"If you can’t describe what you do in five words you probably have to simplify what you do."
After a successful career as a business technologist, working for a number of large publicly listed companies for over 20 years, Liz Tehan took a leap of faith to see if she had what it takes to launch and run her own start-up.
Below she will share some of her top tips for budding entrepreneurs.
It all started in 2012, when Liz decided to take twelve months’ leave from her role as a business technologist to learn more about superannuation.
‘I wanted to make sure my family was set for the future,’ she says.
Little did she know then, that the decision to research retirement funding would lead to the launch of her social shopping hub Set That!
Seeking to make online shopping easier, more inspiring and rewarding, Set That went live in 2013 and now brings together over one million products from more than 100 global iconic stores to a single website.
But, there was one deciding factor that set Liz’ start-up apart from many others that have failed. She gave it all she had from the beginning.
‘We are not a normal little start-up. We invested significant money into the business and have been doing so from the start.’
‘The investment we made at the very beginning kept us going in the first few months, if not years, and taking away some of the money pressure was a big motivator to keep going through the troughs,’ she says.
Now, after three years in the market, Liz’ business is still at the forefront of aggregation-type online shopping and she says that’s a good place to be as an entrepreneur.
‘The technology we have developed has now also been used by other online publishers to build stronger engagement within their community around social styling and shopping.
‘It also allows them to commercialise what was previously static data through what is called native advertising,’ she says.
Recognising the rollercoaster ride of building and running a business, and seeing a gap in the market in terms of how little support there is for aspiring entrepreneurs, Liz has also launched a second company, The Wise Tribe, to share her learnings.