Last night I had dinner with a guy who is going for a $100,000,000 company valuation…
Yep, the amount of 0s is correct…
I want to share some key insights.
1) Instantly I felt like I need to play a bigger game.
He made my BIG ideas look like a drop in the ocean.
FIND AND HANG OUT WITH PEOPLE WHO MAKE YOU FEEL LIKE THAT!
2) I asked, “What do you think the biggest mistake business owners are making?“
Are you ready?
They play the short game, not the long game.
Very few business owners have any plans for next 5 or 10 years.
They are consumed by the next day, week, month or year.
Which is too short and limiting.
This is the single most important thing a business owner can introduce “play the long game.”
3) Hire great people and know their limitations.
This part of the night made my jaw hit the ground.
As the night continued and the wine was flowing the conversations headed to the importance of hiring great people.
We could both agree that business is a team sport and poor hiring and training can be detrimental to a company.
(I’m sure we have all heard that before and could all agree.)
However, the next part of the conversation was something I had never heard before.
The mystery man went on to explain that the people who get you to 1 million can’t get you to 100 million it’s a completely different skillset.
Most business owners hire people and subconsciously intend on keeping them forever and expecting them to evolve to fit.
The best business owners hire for a certain duration to get a company to a certain stage then change the team to get to the next stage. They rinse and repeat this process.
For example, they could have:
- a startup team (0>1,000,000)
- growth team (1mil >10 mil)
- exponential team (10mil > 100 mil)
Businesses often stunt their growth and potential by keeping on CEOs and managers who have never managed a company at that level before.
Equally, it can be just a detrimental to bring in a CEO or manager who is used to managing a company at 100 million into a startup.
Doesn’t it just make sense to hire people who specialize based on the stage of business, not just the role?
My jaw hit the floor…
Apply to join The Association for ideas on where to find the best people for the stage of business you are in.