The dream of a lifetime? Drop out of university. Start up a business in a garage. Work hard for 8 years and then find you can raise US$ 60 million. Well it happened this year to an Aussie software vendor called Atlassian.  

Me too?

In Australia itself, there are loads of other potential wunna-bees in the pipeline. And not all of them are to be found in the computing field. Tiffany Trelaor has combined a family know-how in textiles with a passion for digital printing. The adventure began 10 years ago and has since sprouted several shops and exhibitions.

Another classic start up is “Shake Weight“. At heart, this American concept is simply a different way to look at a couple of dumbbells. Selling a set for less than US$20, the owner is now a very well off individual. And the list goes on.

What’s the secret?

Luck? That’s always there. Timing? Certainly true for Shake Weight, as the company waited for the right moment to enter the market.

As I was preparing this item, I read a fascinating blog from Morgan Cradock – 5 typical mistakes of businesses. The article discussed: –

1. Confusing “Strategy” with “Tactics.”
2. Sacrificing long-term strategy for short-term planning
3. “Everything” is not an option
4. Being too risk-averse
5. Lack of accountability for strategic planning

Personally, I would add 2 other factors to the list. First, in addition to point 2 above, I always demand to see a clear vision in mind. It needs to be a statement that has sense – practical meaning which is not wrapped in cloudy phrases.

And then, I ask people to consider their roles as leaders and as managers. Quite often in young companies, the CEO has to be both and then gets the roles confused. That is a mistake.

This week, I had the pleasure of meeting a lady with a pending patent in the cleantech arena. She lives on the edge of a desert in Israel. For all of her academic achievements, she recognises her limited commercial experience.

And yet, she does have directed business plans and working papers galore. She is currently pulling together resources and teams that will support her ambitions. At this early stage, she fits most of the categories described here. I have marked her down to do well.