[11] Falkenstein started his career in 1972 as an administration manager for the Madison Square Gardens Corporation, where he worked for two years.

[12][13] In 1987, Falkenstein founded Just Life Group Limited with the aim to offer drinking water and water-related services across New Zealand.

[18] Falkenstein is the author of The ABC's of Business: Never Hire a Person Who Walks Slowly, which was published in 2015 by Advantage Media Group.

[21] In the 2010 New Year Honours, Falkenstein was appointed an Officer of the New Zealand Order of Merit, for services to business.

[22] He received the World Class New Zealand award for New Thinking in 2012 and also was listed as a Distinguished Alumni of the University of Auckland a year later.