Podcast Summary
Good people can build successful businesses: Nice guys don't finish last in business. Hiring friends and family can be beneficial. Attention is valuable for growth, especially on LinkedIn. Context matters in business and life. Hard work and determination can lead to significant success.
Being a good person and building a successful business are not mutually exclusive. The saying "nice guys finish last" is a harmful myth. Additionally, hiring friends and family for business ventures can be incredibly beneficial. Attention is a valuable asset, and marketing, particularly on LinkedIn, presents significant opportunities for growth. Context is key when it comes to business and life, and the current economic climate may shift priorities from marketing to handling inbound business. The speaker's personal story of growing his family's liquor store business from $4 million to $60 million in just 5 years without external funding serves as a powerful reminder of the potential for hard work and determination. It's important to avoid complaining and instead focus on finding solutions to challenges.
Fear of delegation hinders business growth: Business owners must trust their team, prioritize time, and reinvest profits to double their business in 3 years
Many businesses in the production industry struggle to grow due to an unwillingness to delegate tasks and trust others. This fear of delegation stems from a deep-rooted ego and pride in one's craft, which can prevent business owners from expanding their teams and focusing on growth. Additionally, inefficient use of time, such as attending lengthy meetings or doing tasks that could be delegated, can hinder progress. To double their business in the next 3 years, business owners must let go of their ego and trust their team members, as well as prioritize their time effectively and reinvest profits back into their businesses.
Expanding your team during growth: Don't miss opportunities by trying to handle everything alone. Hire a solid number two to grow your business.
During periods of business growth, it's crucial for small business owners to hire additional staff instead of trying to handle everything themselves. This is a common mistake, as hesitation to hire can lead to being overwhelmed and missing opportunities. Hiring is a guessing game, but firing is knowing. The speaker, an experienced business operator, emphasizes the importance of not letting this era of high demand pass without expanding and building a solid number two in the business. This can take various forms, such as giving minority equity to long-term employees or recruiting new staff. Don't let the fear of making a mistake hold you back from growing your business.
Investing in relationships with friends and family for business: Consider involving friends or family in your business for a deeper commitment and focus on attention as the primary currency by actively posting on LinkedIn three times a day
Hiring friends and family for your business can be a valuable investment, despite the common advice against it. The speaker, who has analyzed over a thousand businesses throughout his life, strongly advocates for this approach, acknowledging that it requires a deeper commitment to the relationship than just the financial aspect. He urges those without a trusted number two to consider involving friends or family members in their business, whether through conversation or a more formal arrangement. Additionally, the speaker emphasizes the importance of focusing on attention as the primary currency for businesses. He believes that every company should be actively posting on LinkedIn three times a day to capture the attention of potential decision-makers. The speaker's unique perspective stems from his intuitive understanding of attention, which he developed as a teenager with his lemonade stand and later applied to his professional career as a day trader of attention on social media.
Leverage LinkedIn for Business Marketing: Share expertise, hire help, and build a strong online presence to attract inbound business opportunities and become a thought leader.
LinkedIn is a powerful marketing tool for businesses, with the potential to reach a large audience through content creation. The speaker, who built a successful advertising agency by sharing his expertise online, encourages business owners to embrace marketing on LinkedIn and share their knowledge freely. He emphasizes the importance of getting out of a scarcity mindset and trusting others to help grow your business through hiring and delegation. While it may be uncomfortable to let go of control, it's essential for scaling up and expanding your reach. By sharing your expertise and building a strong online presence, you can attract inbound business opportunities and position yourself as a thought leader in your industry.
Investing in employee relationships and social media marketing: Building strong relationships with employees and creating valuable content for social media platforms like LinkedIn and YouTube Shorts can lead to significant business growth in the B2B industry.
Building strong relationships with employees and investing time in getting to know them can significantly impact business growth, particularly for companies with more than 10 employees. Gary Vaynerchuk shared his experience of taking his father's store from a small business to a large one by prioritizing one-on-one meetings with employees. He emphasized the importance of employee connection for retention and growth, from 10 to 40 employees, which ultimately stems from the relationship with the initial 0 to 10. Additionally, focusing on content creation for social media platforms, specifically LinkedIn and YouTube Shorts, can lead to increased business growth. YouTube, as the second most used search engine, offers a unique opportunity for visual and audio content, making it an essential platform for marketing efforts. By providing valuable content without the expectation of immediate return, businesses can attract potential clients and expand their reach. Overall, investing time and energy into employee relationships and social media marketing can lead to significant growth in the B2B industry. It requires dedication and effort, but the potential rewards are substantial.
Maximize LinkedIn growth with ads and content: Using LinkedIn ads and consistently sharing content can significantly grow your business. Share behind-the-scenes content, ignore negative feedback, and learn how to run LinkedIn ads.
Leveraging LinkedIn ads in combination with consistently creating and sharing content on the platform can significantly grow your business. This can be achieved by filming and sharing behind-the-scenes content, even if it's through a voiceover, to showcase your expertise. The fear of negative feedback should not prevent you from sharing your content, as those leaving negative comments are often coming from a place of unhappiness and insecurity. To get started with LinkedIn ads, simply search "how to run LinkedIn ads" on Google, and remember, not taking action despite having the knowledge is a choice. Compassion towards those leaving negative comments is a more productive response than letting their words affect your own happiness and growth.
Embrace personal responsibility and technology for business growth: Business owners must accept accountability for company issues, explore AI tools, and adapt to technological advancements to succeed.
Business growth is largely dependent on personal accountability and embracing technology like AI. The speaker emphasized that business owners must accept responsibility for their company's issues and understand that they are in control. He also encouraged attendees to explore AI tools and not fear their implementation, as technology is continually advancing and cannot be reversed. Instead of resisting change, individuals should learn to adapt and utilize these tools effectively to succeed in their businesses. Additionally, the speaker encouraged attendees to "fall in love with maybe" and be open to new possibilities, rather than clinging to outdated methods or fearing the unknown. Overall, the message was to embrace personal responsibility and technological advancements to drive business growth.
Embracing Change for Business Growth: Failing to innovate and adapt to technology like AI can hinder business growth. Overcome fears and doubts, adapt, and continuously learn to stay competitive. Personal branding and relatability are essential for audience engagement.
Embracing change, particularly in the context of technology like AI, is crucial for business growth and long-term value. The speaker emphasized that those who fail to innovate and adapt will be left behind, while those who do will have an asset to sell. He encouraged everyone to overcome their fears and doubts, and not to let insecurities hold them back. He also spoke about the importance of personal branding and being relatable to your audience. The speaker shared his own experiences and frustrations with those who complain about the challenges of running a business without taking action to address them. He emphasized that the world moves on, and what worked in the past may not be effective in the present. Overall, the message was one of resilience, adaptability, and the importance of continuous learning and growth.
Creating an Effective Brand: Quality, Relatability, Consistency, and Storytelling: Quality, relatability, consistency, and storytelling are essential elements for creating an effective brand. Engage with audiences through social media, embrace the algorithm, and consider events and direct marketing strategies.
Creating an effective brand involves a combination of quality, relatability, and consistency. Quality is crucial as it's the reason why some brands have longevity. Relatability, or relevance, can be achieved by repackaging ideas and speaking to different industries. Consistency in beliefs and principles, even if expressed differently, can help build a loyal following over time. Storytelling is also an essential aspect of branding, and the current social media landscape offers a unique opportunity to reach a large audience for free through the algorithm. Instead of complaining about the algorithm, embrace it and focus on creating engaging content. Additionally, events and direct marketing can also be effective strategies for building a brand.
Gary Vaynerchuk's Journey from Buying Businesses to Creating NFTs: Gary Vaynerchuk, known for buying and growing businesses, turned to creating NFTs, like VeeFriends, to spread messages about business growth, gratitude, and the importance of blockchain. He also launched a conference, vCon, for NFT holders, emphasizing long-term vision and authenticity.
Gary Vaynerchuk, the entrepreneur and CEO of VaynerMedia, started his marketing company with the intention of buying and growing businesses, inspired by private equity models. Along the way, he also started and sold various companies, such as Resi and Empathy Wines. He then turned to creating a universe of NFT characters, VeeFriends, to spread his messages about gratitude, business growth, and the importance of the blockchain and NFTs. In the process, he also launched a business conference, vCon, offering tickets to NFT holders. Vaynerchuk emphasizes the importance of long-term vision and growth, and his belief in the potential of NFTs beyond collectibles, despite the hype and potential for short-term gains. He also warns about the potential dangers of deep fake videos and the importance of the blockchain for proving authenticity.
Maximizing LinkedIn for business growth: Consistently commit to LinkedIn marketing, seize the underpriced opportunity, and approach with education and long-term perspective.
Attending events and investing time and effort into social media marketing, specifically on LinkedIn, can lead to significant returns in the long run. The speaker, who comes from a retail background, emphasized the importance of being committed and consistent, even when faced with initial challenges or setbacks. He also drew a comparison between attention being bought like real estate and encouraged the audience to seize the current opportunity on LinkedIn, which he sees as being underpriced and in high demand due to the shift towards virtual events. Overall, the speaker urged the audience to approach these areas with education, dedication, and a long-term perspective.
