flexibility and space for her staff and encourages partners to work and to be creative, she feels necessary to communicate and guide them and make sure that everything works well.

7. Commitment
Through passion and persistency, she commits to the work. Those people who are passionate about what they do, are often more successful than those that are not.

(source: Entrepreneurial Management, Choo, 2006. Acknowledgment to Michelle Matthews)