By the age of 35, Luke Lazarus no longer needed to work. He had already earned, invested and saved enough money that he could have retired and lived out his days in luxury. But, the serial entrepreneur wanted to move past the four startups he had successfully sold for a large profit. He wanted to help other entrepreneurs do the same thing.
Most people would probably say it's crazy to give up making millions with personal business success and shift over to a form of teaching, but that is exactly what Luke Lazarus did. As a consultant, Lazarus can use his own knowledge of innovative entrepreneurship and help others survive the intensely competitive environment.
A Quick Come Up
The rise of Luke Lazarus didn't start after college-it really started when he was just a child. He was only eight years old when he started his first business. He got very high grades and excelled in sports from early on. After a successful high school career as an athlete and academic star, Lazarus had a wide range of colleges looking to bring him into their programs.
While Lazarus was recruited by a number of Ivy League schools, his top choice became the school close to his heart and home-Melbourne. He graduated from Melbourne Business School with a master's degree is business administration.
Giving Back to the Community
After school, he was able to return back to his true love-creating and running businesses. The four startups he created in 10 years after school were all highly successful. They were all sold for the kind of impressive profit that could put someone like Lazarus on an island, living in comfort for the rest of his life.
But Lazarus was ready to move on to something with even more intrinsic value-he wanted to help other business owners. He chose to give back to the business community by offering support to those who were creating startups.
Lazarus believes that the emotional connection between the customers and stakeholders is a key part of a startup's success. His approach to start with the emotional connection was coupled with a strong focus on solid data analysis systems and problem solving. This unique approach has helped a lot of startups achieve more is shorter amounts of time.
Addressing the Common Overwork Issue
Most startup owners are grinding hard. It isn't unusual for entrepreneurs to put in 10-15 hour workdays. The problem is that many business owners are killing themselves without enough focus on the right places. Luke Lazarus helps these entrepreneurs find direction so their work can be streamlined and more effective.
The average entrepreneur simply isn't skilled or knowledgeable enough to do every task for the organization. Yet, many entrepreneurs try to wear all the hats-and end up doing some of the jobs very poorly or very slowly.
The reality is: no one can do it all. Lazarus is able to bring in the outside perspective that looks objectively at where tasks are getting off-target or where gaps exist in the processes. Savvy business owners are able to understand their own limitations and hire professionals to fulfill the areas where they aren't going to be up to par.
Lazarus is brutally honest about how points like this will kill a startup. He doesn't hold back when it comes to uncovering problems and finding workable solutions. This helps his clients find the right plan to take them to the next level.
Dealing with Financial Planning
One of the biggest issues for startups is a lack of cash flow, and this can often arise from poor investment choices. Lazarus helps entrepreneurs make better choices for long-term success.
While many startups struggle with funding, Lazarus is extremely successful at navigating the world of high finance. His advice and experience helps entrepreneurs create the kind of solid business plan that will help investors feel comfortable jumping on board.
When the plans have been set, Lazarus is able to help companies find the kind of investments that will grow and succeed. He gets them ready for meetings with venture capitalists and angel investors. Through the right funding, some startups are able to grow into multinational operations. He has helped dozens of companies move from shoestring budgets to valuations in their initial public offering (IPO) reporting millions of dollars.
In these meetings, the entrepreneurs only have about 30 seconds to get the venture capitalist's attention. Drawing out a presentation or lacking clarity will spell disaster for a startup that needs funding. With the right message, however, the entrepreneur can get the kind of support needed for big-time growth.
"Even seasoned entrepreneurs tend to second-guess themselves and often need a helping hand and a level-headed support system," Lazarus says.
Lazarus is able to give advice based on more than a decade of experience in creating strong pitch decks and the kind of presentation that will grab the ear of most investors.
Working Through the Pandemic
With the challenges of COVID-19, Lazarus helped startups make the right decisions to face a changing business landscape. The Peterson Institute for International Economics reported a 23% increase for startups in the US during the first three quarters of 2020 when compared to the same timeframe during 2019. This big boom is partly due to shifting markets from changing consumer needs.
Lazarus has been able to help companies take advantage of this opportunity. With so many companies jumping into market gaps, many are not preparing properly for a long-term offering that will result in steady and sustainable growth.
COVID has opened a lot of doors because of changing consumer practices and needs, but it has also presented many challenges. Startups have had to navigate disrupted supply chains and concerned investors. But, Lazarus has been there for his clients every step of the way.
"I always want to emphasize the importance of believing in your own success," he says. "Accept the apprehension that must accompany any project and the concerns for the outcome, but know that self-confidence is more powerful. I bet on myself every time, and that makes a huge difference."
