Andrew Lazarus is a prominent businessman from Sydney, Australia. Known for his presence within the hospitality industry, most consider him a highly successful hotelier and philanthropist. He’s the owner or co-owner of multiple entertainment venues, food establishments, and hotels throughout the area.
Lazarus owns multiple commercial properties in and around Australia, under the umbrella organization of Zenith Hotels. They include the Mereweather Beach Hotel, in Newcastle; the Exchange Hotel, in Hamilton; the Shoal Bay Country Club, near Central Coast; the Lone Pine Tavern Bistro and Pizzaria, in Rooty Hill; and The Eastern, in Bondi Junction.
Where did the idea for your career come from?
The key to bringing large-scale ideas to life is the team involved. Hire best-in-industry talent and then put faith in that team to make the right decisions. If you have hired well, the members of your team will make decisions in their field of expertise better than you will. It is then your job to steer the ship in the direction you want it to sail.
What is one habit of yours that makes you more productive as an entrepreneur?
A great morning routine. Win the first hour of your day and you win the whole day. I find that when I skip my morning routine that I have lower energy and concentration than when I wake up and make the most of my morning.
What advice would you give your younger self?
Communication is key. This has always been my area of improvement however as time goes on I continue to see just how important it is.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
Constant self-improvement. Keep striving for better.
What is one strategy that has helped you grow your business?
Know your finances back to front.
My definition of success is achieving your financial goals while enjoying yourself, having fun, and giving back. In the past I have operated at a high level of stress however learning from this I have found the importance of enjoying the journey rather than chasing the destination. Of course, giving back to the community that serves us is so important and it has become a key driver for me to give back to the communities where our businesses are located.
What is one failure you had as an entrepreneur, and how did you overcome it?
A standout failure is the one time I have entered into a leasehold rather than a freehold. I will never make that mistake again. If you want to improve a business through renovation and improvement of the site you must own the property otherwise you are wasting capital improving someone else’s property. A renovation to a leasehold can improve the cash flow of your business, yes, however at the end of the day you do not receive the ultimate benefit of the capital uplift to your property.
What is the best $100 you recently spent? What and why?
A phone holder for my car.
What is the one book that you recommend our community should read and why?
How to win Friends and Influence People, by Dale Carnegie.
What is your favorite quote?
“Success without fulfillment is the ultimate failure.”
Steve (Stefan) Junge hails from Germany and helps with the day-to-day publishing of interviews on IdeaMensch. While he and Mario don’t share a favorite soccer club, their enthusiasm to help entrepreneurs is a shared passion.