Laurence Wade

Tell us how you started? I started at the age of 20, operating a small business in Sydney that did Roman blinds and shades, of all things. It was a great start because I took it from nothing to selling it for a fortune in two years. It gave me commercial exposure at a young age.

So did you decide to retire at 22? No. I went into federal politics! I did different roles, one of which was to write speeches for John Howard. That was an interesting time, seeing how Howard operated. Politics is a great place to learn business skills because you’re always either negotiating or relating to people. You’re having to convince them that what you’re offering is genuine and worthwhile.

What did you do when the passion for politics ran out? I worked for a US computer company for seven years, then the South Australian government, then Ericsson as general manager for business development and then Ansett in the same role. Business development is one of those roles where you not only learn entrepreneurial skills but also how they can work within a large corporation. I did that for a few years and then became disillusioned and decided to start my
own venture.

This was the start of your new career, wasn’t it? Yes. In 2007, I decided to go it alone, using the communication, negotiation and tactical skills I’d picked up in all my various roles. I started with a vineyard in South Australia, and also a chain of retail stores called Clearskin. I had five stores. I eventually sold the vineyard and then the stores, which are still running, and made money.

Why wines? It was something I loved and knew. And it was something people were begging to understand more about. Which is why I still have a wine business.

So what do you do now? I have a few businesses. One of them is called Bon Vivant, and it’s a unique food and wine business that educates people about food and wine. We used to run wine nights but now I’ve made it easier by consolidating the information into a ‘DIY box’ with samples of products, tasting notes and an instruction course, so people can have their own food and wine nights. I send out around 25,000 boxes a year. I’ve also started different ventures and run a communication consultancy on the side. But my main line of work is as a consultant to many American companies who want high-quality information on everything from Australian companies to the Australian business landscape. I advise them on equity investment, and what’s called the ‘soft factors’, so I find facts about a company’s management team, its suppliers, customers, moral, and so on.

And you never even leave your study? No, it’s the modern way of consulting! You don’t have to meet clients now; they can be in New York, or Beijing. And it’s much more efficient than it was 10 or even five years ago. Research that might have taken you a week 10 years ago now takes an hour. That’s why you can work one and a half or two days a week and be paid a substantial fee.

What’s your number one tip for succeeding in business? Learn the art of principle negotiation. Say what you want. Don’t dress things up. And don’t expect to be beaten back. Stand your ground. Also, treatthe value you deliver to your customers as your business. Many people concentrate on their exit strategy, or selling the business for a profit, but that’s a short-term  goal rather than long-term one. Don’t sacrifice customers in your rush to ‘dress up the business’ for a sale. Don’t forget that the customers ARE the business.

What’s your number one tip for managing a business? This may sound unusual but pay COD (cash on delivery). You’ll gain immense loyalty from suppliers. It also shows that your business is cashed up, is credible and has great strength.

Do you think 2009 will be the year of the entrepreneur? Absolutely. It’s a great year to start up a venture.