5 Important Business Lessons Learnt from Matthew Michalewicz

5 Important Business Lessons Learnt from Matthew Michalewicz

Earlier this month AIB hosted an Alumni event at the newly redeveloped Adelaide Oval. The event was a great success and featured an exclusive masterclass from speaker, author and entrepreneur Matthew Michalewicz. The masterclass, titled Entrepreneurship and Success, was an inspiring combination of personal stories teamed with scientific facts about how we can all achieve the goals we set. For those who were unable to attend or are curious what you can experience at AIB’s future Alumni events – these were the five important business lessons that I took away from Matthew’s engaging discussion:

  1. You must define your own success
    Commencing his masterclass on the topic of success, Matthew advised the audience that “Success begins with being clear about what it means to you”. Having read many articles and quotes about success, I find this one to be a very good take on it. Success truly is what you want it to mean; you may consider it to be a certain profit margin, an increased status or perhaps a level of achievement. The bottom line is – every person will have a different idea about the success that they wish to achieve.
  2. Only you can achieve your goals
    When discussing goal setting and the benefits that it can have on your career, Matthew stated “the more you want your goal, the more effort you will put in – it’s not that we can’t do something, it’s that we have low desire”. This point is very logical yet it is one which I have never actually sat back and considered. Taking the example of someone afraid of heights attempting to skydive – it’s not that they can’t do it; they just have a low desire to do so. Matthew certainly made me think hard about my goals and realise that I am the only one who can control them and achieve them.
  3. Your beliefs dictate your actions
    Matthew highlighted that every human being acts in a manner consistent with their beliefs. He stated “what you believe drives your actions, and actions achieve results”. Illustrated with the example of believing that you can achieve a particular goal, he added that “belief is critical to achieving business success”. Our beliefs will change as we grow and adjust our perceptions throughout our career, but it is important to remember that if you don’t truly believe in something then you can’t expect it to be successful.
  4. Education is important in business
    Touching on the topic of education and how important it is in a business sense, Matthew said that “it is incredibly difficult, sometimes impossible, to achieve goals without knowledge”. Having an education behind you and a strong foundation of how a business should operate is invaluable. One of my favourite quotes of the evening was when Matthew added that “it’s not education that is expensive – its ignorance”. Investing in your education is one of the greatest things you can do in order to properly understand the business environment.
  5. Put yourself in the consumer’s shoes
    Informing the audience that “the definition of a good idea is one that others should pay for”, Matthew highlighted a very relevant point. Many entrepreneurs get caught up in ideas which they think are going to change the world, but would they pay for the product? It is important to put yourself in the consumer’s shoes and be realistic about your plans and product ideas.

Were you at the May Alumni event? I would love to hear how you found the masterclass and some of the key points that you took away. If you were unable to attend, what do you think of the important business lessons that I learnt from Matthew’s class? All these points and more can be found in Matthew’s latest book Life in Half a Second.

This article was written by Laura Hutton on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB. 

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