eCentral Business Show©

Valuable insights from business experts.

The difference between leadership and entrepreneurship with Arthur McKinley

Wed 5:54am 18 Oct 2017
Podcast Audio

In this second video with Arthur we continue to explore this after the difference between leadership and entrepreneurship.

In the modern day ever the fundamental shift happening in the nature of workforce and business structure star headcount are reducing, organisations are breaking themselves into component subcontracted past and a lot of people of fighting cells called entrepreneurs. The truth they are actually contractors interview of the Australian tax office scantily so.

With all these pressures in play people who would otherwise worked as employees for a medium or long term now find themselves becoming entrepreneurs just to make ends meet.

Meet Stephen your local mid level manager from a construction company. Recently had a job he has decided to follow his passion which is to do health training comma sells the full range of health products and water filters. To keep the cash flow running he's driving for Uber while in the meantime reforming and remodelling himself to be a small business owner. Educate yourself, carefully spending his media payout and hopefully coming out the other end in a profitable position something to live for and maybe even think about employment in the future.

With so many people this predicament there has never been a time where education around entrepreneurship and leadership has there been more in demand and so Arthur's dissection is invaluable.

Arthur McKinley sits on a number of boards, enjoys a nice Pinot and consumed in work with the success of ECN Communications

Video transcript:
Welcome back to the ecentral business show, I'm still speaking with Arthur McKinley. We are still talking about that contrast between entrepreneurship and leadership now on the list over there that you brought in for us there work from that you talked about influencer influencer the entrepreneurs and influence or the leaders and influences Oh an entrepreneur usually requires funds to get his idea up and running that's where the sales guy he's a marketing guy but he's going to be a marketing guy obviously he's got to be able to convince people that his idea is marketable and usually you require significant funds to you know get an idea or a product up and running it into the marketplace and successfully sold yeah yeah so no but that's the leadership thing is that not on me right because they come with me and bring your money as we discussed earlier the the the traits of a leader and the trace of an entrepreneur usually converge or converge or run parallel to each other hmm but often entrepreneurs don't have all the leadership skills and we talked about gal Kelly earlier oh yes it's the former CEO of Sir Georges Bank and then engineer that takeover a reverse takeover the Lord by the takeover of the Georgian by Westpac and she became the CEO of Westpac so she obviously was very entrepreneurial but a great leader at the same time so she had the vision for some George to become more than just a second-tier player in the banking industry and become one of the first players and was taken over smear so actually making Saint George into a business that was takeover ball you know there's a lot of a better terms Oh God work very well rewarded for that - yeah yes that's very good they have that risk-taking so you know you talked earlier about risk-taking off camera so the entrepreneurs are risk takers surely you know we talked earlier that like a bondi you know he was famous for doing things are a bit sort of left field well he was using other people's money and risking all that makes it a lot easier does it all right he had the advantage of using other people's money which they trusted with him with but ultimately that trust was misplaced and he fell over but in the meantime he did go on to consume quite a few businesses and one of the famous ones as the purchase of channel 9 from Kerry Packer for nine hundred million dollars and there he didn't lead that business very well because some years or some time later Harry bought that back for 100 million dollars in the famous where he famously quoted you only get one hour long bond the entrepreneur to a lifetime yeah yeah also so I guess what we're talking about there is in there's that that narrow balancing act that carries on them in a pod entrepreneur can you can fail spectacularly over and over again if they want if they you've got enough of other people's money obviously but otherwise entrepreneurship is about balance their books or was that moral leadership thing well I think the entrepreneur has got to have the idea and it's gotta have it's got to have a financial plan associated with it so most entrepreneurs enough days they realize to get an idea or a product into the market that they are going to need capital to do it and so you will find that with a lot of incubator systems in place at universities and elsewhere require the odds and overcome with them come to them with an idea that's got a financial planner the shark tank is a classic example yeah sure and the IBC inventors are back in the day yeah in the day you used to talk to the people who had a great adventure well you know how are you going to market you know and they have a team there and saying well you know this is a great idea but you know how is it going to be sold into the market yeah usually those inventors had some idea and had already done some market testing and sold sold their products okay there was never money to give onto a you know into a bigger playing field like yeah and obviously we see things happening like even I was at an event recently and quite inspiring in fact as there was there was the state funding behind it and what you saw around that was that in this presentation and what really took me was as I was a guy that was he had a thick accent but he he had a very good product it was a thing that was going to disrupt the wave credit ratings were done and it was you know technically very superior there was in another guy I was very technically competent and his presentation was entertaining but you know it could have been better and then ultimately there was a guy that had a property intelligence system and and he was the most articulate in my mind and he he talked in business term so I guess is that one thing that we always lose sight of is there not Arthur where we we tend to get caught up in the technology when we're talking about the subject at hand we'd get caught a little but look how cool it is look look what it does you know rather than as I said that the the guy that was there in the black suit was articulate he spoke about money he talked about return investment he talked about disrupting the market and you know had a business proposition surely that's going to be one of the most valuable things to do yes but you can't beat empathy and excitement and enthusiasm and passion and that's you they are usually the attributes that entrepreneurs have they become very passionate about what they want to do I saw that in all three of them absolutely you know and and even the credit guys had I've been dysley done in fret Street and they said no we've got that model we're not interested in yours even though yes it was incredibly powerful well that's one of the things learn from the others face but look we've got the best system which dun and bradstreet obviously said to this guy we don't want to change but of course everybody has got to be aware that things are changing nothing is staying the same mmm this is a freewheeling market that then ideas are in the atmosphere ready to be plucked and everybody particularly young people have now got what you and I didn't have John is the access to it's like lip reading a Britannica in the palm of the hand knob and not just that everything all the information yes and that's not censored so I'd recommend to people if they're keen to develop a business idea or they can to be leaders use the the opportunity to research what makes up the the one of the abilities of a successful entrepreneur one of the traits and likewise one of the traits and the abilities that are required to be a great leader yeah and you gotta educate yourself continuously yeah you do and that was one of the things that became apparent to me this morning when I was just doing some work before I met you wasn't this the skills associated with leadership available you can't learn okay and practice them whereas I think entrepreneurial skills are a little bit more evasive to the common man okay there you go there are there are too many Henry Ford Steve Jobs or Bill Gates is Imran yeah if anybody's interested they should have a look at J and K she started a business called bird's nest it's an online clothing business alie Watson has got a business guy yeah kind of like a girl code like a girl so these are the entrepreneurial girls that have crashed into the market and been successful and you know do your research in terms of developing your own business ideas and developing your own leadership skills because everything is available to everybody if I just want to put the effort in you know I'm really my fits right now Arthur anyway we're running out of time absolutely pleasure thank you very much for that extended edition of the east central business shots have been a wealth of information I really do appreciate you coming in ok thank you so much all right that's the end of another episode of the ecentral business show I'm John Nayler.

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