My First Million – CEO Lessons: Bulls**t Mission Statements, Firing People & Saying ‘NO’

Intro

In this episode of “My First Million,” the hosts discuss their experiences running companies and share valuable insights on hiring, management, decision-making, and more. They emphasize the importance of creating a positive work environment and setting achievable goals. The episode also features a guest who shares her success story in building a seven-figure hair extension company.

Main Takeaways

Lessons on Hiring and Management

• Surround yourself with people who share similar values and aspirations.
• Set a minimum bar when hiring, such as finding someone who won’t steal from the company.
• Building a small business takes as much time and effort as building a big business.
• Don’t be too precious about your idea; the name doesn’t matter until it matters.
• Invest in branding and good design, as they can greatly contribute to a company’s success.
• Placing value on your time can lead to hiring recruiters and saving time in the hiring process.
• Reference checks are important and may require going the extra mile to get honest feedback.
• Paid tests can be more effective than interviews in evaluating candidates’ abilities.
• Creating clear roles for employees can improve their performance.
• Avoid hiring and surrounding yourself with “losers” who repeatedly make mistakes and refuse to change.
• Losing your temper and belittling employees is unproductive and wrong.
• Being a good manager is a learned skill.
• Firing someone is a tough conversation, but avoiding it only makes it tougher.

Lessons on Decision-Making and Goal Setting

• Making 10 to 20% better decisions every month creates a different outcome.
• Achievable goals are more inspiring than ambitious ones.
• Momentum is key to achieving goals.
• Use a kickoff doc to set goals and understand what winning looks like.
• Enforce keeping goals at the top of mind through rituals and regularly tracking KPIs.
• Anti-goals are important to counterbalance goals and avoid understandable traps.
• Saying no to everything can lead to missed opportunities.
• Creating a document to focus on what to say yes and no to can help with decision-making.
• Big bets are the three to four things a company will invest in and try to do really well.

Lessons from Guest Speaker

• Daphina Smith, founder of Cove It and Main, shares her story of building a successful hair extension company.
• Avoid hiring and surrounding yourself with “losers” who repeatedly make mistakes and refuse to change.
• Defining clear roles for employees can improve their performance.
• Losing your temper and yelling at employees is weak and unproductive.
• Every interaction with someone can either make them feel smaller or bigger.
• It’s important to focus on getting the desired outcome rather than making people feel small.

Summary

Hiring and Management

The hosts discuss the importance of hiring competent and capable people who share similar values and aspirations. They emphasize the need to set a minimum bar when hiring and to avoid surrounding oneself with employees who repeatedly make mistakes and refuse to change. Building a successful business, whether big or small, requires investing in branding, good design, and clear roles for employees. It is crucial for managers to avoid losing their temper, belittling employees, and creating a negative work environment.

Decision-Making and Goal Setting

The hosts highlight the significance of making better decisions each month to create a different outcome. They suggest setting achievable goals that inspire momentum and using a kickoff doc to define what winning looks like. Keeping goals at the top of mind through rituals and tracking key performance indicators (KPIs) is essential. They also discuss the concept of anti-goals to counterbalance goals and avoid common traps. Additionally, they explore the importance of saying no strategically and creating a document to guide decision-making.

Lessons from Guest Speaker

Daphina Smith shares her journey of building a successful hair extension company. She emphasizes the importance of avoiding hiring employees who repeatedly make mistakes and refuse to change. Defining clear roles for employees can significantly improve their performance. It is crucial for managers to avoid losing their temper, yelling at employees, and making them feel small. Focusing on achieving desired outcomes and creating a positive work environment are key.

Conclusion

This episode of “My First Million” provides valuable insights into hiring, management, decision-making, and goal setting. The hosts and guest speaker share their experiences and offer practical advice for building successful businesses and creating positive work environments. By implementing these lessons, entrepreneurs can improve their decision-making, hire the right people, set achievable goals, and foster a culture of growth and success.