It is a well-known fact that it isn’t easy to start a business, but Luke Lazarus ensures that the odds are stacked in his clients’ favor. Luke Lazarus is a startup consultant who uses his vast experience starting successful companies to solve the problems that new entrepreneurs typically have. Entrepreneurs call on him when they are stuck and don’t know how to move forward. When Luke Lazarus contacts them, they learn exactly what needs to be done to move forward.
The first thing that Luke Lazarus does is develop a business plan for his clients, and this involves creating a story for customers and stakeholders. According to Luke Lazarus, the story is essential. A company must have a story, and the story and the product must be one and the same thing. If a company can accomplish this goal, it will be successful.
Luke Lazarus is also the reason that troubled startups begin to perform market research. Before a company can be launched, Luke identifies customer influence points and segmented markets. He doesn’t leave anything to chance as he uses primary and secondary research models to help his clients scrutinize the competition and determine buyer personas. Luke Lazarus explains what drives him and why he feels compelled to help other entrepreneurs realize their dreams.
Why Is a Consultant Needed in the Business World?
Whenever a new business opens its doors, it’s likely that it will not be around in the next year. These startup businesses don’t have the opportunity to grow in their first years, and the forces that the marketplace unleashes often blow them out of the water. A full 90 percent of startups close their doors within five years of opening them. The current economy hasn’t been creating high-quality jobs for the past several decades, so the fact that startups are struggling is very bad news.
The trend appears to be devastating, but there is a silver lining underneath the clouds. Some entrepreneurs are doing extremely well, and they are launching businesses that grow and become giants in their industries that people want to buy for millions of dollars.
The entrepreneurs mentioned above have their own name, and it is “serial entrepreneurs.” There aren’t that many serial entrepreneurs in existence, but they collect one business success after another, so there is more than just survivorship bias at play. These success stories cannot be explained away by luck. Rather, it must be knowledge and skill that causes these serial entrepreneurs to win when everyone else is losing.
It may be hard to believe, but some of these serial entrepreneurs grow tired of winning all of the time, and they choose to devote themselves to helping others do what they have done. They use their experience to guide these people around the steep learning curve that prevents people from realizing the business success that they hoped they would find.
Luke Lazarus — Serial Entrepreneur
Luke Lazarus has been an entrepreneur most of his life. In Melbourne, Australia, where he was born, Luke started his first business at the tender age of eight. When he set foot on the grounds of his high school, he immediately began to excel by earning a straight-A record. He did this while he played several sports. Not surprisingly, he did very well with these activities as well.
Universities in Australia and all over the world were interested in the gifted and talented Luke Lazarus. He could have taken one of the offers from the division I colleges in the United States that offered him full scholarships, but he wanted to remain in Melbourne. He decided to go to Melbourne Business School where he earned his MBA.
Starting Several Businesses
After graduation, Luke Lazarus did what he has been known to do in the past, but he didn’t just start one company; Luke Lazarus launched four companies in a period of 10 years. Proving that he is one of the super entrepreneurs with the magic touch, Luke was able to sell each one of his companies for millions of dollars. By the time that Luke Lazarus was 35 years old, he was financially independent.
After selling his companies, Luke thought that he would start yet another business because he wasn’t finished being a successful entrepreneur. The truth was that money was no longer the catalyst that drove him in that direction. He had realized that he never needed to earn another penny as long as he lived.
Lazarus fell back on something he discovered that he enjoyed while he was running his businesses. He found out that he really liked to help other people realize their entrepreneurial dreams. When he came to this conclusion, he decided that he didn’t want to make another $20 million. He wanted to find entrepreneurs and turn them into super entrepreneurs so that he could help them make successes of their businesses.
Specifically, Lazarus wanted to find the entrepreneur who was struggling and teach him or her how to overcome the problems that he had when he was running his businesses. During that time, Luke developed several elegant solutions for the problems that he encountered as an entrepreneur, and he was ready to share them with the world.
Becoming a Business Consultant
Luke Lazarus knew that the next chapter in his life needed to be dedicated to becoming a business consultant. He has always been one to approach his businesses with intensity and precision, and it is a style that few people have ever seen before because he was placing an emphasis on emotional connections with his clients’ stakeholders and customers. He engaged his clients in analysis and systems to accomplish this objective.
Luke Lazarus discovered over the years that just because someone has talent, this doesn’t mean that this same person has any skills. Using this principle, Luke helped struggling companies become multi-million dollar IPOs. Although he has done what seemed to be impossible for people, he still received criticism from these people because they considered his style to be oppressive. To Luke Lazarus, his style is necessary because if his clients want to see results, they need to be prepared for brutal honesty.
One example is knowledge. When it is clear to Luke Lazarus that an entrepreneur lacks knowledge and skills in an area, he discusses it without hesitation. According to him, most entrepreneurs are very smart and talented, but they are lacking the skills they need to create business success. Some of the basic skills that Luke Lazarus thinks every entrepreneur needs are brand messaging and the art of high finance. They also need to know how to travel the world in search of investors for their businesses.
Luke Lazarus starts from the beginning when he helps his clients build up interest amongst the angel investor crowd. Along with helping them shape their operations and books, he also helps them present themselves and their opportunities in a way that will appeal to venture capitalists and angel investors. He noticed that entrepreneurs don’t know how venture capitalism works and what to expect, and it is the reason that startups are not turning their companies into salable entities. If his clients cannot interest venture capitalists and angel investors in their visions, they will never be able to raise the capital they need to become medium-sized corporations.
Forbes and Fortune print several stories about companies that received financing easily. They also print stories about how much money there is in the world and how it is searching just for entrepreneurs. Because they believe these stories, Luke Lazarus says that entrepreneurs think that they don’t need to do anything other than make a speech here and there, deliver some PowerPoint presentations and schedule a few meetings. These business owners fail to impress anyone with their efforts, so after they have made their 20th call, they learn that no one wants to meet with them. The sad truth is that most people do not receive an offer for a meeting by then, so they think that venture capital is not possible for them.
Luke Lazarus lets his clients know that it is rare that entrepreneurs can finance their ventures on their own. This has always been a myth, but Luke Lazarus believes that it is even more of a myth today. He says that startups that do not know how to obtain capital and interest angel investors in their companies are going to be bankrupt in the future. Luke Lazarus says that startups have to learn to do this and begin to grow or else they will be eaten alive.
Finding Business Success
Luke Lazarus spent many years creating successful businesses, and he uses this experience to turn his clients’ companies into organizations that call to the venture capitalists and cause them to close the deal. Luke Lazarus explained his concept in the videos he uses to recruit college students. He tells them that venture capitalists must be interested in what they are being sold in the first 30 seconds. If you fail to accomplish this, you will not make a deal.
Luke’s clients receive his expertise in drafting wording that brings a sense of purpose to their companies. For example, a company may be in the business of supplying the materials that people need to build their decks, but the business is ultimately about improving people’s lives. The company helps them spend more time with their families in a pleasant environment in their own yards as they save thousands of dollars that they will be able to invest in their retirement funds. With Luke Lazarus by their side, companies can emotionally connect with their customers and their stakeholders. This turns the company into more than just a place to earn a paycheck or obtain a product; it is also a moral force that is changing the world.