Mark Bouris answers questions from from Aussie entrepreneurs for LinkedIn
July 29, 2020
Mark Bouris joined Natalie MacDonald on LinkedIn’s live ‘Together for Business’ event to answer some questions from Aussie entrepreneurs about the future, and what they can do to help get through trying times.
Has globalisation been challenged by COVID-19? Is the “local” entrepreneurial mindset going to be where everyone is looking to make the most impact?
It depends what industry you’re in, however Globalisation as we knew it pre-COVID might not survive, but it’s not going away. Change is happening on the run, and the dust is yet to settle, so I think it’s a bit premature for some businesses to totally change their supply chains before we begin to understand the longer term impacts of this crisis. Everything might be totally different in 12 months, everything might be back to normal for all I know.
Is there more support to be had for startups and SMB’s at a government level? If the government could do one thing to make Australian IT & Technology firms a global leader, what would it be?
Tax Incentives. Everyone overlooks regulation and red tape if they pay less tax. The countries making waves with their technology industries – Singapore, Israel, & Ireland- have attractive tax regimes for technology firms. All our technology firms by the way, leave Australia looking for funding! If you can have technology firms located here, and have a tax structure that keeps them here, then the funds will come and the sector will grow!
What advice would you give to someone who has been made redundant about future proofing their employment? Do they need to now go the entrepreneurial route and create their own business to ensure they can control their own destiny?
You must have cashflow. If you have an idea and the skill to turn it into a business, you can’t do that if you don’t have the cashflow to meet your needs. So take any job you can to pay the bills, because you need to have energy and imagination to be an entrepreneur, and you can’t have that if you’re smothered by fear about how you’ll pay the rent. There’s nothing wrong with building a business on the side, so spend every spare minute you can on it until you’re able to fully commit to it.
What advice do you have for founders and owners who are burnt out, or facing tough times during the crisis? How do you stay motivated?
Burnout is a relative thing. I think about the people out there sleeping rough, the poor buggers who are tired all the time, and who feel like they’ve got no hope. Think about that, then come back and look at what you’re doing, and think about how lucky YOU are to be here giving this thing a crack. Get a couple good nights of sleep, and get back into it.