Sometimes you have to go SLOW to go FASTAnd how great ideas will KILL your business ☠️☠️☠️☠️ Ep 97

Summary Notes


In this insightful discussion, the host emphasizes the importance of prioritizing tasks for entrepreneurs to enhance productivity and reduce anxiety. He shares a philosophy echoed by Tim Ferriss and his mentor, suggesting that identifying and focusing on the 'big domino'—the key task that will significantly advance one's business—can render other tasks unnecessary or less critical. The host advises against getting lost in busywork and instead advocates for strategic thinking, leveraging teams for efficiency, and the power of saying no to good but non-essential ideas. He also highlights the importance of regular reviews of business processes to identify bottlenecks and focus efforts on the most impactful areas for growth. Finally, the host encourages listeners to support the podcast by sharing and reviewing it to reach and assist more entrepreneurs.

Summary Notes

Importance of Strategic Focus in Entrepreneurship

  • Entrepreneurs often struggle with choosing the right tasks due to the plethora of options that can move the business forward.
  • Busy work can distract from focusing on tasks that have the most significant impact.
  • The concept of finding the "big domino" is crucial; pushing it down will accomplish other tasks or make them irrelevant.
  • As businesses grow, the need for the entrepreneur's direct action decreases, but strategic thinking increases.
  • The limited capacity of one person necessitates delegation and team utilization.
  • Not all ideas generated from brainstorming sessions like masterminds should be executed—prioritization is key.
  • A mentor's advice to "go slow to go fast" emphasizes the importance of thoughtful planning and preparation before action.
  • The speaker admits to doing a small amount of work but ensures it has the largest possible impact.

"Sometimes you have to go slow to go fast."

This quote encapsulates the idea that taking time to strategize and plan can lead to faster progress in the long run, as opposed to rushing into action without clear direction.

"What's the one thing, the big domino that if I push that one domino down, it makes all of the other things that I have left to do. It either accomplishes them or makes them irrelevant."

This quote highlights the strategy of focusing on a key task that will have a cascading effect on other tasks, simplifying the workload and increasing efficiency.

"As we grow as entrepreneurs and as the businesses that we have underneath of us grow, I know Sarah Goosen asked this a while ago. She's like, my gym is really running on its own for the most part. I'm trying to figure out what I need to do, and what happens is that as you grow, what you need to do goes down, but what you need to think about what you're going to do goes up."

The quote reflects the evolution of an entrepreneur's role from doing to thinking as their business becomes more self-sufficient, highlighting the increased importance of strategic planning.

"There's only one of you, right? There's only one of you. And that means that there's a really limited amount of things that only one person can do, right?"

This quote emphasizes the inherent limitations of an individual's capacity, underscoring the necessity of delegation and teamwork in scaling a business.

"Sometimes you got to go slow to go fast. And it's the same type of saying as, like, you should spend 3 hours or 6 hours sharpening your blade and only an hour cutting."

The quote draws a parallel between the mentor's advice and the adage about preparation (sharpening the blade) being more important than the execution (cutting), reinforcing the value of strategic planning.

"I would say I do an astonishingly small amount of work. But what we focus on or what I focus the work on, I try to make sure that it is the biggest ball that I can personally move forward."

This quote reveals the speaker's approach to work, which is to concentrate on high-impact activities that maximize the value of their efforts, rather than a large volume of tasks.

Time Management and Prioritization for Entrepreneurs

  • Entrepreneurs receive numerous requests for their time from clients, employees, and managers.
  • They must manage their time and attention, which are their most valuable resources.
  • Being reactive to requests can lead to constantly switching tasks, which may only move the business forward incrementally.
  • Effective entrepreneurs evaluate requests based on potential return on investment of time and attention.
  • The key to reducing anxiety is to focus on tasks with the highest return, which often means saying no to other good ideas.
  • Entrepreneurs need to develop the skill of dealing with stress, anxiety, and demands on their attention.

And so if I have all of these requests that are coming in, rather than being reactive and thinking like, oh, I have to start this one, and then another one comes in, you're like, oh, I have to start this one.

This quote emphasizes the importance of not being reactive to incoming requests and instead evaluating which tasks should be prioritized.

And a lot of times when you look at that whole list, you can easily cross out three quarters of it right off the bat.

This quote suggests that upon review, many tasks can be eliminated immediately as they do not contribute significantly to the business's success.

And it's not that you're saying no. This idea is not good. And I want to be clear about that, because almost 100% of the ideas that I get that potentially need me to implement or advise or whatever on would make our business more money.

The speaker clarifies that declining a request does not mean the idea is bad, but rather that it may not be the most beneficial use of their time.

But the question is, are you doing things that would make your business this much more money instead of doing the one thing that will make your business this much more money?

This quote highlights the importance of focusing on tasks that have the highest potential return for the business rather than spreading efforts thinly across many smaller tasks.

Supporting the Podcast

  • The podcast does not run ads or sell products.
  • The host's only request from the audience is to help spread the word about the podcast.
  • The host asks for ratings, reviews, and shares to reach more entrepreneurs.

Real quick, guys, you guys already know that I don't run any ads on this, and I don't sell anything.

Tim Ferriss states that the podcast operates without ads or product sales, setting the context for his following request.

And so the only ask that I can ever have of you guys is that you help me spread the word so we can help more entrepreneurs make more money, feed their families, make better products, and have better experiences for their employees and customers.

Tim Ferriss expresses his desire for listeners to share the podcast as his sole request, emphasizing the podcast's mission to assist entrepreneurs.

If you can rate and review and share this podcast. So the single thing that I have.

Tim Ferriss asks for ratings, reviews, and shares, highlighting these actions as the key ways listeners can support the podcast.

It'll take 10 seconds or one type of the thumb. It would mean the absolute world to me.

Tim Ferriss conveys that leaving a review is a quick and simple action but would be greatly appreciated.

The Impact of Focus on Entrepreneurial Success

  • Entrepreneurs often lose sight of high-impact tasks due to the effort required.
  • They may become preoccupied with smaller tasks, neglecting more significant opportunities.
  • Focusing on high-impact tasks can lead to more substantial business growth.

And more importantly, it may change the world someone else and losing sight of that, because usually the one that's this big a lot of times requires more effort, right?

The speaker discusses the potential global impact of focusing on significant tasks, acknowledging that such tasks typically require more effort.

Entrepreneurial Guidance

  • Entrepreneurs sometimes provide guidance to others, which is not necessarily part of their business.
  • This guidance can help other entrepreneurs focus on what's important for their business growth.

And so a lot of times when I have an entrepreneur who come in and I'll do sort of a, I don't want to say coaching call because it's not part of our business.

The speaker mentions offering guidance to other entrepreneurs, indicating that such support is not a formal part of their business services.

Entrepreneurial Focus and Productivity

  • Entrepreneurs must identify and focus on key business bottlenecks based on data, not emotions.
  • Effective entrepreneurs prioritize activities that are more productive and move the business forward.
  • Time management is crucial; all entrepreneurs have the same 24 hours in a day.
  • Clarity on objectives reduces anxiety and simplifies decision-making.
  • Concentrating on the most impactful tasks rather than multitasking leads to greater effectiveness and success.

"Most of the time, the conversations are astonishingly simple. I'm just saying, like, cool, where are you at right now? What's the major bottleneck that you have?"

This quote highlights the importance of simplifying the approach to identifying business issues by focusing on current status and bottlenecks.

"Ignore everything else that could probably make you more money and just do that, right?"

The speaker emphasizes the need to disregard distractions and focus solely on the most critical issue that can drive the business forward.

"The really effective entrepreneurs have the same amount of time that every other entrepreneur has."

This quote reinforces the notion that time is a constant for everyone, and effectiveness comes from how that time is utilized.

"What's the one thing that I do need to do that will actually move me way further forward than everyone else?"

The speaker is advocating for identifying the single most impactful activity that can propel an entrepreneur ahead of the competition.

"Slow down. Look around. Look at your business, look at the big picture."

This quote suggests taking a moment to step back and assess the overall situation to gain clarity on what needs attention in the business.

"We just get the things that matter done more than everyone else does."

The speaker concludes that productivity is not about doing more tasks, but about completing the tasks that have the most significant impact on success.

Business Challenges and Solutions

  • Entrepreneurs should diagnose specific problems in their business such as lead generation, customer acquisition, and experience, or retention.
  • Decisions should be made based on objective data rather than subjective feelings.
  • By focusing on the most pressing issue, entrepreneurs can simplify their workload and increase their effectiveness.

"Is it lead gen? Is it getting people to show, is it getting people to give you money? Is your insurance the issue? So, fulfillment related, what's the problem?"

This quote lists common business challenges that entrepreneurs need to address, suggesting a systematic approach to problem identification.

"And then once we identify what the problem is based off of numbers, not off emotions, but based off of numbers, then we say, cool."

The speaker stresses the importance of using quantitative data to identify business problems, ensuring that decisions are not clouded by emotions.

"Which one is it? And when you look at those, then you can look at all the projects you have on your plate and forget about all of the ones that aren't related to the one that you have an issue with."

The speaker advises focusing on projects that directly address the identified business issue, thus streamlining efforts and resources.

Community Influence and Idea Management

  • Entrepreneurs often receive numerous suggestions and ideas from their community or customers.
  • It is crucial to filter these ideas and focus on those that align with identified business objectives and bottlenecks.

"We sit on top of a community of 1000 plus gyms who have ideas for us to do every day."

This quote illustrates the volume of input and suggestions that entrepreneurs can receive from their community or customer base.

"I have a million ideas that get shot to"

While the quote is incomplete, it suggests that the speaker is inundated with ideas, implying the need for discernment in choosing which ideas to pursue.

Strategic Focus in Business

  • The importance of saying no to opportunities that are not the highest impact.
  • Identifying the highest impact opportunity is essential for business growth.
  • The speaker emphasizes the need to concentrate on the most crucial aspect of the business that can lead to significant growth.

"Because we have an ability to say no to most things. Not that it's not valuable not that it wouldn't work. It's just that of all of the opportunities, this is the one that we've identified as the highest impact, and that's what we're going to focus on."

The quote highlights the strategic decision to decline certain opportunities in favor of focusing on the one with the greatest potential impact on the business.

Analyzing Business Processes

  • The speaker outlines the business pipeline stages: lead generation, lead nurture, sales, fulfillment, and resell retention.
  • It's important to diagnose which stage is the bottleneck for growth.
  • Problems may not always be obvious or manifest in expected ways.

"Look at all of those different things and figure out which one is the issue."

This quote emphasizes the need for a thorough examination of each stage in the business process to identify the root cause of growth issues.

Addressing Retention Over Acquisition

  • Retention may be more critical than acquisition in certain business scenarios.
  • Focusing on retention can leverage the efforts put into acquisition for sustainable growth.
  • It's important to identify and fix the 'hole in the bucket' to prevent churn and improve business health.

"But the thing that's keeping you out of growth is not your acquisition system. That's not where you should be focusing. It should be focusing on the retention piece, right."

The quote explains that retention, rather than acquisition, might be the key area needing attention to achieve growth in the business.

Prioritizing Business Efforts

  • Using the 80/20 rule to prioritize efforts on the most critical issues.
  • Balancing cash flow and growth needs by adjusting focus between acquisition and retention.
  • Fixing the main issue can allow for a return to aggressive acquisition strategies with better retention.

"Put the other ones on your 80, 20. Like, okay, if we go red line on this on acquisition, we might be able to hit 80 sales this month. But if we go, like, blue line on acquisition, maybe we hit 40."

This quote discusses prioritizing business strategies using the 80/20 rule to balance between pushing for high sales and addressing the main issues impeding growth.

Reducing Business Noise and Anxiety

  • Focusing on the most significant growth issues simplifies business operations.
  • Reducing the number of initiatives can lower noise and anxiety.
  • Simplification helps in making irrelevant many things that could benefit the business but are not essential.

"Then all of a sudden, your life gets less noisy, your anxiety goes down, and then all of a sudden, all of these things that could benefit your business become irrelevant because the things that actually are going to grow your business become really simple and the only things you need to do."

The quote conveys that by concentrating on the most important growth aspects, other potential business benefits become less important, leading to a more straightforward approach and reduced stress.

Permission to Decline Opportunities

  • The speaker gives permission to say no to good ideas that are not the best for growth.
  • Emphasis on focusing solely on the most critical issue for business growth.
  • The importance of discernment in choosing which opportunities to pursue.

"Sometimes you got to go slow, to go fast. And just think about all the things that I'm giving you permission to say no. No to. All of these things that are great ideas. They're awesome ideas, and they will all grow your business, but not as much as the one that's your big hole."

This quote encapsulates the central theme of the discussion, which is the strategic advantage of focusing on the most critical growth area and the empowerment to decline other opportunities, even if they are potentially beneficial.

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