NAB Business View

IN THE LAST ISSUE OF BUSINESS VIEW, I WAS FASCINATED TO READ ABOUT THE SOCIAL ENTREPRENEURS WHO ARE RUNNING SUCCESSFUL BUSINESSES WHILE EFFECTIVELY SAVING THE WORLD. WHERE CAN I FIND OUT MORE ABOUT THEM?

Muhammad Yunus pioneered the concept of microcredit in Bangladesh in 1976. It became the Grameen Bank Project, a bank owned by its poor borrowers, mostly women who use small loans to finance businesses. Each borrower belongs to a five-member group, which ensures no member gets into repayment problems. Proof that this model works is in the bank’s loan repayment record that stands at 98 per cent. Yunus received the Nobel Peace Prize in 2006. US businessman Bill Drayton, a former McKinsey & Co. consultant, widened the concept and coined the term social entrepreneur. In the 1980s, he created the Ashoka Foundation (www.ashoka.org), an organisation devoted to applying business strategies to some of society’s biggest dilemmas.

A large number of social enterprises focus on youth. In Australia, the groundbreaking group, Social Ventures Australia (www.socialventures.com.au) is bringing together philanthropists and social entrepreneurs to tackle high school drop-out rates, provide career opportunities for indigenous youth and use the arts to build culture, relationships and leadership for marginalised individuals.

THANKS FOR THE NEW-LOOK BUSINESS VIEW. I FOUND MANY OF THE ARTICLES IN THE SPRING ISSUE HELPFUL BUT PARTICULARLY ENJOYED READING ABOUT DUBAI. WE’RE HOPING TO EXPAND OUR GOURMET FOOD PRODUCTS BUSINESS BUT ARE YET TO BRAVE THE WORLD OF EXPORT. WHAT’S THE EASIEST WAY TO START EXPLORING?

The first stop is Austrade, the Australian Government’s export marketing arm, which not only has a wealth of information on its website (www.austrade.gov.au), but operates a network of more than 140 overseas locations in 60 countries. You can learn from experienced exporters at Austrade events. Its TradeStart program is designed for small to medium businesses and those based in regional areas. Throughout the year, industry-specific trade missions and trips to trade fairs offer the chance to show your wares to a targeted market. Of course, you may never need to leave home, as exporting online is increasingly popular.

For export education, try the Australian Institute of Export
(www.aiex.com.au). Australia’s reputation as a clean and healthy environment often gives our food exporters the edge. Good luck!

I HAVE BEEN STEADILY GROWING MY BUSINESS FOR THE PAST FIVE YEARS AND HAVE OFTEN CONSIDERED ENGAGING A BUSINESS COACH OR MENTOR. WHAT’S THE DIFFERENCE?

In theory, both are supportive and can provide sounding boards for business and/or personal problems. A mentor usually has subject matter expertise and is more like a teacher offering guidance and knowledge, whereas a coach encourages enduring techniques to help the ‘coachees’ operate in the long term.

Mentoring may be a more informal arrangement. In contrast, coaching is strictly on a professional basis. Contrary to popular belief, coaching is not about venting and properly trained coaches are not in the business of providing instant answers, says Kathy McKenzie, an executive with the International Coach Federation (ICF) Australasia. “It’s an advice-free zone. Coaches are trained to ask questions and help you to find the answer yourself.”

A mentor usually has subject matter expertise and is more like a teacher offering guidance and knowledge, whereas a coach encourages enduring techniques to help the ‘coachees’ operate in the long term.