Latest / Matt Brown Show - Conversations That Power The Business World. / MBS970 - How to attract a million dollar team (Million Dollar Principles)

Transcript

MBS970 - How to attract a million dollar team (Million Dollar Principles) · Matt Brown Show - Conversations That Power The Business World.

• 0:00
  SPEAKER_00: Hi there guys, my name is Matt Brown.
• 0:02
  SPEAKER_00: Over the last 20 years, I've built and sold multiple million dollar businesses.
• 0:06
  SPEAKER_00: This is the Million Dollar Principle Series where I'm going to be sharing with you some principles that you can apply in your own business that I believe will help you get to well over a million dollars in revenue.
• 0:16
  SPEAKER_00: It's a magic number.
• 0:17
  SPEAKER_00: It's a magic number not only because it represents financial freedom for yourself, but also it represents the fact that you'll be in the top 10% of all businesses in the world, private or otherwise, or listed, and that is a magic number.
• 0:31
  SPEAKER_00: So how do you get there?
• 0:32
  SPEAKER_00: And the first thing to recognize is that you're going to need a team, and that is what your principle is for today.
• 0:39
  SPEAKER_00: Attract a$1 million team.
• 0:42
  SPEAKER_00: Now, the first thing to say is that you cannot build a million-dollar business on your own.
• 0:46
  SPEAKER_00: It's highly unlikely.
• 0:48
  SPEAKER_00: Some people can, most of you can't.
• 0:50
  SPEAKER_00: And so if you fall into the latter bucket, you're going to need a team around you.
• 0:54
  SPEAKER_00: Richard Branson, Elon Musk, you name it, whoever's been or achieved amazing success has a team around them.
• 1:02
  SPEAKER_00: No entrepreneur is an island.
• 1:05
  SPEAKER_00: Okay.
• 1:06
  SPEAKER_00: No entrepreneur is an island.
• 1:08
  SPEAKER_00: So you need a team.
• 1:09
  SPEAKER_00: You need a great team.
• 1:11
  SPEAKER_00: You need a team that collectively is way stronger than you, right?
• 1:15
  SPEAKER_00: You want a team that can run your business without you, should you choose to leave one day.
• 1:21
  SPEAKER_00: And so attracting a team is really important.
• 1:23
  SPEAKER_00: Now there's a whole lot of verbiage in the business space words that are thrown around that oftentimes nobody really understands.
• 1:31
  SPEAKER_00: And if they do understand it, they don't implement it.
• 1:34
  SPEAKER_00: Words like vision and mission or company values and things like this, respect, right?
• 1:42
  SPEAKER_00: Yeah, let's respect each other.
• 1:43
  SPEAKER_00: It's a great value.
• 1:44
  SPEAKER_00: So, you know, there's a lot of misunderstanding here.
• 1:47
  SPEAKER_00: Now, I'm not saying that there's not a place for that stuff, but what I am saying is that you, as the founder, you want to build a million-dollar business, right?
• 1:54
  SPEAKER_00: So what actually matters?
• 1:56
  SPEAKER_00: And what matters, number one, is not your company values, not your mission.
• 2:03
  SPEAKER_00: The number one thing is your cause.
• 2:06
  SPEAKER_00: What is the problem you are going out there to solve in the world?
• 2:10
  SPEAKER_00: Do you want to create decentralized financing solutions for small businesses around the world?
• 2:16
  SPEAKER_00: Do you want to create universal basic income?
• 2:19
  SPEAKER_00: So everybody in the world will have some kind of income, right?
• 2:22
  SPEAKER_00: Do you want to uh create a sustainable environment for freshwater lakes?
• 2:28
  SPEAKER_00: Do you want to make education free?
• 2:31
  SPEAKER_00: What is your cause?
• 2:32
  SPEAKER_00: People are attracted to the cause that you are trying to create or resolve in the world.
• 2:39
  SPEAKER_00: And that's how you start to attract a million-dollar team.
• 2:42
  SPEAKER_00: People will join the cause first, then the people after that.
• 2:45
  SPEAKER_00: Um, and so they also are very um careful around which cause matters to them.
• 2:51
  SPEAKER_00: And it's a way for you not only to attract talent, but also to keep talent.
• 2:54
  SPEAKER_00: And as a founder of 14 startups over the last 20 years, attracting and keeping talent is the number one game.
• 3:02
  SPEAKER_00: Business is about people, then products and services and marketing and sales and operations and strategy, all that stuff after the fact.
• 3:10
  SPEAKER_00: People are first, no people, no business.
• 3:12
  SPEAKER_00: That's the truth.
• 3:13
  SPEAKER_00: So you need to attract a group of people that are going to help you solve this cause.
• 3:17
  SPEAKER_00: So you need to start with the cause and then you start with the vision later.
• 3:22
  SPEAKER_00: So this is what I've learned.
• 3:24
  SPEAKER_00: Pick your cause.
• 3:25
  SPEAKER_00: What problem does the world have?
• 3:26
  SPEAKER_00: Put a label on it, phrase it in a single sentence.
• 3:30
  SPEAKER_00: That's what you exist to do.
• 3:31
  SPEAKER_00: That's your why.
• 3:33
  SPEAKER_00: And you want to go out there and then let the world know that this is the cause that you are trying to resolve.
• 3:39
  SPEAKER_00: Now, what you want to then do is bring it to life.
• 3:41
  SPEAKER_00: And you want to do this in a vision, right?
• 3:44
  SPEAKER_00: So it's a vision that articulates and projects forward over a 36-month period or three-year period, what your business will look like in three years' time, 2025, 2026, whatever the story is for you.
• 3:57
  SPEAKER_00: And you want to describe what the world looks like across all aspects of the business.
• 4:02
  SPEAKER_00: You want to look at sales, how much revenue are you doing?
• 4:05
  SPEAKER_00: How many salespeople do you have?
• 4:07
  SPEAKER_00: Marketing, where are you marketing?
• 4:08
  SPEAKER_00: Who are you marketing to?
• 4:10
  SPEAKER_00: Products, services, how many products do you have?
• 4:12
  SPEAKER_00: What types of products?
• 4:13
  SPEAKER_00: What are they selling?
• 4:13
  SPEAKER_00: Are they subscription-based, project fees, um, or campaign-based, or time and materials based?
• 4:19
  SPEAKER_00: You know, uh, what does your culture look like?
• 4:21
  SPEAKER_00: How many people are working in the business?
• 4:23
  SPEAKER_00: Um, what are your customers saying about you?
• 4:25
  SPEAKER_00: And the more detail you can give around your vision, the more you will bring it to life.
• 4:31
  SPEAKER_00: Okay.
• 4:32
  SPEAKER_00: And you can co-create this with your team.
• 4:35
  SPEAKER_00: You decide on the cause, but the team helps you articulate what that vision is going to be or what success looks like pretty much in you know three months' time.
• 4:45
  SPEAKER_00: At this point, once you've articulated the vision, you then want to reshare it with your team.
• 4:51
  SPEAKER_00: Um, and this is a really important thing uh for you to do.
• 4:55
  SPEAKER_00: You also want to not only share it with your people because they have to buy into this thing that you're doing, or they won't stick around.
• 5:01
  SPEAKER_00: And I'll talk to you about that uh in terms of the scaling up uh and what I've learned there.
• 5:07
  SPEAKER_00: Um, but you want to share it with your people first, right?
• 5:10
  SPEAKER_00: Bring them around to your house, explain them, get people to ask questions.
• 5:12
  SPEAKER_00: What about this?
• 5:13
  SPEAKER_00: What about this?
• 5:14
  SPEAKER_00: It's very important that you get buy-in.
• 5:16
  SPEAKER_00: You also want to share it with your clients.
• 5:18
  SPEAKER_00: Sharing it with your clients is like, what?
• 5:20
  SPEAKER_00: I'm gonna share it with my clients.
• 5:22
  SPEAKER_00: Why would I do something like that?
• 5:23
  SPEAKER_00: I'll tell you why.
• 5:24
  SPEAKER_00: When you share it with your clients, oftentimes they don't become your clients anymore, they become your partners, and they want to support you as you start to work towards this vision and solving this cause, right?
• 5:39
  SPEAKER_00: Or getting this cause like just so pumped and like completely at like a 10, right?
• 5:45
  SPEAKER_00: To get this thing done.
• 5:47
  SPEAKER_00: And the vision helps people understand what the world's gonna look like when you get there and solve this problem.
• 5:53
  SPEAKER_00: So uh clients will get very excited, like set up meetings with them individually, bring them around to your house for dinner or take them out for dinner, whatever you want to do, but share it with your with your clients.
• 6:03
  SPEAKER_00: Let them know that you're not you're gonna be here in three years' time and you're gonna be a monster business.
• 6:07
  SPEAKER_00: You're gonna be not a million-dollar business, but you're gonna be a$10 million business or whatever the case is for you.
• 6:13
  SPEAKER_00: Now, at what you also want to do is share it with the market.
• 6:16
  SPEAKER_00: Now, the way that you do that is using uh digital PR, uh or essentially journalists.
• 6:24
  SPEAKER_00: So you share your vision with a journalist, and you either pay for a placement or you try and get some editorial uh written about your vision.
• 6:32
  SPEAKER_00: So in our case, it was Black Swan Technology Holdings is founded, has a vision for 2024, and we're gonna be, you know, a hundred million dollar company, whatever that is.
• 6:41
  SPEAKER_00: So you want to release the statement in the media because if it's not in the media, it didn't happen.
• 6:46
  SPEAKER_00: That's how you need to think.
• 6:48
  SPEAKER_00: And what happens is when you put your story into the media or your ambition into the media, people are like, damn, this guy's legit.
• 6:55
  SPEAKER_00: This skill's legit.
• 6:56
  SPEAKER_00: They're like, I want to be part of that.
• 6:58
  SPEAKER_00: Like, God, that's an incredible vision.
• 7:01
  SPEAKER_00: Um, and I love the cause, right?
• 7:04
  SPEAKER_00: Um, and so what it does, it attracts people, number one, and that's the number one goal here to attract a million-dollar team, but it also attracts customers and partners, and that's the little known story.
• 7:17
  SPEAKER_00: And I think what happens is as startups, we don't actually look up to see where we are going because we're heads down taking grenades every day, trying to survive.
• 7:29
  SPEAKER_00: And so this idea, these this uh principle of attract a million-dollar team should be thought about up front, not when you're in year three, right?
• 7:39
  SPEAKER_00: So, what is the cause that you're gonna go uh create for your people?
• 7:43
  SPEAKER_00: Um, and what does the world look like once we've solved this problem or you know, as we're moving towards solving you know, free education or whatever that is?
• 7:50
  SPEAKER_00: So that's how you attract a million-dollar team.
• 7:53
  SPEAKER_00: It starts with the cause, then the vision, and communicating that vision to the world in such a way that it will attract both talent to your business, keep talent in your business, but also to attract new customers and new partners who want to see you succeed at solving that problem that the world has.
• 8:11
  SPEAKER_00: If you liked what I had to say, guys, please like, comment, and subscribe.
• 8:14
  SPEAKER_00: I'd love to hear from you.
• 8:16
  SPEAKER_00: I will see you all again soon.