https://www.youtube.com/watch?v=Jv3GmZ9Odko

1 00:00:00.000 --\> 00:01:00.000 how is it that two entrepreneurs can
start a business at the exact same time and two years later one of them
is 20 times as big as the other one and how can an entrepreneur achieve
success make some big risk lose it all and then start over again and
then achieve back to the same level of success in a fraction of the time
compared to somebody who's starting from scratch that's the question
that i want to answer today in this video and if you don't know who i am
my name is alex from mozy i own acquisition.com it's a portfolio of
companies it's about 85 million a year and i have nothing to sell you
and the reason i make these videos is because i was once broke and there
are a lot of people who are broke and i do not want you to be one of
them when you are scaling a company one of the difficult pieces of this
because i've tried to think back like why is it that every single time
we start another company or require an interest everything goes so much
faster even when the strategy itself is not that complex and so think
about this structurally most business strategies are not complicated
find something that's something find something people want charge a lot
of money for it and deliver that thing

2 00:01:00.000 --\> 00:02:00.000 really well so much so that they tell
other people about your product it's not overwhelmingly complex to
consider the execution is difficult but the concept is not and so a lot
of people think they're going to win on strategy when they're starting a
business when you could have two people who have lawn care companies and
one person has a longer company worth a billion dollars one person that
can barely break five thousand dollars a month it's not because the
strategy is significantly different it's just the execution how is it
that an entrepreneur or two entrepreneurs can start at the exact same
time and one can be get 10 20 30 times faster or when you start over
again you can always skip these steps to get to your level of
incompetence my theory around this comes down to pattern recognition and
let me explain it's not just pattern recognition from the perspective
that you have strategies or something that you're you're recognizing but
actually patterns in people and so i'm going to give this a quick story
to drive this this point home i have struggled for the last decade to
find uh an assistant and so it's one of the things i'm actually you know
a little

3 00:02:00.000 --\> 00:03:00.000 embarrassed about but i i've gone over
seven on assistance um so much so the point that i was just i almost
kind of gave up just even trying to find an assistant and until recently
i every time i had an assistant it just always right off the bat it just
never felt like right and i always was like yeah maybe it'll get better
it'll get better at it and they just never really did and the problem
was that i didn't know what it looks like when it's right and so in the
videos that i talk about i use the word the term ideal scene i don't
know what the ideal scene of this dynamic looks like when we are scaling
companies right and i'll tell you what i found out there in a second but
like when we're scaling companies what we have to do is pay down
ignorance tax of knowing what ideal scene looks like which is where
speed comes from having people who have outside eyes look in who already
do know what i steal ideal scene looks like so you can skip steps faster
and so i'll give you an example what this looks like in real life like
for me in the role of executive assistant thank god that like for me it
wasn't a

4 00:03:00.000 --\> 00:04:00.000 necessary thing to continue to grow the
businesses now that i have one i don't ever really want to live life
without one but the entire time i kept bringing people in i didn't know
what to look for we do hiring you know we do the hiring process we do an
onboarding and training process they never really got up to speed or we
never really got in sync and then i'd slowly kind of fall away there
would be distance and then it became kind of awkward and then i would
end up having to cut the relationship and so in this instance we
immediately synced up i really like the person i trust the person and
they are so proactive in all aspects of my life that i just sit down and
start working and then she places things in front of me i'm like hey i
got 13 minutes she's like cool do this i'm like i've got you know 18
minutes here she's like cool do this and do this and every time i'm done
i'm like hey what else should i do she's like boom and so we meet based
on the priorities that i have and then she has this big stack and knows
how long every every one of these things takes because i talk to her
about how long i think the task will take and then as i have openings we
slot it in so it's like i wake up and i'm just crushing work until the
end of the day because i know that the amount of time that's been
allotted for each of the

5 00:04:00.000 --\> 00:05:00.000 tasks is the appropriate amount of time
and so and if i do finish early i get another task done right and so we
can we can we can crush stuff but it's not so much that this is the
importance of the executive assistant more so that it took so long for
me to get one and now that i do have one i know that i will not ever not
have one for the rest of my life because now i know what ideal scene
looks like i know what to look for within the roles that exist in the
company there are going to be these gaps as you're growing you know
probably on some level that you might need somebody who's going to be a
director of marketing you might know on some level that you need
somebody who can be a director of sales you might know and some level
you need a director of hr director of finance director of customer
success director of product you know director of you know all these
different things right legal maybe and so these heads of the companies
have to come in and so there's two different ideal scenes that you have
to know number one is what sequence these people will best fit and you
hire because you don't hire them all at once obviously as you're scaling
but the second is what does that person look like not just like what
does the role do but what is somebody who's very good at this role look
like what

6 00:05:00.000 --\> 00:06:00.000 we're doing is looking at people who
are exceptional at the role and saying how can i find something just
like this and that is why people can go so much faster because once you
have figured out what a sales director looked like who's good or a
salesman who's good or marketing director who's good you can find and
duplicate that pattern again fundamentally like this is like my belief
in terms of speed of scale is that you do not know what the people look
like and it's one of the issues that we deal with the most with our
portfolio companies so the portfolio companies that we work with are
almost all e-learning and coaching type businesses um and service-based
businesses and we work with those companies and they're like hey you
know my mom can do some math and so she's gonna be our uh our controller
like i don't i don't think she's what that's not that's not ideal scene
that's not what this looks like like just being able to do math is not i
mean it's a requisite but it's not all of the requisites for becoming a
really good controller and to the same degree it's like hey we've got
our top

7 00:06:00.000 --\> 00:07:00.000 salesman he's gonna become sales
director like um i don't know if that's necessarily a good idea he might
just be a really high level individual contributor and not a very good
sales leader or sales manager the big mistakes that happen and they are
so costly because of the time in two ways one it takes time to bring
these people on board and then it takes time to figure out that they're
not good takes time to off-board them and then the whole while you're
not growing because that that whole cycle took the time if you had the
right person all of the aspects of that department would be growing
rather than staying the same or shrinking right and you could have just
moved on and started as as that department was growing moved on and
started filling another role with the right person and then that
department started growing instead you have to spend all this time
inordinately on this department that you mishired for and then find
someone else to replace and you couldn't even hire the next person you
need and so when you're thinking about this and this is the big takeaway
for everyone is that speed comes from picking the right people and
knowing what right looks like and don't get me wrong you're gonna make
mistakes we all make mistakes but i can tell you

8 00:07:00.000 --\> 00:08:00.000 that it's very easy to know when
someone is not a stud it's harder to know if someone comes in and starts
as a stud and then goes down but i can tell you that every single stud
that i've had every single a player i've had i've known they were in a
player within the first couple days and so i've had eight players who
then stopped being a players but if someone is not an a player up front
i've never had someone become an a player and so your tolerance or my
tolerance for non-excellence continues to decrease in time so that i
cannot waste the time of trying to figure out whether this person is
going to help me grow the business in terms of the thing that is
probably getting in your way it's your tolerance is too high for people
who are not that good and a misunderstanding of what the roles look like
that you need to hire and so the things that you need to do are to
decrease your tolerance and find people who already know what this role
looks like when it is excellent all right so don't take advice from
people who are one step ahead of you right because they might not know i
mean how many times have you heard someone say oh i've got this new
so-and-so they're so great and

9 00:08:00.000 --\> 00:09:00.000 then four months later they're like oh
no i actually got rid of that person it didn't work out don't listen to
people who are like two steps you know one step ahead or six months
ahead like it's not useful find somebody who's built multiple of the
types of departments you're looking for scaled it for a long period of
time and then that person will be able to share what the what the
requisites are for the roles that you're looking for all right so
anyways motivation lots of love keep rocking and i'll see you guys in
the next video keep crushing
