Please enable JavaScript.

Coggle requires JavaScript to display documents.

30 Years of Business Knowledge in 2hrs 26mins image - Coggle Diagram

- - - - key advice:
        1- Write what you enjoy and dislike. Focus on mastering what you love, and outsource the rest.
        2- don’t stress about originality. Combine forces with others.
      - example: you like writing—write the book, and get an agent or publisher.
      - There is no work life balance there is only syncing up your life with your business
        
        Passions don’t generate revenue without a business mindset.
    - - Step 1 - Execution: Start by taking the simplest action to bring your idea to life. Author e.g. launching a podcast by interviewing people. Keep it easy.
      - Step 2: Identify revenue sources. If unclear, experiment with diffrent way—for example, photographers might sell, license, or charge by outcome.
      - Step 3: Ensure a strong purpose. Aim beyond profit to make a difference in the world. With a purpose bigger than yourself, you won’t need to manage people—only manage purpose.
  - - - First Step - Think about it
        Ask yourself, what is your purpose? Historically, people gave without taking to create impact over profit.
        Example: "Give freely" to make the world better. Today’s focus on profit misses true purpose.
        The right question isn’t what will you do? but what problem will you solve? then align your life with that problem.
      - Second Step - Identify What Matters
        Ask what problem matters to you. If nothing comes to mind, think of problems that affect you—even small ones, it can be simple like bank hours. This wakes up your entrepreneurial muscle and helps you find purpose.
      - Third step - Align your life with your purpose
        Often, your dream is only a 3% difference from your current life. Many people are close to their purpose but are just missing knowledge or confidence to take the leap. To truly live your purpose, you need to break free from comfort, take risks, and know yourself.
      - Fourth step - you don't have to do this thing on your own
        Work with others on your purpose, and ask for Equity. 1 + 1 equal 11—collaboration increases impact. If you don’t know your purpose, you’ll end up working on someone else’s, which is harder than working for yourself. Find like-minded people and team up.
    - - Gratification: Practice delayed gratification; don’t rush to charge customers. Build relationships first, as this leads to long-term loyalty and success.
      - Culture: Culture will eat strategy for breakfast. Focus on a client-centric approach that brings value to customers. This builds loyalty and trust.
      - Luck is hackable: Luck can be “hacked” through persistence, knowing your destination, and learning to take risks. Ignore sayings like “the harder you work, the luckier you get.” Instead, embrace risk-taking to increase your chances of success.
      - Accept loss: Be prepared to risk it all and treat your journey as a marathon rather than a sprint. Delay gratification to build a sustainable and valuable business over time.
    - - Accept failure: Success isn’t about always winning but learning to bounce back from failure. Failures teach resilience and lead to success.
      - Don’t let things own you: Avoid letting possessions control you; don’t attach your worth to material things.
      - Let your short-term ego go: Don’t worry about appearances. Embrace being underestimated—it can be powerful. Many successful people were “D” students because they weren’t afraid to fail. “A” students seek to be the smartest.
      - Don’t let others define your success: Cultivate an internal ego that trusts your path, regardless of others’ judgments. If you lose everything, it’s okay—you can try again.
- - - - Forget Traditional Business Plans: Instead of a rigid plan, create a mind map to visualize where your business could go, with flexibility to expand in multiple directions.
      - Start with Your Hobby: Place your hobby or passion at the center, as the foundation of your business idea.
      - Map Out Key Components:
        
        Network: Example from a podcast—building connections that support your business goals.
        
        Brands: List brands aligned with your mission to generate potential revenue (e.g., GoDaddy, Tide Banking, Adobe).
        
        App: Initially planned as a scalable solution for free help (e.g., HelpBank.com). Web-based platforms are often better for early-stage accessibility.
      - Build the Team:
        
        Identify roles you need (e.g., editor, accountant).
        
        Include partners who align with your mission, even if they aren’t employees.
      - Consider Future Expansions:
        
        Merchandising: Brainstorm products (e.g., T-shirts, caps) to strengthen the brand identity.
        
        Product Launches: Note potential products, like a sweet brand in development, to explore as the business grows.
      - Evolving and Expanding: A mind map allows for ongoing updates. Add bubbles and connect new ideas as the business and market evolve. Unlike a rigid document, a mind map is dynamic, enabling continuous adjustments and refinements.
  - - - Equity Ownership ≠ Control: Many think holding more than 50% equity means they control the company, but actual control comes through shareholder agreements. You can allocate decision-making authority regardless of equity percentage.
      - 50/50 Split: Avoid complex splits like 52/48, which can cause conflict. A 50/50 split ensures equality and prevents resentment. If using this structure, consider a board of advisers to break ties and avoid decision deadlocks.
      - Align Equity with Brand: Ensure those who hold equity reflect your brand values. Misaligned equity holders can hurt your reputation and deter future investors.
      - Different Classes of Equity: Know the difference between share options (future potential ownership) and actual equity (immediate ownership). Real equity often has more value and control than options tied to stock market fluctuations.
      - Reverse Engineering Equity: If planning an IPO, structure equity from the start with that goal in mind to avoid conflicts later.
      - SAFE Agreements: SAFE (Simple Agreement for Future Equity) lets investors buy future equity at a discount without assigning a current valuation, which is useful for startups and reduces tax implications.
- - - - Accountability: Like a gym buddy, a co-founder keeps you committed and accountable.
      - Business Benefit: Sharing ownership can enhance enjoyment and success. A 50% stake in a successful business is better than 100% of a failure.
    - - Step 1 - Identify strengths and weaknesses: Be honest about what you love and hate doing. Look for a co-founder with complementary skills. (opposite skill to you)
      - Step 2 - Ensure shared values: Choose a co-founder with the same moral code to establish a lifelong partnership based on trust and respect.
      - Step 3 - Define the ideal co-founder: Write down every detail of your ideal partner, even down to personality traits and values, to clarify what you're seeking.
      - Step 4 - Test moral alignment: Use open questions (e.g., would they trade temporary success for long-term reputation damage?) to understand their values and integrity.
      - Step 5 - Post it: Spread the word about your search—post on LinkedIn, tell friends, and look for potential co-founders in everyday interactions.
  - - - Often, a "mentor" is not what people truly need. Instead, you may require specific guidance or answers. If you need accountability, consider a co-founder; if you need sales help, hire a salesperson. Clearly identify your needs before seeking a mentor.
    - - Research: Find out what matters to the person you want as a mentor. Research their values, interests, and areas of expertise to ensure alignment.
      - Define Your Request: Be specific about what you need, rather than vaguely asking, “Will you be my mentor?” Specify the time and type of guidance you seek, such as 10 minutes weekly or answers to particular questions.
      - Consider an Adviser: Reframe the role as an advisor rather than a mentor, especially for business. Advisory board positions may be easier for professionals to accept and can be formalized with equity if needed.
    - - Referrals are powerful. Get a referral to the mentor you want from someone they trust, as this establishes credibility and increases the likelihood of a positive response.
    - - Provide value first. Demonstrate your commitment by helping them with something they need, like a project or a task, without expecting anything in return. This approach, based on the principle of give without take, can build a genuine relationship that may lead to mentorship naturally.
- - - - Ensure your business has a clear purpose that resonates with employees. If employees believe in the purpose, you’ll manage purpose, not people, reducing management stress. Research candidates’ social media and references to verify alignment with your purpose. always check that they genuinely care about that purpose
    - - Offer equity to your team to align their success with the business. Employees with a stake in the company are more motivated and loyal, and turnover decreases. Equity also builds respect and commitment, making it easier to retain key people.
    - - Build a business culture based on values. Shift from a profit-focused to a people-focused model, prioritizing employee well-being over client demands. This approach builds loyalty and helps retain employees, fostering long-term growth.
    - - Define your destination: Why are you growing your business? Growth can be driven by goals like achieving work-life balance, helping others, or scaling for global impact. Knowing your purpose will guide your growth strategy.
    - - Implement systems to transition from a generalist to a specialist mindset within the business. Build roles with specific skills and responsibilities to streamline operations. Embrace disruption and innovation (e.g., MVPs, new technology) to keep the business evolving. Replacing yourself with skilled leaders can help your business scale and succeed independently.
    - - Ask for Equity:
        
        If you work for a company, ask for equity; you have nothing to lose, and it shows confidence. They may say no, but this often garners respect, especially from founders.
      - Build a Business with Equity Partnership:
        
        Consider building your own business while working with a company and holding equity in it. This allows you to work collaboratively while still having a stake in the success of the business.
      - Respect Employees with Equity:
        
        Offering employees equity shows respect and can increase loyalty and retention. Employees who feel respected and valued are more likely to stay and contribute positively to the company.
  - - - Firing is a very necessary skill if you want to survive in business. While unpleasant, it’s essential to know when and how to fire to maintain a healthy business.
    - - 9-10s: Employees who excel and enjoy their roles. Keep and support them, possibly with equity.
      - 1-2s: Employees who clearly aren’t performing. It’s often a natural decision for them to leave or be fired.
      - 7-8s: The hardest group to manage. These employees show potential but are inconsistent. They’re often stuck in roles that aren’t a fit, and firing them is challenging because they almost meet expectations.
    - - Instead of directly accusing underperformers, ask, “How can I help you perform?” Setting clear performance standards can help them succeed or clarify when firing is necessary.
      - Allowing 7-8s to remain indefinitely can drive away top performers (9-10s), who may become frustrated by seeing poor performance tolerated.
    - - Determine if someone is a 7-8 by how often they come up in discussions or if they’re kept out of fear of replacement. Many business owners hesitate to fire due to the perceived difficulty of finding a replacement.
    - - If a 7-8 isn’t working out, help them find a new role elsewhere, which can foster goodwill and lasting relationships. Always be honest about their performance and how're you feeling and helping them transition can result in positive outcomes for both sides.
- - - - Focus on selling the experience or emotional appeal of your product, not just its features. Like Steve Jobs, present the product’s vision and value rather than technical specs.
      - Equip others to sell for you by communicating outcomes and benefits, so they’re inspired to share the sizzle with others.
        be very specific about what the sizzle
    - - First Step – Do They Need You?: Research your customer to confirm they genuinely need your product or service. Avoid wasting time on uninterested leads.
      - Second Step – Do You Like Each Other?: Build a genuine connection not a fake with potential clients. Avoid selling to people who aren’t a good fit, as this will hinder long-term success.
      - Third Step – The Deal: If the first two steps are solid, the deal will flow naturally. Clients who need you and like you are more willing to make things work.
    - - Build long-term relationships by keeping in touch with prospects regularly, not just when pushing a sale. Set up a system to connect consistently—even monthly—for years if necessary. Being politely persistent will keep your business on their radar until they’re ready to buy.
    - - Bring your personality into sales. Be honest and genuine, prioritizing client needs over commissions. Focus on building trust and selling only what’s truly useful to the client, as this approach builds loyalty and credibility over time.
  - - - Identify who your customer is and understand their needs. Begin by focusing on a specific niche to build relevance, similar to Facebook’s early strategy with university students. Effective marketing aligns with the needs and interests of the target audience.
    - - Use unique, creative ideas to stand out. This approach often includes bold moves that capture public attention, like buying an unusual item or event, which can generate extensive PR and engagement..
        e.g.staircase came up for sale in London
      - Step 1: Do something distinctive that resonates with your business values. staircase symbolized something -> step by step get anywhere
      - Step 2: Create a buzz by evolving the idea with additional features or experiences.(Create buzz: to get people excited or talk about sth)
      - Step 3: Collaborate with partners to expand reach, like Amazon partnering with Ring to promote products.
    - - Build systems to manage your marketing channels effectively. Whether it’s social media, email marketing, or PR, ensure you can consistently execute strategies without spreading resources too thin.
        In marketing, focus on strengths. If writing is your skill, prioritize email or LinkedIn over video.
    - - Enjoy the marketing process. Marketing that reflects genuine enthusiasm often resonates with audiences. Starbucks, for instance, treated employees as partners, creating a strong brand culture that indirectly enhanced customer loyalty. Finally apply your marketing love to something that's sustainable
    - - is fundamentally about experimenting and connecting with people over time.
        The Branding right people will resonate you're probably a victim > buy an Apple > become a victim of good marketing
        Marketing structure combining 1- PR 2- brand messaging 3- product Market fit
    - - Focus on quality over quantity; It’s better to excel on one platform than to manage multiple poorly. then adapt it for different platforms.
  - - - PR should be very targeted. directly reach your intended audience rather than broad exposure; instead, focus on reaching the press that will have a tangible result. For instance, a local store may be better for small, community-focused businesses. Targeting relevant outlets based on your specific audience is key.
    - - Remember that journalists are lazy; they’re more likely to cover your story if you make it easy and interesting for their readers. Write the press release as if it’s the actual story, with a good headline and high-resolution photos included. Journalists want stories that don’t feel like sales pitches, so tailor your press release to the journalist’s style and focus.
    - - Build direct relationships with journalists, especially through platforms like Twitter. Follow them, engage with their posts, and add meaningful comments. If you engage with them on topics they care about, you’re more likely to get noticed. Start commenting on their stories and become a part of their thought process when they need sources.
    - - You, as the business owner, are the number one PR engine. Be mindful of your social media presence, avoiding any obscene, rude, or inappropriate posts. Journalists won’t risk covering you if your online image could harm their reputation. Discipline yourself in how you represent your brand online to maintain respect and credibility.
- - - - Carefully assess if you need an investor. Wrong investors or raising funds for the wrong reasons can result in unwanted oversight or restrictions, effectively giving you a new boss. Explore alternatives like improving sales systems or crowdfunding.
      - Investors bring more than money; they provide value and expertise. Ensure their involvement aligns with your long-term goals.
      - Explore all funding options before committing to traditional investors, as alternatives like crowdfunding or better sales strategies may fulfill your needs without diluting equity.
    - - Family & Friends:
        
        They know and trust you, speeding up the process.
        
        Be transparent about risks, ensuring they understand they could lose their investment. Honesty is crucial to avoid damaging relationships.
      - Team Members:
        
        High-caliber hires, such as industry experts, may invest in the business for equity and reduced salaries. This aligns their success with the business’s success, fostering commitment.
      - Angel Investors:
        
        Target investors who can bring value beyond capital, such as expertise or connections.
        
        Create FOMO (Fear of Missing Out) to attract interest. Approach them for advice first, building rapport before pitching financial investment.
      - Venture Capitalists (VCs):
        
        Suitable for businesses with traction and scaling needs.
        
        Do your homework: Check if they are actively deploying funds and review their past investments for alignment with your business.
        
        Build connections with their portfolio companies to get referrals and perform due diligence on the VC firm.
    - - Client or Brand Partnerships:
        
        Clients or brands may fund your expansion if it benefits them. For example, a client could finance a new office in a location where they need your services.
        
        Be mindful of conflicts of interest if working with competitors.
      - Crowdfunding:
        
        Platforms like Indiegogo and equity crowdfunding sites allow you to pre-sell products or raise funds without giving away significant equity. This method builds community support and raises capital effectively.
  - - - Value Return: Sponsors seek measurable ROI (views, sales, brand exposure). Make the value you provide clear and trackable.
      - Emotional Sale: Leverage personal connections or the emotional attachment a sponsor may have with your cause. Combining emotional appeal with tangible value is the Holy Grail of sponsorships.e.g. CEO sponsoring a local football club they grew up with.
    - - Research the Brand: Study their ethos, audience, and marketing style. Align your pitch with their philosophy and avoid misaligned proposals.
      - Example: A luxury brand might prefer sponsoring a film rather than ads in a pub.
    - - Focus on the people behind the brand. Understand their motives and build relationships.
      - A brand’s internal champions can be key to securing sponsorship.
    - - Media Buyers (Agent): These firms handle ad placements for brands. Sell your value proposition to them for faster results.
      - Agencies: Work with creative agencies to integrate your offering into a brand’s campaign. They already have strong relationships with brands.
    - - Use and promote the brand authentically in your work. Organic advocacy attracts brand attention.
      - Example: Wearing or showcasing a product you love can lead to the brand contacting you.
    - - Build a relationship before asking for sponsorship. Demonstrate value and alignment, making the partnership feel natural.
- - - - Why Go Global:
        
        Expanding into multiple markets spreads risk. If one market struggles, another may perform well, offering stability. Going global has become easier and offers a way to protect your business against market fluctuations.
      - Research:
        
        Conduct research to identify where there’s demand for your product or service. Even if you don’t plan to launch immediately, knowing potential markets can attract investors or brand sponsorships to support your expansion.
      - Franchising:
        
        Franchising allows your brand to enter new markets without direct involvement. Someone else can manage your brand in a new region under a franchise agreement, creating a revenue stream while preserving your time and resources.
      - Think Big:
        
        Contrary to popular belief, a big business can be easier to run than a small one. A global approach enables you to afford senior management and delegate tasks, preventing you from being solely responsible. Aim for a business that can function without you being constantly involved, providing both growth and personal freedom.
    - - Define your personal values: What do you care about? What are your non-negotiables? This is the foundation of your personal brand.
      - By understanding how others perceive you it can literally change the trajectory of your life
      - Personal brand is powerful but hard to scale, requiring constant effort. Define your values and boundaries to ensure it reflects you authentically.
    - - Translate your personal values into your company’s brand values.
      - Example: Align authenticity and trustworthiness with your company while adapting for its long-term purpose.
    - - Leverage external partnerships to enhance your brand’s image.
      - Examples: Sponsoring celebrities, athletes, or influencers who embody your brand values.ike Canon with Peter McKinnon or Nike with top athletes.
      - Be aware of risks if the individual associated with your brand faces controversies.
    - - Be the face of your brand as the business leader.
      - Represent your values in sales meetings, public appearances, and company culture.
      - Make sure leader has a plan for a transition to ensure brand continuity when leadership changes.
    - - Decline misaligned partnerships or clients that don’t match your brand values.
      - Protect your brand’s reputation by avoiding damaging associations.
    - - Balance your personal involvement in the brand with a scalable structure.
      - Have contingency plans for leadership succession and managing risks in both models.
    - - Build a brand, not just a business. A strong brand ensures longevity and attracts customers and investors, making it your most valuable asset.
- - - - The most successful sales often happen when you don’t want to sell. This approach provides strong negotiating power and ensures maximum value for your business.
      - Example: Mark Zuckerberg refused Yahoo's offer, later growing Facebook into a trillion-dollar company.
    - - Partnered up with a company that could buy my business
      - Example: Fluid partnered with PwC on projects, leading PwC to propose acquisition. Build relationships without directly seeking an exit.
    - - Professional agents can handle the sale while you focus on growing the business.
      - Caution: Perform due diligence on agents, check their track record, and clarify fee structures to avoid complications.
    - - Merging with competitors can provide an easy exit strategy. I used to sit next to them at the awards dinner on purpose to connect to them
      - Insight: Selling outside your industry, like Fluid’s sale to PwC (an accounting firm), can yield higher value than merging within your industry.
    - - Enable your leadership team to purchase the business over time.
      - Benefits: Ensures continuity, rewards loyal team members, and allows you to exit smoothly.
    - - Avoid pitching or structuring your business with the sole intention of selling.
      - Focus on creating a business you love and never want to this attracts buyers naturally.If not might get stuck with a business you don’t love