Luke Lazarus has proved to be the go-to guy for declining businesses and startups. This is due to his unmatched skills necessary for assisting such entities in regaining momentum and catapulting them to success.
However, Luke never acquired these skills from any school. At the age of 8, he had developed an unparalleled passion for business. This was demonstrated by the company he opened at the tender age, which he operated successfully.
At school, Luke Lazarus also exhibited outstanding performance, both in academics and sports. The teachers and talent scouts identified his potential and helped him in realizing it.
Read: Luke Lazarus – Medium
At the age of 24, he graduated with a master’s degree in business from the Melbourne School of business. Unlike other school leavers, Luke Lazarus never sought employment from any organization. Instead, he opened four companies, which he operated efficiently until he was 33-years old.
This was when he realized that despite all his achievements, his impact on society was minimal. Since he was young, he had a passion for assisting other people in achieving their goals.
With this in mind, he sold the four entities and opened a consultancy firm, where he would advise business enthusiasts on how to run their enterprises successfully.
His specialization was primarily in the startup phase of businesses. Luke acknowledged that the startup phase is where entrepreneurs required partnership and a lot of assistance so they can withstand the fierce market forces.
Many entrepreneurs don’t understand what they need to put their foot ahead of their competition in the market. According to Luke Lazarus, communication with consumers is essential for startups. However, the most crucial part is not what they tell the target market, but how they say it.
Whenever an organization is telling their story to their audience in the market, it should ensure that the story is synonymous with their products.
Also, it should be crafty enough to move the emotions of the target consumers and convince them about the value they would deduce from their products.
Lazarus admits that the market dynamics have changed dramatically. This implies that marketing strategies should change subsequently. The marketing strategies that worked ten years ago may not yield success in the current market.
For this reason, business startups should focus on sharing the details of their products with the target market effectively. One of the ways on Luke Lazarus advises businesses to embark is market research.
By carrying out market research, business startups can identify the market segments, hence developing products that suit the target market. This way, they manage to stay ahead of their competitors in both market penetration and sales.
Related: Luke Lazarus | F6S
Another strategy that business startups can use to enhance their progress is developing blue-chip business plans, which narrates their organizational story. In the business plan, they should also include financial projections for the business, which indicate the expected cash flows during its operations.
This way, potential investors can evaluate the viability of the business idea hence deciding to support the project. After all, every investor wants to be associated with a profitable enterprise.
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