Attended The Entrepreneur’s Unconvention (run by The Entourage) at the Brisbane Convention Centre today and heard Mark Bouris speak for the first time.
Most Australian’s have heard of Mark Bouris before. For those of you who haven’t, Mark is a gutsy business man; the ‘Donald Trump’ of Australia’s ‘The Apprentice’. Mark founded Wizard Home Loans and after 8 years was able to sell it for a massive $500 million.
Really enjoyed his energy, business savvy and wisdom. Here’s some notes that I took as he spoke:
– Working is a privilege
– 3 questions Kerry Packer asked Mark before signing a multi-million dollar deal with him:
1. What business are you in?
Kerry explained that Wizard Home Loans was not about home loans. It was about people’s hopes and dreams.
Lesson: Know your business purpose. What is the feeling you leave your customers with.
2. Have you ever failed in business?
Instinct is to answer no. Kerry wanted to answer the answer to be ‘yes’ because if you have failed and continue on, it means you have energy and passion, which is vital.
Lesson: Things change, we can’t control that, but do you have the strength and fortitude to fight through that?
3. How far are you prepared to go?
Everyone will answer ‘as far as it takes’ but Kerry gave Mark a specific challenge that he had to achieve within 12 months. Want to test someone? Give them a challenge and hold them accountable.
Lesson: Accountability is a virtue we have to adopt.
The reason Wizard Home Loans sold for over $400 million was because of Kerry Packer’s challenge to Mark. If Mark hadn’t followed through with that challenge, the company would have only been worth $50 million.
Mark went on to speak about another mentor of his, Aristotle, and the importance of virtues. Here’s a video where he discusses some of that same topic: