Hi ,
Now, you probably have heard that there’s no time in history better than now to start a 7-figure one-man businessā¦
I donāt want to break your bubble butā¦
Running a profitable business is much more than just effective sales and marketingā¦
This is especially true if you donāt want to be stuck in your business.
Because what happens to most entrepreneurs is that they get stuck in not just the sales and marketing, but also the administration, fulfilment and project management roles.
Which can be a painā¦
If you donāt want to be a Chief Everything Officer.
It helps if you learn the Art of Scalingā¦
Now, we all know hiring is a really broad subjectā¦ which is why in Julyās session of Inner Sanctum, Kenneth brought his dear friend Josh to share about how he scaled his coffee company in China.
Josh is the Managing Director of an 8-figure coffee brand in China.
This is pretty darn remarkable considering he isnāt a native Chinese.
One of the things that Josh shared with us in his 90-minute Keynote was the importance of hiring and team culture:
Itās extremely profound and mind-blowing.
Here are some of the notes Iāve gathered from the session. Enjoy
Joshua on Hiring & Team Culture
- Hiring Practices begin with Team Culture.
- As a founder, you have to think about Team Culture from Day 1.
- As your business grows and more and more people get involved, culture gets more and more important.
- Hiring practices are directly linked to company culture.
- When it comes to hiring, always remember āPrevention is better than Cure.ā
- Itās much easier if you bring someone good into your company rather than to hire carelessly where you let the new hire create chaos and then try to solve that problem out.
- Hiring the right person and hiring the wrong person has a huge impact.
- Hiring just even one wrong person can mess up your companyās culture.
- Especially when youāre dealing with your first hire.
- Hiring practices are directly related to company culture. Company culture is directly related to scaling and multiplication.
- It gets a lot harder and messier when there are more people involved. Especially when the wrong people are brought in.
Personally, I donāt really have a lot of experience with hiring and management but my biggest takeaway from the session with Josh was his insights on partnerships.
Josh feels that itās extremely important to protect your equity as a founder and entrepreneur.
Josh shared that partnering with people is something you shouldnāt force.
You should only consider partnerships when the partner youāre considering is:
- Capable and trustworthy
- Has mutually complementary skill sets which are aligned with you.
However, the bottomline Josh shared is to protect your equity because this is what gives you control over your business.
So yeah, I think this issue is a great read next time if youād like to hire a new staff or expand your team.
Sometimes, I feel that hiring/management is a completely different skill set from sales and marketing which requires you to look from a different perspective.
If I were to give an analogyā¦
If you think of sports like basketball or soccerā¦ thereās always an attacking component and defensive component.
This is true for business too.
I think thereās an attacking component when it comes to sales and marketing because of the ideation and creation component.
However, for hiring, management and operationsā¦ itās more ādefensiveā because itās all about how you avoid mistakes and ensure that screw-ups donāt happen.
Like sports, you need both attacking and defensive strategies for your business.
Thatās how you win constantly and stay one step ahead of everyone else.
Most people neglect the defensive aspect of business which gets them into hot soup.
Such as hiring the wrong person who doesnāt fit into the company culture.
Or not managing their cash flow rightā¦ which is a huge, huge issue.
While most of us in WYODC may prefer the attacking aspect of business (which is sexier)…
You need to remember to cover your downsides too.Ā
So stay tuned for that.
Cheers,
Zachary Tan