In a highly competitive business environment, most entrepreneurs approach their startups with a man-against-world attitude. The Wall Street and startup world can be a cutthroat environment and finding supportive advice is challenging. Luke Lazarus didn’t stop with successful personal business ventures—he’s turned focus to help other innovators and entrepreneurs.
The focus of many professionals is strictly on money and personal growth. Few stop to look for ways to build up those around them. But Lazarus believes that supporting the community of entrepreneurs is vital for a diverse and innovative market. His shift has been from successful business creator to one of a critical advisor.
Luke Lazarus Offers Invaluable Support and Advice
Lazarus started as a very young entrepreneur. At the age of 8, he started his first business. He continued on to earn high grades in school and excelled in sports. With these achievements came a drive that didn’t stop until the job was done. Lazarus was sought after by Ivy League schools and other top colleges all over the world. Lazarus chose to go to Melbourne Business School, earning a master’s degree in business administration.
His excellence in the classroom translated easily into startup work. He returned to his passion for entrepreneurship and started up multiple companies. Over the course of 10 years, he created four businesses that were sold for a remarkable profit and were considered resounding successes. By the age of 35, Luke Lazarus could have retired and stopped working. He had the freedom to create more companies, travel the world or retire on an island if he wanted to. But, instead of continuing on in producing successful businesses or quitting the office entirely, he dove into another aspect of his passion—consulting.
Lazarus could have made millions from establishing new startups. Instead, he chose to turn his attention to his community and help other up-and-coming idea launchers. He wanted to help the thinkers get their plans off the ground. Money alone was no longer the objective—there was a passion and drive to see others succeed in the way he did.
Establishing the Emotional Connection
As a business consultant, Lazarus offered his rigorous approach toward the innovative startups he advised. He holds no punches as he offers his perspective. Startups have never had this opportunity for the kind of advice he offers. His approach isn’t just in the business plan itself, but in how it connects the customers and stakeholders. He believes that an emotional connection is necessary for true success in a business—that the story has to make an impact beyond just the product or service.
Sometimes businesses get so caught up in their products and profit margins, they fail to draw in the customer or engage the stakeholder. Luke Lazarus approaches small business with the understanding that the connection is vital for building loyal customers and stakeholders. People need to have a story they can back and companies can often build that story to support the innovative ideas in a multi-dimensional way.
The story often provides more insight into what sets one company from another. Why was the product or service needed? What drove the creator to seek out a new solution? Understanding the story helps investors and customers see the value of the company. In a sea of options, the underlying story can be very important for establishing that difference. When investors and stakeholders become believers, they are more likely to become brand advocates that increase the highly sought after word-of-mouth reach.
Working from the Numbers
Most startups struggle, but rarely due to the effort or creativity put in by the owner. Startup creators are typically hard-working and highly driven. They put in 10-15 hours a day into their new companies, yet a large number of startups don’t make it past the first five years. While the specific numbers will vary by industry, the BLS has found about half of all startups fail within the first five years.
Lazarus isn’t just about the story—he knows how important data and analytics are to the success of a startup. Startup owners can’t afford to make naive assumptions about their audience or business growth trajectory. No one can do every single job well, so sometimes startup owners miss details in areas they aren’t proficient in. Lazarus is brutally realistic and finds these gaps, helping startups identify and fix weak areas.
His support has helped companies move from tiny small business budgets to initial public offerings (IPOs) that went for millions of dollars. Entrepreneurs are able to benefit from Lazarus’ ability to find problem areas and form elegant solutions. He is highly talented at navigating finance with his focus on data analysis and processing systems.
Making a First Impression
Most startups have to craft a message that creates immediate connection. When they approach venture capitalists, the entrepreneur has about 30 seconds to snag attention and cultivate interest. When they are in front of new customers with an unknown brand, it may be an even shorter amount of time. The message has to be on point and the direction has to be clear.
Lazarus uses his experience and guidance to help startups craft those messages in ways that align with the pain points and perspectives of their audience. Whether a startup is approaching venture capitalists for funding or leads for purchase conversion, the message has to be on point and convey important information immediately. Lazarus is able to capture the brand and company plans with the perfect message for the audience.
Lazarus is committed to helping startups with his Luke Lazarus Consulting company (based in Melbourne, Australia). His experience helps the new entrepreneur as well as the seasoned executive. Lazarus notes from experience, “Even seasoned entrepreneurs tend to second-guess themselves and often need a helping hand and a level-headed support system.” His goal is to help build the sales, branding and marketing capabilities of companies to take them to the next level.