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3 Tips: How to Hire Good Employees and Build a Team as an Entrepreneur

What a question yes a two-part question yeah my question is when do you look for your first employee and find continuous work for them and the next part is how much money do you put aside before hiring your first employee so toddler I mean that’s a great question and again I see you’ve been I think liking commenting on the videos so I appreciate you doing that for being loyal and also it’s in time getting value from the videos anytime you engage with the videos you or in otherwise anyone else in the community I definitely appreciate you guys doing that it shows that you guys are paying attention and that’s something that I don’t take for granted so to answer your question I would say that it depends on the stage of your business

really and the resources that you have when I start on business when I was doing my first 100k I used that money to basically fund marketing I was the one-man army this is a long time it was more than five years ago and so I started to just do that and then I focused on generating that cash flow generating that revenue learning the experiences and the lessons and then when I got to a point where I think I was at I was doing about about almost out of million dollars it was nine hundred thousand dollars and in the business that’s when I started building a remote team so the remote team I started bring on people that had years of experience that would help me execute on certain points because at that point you know you got to question yourself like at a certain point when you want to grow your business we think that we can do it all but you know the biggest businesses in the world if you’re trying to build it you can’t build it on your own you need a team and the team is the most important thing you need them to be able to assist you on the path to building that business because you only had 24 hours a day right Jeff Bezos Bill Gates Warren Buffett they all 24 hours a day so how they grow in their business and even though they’re super busy they

delegate they have that people do specific things within the defined role so it really depends on your revenue your cash flow you have it the stage of your business where you want to get to I think when you’re at the 500 thousand I made a mistake I should have hired earlier on like I would say a year or two years earlier on because I tried to do anything on my own because the money was coming in and whatnot but for me I would have hired build a team and focus on growing that because it would have been helped me grow even faster at certain point because don’t try to do anything on you know you know especially at that point I think it’s also time to revenue in your goals wall how big you want to build your business you wanna be able to have that team in place early on what was the second question so how do you find that continuous work for them is really it depends on your business right and if you have an e-commerce business there’s definitely things that they need to do right you have marketing your sales you have customer

service you have the operations of the business is usually only three core most important functions of a business marketing sales operations those are the three core fundamentals that you every business needs to have it as a matter of you’re a huge company or you’re a small one-person army you’re usually revolving around those three areas in operations basically manes management or whatever so marketing sales operations / management you’re flowing through between all three all the time back and forth so you need to bring on people that focus on developing those three things whether that’s marketing it to attract people like digital marketing and sales to actually be able to generate that eat whether it’s e-commerce your service business your SAS business doesn’t matter an operation side you’re building the team you’re building the culture you’re having these different operations on the financials is included in the operations side as well they’re those

things are super important so there’s definitely a lot of areas in business businesses one of the most complex things that you can ever do in your life it’s especially if you want to call a sport I would say it’s the most complex sport so continuous work is not a problem it’s finding the right people that can help you in those areas that fit with your core values that also are competent enough to be able to deliver because at certain points in the career when you bring on people it’s not about having to continues work if they’re doing the right work and at a certain point if you’re evaluating them if they’re doing the right thing within the defined role they’re producing results for you right that’s the most important thing at the same time are they enjoying the whole process so this is a lot of things I recommend

watching the video that I recorded on building team and the building the culture when I have that video if I don’t already so again thanks for asking the question I went longer than I expected but I wanted you to get a lot of value from it so how much money do you put aside before hiring your first employee alright so how much money you put aside from before you hire your person team member so that’s another thing I don’t like calling people employees i naming team members because they’re working with you not working under you before you so the most important thing is you want to set aside I would say it depends on the position you’re hiring for I would check market comparables and also at the same time you know again it depends on the role right someone that you pay and marketing is different for someone that you pay in in a financial specific position or they imagine level are they operations are they execution people are they marketing people what business are you in what stage you’re in like if you’re McDonald’s and you’re hiring someone to man the line for creating burgers and doing the tell you know at the front desk it’s very different if you’re let’s say a consulting firm and you’re bringing someone that’s confident enough to speak with

clients like a project manager or project coordinator or Account Executive or client success person it’s very different depends on the role and then I would just do a Google search to find out you can find out a lot of people that are hiring on businesses and find out the prices I mean other prices but the actual salaries that the pain and what not and be able to find that benchmark and you got to see if they’re a good fit as well so there’s a lot of variables there but I hope it gives you that context to be able to you know a foundation for you to start for them so thanks again Tyler and or anybody that’s done value for this video watching comment below what insights you got from this like this video subscribe and make sure you turn the bell notifications to get future notifications on these videos thanks for watching and I’ll see you guys in the next one

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The Best Advice for Every Business

– What’s different about entrepreneurship than rap and sports, is when you say you’re a rapper someone’s like all right, rap. And then if you suck, everyone’s like oh you suck. And when you say you’re a basketball player, people are like, at the YMCA or going to the league? The one thing I love about entrepreneurship is it’s binary. Either you’re gonna win or you’re gonna lose. (slow music) Being a businessman or woman wasn’t cool in 1992. It was Bill Gates, a fuckin’ nerd. So now that everybody wants to put entrepreneurship in their Instagram profile, and that’s cool in the club, that is just bazaaro world, but that’s also done what sports and rapping has, which is everybody wishes they are. And what’s different about entrepreneurship than rap and sports, is when you say you’re a rapper, someone’s like, all right, rap. And then if you suck, everyone’s like oh you suck.

And when you say you’re a basketball player, people are like at the YMCA, or going to the league? But when somebody now says their an entrepreneur, it’s just accepted. And we haven’t matured into are you a successful entrepreneur, or a wannabe entrepreneur? And to be very frank, I’m concerned about it, because I think, the one thing I love about entrepreneurship is it’s binary, either you’re gonna win or you’re gonna lose. And I think that there’s a lot of people right now that are not built with dealing with the emotional baggage that comes along with a public loss.

And so I spent a lot of time with young entrepreneurs around the mentality of like, when you lose, are you ready to take that ridicule, and what are you gonna do? The greatest reason I believe that we’re living through such fake entrepreneurship right now, is not only is there an enormous amount of capital in play for these 22-25 year olds, but they’re the generation that was parented in a way that tried to eliminate losses from the ecosystem. I mean this is the generation of eighth place trophies. My favorite thing that’s going on in society right now is 45 to 60 year olds clowning on millennials and making fun of them, and I keep looking at them and I keep reminding them that you parented these kids. – Everybody gets a trophy right? – Yeah, and so we’ve demonized to these kids losing.

I love losing. Micro-losing especially, more than macro-losing is incredibly motivating. I mean there’s nothing more fun than losing regular season games. You know, you learn from them. Come the playoffs you’d like to build on that, but yeah, I think adversity is the foundation of success. Being born in the Soviet Union, living in a studio apartment with eight family members when I was a kid. Going on one and a half vacations my entire childhood. My parents buying me nothing, because they didn’t have, like the money nor the mindset to do that for me is fundamentally the reason I’m successful at entrepreneurship. I’m not scared of anything, nor do I care about anybody else’s judgment, which allows me to navigate very quickly, and my losses are my losses, and my wins are my wins, and they both feel the same. When I hear the accolades, or when I get razzed, I basically can’t hear them.

I’m just so in love with the process. And that’s what getting up off the floor is. You had no choice, it’s in your DNA to wanna play. – I’m wondering what’s the message to a company that doesn’t have innovation as a core part of their business? – They’re in trouble. – How do they respond? – By letting themselves die. – But what do they do if they don’t wanna die? – Innovate. – And how do they do that? What’s the secret? – By looking at the leader of the company in the mirror, and see if she or he is capable of innovating. Everything stems from the top. If you have a company run by somebody who right now is sitting and saying well I’m retiring in 18 months, and I don’t give a shit about innovation, you’re in trouble. Or not talented enough to know how to innovate. You know how many A’s, number ones hire a CMO and say you figure it out, but they don’t even know how to judge it? How are you a CEO in 2019, and don’t spend 100 hours to educate yourself on how modern communication works so that you can judge it within your own organization? Gary, I didn’t grow up with this stuff.

You didn’t grow up driving, you figured it out. I know you didn’t grow up with it, but it is your job, it’s required of you to know how to run your business. And to me, how your business markets and communicates is as important as you knowing how to run the finances of your company. It’s just that some people don’t wanna put in the work to get updated on the new platforms and the new world, and that’s to their peril. The advice that I think will play for everybody in the room regardless of what you do, including if you’re like the PTA president or thinking about running for local office, like I have no idea what you wanna do professionally or personally, but the one thing that has been tried and true and I keep things extremely simple, is you have to reverse engineer the audience you’re trying to reach, and you have to tell them something that brings them value, not you value.

Every single person here that is in power to do so, needs to go spend the next 100 days having phone calls, having dinner, having breakfast, having drinks with every one of their customers and they need to listen to what they care about. And then they need to go back to the pad and cook that meal. That’s all I do. I read my comments left and right, I was just talking with your CMO prepping, you guys were wrapping up. And she’s like are you always like this on your phone? And I was laughing, what I was doing, I was reading comments. Because the qualitative feedback is the insight I need for the next innovation. The amount of people who hope their customers like what they are doing, or they’re trying to force their customers to like what they wanna sell is fascinating for me to watch. – You’ve talked about this, is that people who are dragging down the culture of a business should be, they shouldn’t be there.

– I wish most businesses were into documenting in coach. What most businesses are doing is, Harold’s a dick, but his numbers are remarkable. That’s what’s really happening. That’s what I’m referring to. That if you’ve got somebody who’s driving top line revenue, or she or he is crushing their numbers, what most companies are doing is they’re looking at surface level, they’re like if we fire Carol, we’re gonna lose those three accounts ’cause she’s so wired in there. What they don’t realize is the hidden lost revenue that’s happening with Carol or Harold destroying the culture, and completely messing up the continuity and speed of the macro. – So what do you do, from your point of view what do you do if you have someone who’s really kickin’ ass, bringing the numbers in and they’re just a, they’re a jerk, what do you do with them? – What I do, one man’s point of view is I sit them down. I look them dead in the face, and I say you think I’m joking because you’re delivering, but I’m not joking, and if you can’t be a good human being I’m going to fire your face.

(laughing) – That’s pretty right there. – That’s what I do, and I do it, and I do it, I’m a big shot on stage now and I’m acting tough, I do it in a conversation. I’m like look, I’m not kidding, I know you don’t believe me because you’ve worked at other places that value dollars, and I value dollars, I just value slow dimes. So when you deliver on culture, the buy in and the macro is remarkable. And what it does for the business is extraordinary. I’m a pot committed buyer of this thesis. That you have to fire the best performers that are destroying your culture. (dramatic music) .

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