Born and raised in Melbourne, Australia, Luke Lazarus holds the distinction of being one of the most prolific young entrepreneurs in the region. By the time he was 33 years old, Lazarus had created and sold four businesses. Selling those businesses paved the way for him to develop Luke Lazarus Consulting based in Melbourne.
He may be young, but that has not stopped Lazarus from having a permanent impact on the business marketplace in southern Australia. His approach to raising start-up capital, branding, and business planning have become models for other business professionals to follow in Australia and around the world.
A typical day for Luke Lazarus is a busy one. Before delving into what his workday usually looks like, a review of his education and shaping influences would be appropriate.
Lazarus Earned a Master of Business Education (MBA) by Age 24
Growing up in a middle-class family and spending most of his formative years in Melbourne and Perth, Lazarus knew by the time he was 8 years old that he wanted to own his own business one day. This was also the age that he started his first business and kept it going continuously through high school.
Lazarus performed exceptionally well during high school, maintaining a nearly perfect grade point average of 4.0 through all four years. He considered attending college in the United States but ultimately settled on Melbourne Business School. Luke Lazarus graduated from the business school with an MBA in Executive Business Administration. The focus of his degree program was branding, financing, and startup development.
Lazarus received multiple job offers once he attained his MBA from Melbourne Business School. Although the offers came from some of the biggest names in business, he turned all of them down in favor of going into business for himself.
Professional Career of Luke Lazarus
Lazarus created, managed, and then sold four companies in significant deals with other professionals in the Melbourne area. This was the course of his career from age 24 to 33. After selling the businesses, Lazarus realized that he had enough money to last for the rest of his life. He would not have to work again if he did not want to, but he had never known an idle life and had no desire to pursue one at such a young age.
Lazarus Decided to Use His Business Experience to Help Others
Luke Lazarus got the idea to start his own consulting company because he wanted to help struggling entrepreneurs find their own success. The consulting business bearing his name is now one of the most successful in all of Melbourne. He felt that serving other business professionals would be a better use of his time and expertise then starting another business only to sell it.
Lazarus has described himself as someone who appreciates structure and detail orientation in all areas of life. Not surprisingly, he takes this approach with his consultancy business. That means he is selective about whom he takes on as a client. While some have criticized his selectiveness, he states that he has no desire to give people false hope. He only works with projects that he evaluates as having a high likelihood of succeeding based on his input.
Despite how careful he with choosing his clients, not all of them are a good match to work with Luke Lazarus Consulting. He is honest and realistic, which means sometimes telling people things they would rather not hear.
Clients who accept feedback and are willing to work hard to turn their business around often go on to experience great success after their professional relationship with him. The most successful clients have turned struggling organizations into multi-million dollar enterprises. They credit his so-called tough love approach with helping them succeed.
How Luke Lazarus Approaches Working with Clients
When helping clients prepare a new business plan, Lazarus encourages them to focus heavily on their core products. He also helps clients take a more realistic look at their company’s limitations, scope, and financial model. His services to clients go beyond this one-on-one approach since Lazarus incorporates aspects of market research whenever possible. He feels that focus groups and statistical modeling are especially useful in uncovering data most helpful to his clients for changing the trajectory of their business.
Another area where his realism is an asset to clients is when he helps them create a forecast of expenses, revenue, and business profit. Not only is this necessary to turn the company into a profitable one, but investors need to see these projections in writing before they would even consider taking a chance on a struggling company.
For as many talents as Luke Lazarus has, branding is where he shines most of all. He teaches clients that their product must tell a story, preferably with their customers as the hero. The best stories resonate deeply with a brand’s audience, leading many to become loyal customers when they only purchased from the company by chance in the past. Customers want to engage with brands and seek companies that emulate their personal values.
The biggest surprise for Lazarus in his career as a business consultant is how little knowledge entrepreneurs have about the start-up funding process. He often works with people who have extensive knowledge of product development and marketing but little financial savvy.
Unfortunately, their other skills do them little good if they have no understanding about how to secure the funds necessary to launch and grow their business. One of his greatest professional satisfactions is teaching clients financial skills that will serve them well for the rest of their career.
What is a Typical Day Like for the Owner of Luke Lazarus Consulting?
A favorite quote of Luke Lazarus is one spoken by Henry David Thoreau more than a century ago. “Success usually comes to those who are too busy to be looking.” In other words, Lazarus does not look for success but creates it. He remains productive nearly all his waking hours. Most days he is out of bed before the sun comes up.
Being awake before dawn gives Lazarus 10 to 15 minutes to meditate. He finds this relaxing and necessary to clear any stressful thoughts from his mind. Once Lazarus feels refreshed in spirit, he is ready to begin multitasking for the day ahead. Here is his usual daily schedule, which rarely changes:
- Sit down for a cup of coffee, check email, and create a to-do list for the day
- Walk his dog
- Head to the gym to complete his fitness regimen
Luke Lazarus is rarely without a notebook, whether he is at home or at work. He prioritizes organization in business and with simple things such as making a grocery shopping list. Sometimes he prefers to make lists on his phone by using the voice command rather than writing everything down.
Regardless of the approach he takes, Lazarus keeps an ongoing log of his thoughts and plans. He takes no chances with losing his written logs by snapping photos of them and sending them to himself. Part of his morning routine once he gets to the office is to review and transcribe his own notes from the previous day. He then assigns priority to each task and adds points of clarification to his action plans if necessary.
Completing this daily ritual enables Lazarus to draw inspiration for serving clients from his own needs and issues. This often provides him with workable solutions for current market problems. Taking this personal approach to rebuilding struggling businesses is the trademark he is known for throughout southern Australia.