In the beginning of this episode, Ian Schoen talked about his first impression when he went to Tokyo, Japan and how he got thrilled from seeing a cat cafe for the first time. On the other side of globe, Dan shares his amazing experience as he enjoyed the warmth of the sun when he visited Davao, Philippines.
Later in the podcast, Dan and Ian talked about the people who are starting to make their entrepreneurial ambitions come to life.
What’s great in this episode was, someone who was influenced by the show gave Dan and Ian a call telling them that they are now also running their own podcast show. Amazing!
Now, for the meat and potatoes of this episode, Listen as Dan and Ian talk about HIRING and Rocking the Rockefeller Processes, inspired from the book “Mastering the Rockefeller Habits” by Verne Harnish.
Here is what you’ll learn from this episode:
- Monetizing your training product.
- The stages in the 1000-day journey to build your business.
- The Apprenticeship Stage
- The Production Stage
- H is for HIRE!
- Creating not just a job but an asset.
- Two factors that hiring brings in a team: Fun and Productivity!
- Three reasons why your business could go astray.
1. Lack of leadership
2. Lack of systems and structures
3. Market Conditions
- The importance of leadership in the business
- Systems, structures and market conditions can be adjusted with right leadership
- The two things required in leadership:
1. The ability to predict
2. The ability to delegate
“If you don’t have that fundamental building block of leadership, you’re doomed.”
FIVE WAYS TO BE AN EFFECTIVE LEADER
- Raise to your first hire immediately!
- Doing every possible thing to accelerate people in place.
- Raising your first hire to do the important stuff as soon as possible.
2. Prediction Point - Having a clear vision of what’s ahead
- Having a fundamental understanding of accounting
- Forgoing personal income to hire people
“If you’re not looking at the books, you’re not making effective predictions.”
3. Hire people as or more effective as you are. - Training people in reaching their highest potentials
4. Hiring for existing business cash flows
- Start hiring people and start working less.
- Hiring allows entrepreneurs to enter into new projects.
- Working on your business less while getting more.
- The wrong thinking: having employees are less fun and more stressful.
5. Rhythm, priorities and data
- Have a hiring strategy.
- Knowing you’re Hiring Funnel - the direct correlation to your culture
- The good points for having a good business culture.
- A lot of job applications will come in.
- More people will work for you.
- You’re going to get a lot of better people.
- Amazing talents will show up.
“The culture comes from the vision.”
“Vision all ties back in prediction.”
HERE’S HOW TO TAKE ACTION:
- Take an inventory of the priorities in your business, the data points that help you determine whether or not those priorities are being reached; and the rhythm with which you check up on them.
- Re-evaluate different kinds of priorities, daily, weekly, quarterly, and monthly.
- Inject rhythms in your work.
- Know your priorities and meet with your team.
MY BIGGEST TAKEAWAY!
“The more people who apply to your job positions, generally as a rule, the better people you’ll have in your organizations.”
- ”If you’re building a cash flow that you can’t hire somebody to manage for you, you’re not building a business but a job.”
- “An entrepreneur is someone who’s building cash flows that can be managed and scaled by other people so that you’re not building yourself a job.”
- Entrepreneurship always involves people working together.
- Focus on the skills you have and hone it!
- It’s a big plus for an entrepreneur to be good in expressing himself in writing.
- Damien Reese
- Benjamin Franklin’s autobiography
- Book: Mastering the Rockefeller Process by Verne Harnish
- Book: On Writing Well by William Zinsser