Ep. 129: M on the Bund closes after 23 years - my last afternoon tea with Michelle Garnaut

China Business Cast

About Michelle Garnaut

Michelle Garnaut, AO is an Australian restaurateur and best known for her series of restaurants and philanthropic work in China. She began her career as one of China's most celebrated restaurateurs in 1989, when she opened M at the Fringe in Hong Kong. It swiftly grew into a city institution, and in 1999, M on the Bund opened, the first independent restaurant on the historic Shanghai waterfront. Like its predecessor, it soon became a beloved oasis for locals, visitors and lovers of good food and warm service. In 2009 she opened Capital M on Tiananmen Square in Beijing.
Michelle is also a founder of the Shanghai International Literary Festival, the M Literary Residency, the Village People Project and has spearheaded Mentor Walks across Asia, where up-and-coming professional women can seek advice from experienced mentors. Mentor Walks now operates in Hong Kong, Sydney, Melbourne, and Brisbane and continues to spread around Asia.
Michelle is the recipient of many international honours, including the inaugural award in Food at the Advance Global Australian Awards. She sits on various boards including the Advance Global Board. In 2015 Michelle was invited to the 'Legends Hall of Fame' which pays tribute to the leaders, ground breakers and visionaries of Australia and Victoria’s food and wine industry.
She was made an ‘Officer of the Order of Australia’ in the Australia Day Honours List 2018.

Episode Content:

Closing down one of the oldest Western restaurants in Shanghai might seem discouraging for some entrepreneurs, yet the founder has several learnings to keep us inspired. During the interview we spoke of business in China, women entrepreneurs and what it means to be ‘successful’.

Michelle says ‘being successful’ means a business needs to make money and allow her to do things that she really wants to do. And to get there you need to work hard and become the best at things you really want to do. She says it’s really that simple. 🤔

The questions we discussed in the episode:

• What is the most important thing to focus on when starting a business?
• How to know when you should listen to someone's advice and when you should follow your own gut feeling?
• How to build a social enterprise that is profitable and contributes to the society?
• How to renegotiate financial structure with your business partner and gain control?
• What are some of the most common limiting beliefs female entrepreneurs that stop them from becoming successful?
• How did the local tastes change over the past 20 years?
• What do Chinese people really want from a Western business?
• Why doing 'discounting' on Chinese apps for a restaurant is a terrible advice?
• What are some strategies that helped the restaurant adapt to the changing environment amidst COVID-19?
• When to make an exit and how?
• What can a great leader do to inspire their employees and partners to work with them for 30+ years?

Episode Mentions:

• Reach out to Michelle Garnaut on LinkedIn
• Website: https://m-restaurantgroup.com/m-on-the-bund
• Follow the official WeChat with ID: monthebundsh
• If you have memorable moments taken at the restaurant send photos for a memory photo album via [e-mail]
• Find your host Lina on LinkedIn or reach out via [e-mail]
• Website: https://litaogroup.com

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