July founder and CEO Richard Li on leadership, community, and financial discipline as an entrepreneur

“It’s a space to talk about funding, leadership, exiting a business, and more with people who have done it before and have that experience,” adds the entrepreneur, who previously helmed Australian online furniture retailer Brosa. 

Reflecting on his journey, Li offers his top takeaways for aspiring entrepreneurs, balancing profit and positive impact, and why communities like the Red Club are an invaluable resource for the modern-day entrepreneur.    

How do you see yourself mentoring other young entrepreneurs through your role as head of the Red Club Melbourne?

Through the Red Club Australian chapter, we gather young entrepreneurs over regular catch-ups. I talk with them about the challenges I faced when I started my business and I’m able to give them advice. Hopefully, it will help them make fewer mistakes like the ones I made in the past. I wish I had a community like this when I was younger, during those early days of my entrepreneurial journey.

There are many ways I want to mentor the next generation within my local chapter and other Red Club chapters worldwide. Through Red Club, I have personally met so many great friends for life. You get to talk about similar challenges on a particular phase of your business, whether it’s a business you inherited from your parents or whether you’re starting your own from scratch. 

What key leadership qualities should multicultural entrepreneurs have to succeed?

Successful entrepreneurs know that what works in one market might not in another. Coming from China and then moving to Australia gave me insights into adapting to different cultural expectations and consumer needs. Great leaders respect these differences, invest time in understanding local cultures, and customise their approach rather than assuming one size fits all.

That’s definitely what we did when we expanded July to the US. A lot of people just assumed that as an Australian brand, everyone loved kangaroos and koalas and that an Australian business would incorporate those things when expanding to the US or UK.

We were like, no–that’s not how we’re going to approach things. We wanted to see what products the US customer would want to buy, down to what colours and sizes, rather than just making an assumption. We ended up making custom products only for the US market to give ourselves the best chance to succeed there.

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As an entrepreneur, when is the time to pivot and problem-solve versus the time to realistically step away from a business idea or opportunity? 

It depends on how you approach things. Firstly, doing enough research into the product and service you’re developing before going to the market is crucial. If it didn’t succeed, tweak it, improve it, and try again. Pivot if you have to.

Don’t give up that easily. Many entrepreneurs close down the company whenever they have an issue or a problem that they find too hard. You don’t have to close down the company when you can find another way to make it work. There's always another way. Persistence is one of the most important qualities for a successful entrepreneur.

Conviction is equally important. If you don’t have conviction, don’t even start a business. If you’re not willing to do proper market research, get advice from experienced entrepreneurs, or listen to feedback from customers, then maybe that’s the time to give it up.

Read more: The founder’s farewell: Why and when to leave your startup

How do entrepreneurs balance profitability with impact?

Profit and impact are not opposites. Many successful companies manage both—like EV companies and solar initiatives, which are profitable and planet-friendly. The best businesses in the world are those that are not only making a good profit but also making a huge impact on the world.

Any advice for young entrepreneurs on scaling internationally?

Authenticity is essential. Consistently deliver on your brand promise, do thorough market research, and ensure you’re truly passionate about what you’re creating. Remember, persistence pays off: some markets may respond quickly, others more slowly, but with patience, you’ll see results.

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Another piece of advice? Do what you are passionate about. Don’t do it purely for the money. When you identify a great product or service that you want to offer, be sure you understand why you’re doing this.

At July, we aren’t just selling suitcases; we want people to have a great and seamless travel experience so they don’t even feel the product because it’s so effortless. Think of Nike—not merely a shoe company, but one that celebrates athletic excellence. Cartier isn’t just about jewellery, it embodies the emotions of love and friendship through jewellery. Great brands go beyond products; they convey a story and emotion that connect with people.

Is there a quote or saying in particular from another entrepreneur that resonates with you? 

Jack Ma, the founder of Alibaba once said the thing that kills a company is not having too little money, but too much. With too much money, some founders start losing the discipline around cash flow and they overspend. When you don’t have money, every dollar counts. You start negotiating with every supplier. You ask for better payment terms. You speak to every single customer. Those skills become part of your culture and work processes. That will give you a better chance to succeed in the long run. 

A lot of people come up to me saying “Richard, I want to raise a million dollars, two million dollars in capital.” Why? Because they think that’s what everyone does. To that I say, no–instead figure out a way to grow the business to a sustainable state using your own money first.

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