01/04/2024
How I view the process of starting and growing a successful business in 10 steps:
(After building a multiple 7-figure, 23-person remote business from my suitcase)
1. Validate & test your idea
Many people skip this step, but validate your idea:
a) works
b) solves a real problem
c) is desired by the market
This saves a lot of time, money, and headache.
2. Create a big vision
Leaders need to create and hold the vision.
It's the north star of a company.
It took me way too long to realize this is one of the core jobs of the CEO.
People (including ourselves) need to feel like what we're doing has a purpose, and it should.
3. Do whatever it takes to get traction & product-market fit
Often the early stages are a grind.
I've never been afraid to do the dirty work to get things off the ground and it pays off.
It also earns the respect of your team when you can lead by doing.
4. Use the vision and product-market fit to attract top talent
After hiring many great people I finally feel less needed in my business.
I finally feel I have time for the things I always wanted time for that drive the business at a high level.
People will make or break you.
5. Create a compelling environment for said talent to succeed
Plain and simple, treat people well.
The cost of a bad hire, or a good hire that leaves is monumental.
6. Create an incentive structure so they get a piece of the upside
I am a firm believer in allowing the team to take part financially in company success.
Most of my team has profit shares, commissions or performance incentives, and the ones that don't we're looking to change…
7. Remind everyone often about the vision
In the book "The Motive" (great read) he calls the leader the "Chief Reminding Officer".
It's important to continually right the ship and keep it on course, which a large group without clear direction will easily do.
8. Make the big decisions, not the small ones
In the early days, I always got bogged down by little decisions, and it took away from my ability to make big ones that really matter.
Having people you trust will make you feel comfortable delegating the smaller ones.
9. Focus on talent acquisition and development
This will become any leader's primary job eventually as a company grows.
I'm still working on being better at this, but I always have a hand in the pot for important hires.
Trust your gut with people, I can't stress that enough.
10. Delegate as much as possible but always be willing to do the work and lead by example.
I found it hard to stop doing the work because it wasn't done right - the cardinal sin of leadership.
We must learn to step back and give guidance rather than take over - or people won't develop the necessary skills to do the job.
