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7 shoppers-a-saving: Catch Of The Day

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The intriguing tale of the Leibovich brothers, who have created the unbelievably successful Catch Of The Day and Scoopon websites, is an amazing business growing effort and teaches many an up-and-coming entrepreneur or even a long-suffering, would-be successful business builder what they might be missing.

In case you missed it, Gabby and Hezi Leibovich own Catch Of The Day, which specialises in deals of the day for products, while Scoopon is in the services space.

Their achievements attracted what was thought to be $80 million from the likes of New York-based Tiger Global, James Packer's Consolidated Press Holdings, Seek’s Andrew Bassat and Glenn Poswell, founder of Gannet Capital. This has apparently valued the company at around $200 million, which is nice work for a former electronics retailer and his disgruntled, chiropractor brother.

The lessons
And so what are the lessons?

First, these guys are hard workers and have a capacity to build up an enthusiastic team. They have clearly read and benchmarked themselves off the best in breed with Gabby admitting Virgin’s Richard Branson has been a massive inspiration.

By the way, anyone contemplating being a success in business could do a lot worse than read Branson’s Losing My Virginity autobiography.

Second, though the brothers did not admit it to me in my story, they have clearly been inspired by what the best in business are doing overseas. So many businesses I have covered in over 20 years of analysing local success stories have found ideas overseas and have adapted them, or else they have been inspired by something discovered overseas.

Tim Pethick of Nudie fruit juice fame, Janine Allis of Boost Juice, Luke Baylis and James Miller from Sumo Salad and Nabi Saleh from Gloria Jean’s Coffees International are classic cases in point.

Saleh did it so well that that he was able to buy out the US founder and now owns a massive international franchise.

Third they have embraced the new paradigm of the internet and its offspring – social media – to leverage some spectacular growth.

At the core of this advantageous leg-up is some thinking outside the square, which gives great entrepreneurs their competitive edge. You can’t kick big business goals as a small business without something that gives you this inside advantage.

Deals of the day powered by and communicated as a tsunami of interest via the likes of Facebook has given these guys the edge.

The final thing these guys got right was the ability to attract some big brother support to make the step up to the next level. Too many business owners are afraid of sharing their business with others on the fear that they will lose control but they then condemn themselves to slow lane growth.

Big goal

By the way, that’s okay if you don’t aspire to build a big business that is easy to sell and will reward you handsomely for the hard work, the pressure of creating jobs, understanding employees as well as customers and paying a truck load of wages and taxes.

Some of Australia’s most well-known business success stories have featured small business entrepreneurs deciding to roll the dice with the Packer empire.

Mark Bouris of Wizard Home Loans, the guys at Seek.com, which includes Andrew Bassatt, who now is involved with the Leibovichs, and the founder of carsales.com Greg Roebuck have all grown as a consequence of working with James Packer in particular.

The bottom line for business success is to have a big, audacious goal, then confront the brutal truth of what might be stopping your success. And then think outside the square to get that inside advantage to ensure you make your business dreams come true.

That’s the scoop that might give you the business catch of your life!

If you’re looking to work on your business rather than being stuck in it, book in for a complimentary business assessment today with Switzer Business Coaching.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

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