Have you ever wondered just how a billionaire got to where they are today? Well find out today how Canadian-Australian businessman and Australias 23rd richest person Jack Cowin managed to get to where they are today. Together they discuss how businesses will need to adapt to survive through the COVID-19 restrictions, why the first rule of business is ‘never run out of money’ and why to be disruptive in business, you need to embrace change.
Businesses need to adapt to what the customers new needs are if they wish to keep their businesses afloat. Since the lockdown caused by the pandemic, customers now wish to stay at home more and consume food and entertainment from their homes. With the new COVID-19 restrictions businesses will have to adapt to the new normal and make changes to their existing business model in order to meet their customers new needs.
Whilst it’s important to take risks, rule number one in business is ‘don’t run out of money, stay in business’. You may have many things go wrong, you may make many mistakes along the way but by not allowing your business to run out of money, nothing life threatening could happen to your business. You have to make sure everybody is ambitious, but don’t do it to the extent whereby if the ship doesn’t come in you are going to drown.
When it comes to dealing with conflict effectively, put yourself in the other persons shoes. Try and come back to them and find a middle ground that you can all agree on. It is not easy to admit that you are wrong and somebody else is right. You need to put yourself into a position whereby you’re conscious of what the other person wants and thinks. Be empathetic and try to understand people.
You have to treat money with respect and handle it as though it is somewhat fragile. You have to be conscious that what you have today, you could lose tomorrow. Nothing else counts if you lose your health, you could be the richest guy in the game but if you don’t have your health nothing else really matters.
To be disruptive is to accept and welcome change. You need to be able to accept that change is a constant and nothing will ever remain the same. We’re living in a world today in which there is probably more change than has ever taken place.
“I think the exchange of information through vehicles like zoom will make a huge difference to business.”
“Don’t work on the business work in the business”
“You don’t have to put it all on the nose to win, if you have more than one horse in the race that helps. You do not want to have your entire business dependent on ‘this horse has to win, or we’re out of business’.”
ABOUT THE GUEST
Jack Cowin is a Canadian-Australian businessman who owns Hungry Jack's, the Burger King franchise in Australia and is the Executive Chairman of Competitive Foods Australia, one of the country's largest privately-held businesses. The business Competitive Foods Australia continues to be privately held by his family, with an estimated value of $350 million. Forbes Asia assessed Cowin's net worth as US$1.7 bn in 2019, and he was ranked as the 23rd richest Australian by net worth.
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
Rob’s official website: https://robmoore.com/
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