In this episode of Rask’s The Australian Business Podcast, your host Owen Rask speaks with Judo Bank (ASX: JDO) Co-founder Joseph Healy about small business, scaling a unicorn, culture, leadership and sacrifice.
Judo is a bank that focuses solely on small and medium business owners, providing a ‘real world’ take on banking and loans for small businesses.
Joseph, along with his co-founder, David, recently wrote a great book on their journey, with so many fantastic lessons for business builders and entrepreneurs.
Part 1 of 2, with Co-founder David Hornery is available here:
Measure twice and cut once: Judo Bank (ASX:JDO) co-founder David Hornery [Part 1/2]
Joseph Healy podcast talking points
How would you define the essential principles of leadership? Specifically, in business.
- Can you talk about the idea of ‘what you permit, you promote’ and how that damages businesses? How do you root it out?
- Related: why do you think so many executives followed you and David to Judo?
- Related: how do you determine if someone has good instincts?
Previously I spoke with David about the rise of Judo. But before we get to that, can you explain your journey leading up to banking? Were you an entrepreneur child? If so, do you think this was an important prerequisite to starting Judo?
I heard that during the earliest days (~2016) of Judo’s concept, you received some advice from Joe, who said it was a fantastic idea but “do you really want to do this?”
- What did you make of this question then, versus now?
How would you describe what it is that really drives customers to Judo? The emotive triggers. I’m hopeful you can bring strategies or methods you used to identify these, so other business owners listening can do the same.
In Judo’s 4Cs of risk assessment: Character, capacity (to repay the debt), capital (what they build), collateral… character is most important. Can you describe why this is the case, but also how you determine the character of a small business, quantitatively and qualitatively?
As you set about writing the book with David, who were some of the authors or thinkers you found yourself constantly referring to or thinking about?
Learning & curiosity
You’ve authored four books, led banks, and started a great business and your Academic CV is impeccable.
- Masters of Science (finance) from London Business School.
- Masters of Science (International Management) from the University of London.
- MBA from Bangor University, in Wales.
- MBA from Henley business school.
- Masters of Psychology & Neuroscience at King’s College, London.
- Masters in Contemporary Chinese studies at University of Nottingham Ningbo China.
My first question is, what sacrifices have you had to make to achieve what you have achieved, academically and professionally? If any?
- Related question: How do you think about risk-taking in your own life? Do you do things others might be inclined to avoid?
Secondly, so many of our listeners are what I would describe as ‘lifelong learners’ in that they have a yearning to understand the world. How do keep the passion and desire for learning? And why have you taken the strategy of doing formal academic study?
Finally, what you have achieved is extremely rare and difficult. If I ask you for introspection, what are characteristics you possess (or in what quantity) that allow you to do what you have done?
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How important is worldly knowledge or wide reading in your life and investing? Or do you read narrowly, depending on your topic?
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- Do you read or consume information at regular interviews?
- Where do you get information / know that it’s a reliable source?
- How do you structure your day to maximise efficiency?
- Do you practice mindfulness or journaling?
- What would you encourage other business owners to do, to maintain a sense of balance in their lives?
What’s one thing about business or life you believe that few others would agree with you on?
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