Secrets of Explosive Portfolio & Biz Growth

You can watch the video here - https://www.youtube.com/watch?v=8xrc5VPWlFE&list=PLOtAJDZxciZNC8hjxSMnYrWe3Dy--qmbu&index=2

You want to go from a zero to 1 million, 1 million to 10 million, and then from 10 million to 100 million plus. Here's a bunch of things that most entrepreneurs get it wrong. There's something called the sunk cost fallacy. My observation is that most people would launch a product or a service, and let's say they've not done their research, they've got the right, they've got the wrong positioning, let's say, and now they sit on it just because they've invested.

They'll sit on it for years and the product just doesn't work or the service just doesn't work and they sit on it for like three, five, I've seen people sitting on a product or a service for like 10 years before they decide to give up. That's not how you run a business. You've got to test the market and you've got to move fast.

Business loves speed. So you got to be really, really fast. Like I said, there's something called sunk cost fallacy. So if you've already invested in a product or service. And it's not working. Let's say six months gone past and you've already spent money on paid ads, you've done organically, word of mouth, referral, everything, and it's not working.

It's maybe time to move on. Like I said, business loves speed. My observation again is that a lot of people... I, I put this under the category of leadership. Um, and literally... The number of people I've come across within the network where they get a lot of aspects of their leadership wrong. Like I said, speed is one.

Another one is, for example, leading your team effectively. You know, growing your team, succession planning. You know, it's almost like... You've let's say you've perfected or you've you've mastered one aspect of the business. Now it's time to recruit someone, give them that aspect and for you to kind of zoom out of that right.

You can oversee everything as a leader. Your job is stakeholder management. Your job isn't to, you know, start working on operations. Your job isn't to do marketing. Your job as a, as a, as a leader is stakeholder management. So you gotta start recruiting people. So you, let's say you set up your marketing, uh, one aspect of marketing.

You put someone on it. It might take you some time. Nothing ever comes straight forward. But you put someone on it so they can now look after that aspect of the business. And then you zoom out. Now that person is reporting to you and so on and so forth. This is something people get massively wrong. And succession planning is absolutely important.

Again, I made a video yesterday about positioning. When you get your positioning right, Now it's time to start recruiting and obviously at the back of that you start training people on a regular basis and then succession planning. That's something most people get wrong. We, as a part of PEN, under PEN, we're going to start two things.

One is we're going to provide leadership certification and the second one is we're going to start doing what I call persuasion certification. And we're going to provide these certificates, trainings, all of that for absolutely free. Like you'll be able to join. and get these certificates from PEN. But like I said, my observation has been that people just take too long to make decisions.

There are times when someone is working for them and they're doing a bad job and people just take far too long to fire people. I mean, if someone isn't the right fit, I'll give you an example. Okay. If you are building a business, right? Think of it like a a, a, a sports team and you're, you're building the team.

Imagine, let's say football team, right? You need different skill sets that would fit in the team to make it a really good team. And if you have one or two people who are not a great fit, they would actually make, it's almost like a one bad apple making everyone else really kind of bad, if I may say so. So you've got to find the right people.

And if someone is not the right fit, Make sure that you really really fire them fast higher slow fire fast It's it's all over the place But it's so important and and the number of people that I observe that actually don't do this is amazingly huge Like I just can't believe how many people I come across and that recruit and they sit down with people With really below average people and they think okay.

Yes, he's gonna improve. She's gonna improve It doesn't quite happen. Either they're good, or you gotta move on. If you're building a team, you're just not gonna build a great team. You gotta always take extreme examples within your company. Imagine, let's say if you're building another Google. Now, that's maybe not so easy.

But let's say if you're building another Google. What kind of people would you hire? What kind of people would you keep long term, right? Short term, you have to keep testing people, filtering people. But at the same time, what kind of people would you actually keep in your team? You gotta bring creative people.

People who are much more smarter than you are. Because if you're building a team, there's no way you're gonna build an amazing company without actually a great team. And for that, you first need to be able to become a great leader. And that's why we are going to write, uh, we are going to create a certification program at the back of that so you could get access to it and then be able to pretty much access for free.

You know? So, yeah, have an amazing day. I hope these videos are helping you and I will see you shortly.