Michael Luckhoo is a successful entrepreneur and business professional currently operating out of Mississauga, Ontario. After obtaining his business degree from Western University, Michael Luckhoo spent twelve years working in the aviation industry. His role as an airline pilot provided him with experience in aircraft management, operations, and private and charter flying.
With a passion for the business landscape, Michael eventually founded Blueprint Health – a meal delivery service focused on providing individuals with the necessary tools and resources to achieve their long-term health goals. As a forward-thinking individual, Michael also took an interest in cryptocurrency and blockchain technology. Since 2017, Michael’s efforts have focused on decentralized digital assets. With an impressive skill set, Michael served as the Head of Business Development for the global advisory firm, Torus Solutions, where he initiated four major project launches. He was also named Vice President of DigitalBits and successfully launched their branded Stablecoin initiative which connected enterprise partners to usher in this new wave of consumer interaction within blockchain.
Michael’s objective is to bring decentralization and emerging technology to regions of the world that have yet to benefit from this new era. As a self-driven individual, his endeavours aim to support humanitarian efforts and financial freedoms in under-developed nations.
Where did the idea for your career come from?
My latest endeavor, the Cirus Foundation was established to help support people across the world and unlock greater value from everything that they do. I think that data is one of the biggest digital assets that has been unknown to people.
Social welfare is something that needs to be addressed across the world. Within emerging markets, in third world countries, we’ve not been able to get people into the financial system because of various debilitating factors and a lack of financial inclusion. It excites me knowing I can help someone achieve financial independence. Cryptocurrencies and blockchain technologies will help us open a door for opportunity.
What does your typical day look like and how do you make it productive?
My mornings are generally productive because I adhere to a tight schedule in order to maximize my time. Working with individuals in multiple time zones can be challenging, so it is imperative that I am well organized. After taking some time to myself, I typically converse with partners in the U.S. and Canada during the early hours of the day. During the evening I will schedule meetings with overseas clients due to our varying time zones. I think what keeps me most productive is dividing up my day and focusing on one task at a time.
How do you bring ideas to life?
Coming up with an idea is a simple concept, but coming up with a comprehensive plan of action is difficult. I think the only way to bring an idea to life is to accept genuine feedback from advisors, mentors, and other experienced professionals. A secondary perspective is crucial to long-term success. A lot of individuals may come up with what seems to be a winning idea, only to find out that there is no space for it in the market.
What’s one trend that excites you?
I think maybe I’m being biased, but how I believe blockchain and cryptocurrency will transform the world. I think this will be the single biggest movement in wealth transfer that we’ve ever seen.
What is one habit of yours that makes you more productive as an entrepreneur?
I would say being completely focused and dialed in. I feel that all of the habits that made me more productive as an entrepreneur stem from my experience as a pilot, and they have become almost a guiding light to me in business.
What advice would you give your younger self?
I think to just keep taking risks. I was like that as my younger self, so perhaps my advice would be to keep doing what you were doing. Keep taking risks, keep taking shots. When you are young is the best time to be open to new opportunities and to not be fearful.
Tell us something that’s true that almost nobody agrees with you on.
In-person retail banks, as we know them today, will no longer exist within the next three to five years. Due to the digital movement that we are experiencing now, retail banking will be practically nonexistent within a very short period of time. They will no longer have a storefront. They will no longer need a physical location because it will be all digital.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
I think it comes down to iteration. I think a lot of entrepreneurs get discouraged after their first attempt and as a result, they don’t want to push forward. I think that a lot of times we’ve been taught that hard work and consistent work will always pay off, but I don’t think that’s the full equation. If I were to say there was actually an equation, I think it would be work times iteration would equal success. So keep iterating, keep evolving, and keep changing and innovating.
I also adhere to what’s known as ANC, which stands for Aviate, Navigate, and Communicate. I think a lot of times in business, individuals jump to the communication phase without ever having a comprehensive plan of action. It’s important to first assess your situation and develop small goals before communicating these changes to others.
What is one strategy that has helped you grow your business?
Something that I practice is called sprint, rest, and then reassess. To really grow, similar to a muscle or the body in general you need to create resistance. There will be times where you really have to push and sprint ahead to create something, followed by a period of rest to materialize your efforts.
Sprint, rest, reassess has been a guiding path for me to create growth in business. As you take the next leg up, you follow that same path again, though it is not always a linear progression. It will hit plateaus naturally and then you can reassess and start again.
What is one failure you had as an entrepreneur, and how did you overcome it?
My biggest failure has always been trying to take on too much at once. I was inexperienced and naïve coming into business and thinking that I could just do it all. Between travelling and my many business endeavours, I began to suffer from burnout. Time is such a valuable currency, so while maximizing your efforts is vital to success, it’s also important to not take on too many projects at once.
One of my biggest mentors in business saw that trait in me, and pulled me aside. I was spreading myself a bit too thinly, trying to do everything, and he said, “You know, when you’re in an emergency, in a plane, what’s the first thing that they say? They say put your oxygen mask on first before helping others. And he was more than right. I had to learn to keep a boundary on my energy and my time.
What is one business idea that you’re willing to give away to our readers?
There’s been a huge shift within this past year in digital. Even though we are working remotely, a business that I think could do really well would be one that finds ways of bringing people together. I really like the idea of coffee shops that also provide co-working spaces as well. There’s a lot of room to grow for a business that could be a hybrid to support people that are working remotely.
What is the best $100 you recently spent? What and why?
I bought a gift for someone who I work with. He is an entrepreneur taking a leap of faith to jump into building something for himself. I do try to give specific objects that will have significance and meaning. I gave him a really heavy crystal glass and I told him to have a drink out of this glass every time he created a new milestone for himself. It made me happy to do that for him.
What is one piece of software or a web service that helps you be productive?
Trello is a project management tool that definitely helps me, but I’m still a fan of using paper and a pen.
What is the one book that you recommend our community should read and why?
One book that really stood out to me was by Simon Sinek called Start With Why. It encourages you to think about what your core beliefs are versus what you do. A lot of times when talking about a certain product or service, we say what it does, rather than explain why it is so impactful. This book helped me understand the reason why I became interested in certain things. There is a deeper meaning to it than just what you do.
What is your favorite quote?
“When everything seems to be going against you, remember airplanes take off against the wind and not with it.” As much as you might have resistance in life, that is not a bad thing. That means you are actually doing something. That is part of the laws of physics. That has always helped me to keep moving in the right direction.
● Don’t just take the road of complacency and safety. Be bold and take risks. Try to expand your own comfort levels.
● If you feel stuck and want to create a new beginning for yourself, it’s not ever too late. You can always redefine yourself at any age.
● You can always find a way to connect to the things you learned in the past.
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.