{"id":14062,"date":"2021-07-22T14:50:34","date_gmt":"2021-07-22T04:50:34","guid":{"rendered":"https:\/\/macquarietechnologygroup.com\/?p=14062"},"modified":"2023-04-18T15:18:49","modified_gmt":"2023-04-18T05:18:49","slug":"david-tudehope-on-the-keys-to-success","status":"publish","type":"post","link":"https:\/\/macquarietechnologygroup.com\/news\/david-tudehope-on-the-keys-to-success\/","title":{"rendered":"David Tudehope on the keys to success"},"content":{"rendered":"

Persistence is crucial to starting and building a business that works, says the Macquarie Telecom CEO and co-founder.<\/i><\/b><\/h4>\n

Published in The Australian Financial Review by Sally Patten, BOSS editor.<\/i><\/p>\n

As a commerce student at UNSW in the 1980s, David Tudehope, CEO and co-founder<\/a> of Macquarie Telecom<\/a> used to study in the library. One night he came across a biography of former US president Calvin Coolidge that had been left on a desk. Someone had left a post-it note on a page, to which Tudehope, distracted from his studies, turned.<\/p>\n

Tudehope \u2013 who would go on to build one of Australia\u2019s most successful technology companies alongside brother Aidan, propelling them into the 2021 Rich Bosses list and, for the first time The Australian Financial Review\u2019s overall Rich List \u2013 found a famous quote from Coolidge that resonated with him. Indeed, he was so taken by the quote that he carried it around in his wallet for a decade.<\/p>\n

The quote started: \u201cNothing in this world can take the place of persistence. Talent will not. Nothing is more common than unsuccessful men with talent. Genius will not. Unrewarded genius is almost a proverb. Education will not. The world is full of educated derelicts.\u201d<\/p>\n

What is Macquarie Telecom’s key to success?<\/h3>\n

Persistence<\/strong>, beyond almost any other trait, including a willingness to take risks<\/strong>, is the key to starting and building a successful business, Tudehope says.<\/p>\n

\u201cI think that drive, that persistence and determination is really everything in those early days because you\u2019ve got so many challenges from so many places.<\/p>\n

\u201cThere\u2019s a lot of things that are quite fragile, so it doesn\u2019t take much for things to unstick \u2013 you\u2019ve got to have that persistence to recover,\u201d says Tudehope, whose shareholding in Macquarie Telecom is valued at $326 million. This puts him in 22nd place on the annual ranking of the wealthiest executives in the ASX 300.<\/p>\n

Tudehope and his brother established Macquarie Telecom in 1992. The commerce graduate and former corporate banker recall the early days when, with no money, he would travel from his home in Sydney on the overnight bus to Melbourne, stopping at The Big Merino in Goulburn for dinner. He would arrive in Melbourne, change into a suit, visit potential clients for a day and catch the overnight coach back home.<\/p>\n

Persistence was required at other times too. Telstra, he recalls, was merciless in its determination to hunt down competitors.<\/p>\n

\u201cWhen you\u2019re a small business, it can be life-threatening,\u201d Tudehope says.<\/p>\n

Then, in 2000, just as Macquarie Telecom opened its first data centre<\/a> at huge expense, the dotcom boom came to a crashing end. Both small internet and corporate customers put a freeze on online investments.<\/p>\n

\u201cWe had major corporates put their e-commerce and web teams on hold, in some cases for a year,\u201d Tudehope recalls. \u201cWhen the dotcom boom ended, it went from a gold rush to a gold crash. Suddenly [big companies] didn\u2019t want data centre capacity.\u201d<\/p>\n

Another piece of advice Tudehope has for would-be entrepreneurs is to work out your \u201cwhy\u201d.<\/p>\n

In other words: \u201cWhy you exist. That is also super important.\u201d<\/p>\n

Macquarie Telecom\u2019s purpose.<\/h3>\n

To cater to \u201cunder-served and overcharged\u201d markets. The telecoms business was established to help crack open the telecommunications market, then dominated by Telstra. The data centre business was designed to offer Australian companies, for the first time, a local third party provider of data centres with all the back-up capacity that encompassed. The cyber-security division, which has federal government clients, was established to offer an alternative provider of such services. At the time, one US company pretty much had a monopoly.<\/p>\n

Asked whether Australians still have tall poppy syndrome when it comes to wealth, Tudehope says things have improved in the past few years.<\/p>\n

But Australians are still hard on failure.<\/h3>\n

\u201cI just think Australian society is very harsh on people who give it everything and fail. It\u2019s getting better in the last few years, but it\u2019s still nowhere near the US or the UK.<\/p>\n

\u201c[I\u2019m not talking about cases in which] there is impropriety or people have done the wrong thing. There are just regular people who gave it everything. Their cafe didn\u2019t work out, or their tech company didn\u2019t succeed. It just didn\u2019t work for them.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Persistence is crucial to starting and building a business that works, says the Macquarie Telecom CEO and co-founder. Published in The Australian Financial Review by Sally Patten, BOSS editor. As a commerce student at UNSW in the 1980s, David Tudehope, CEO and co-founder of Macquarie Telecom used to study in the library. One night he […]<\/p>\n","protected":false},"author":1,"featured_media":14064,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_oasis_is_in_workflow":0,"_oasis_original":0,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[13],"tags":[269,276,20,43,45],"class_list":["post-14062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-david-tudehope","tag-macquarie-telecom-group","tag-macquarie-telecom","tag-net-promoter-score","tag-nps"],"acf":[],"yoast_head":"\nDavid Tudehope on the keys to success - 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