Building a Global Business AFR page 40
Think bold and go global, that’s what one of the speakers at an upcoming Vivid Sydney seminar wants her fellow female entrepreneurs to hear. Catriona Wallace is an entrepreneur in artificial intelligence and the CEO and founder of ASX-listed AI company, Flamingo Ai. She is also part of the Next Gen Female Innovators seminar at this year’s Vivid Sydney, which features inspirational stories from leading local female entrepreneurs and investors.Wallace, who is a serial business builder, comes from an entrepreneurial family. “There was emphasis on being self-employed and being of service to community,” she says, adding her advice to budding entrepreneurs is be bold from day one.Advertisement“There’s no reason why you cannot build a global business. Think unconventionally about parenting and relationships. Forget work-life balance and think of work-life integration. Look after your physical and mental health, as entrepreneurship takes a toll on it. Think of everything as a learning experience.”Wallace says achieving product-market fit is the most important lesson in business. “This means you understand the market, have identified a gap, have developed a solution that is unique, have trialled it and now people are paying for it.”She also advises waiting to build the business. “Don’t scale until you are super-confident you have good product-market fit. And hire people who have done the job before – don’t just hire smart, nice people who have potential – ensure they have a track record and can hit the ground running. Hire slow and fire fast is a classic but essential lesson.”Wallace has another important piece of advice for entrepreneurs. “Try not to act like an ass when you are tired, stressed and the walls are closing in. Practise being a good communicator and person even when you feel like you are deeply entrenched in the quagmire of business failure.''People will follow you to the end of the world if you can act elegantly even when your guts are boiling and you can hear nothing in your head but the incessant screaming of your business problems. ''
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