What is the minimum level of team members you need?
July 4, 2023
0:00: How do you define your team? How to determine the size of a team. The importance of team size.
2:05: How to shorten the runway for your business? The two ways to get out of your comfort zone. Hiring outside of comfort zones.
4:56: The good news is that you have money coming in. In business, there is money coming in. You have to have faith.
8:30: The first level of decisions are about the founder. The timeline element of the decision-making process. How the timeline affects the decisions. The first level of decisions are always about the founder. Hiring for the person you hired.
13:18: Hiring employees as an expense vs. an opportunity. Being on defense versus being on offense. Hiring employees is not an expense.
14:57: Leveraging a line of credit for capital. Community moneymaker is a moneymaker because of retention. Leveraging a line of credit. The level of certainty that comes from having a long-term plan. Bets on yourself.
21:02: How did you become an agency owner? How Jeff became an agency owner. Entrepreneurship is not for everyone and the challenges.
23:16: Putting all your eggs in the same basket. Putting eggs in the basket and setting yourself back three years. The downsides. The marketing guy wanted to be a copywriter. The importance of team continuity.
26:19: What’s the difference between the two? A quick recap of the episode. A quick summary of the conversation.
27:42: Can I have done this sooner? Trial and error is the least effective way of doing things. Profit center vs expense.
Topics covered in this Episode:
- We discussed the significance of defining and sizing a team, as well as strategies to shorten the business runway by hiring outside of comfort zones.
- We touched on the importance of financial faith in business, mentioning that there is usually money coming in and how this influences decisions primarily related to the founder.
- The topic of hiring was tackled from an innovative perspective, arguing that hiring employees should be viewed as an opportunity rather than an expense. This concept was further expanded upon with the idea of leveraging a line of credit for capital.
- Jeff shared his personal journey to becoming an agency owner, discussing the challenges and acknowledging that entrepreneurship isn't for everyone.
- The discussion concluded with reflections on potential mistakes, such as putting all eggs in the same basket and questioning whether certain actions could have been taken sooner. It also distinguished between profit centers and expenses in a business setting.