Learning curve generates pioneering youth initiatives

The learning experiences of two Enterprize alumni have inspired the launch of a significant youth initiative encouraging young entrepreneurs to follow their business dreams.

2002 Student Category winners of the UQ Business School’s Enterprize competition, Chris Khoo and Grant Wong launched the Young Network Of enTrenpreneurs (YNOT) in 2003 after a twelve month journey as business operators of their award-winning student portal concept.

Alongside Wotan Laurindo, and Teddy Makukutu, Chris and Grant developed TheCouch.com.au to provide a portal dedicated to the growing needs of the tertiary student market.

The team created TheCouch.com.au concept after their own experiences of managing their social, study and working lives whilst surviving on a minimal budget.

As part of the i.lab Student Category prize, the four team members at TheCouch.com.au had access to office space, mentoring, educational seminars and networking events to grow their business knowledge and experience.

Chris describes a “flawed business model” and different workloads as among the challenges the team faced.

“Our revenue sources were mainly subscriptions to the website, which cost $10 per year, but given the production cost of the cards, and the time we spent selling them, each card should have been at least $30,” Chris said.

“Looking back with all the knowledge I have now, I believe our idea could have been successful, but we were doing the wrong things and spending money unnecessarily.”

Despite the challenges, the team leveraged what they could learn from the competition and its networks to enhance their experience.

“We learnt how to run a business, particularly one driven by innovation and web-based services,” Chris said.

“It was a fantastic learning experience and we all gained tremendous insight into the commercialisation and innovation process.”

In 2003, the learning curve inspired the young entrepreneurs to launch a support organisation for youth in business, the Young Network of enTrepreneurs (YNOT).

Designed to provide a forum for networking, support and education, YNOT schedules monthly events featuring high profile entrepreneurs that inspire and educate members.

Presenters have included Sarina Russo, Bob Ansett, and Adrian Di Marco (Technology One).

Chris said while there were many opportunities for entrepreneurs in Australia, his experience had proved entrepreneurs should focus heavily on marketing and innovation in the early stages of their business.

“We learnt that having all the finance, accounting, legal knowledge and technical skills didn’t make a difference to the growth of our business,” he said.

“80% of your time should be spent marketing the business, whether it be going out there and networking, doing up print ads, getting publicity, and then tracking how successful your marketing activities are.

“You get a return much quicker on marketing than you do in innovation, and it`s always important to get cash flow moving in a new business to keep motivation levels high.”
Media enquiries: Chris Khoo, 0432 981 858 or Cathy Stacey, Marketing Development Manager UQ Business School 07 3365 6179 or 0423 606 331