Podcast Summary
Finding, managing, and cultivating top talent is crucial for business growth: Identifying and hiring A players is essential for business growth. Be honest about team strengths and weaknesses and make adjustments accordingly.
Growing a business, especially past the 10 million mark, is largely about talent. Entrepreneurs often face the challenge of finding, hiring, managing, and cultivating good people. This process is crucial for business growth and can be a major bottleneck for entrepreneurs looking to scale. It's important to remember that the business should be able to run on its own, and the focus should shift from being needed to building a team of top performers, or "A players." The ability to identify and differentiate between A players and everyone else is essential. Entrepreneurs often have rose-tinted glasses when it comes to their team and may not recognize weaknesses or areas for improvement. It's important to be honest with yourself about the strengths and weaknesses of your team members and make adjustments accordingly. As the business grows, it becomes a conglomerate of companies, and the focus shifts from individual leadership to building a team of talented individuals.
Trusting team members to expand business: Entrepreneurs must let go and trust team members to bring in revenue and grow the business, allowing them to focus on running the company.
Letting go and trusting your team to bring in revenue and grow the business is a crucial step in an entrepreneur's journey. This was a revelation for Alex when he saw team members expanding their companies without him and in ways he hadn't considered. At first, he had a hard time accepting that others could make sales or bring in new ideas. But once he did, he was able to focus on running the business instead of making every sale himself. A great example of this is a brand manager who was given the task of exploring new revenue streams for their company. She proposed starting an apparel line based on customer demand, but when she found that the samples were subpar, she didn't present it as a problem. Instead, she took ownership and found manufacturers that could handle both manufacturing and fulfillment, ensuring a higher quality product. Her actions demonstrated the "Be Your Own Boss" mindset that Alex values. By trusting her team and taking initiative, she was able to turn a potential problem into a successful apparel launch.
The Mindset of A Players vs B Players: Successful businesses thrive on employees who take ownership, care deeply about customers, and go above and beyond to provide high-quality solutions.
The difference between a successful business and an average one lies in the mindset and actions of its employees. The example given contrasts an "A player" and a "B player" in response to a challenge to find new revenue opportunities. The "B player" may have completed the task at hand, but did not go above and beyond, only looking at a few companies and not providing a high-quality solution. On the other hand, the "A player" not only took ownership of the challenge but also cared deeply about the customers and their experience, leading to a high-quality product that increased customer LTV. The willingness to do more work and raise the bar is crucial for companies to thrive and compete effectively. The audience is encouraged to leave reviews and share the podcast to help more entrepreneurs and make a difference.
Relentless pursuit of excellence: Invest time and resources to find top talent, build a winning team by surrounding yourself with like-minded individuals, and be intolerant of anything but excellence.
Every leader, from the top to the bottom of an organization, should have a relentless pursuit of excellence. This mindset should not be diluted but rather raised as a standard to attract and retain top talent. The culture of a winning team is created through having the right people on board, and it's worth investing time and resources to find them. As the head of people at Chick-fil-A once said, "Many companies want to compete against us in the championship, but the reality is they lost in the draft." Ultimately, leaders must be intolerant of anything but excellence and surround themselves with like-minded individuals to build a successful and high-performing team.
Recognizing Talent Takes Time and Growth: Understanding the importance of people and taking time to recognize talent leads to building a successful team
People are the backbone of any successful business. Entrepreneurs often focus on the exciting aspects of marketing, sales, and product development, but it's the people who make things happen. However, not everyone on your team may be an "A player." It's essential to be honest about weaknesses and consider what initiatives you would take if you were in their position. Ideally, you want team members who ask questions you haven't thought of, indicating their value as an asset to your team. This process of recognizing talent takes time, experience, and growth, both personally and professionally. As you expand your awareness of others, your ability to select, manage, and grow talented individuals will improve. Entrepreneurship is a journey of continuous learning and development, and understanding the importance of people is a crucial step in that journey.
