By Claire Grant | Posted: Wednesday August 10, 2016
That is what Jason Leong has found eight years after starting a company from a business plan presented at Audacious.
Jason entered Audacious while studying for his MBA in 2006, and said as well as enjoying working alongside like-minded people, the Challenge also channeled his thinking. “The beauty of Audacious is that it gives you deadlines and deliverables in the form of a business plan- without it many of us would not have had the discipline to complete it.”
His bold idea of a calendar-based budgeting system did not win, but it did give him a good business plan, connections to a network of people in the business community, and invaluable insight into what he wanted to do.
He went on to develop and market the personal finance software; PocketSmith has now attracted over 120,000 users here and overseas, is connected to 12,000 banks world-wide, and employs people in Auckland, Christchurch and Dunedin.
Looking back, he believes starting a business is no big deal, but you have to do it for the right reasons simply because it can take time for a business to realise its potential, and you have to be flexible enough to learn and adapt.
Running a self-funded company and not drawing a salary at the beginning was challenging, although he found keeping expenses down in Dunedin relatively easy. “Interestingly, from that you work out that happiness and success comes in the form of a supportive partner, friends, good health and a supportive work environment.”
That has laid the foundations for a good work culture within the company. “Building wealth was initially important but along the way I realised it is about people; I enjoy making a positive difference to how they manage their work and life.”
About PocketSmith
Everyone needs to manage their income, whether they have a little or a lot, and no matter where they live.
PocketSmith is a tool for helping people to understand their money and it is potential. The cloud-based money manager tracks an individual’s spending history, and provides cash flow forecasts. It helps to categorise spending and monitor transactions to give a true record of where the money is going, which helps to manage planning, budgeting and saving.
Jason says it’s what being in control feels like. “There can be a lot of guilt and anxiety about money, but that vanishes with knowledge. It gives people confidence in managing their money – understanding where your money goes is empowering.”