How to Build a Business That Runs Itself

Summary

The video emphasizes a structured approach to teaching effective work behaviors and principles. It outlines the importance of introducing a principle, illustrated through personal or observational stories that demonstrate real-life applications. The speaker shares how slowing down can lead to greater efficiency, urging the audience to reflect on their own practices. By inviting commitment to change, the speaker fosters ownership and accountability within teams, ultimately enhancing performance. This method not only helps individuals improve but also streamlines team management, making it a valuable strategy for building successful organizations.

Takeaways

• 😀 Embrace the power of storytelling to engage and teach effectively.
• 💡 Clearly identify a principle that aligns with your message to provide focus.
• 🔄 Use personal experiences or observations to illustrate key lessons and make them relatable.
• ⏳ Highlight the importance of slowing down to enhance the quality of work and reduce rework.
• ✍️ Encourage team members to reflect on their own commitments to change after sharing lessons.
• 🤝 Foster a collaborative environment where team members help shape the plan for improvement.
• 📈 Understand that when people contribute to the plan, they are more likely to accept and implement it.
• 🔑 Recognize that building a strong team requires less effort when everyone is committed to growth.
• 🎯 Present information in a compelling way to motivate others to change their behaviors.
• 🚀 Commit to ongoing learning and improvement to achieve greater efficiency and success.

Q & A

What is the primary focus of the speaker in the script?

The primary focus of the speaker is to teach a principle related to effective work habits and behavior that leads to better performance and efficiency.

How does the speaker suggest one should approach their work to avoid rework?

The speaker suggests that taking time to do work correctly the first time can prevent the need for rework, emphasizing that sometimes it's necessary to slow down to go faster in the long run.

What personal experience does the speaker share to illustrate their point?

The speaker shares their experience of initially rushing through tasks, which led to more time spent on rework. They learned from a boss that slowing down could save significant time.

What is the principle highlighted in the script?

The highlighted principle is 'Sometimes we go slow to go fast,' which underscores the value of careful, deliberate work to enhance overall efficiency.

What does the speaker mean by 'enrolling' the audience in the change process?

Enrolling the audience means inviting them to commit to specific changes based on the insights shared, thus fostering ownership of their personal development and team improvement.

Why is it important for team members to help build the plan for change?

When team members participate in building the plan, they are more likely to support and adhere to it, reducing resistance and increasing collective accountability.

What is the outcome the speaker aims to achieve by sharing these principles?

The speaker aims to create a more effective team where members improve their performance, leading to less effort required for management and greater overall productivity.

How does storytelling enhance the lesson being taught?

Storytelling makes the lesson more relatable and engaging, helping the audience connect with the principle on a personal level and understand its practical application.

What specific change does the speaker ask the audience to consider?

The speaker asks the audience to identify one or two specific actions they will take differently going forward based on the lesson shared.

What is the ultimate goal of the skills mentioned by the speaker?

The ultimate goal is to equip individuals with the skills necessary to build a billion-dollar company, highlighting the importance of effective work habits and principles.

Outlines

00:00

😀 The Power of Collaboration

In this part, the speaker discusses the importance of collaboration in achieving success. They emphasize that success is often a collective effort rather than an individual achievement. The speaker shares insights on how collaboration leads to better outcomes and highlights that different perspectives can enhance creativity and innovation. They stress the significance of fostering a supportive environment where team members feel comfortable contributing their ideas and working together towards common goals.

05:01

🔄 Embracing Change for Improvement

The speaker emphasizes the necessity of embracing change for personal and team growth. They illustrate this with a personal anecdote about realizing the need for flexibility and adaptation in their work. By sharing the challenges faced and lessons learned, the speaker encourages the audience to view change as an opportunity rather than a hurdle. They advocate for developing resilience and a growth mindset to navigate changes effectively, thereby improving both individual performance and overall team dynamics.

10:02

⏳ The Importance of Slowing Down

This part focuses on the principle of 'going slow to go fast.' The speaker recounts a pivotal moment when their boss demonstrated that taking time to do tasks correctly could significantly reduce the time spent on rework. This experience highlights the value of thoroughness and careful execution in the workplace. The speaker further discusses how involving team members in planning for change can enhance their commitment and ownership of their roles. By fostering a collaborative environment where everyone contributes to the plan, the speaker suggests that management becomes less challenging and more effective.

Keywords

💡Principle

A fundamental truth or proposition that serves as the foundation for a system of belief or behavior. In the video, the speaker discusses a specific principle related to work efficiency, emphasizing that sometimes slowing down can lead to greater productivity. This principle is central to the message, illustrating how understanding core values can enhance work practices.

💡Behavior

The actions or reactions of individuals in response to external or internal stimuli. The speaker highlights how certain behaviors can violate established principles, such as rushing through tasks. By recognizing the impact of behavior on outcomes, individuals can better align their actions with their goals, as seen when the speaker reflects on their early work habits.

💡Rework

The act of revising or correcting work that has already been completed. The concept of rework is crucial in the script, as the speaker illustrates that rushing leads to mistakes requiring additional time to fix. The lesson learned is that investing time in doing things correctly the first time can ultimately save time and resources.

💡Commitment

A pledge or promise to engage in a certain behavior or course of action. In the context of the video, the speaker encourages the audience to make personal commitments to change based on the insights shared. This concept is vital for fostering ownership and accountability, as when individuals commit to change, they are more likely to follow through.

💡Efficiency

The ability to accomplish a task with minimum wasted effort or resources. The speaker ties efficiency to the principle of slowing down to avoid rework, suggesting that efficiency is not merely about speed but also about the quality of work produced. This is exemplified in the story where the speaker's boss shows how a more thoughtful approach saved significant time.

💡Change

The act or instance of making something different. Change is a central theme in the video, with the speaker inviting the audience to consider how they can alter their work habits for better outcomes. By fostering an environment open to change, teams can enhance their performance and adaptability.

💡Teamwork

The combined efforts of a group working towards a common goal. The speaker emphasizes that when team members help build the plan for their work, they are more likely to support it. This collective approach leads to a more cohesive team dynamic and ultimately reduces the effort needed for management.

💡Engagement

The level of interest, enthusiasm, and commitment shown by individuals towards their work or tasks. In the video, the speaker focuses on engaging the audience by asking them to reflect on their behaviors and make commitments to change. High levels of engagement often lead to improved performance and job satisfaction.

💡Quality

The standard of something as measured against other things of a similar kind; the degree of excellence of something. The speaker contrasts quality with the hurried approach to work, asserting that prioritizing quality leads to better results. By emphasizing quality, the speaker illustrates that success is not solely defined by speed.

💡Productivity

The effectiveness of productive effort, measured in terms of the rate of output per unit of input. The discussion about slowing down to avoid rework ties directly into productivity, suggesting that true productivity is achieved through thoughtful, quality-focused work. The speaker’s personal experience serves as a real-life example of this concept.

Highlights

Emphasizes the importance of self-awareness in leadership and team dynamics.

Mentions the impact of sharing personal stories to create relatability and connection.

Highlights the significance of actively listening to team members' feelings.

Encourages a collaborative approach to developing team plans to reduce resistance.

Discusses the principle of 'going slow to go fast' in work processes.

Shares a personal anecdote illustrating the cost of rushing work and the value of quality.

Stresses the need for team members to commit to changes for effective growth.

Introduces the idea of engaging team members in decision-making to foster ownership.

Explains how to present information compellingly to encourage behavioral change.

Encourages team members to identify specific actions they will take moving forward.

Mentions the role of feedback in shaping team behavior and improving performance.

Discusses the importance of building relationships through shared experiences.

Notes that effective leadership involves understanding individual team member motivations.

Highlights the reduction of management effort when team members are engaged in planning.

Summarizes that collaborative planning leads to better outcomes and less friction.

Transcripts

there's only eight specific Frameworks

that a business needs to run on

autopilot and make you money while you

sleep without these a business can't

scale effectively or make you

financially free while some of these

seem counterintuitive they're what I use

today to run multiple companies that

make me millions of dollars where I'm

not involved and what I've learned

spending time with some of the richest

people on the planet so without further

explaining it these are the eight

Frameworks to build a business that runs

itself the first framework is the 10810

rule most people don't ever understand

how to get free from their business as

an example this video if I use the 10810

rule it's the first 10% is ideation so

when I sit down with my team and we

ideate around the ideas the positioning

the packaging the thumbnail the titles

to really get the core concept right

that's the first 10% I'm involved there

the next 80% I'm not that's all about

execution think about the production

side of it about choosing locations the

videos the lights the setup I just sit

down and show up and talk to you guys

everything's outlined everything's

figured out that's the 80% that's

managed by other people on my team and

then the last 10% is when they call me

in to review the integration how does

the video get published how do we engage

other people to promote it so we get

more audience if you do it this way

that's how you get a lot of creative

projects done without eating up all of

your time for example Steve Jobs would

do this with Johnny eyes he would go

into the design studio and Johnny was

there and they would collaborate and

ideate and Steve would learn about this

new little hard drive or this new

technology for screens or whatever it is

and he would just share that with Johnny

and then Johnny would go off in the 80%

is the prototyping creating simulations

or playing around with the different

ideas and then the last 10% is the

integration is when Steve would take a

finished product and then present it on

stage at one of their events that is

still how Tim Cook does it today the

first 10% is the road map and figure out

where they're going to go 80% is done by

Johnny the last 10% is integration most

people just assume well I'm a magical

Snowflake and I'm very different and my

process is very artistic and nobody else

could do it like me that's a story

you're telling yourself to stay stuck

and the sooner you address that the

sooner you're going to get free from

your business and actually build a

business that other people can grow and

scale and you can collaborate with I'll

tell you it's just a lot more fun which

brings us to number two which is the

drip Matrix and I copi this right out of

my book by back your time I believe

every task sits on two axises one of

money and one of energy bottom is things

that light you up that give you energy

there's probably work that you do every

day that honestly you probably do for

free that's the kind of stuff I call

Green energy but in the same token

there's probably things you're working

on they would suck your energy that just

feel like a chore and those are red

energy on the other side is things that

make you money there's like $10 Tas in

your business they got to get done but

they're not making you money versus

actually doing the work if you could

spend 40 hours a week just doing work

that makes you $100 an hour that's how

you get rich so I broke it down into

these four quadrant and this is the drip

Matrix the first is D which is

delegation you want to look at your time

and ask yourself what are things that

I'm currently doing that I really

shouldn't be doing anymore then we move

up to to replacement as you start a

company and you build you want to

replace your time with other people that

own these areas of the business

replacement is really the idea of saying

over time as my business grows I have to

stop doing certain types of work once

you get that time back then we go to I

which is investment and investment is

about understanding how to fill your

time with things that light you up that

make you more money because if you do

this this is how we build a business

that you don't grow to hate the top

level is production this is the work

that you love to do that you want to do

that honestly if you could do for the

rest of your life there'd never be a

moment where you'd have to retire from

in my book I call it building an empire

CU an Empire is a life of unlimited

creation you never have to retire from

if you spend all of your time in the top

right corner of the quadrant it's

impossible to get to a place where you

feel overwhelmed where your calendar is

sucking and there's chaos in your life

to not want to continue building the

business which brings us to number three

which is ATF some people read my book

and delegate everything and then call me

and say man this is great like I have

barely any work to do and I'm like

that's not the key see the whole point

is to buy back your time to then

reinvest it in things that light you up

make you more money or build the machine

that runs a machine that's why it's

called the production or the investment

quadrant so My Philosophy is that any

time I feel overwhelmed I always go back

to this process the first step is audit

and what I want to do is I want to look

at the previous two weeks of my life and

do two things I want to First highlight

everything in my calendar that's red

that takes my energy yellow that feels

good but honestly I don't love doing it

and green are things that I Absol

absolutely love doing that's the energy

side then I want to evaluate every one

of those tasks through a cost how much

would it cost me to pay somebody else to

do for me so $1 sign is a very cheap

task like a $10 task and then $4 signs

is paying somebody to do my job $1 $2 $3

and $4 so then what I do is I take the

overlap of everything that's red in my

calendar or yellow that's $1 sign or $2

signs and I put that into a bucket and

that is the only next hire I make step

two is to transfer so whatever you

identified then you take that and you

transfer it to somebody else the way I

do that is a framework called the

camcorder method cuz I believe it's

easier to just record myself doing the

work talking out loud have three or four

or five of these recordings so that when

I hire that person and they come on

board I just have them watch those

videos so that they get trained up

without taking my time that's called net

time no extra time the third step is f

which is fill you want to fill your time

with activities in the production or

investment quadrant things that light

you up that make you a lot of money and

honestly make you a better person the

truth is is the world will not get

easier you get better so if you want to

make more money you have to add the

skills the habits the beliefs that are

going to allow you to do more cuz if not

you just won't be able to make more

money so there's two parts most people

never let things go cuz they're worried

that they're going to make a mistake or

embarrass them or honestly cost them

their business but if they can learn to

at least let things go then the next

step is to actually value themselves see

most people just don't believe they're

worth it so they don't invest in

training coaching mentorship and because

of that they never get exposed to new

ideas cuz they have this subconscious

belief that they don't deserve their

success and those two things of fear of

letting go and don't believe they're

worth it are going to stop people from

playing a bigger life which brings us to

four which is the camcorder method I

coach a lot of the top CEOs in the

business space and even they struggle to

get things off of their plate My

Philosophy is that if you buy back your

time make sure it stays sold so I'm

going to share with you a very simple

six step process that nobody ever talks

about that's going to take anything on

your plate and give it to somebody else

and make sure it gets done 100 % the way

you want it without taking a bunch of

training the first step is the outline

so I want you to sit down let's say we

take social media posting like somebody

posting on Instagram for you I want you

to outline what that process would look

like number two is you want to identify

the criteria so what makes a good social

media post maybe you've never outlined

it but maybe it is that it's got your

humor it's follows your brand guidelines

it's got great copy it's posted at the

right time of day think about what are

the five to seven criterias that would

tell you it was done right cuz you're

going to use this later number three is

to collect examples of highest

performing stuff you've done in the past

bad examples where somebody messed up

you might messed up you want to take any

training videos or any links or

checklists that you might have and

collect all of that and put it in a

document that you're going to give the

person so step four is to record and you

want to literally record yourself doing

the work I like to use my iPad often

where I'll share my screen record it and

even the voice Loom is great Zoom is

another one where I'll have a meeting by

myself but the key is to do the work

talk out loud and have that recording of

you doing the thing you want somebody

else to do step five is to transfer this

is when they start I have people start

on day one and they don't do anything

other than watch videos for 3 or 4 days

so you give them all the recordings you

bundle it up you put it in a Google doc

and say start at the top and watch every

Link in this document then you have them

create the checklist or the standard

operating procedure for how people

should do it themselves in the future

why cuz that's going to tell you if they

understood what you put in the videos

have them right down questions that come

up as they're going through the videos

so that you understand that they

understood what you asked them to do

quality of their questions is going to

tell you the quality of their

understanding the last step is review

and this is where as they're doing the

work you use the criteria you outlined

at the beginning to review and give them

a rating based on how well they followed

those steps and produced the output

that's where you coach them to get

better and you train them to get better

if you follow these six steps it's

impossible for the work that you give

somebody else to end up back on your

plate which bring brings us to number

five which is the 50 to fix it I

remember one time I was coaching the CEO

and I asked him why he was so

overwhelmed and he showed me his

calendar and it was crazy he had about

two hours in his calendar dedicated

almost daily where he was approving

every transaction in his company like

nobody could spend money without

requesting it and he reviewed it and he

approved it the challenge with that is

that you then become the bottleneck and

the bottleneck is called that because

it's at the top what I like to do is I

like to push decisions down to my team

in the 5050 to to fix it is an example

of that no matter who on my team is

struggling to solve a problem if they

can get the problem solved for $50 I

encourage them to just spend the money

and expense it now this might sound

crazy to some of you because you feel

like you lose control real quick so what

I always do is say after you spend the

money you have to tell your leader so

that they're aware cuz what you'll find

out is often times people are spending

money to fix a frustrated customer a

vendor that didn't show up a designer or

somebody on your team that's not

delivering fast enough so just hire some

contractor to do the work and that's a

feedback loop to the leader that there's

something broken in the business so you

never want to stop somebody from making

something better but you also want to

get that feedback loop so you have an

opportunity to improve your process now

for me I take it to another level that

most people be scared to do so managers

can spend up to $500 without permission

directors can spend up to $5,000 without

permission Executives can spend up to

$50,000 without permission even if it's

outside their budget the only thing I

ask no different than my Frontline

employees is that they tell the manager

on their next one-on-one so again they

can have conversations about priorities

and planning and budgeting and just

learn to make better decisions unlocking

that ability to empower your team to

make decisions to solve problems and

move forward will bring so much revenue

into your business this calendar year it

will overpay for the amount of people

spending that money the reason why the

50 to fix it works so well is that it

allows you to empower people to make

decision so that you're not involved so

while you're on vacation or you're

spending time with your family everybody

in your business is making decisions

without you having to be an approver if

everything rolls up to the top then

you'll always be a prisoner to your

business you want to empower people down

within the company within reason to make

decisions to solve problems to make

things better without you being involved

which brings us to number six which is

the 131 rule a long time ago I hired

this HR guy named Adam and his job was

to hire people we were growing really

fast and I needed somebody dedicated to

recruiting and after our first meeting

he comes to me and he's in a fluster and

overwhelmed and he's like man we got to

hire 13 people in the next quarter and

I'm like yeah he's like I've never done

that before and I said cool and he's

like I don't know how to do it I say

good I mean I'm pretty sure you'll

figure it out he's like well how should

I do it and I said well Adam I didn't

hire you to tell you how to do your job

you came to me with the experience I'm

assuming you're a problem solver I said

you have a 131 he had heard me talk

about it before but he's like are you

really doing this to me yes I'm doing

this to you so I said how about we meet

up tomorrow you take the time to

evaluate the different options and then

we'll meet tomorrow morning the next

morning he texts me and he says I'm good

see Adam understood once he went through

and defined the problem and evaluated

the options that he knew the path

forward so here's how we get your team

to make decisions without you feeling

like you're losing control so the first

step is one is Define the problem most

people don't have a well-defined problem

or they're talking in circles about

three or four different issues so my

question to them is what problem are you

trying to solve please define it crystal

clear because a well-defined problem is

a problem half solved the second step is

three viable options I want the person

to Pres present to me Adam what are the

three options that you're going to

consider to solve your recruiting

process as an entrepreneur we need to

hear this just so that we can feel calm

if we don't feel like they've exhausted

all the options we're feeling like

they're being lazy or they're not aware

and it just doesn't feel good I want to

say this doing nothing isn't an option

the third step is one recommendation

after they review the different options

with you I want to hear what their

number one recommendation is based on

those three and I'd say most of the time

I just agree and I Empower them to move

things forward and if you ask everybody

that comes to you with a problem to

Define their 131 what you'll learn

really quick is you'll build a business

that can run without you why it pushes

decisions down to your Frontline workers

where they have the most information to

actually solve the problem honestly most

of you should not be trying to solve

problems because you don't know what's

really going on so when you Empower your

team to make decisions the business will

grow without you which brings us to

number seven which is transformational

leadership when I was building my first

successful company even though I failed

my first two at that point I think year

2 had about 12 employees reporting to me

and I was trying to lead I'd wake up

every day and I'd be like okay I got to

get everybody doing the right thing and

make sure all the plates were spinning

cuz I was just scared the whole thing

was going to fall down on itself so I

would wake up i' tell everybody what to

do later in the afternoon i' check that

they were on track and that it was

getting done and then by the end of the

day or the next morning I tell them what

to do next and I thought that was normal

because that's all I'd ever been exposed

to the problem with that is that you

don't get any of your own work done

until later in the day I mean I would

sometimes only start on my own projects

at 6:00 p.m. and have to work till 11:00

or 1:00 in the morning because things

had to get done the next day for clients

or for partners or whatever what I was

doing is called transactional leadership

and it'll create a complexity ceiling

that you can't break through and it's a

simple process of telling people what to

do check that they got done and then

tell them what to do next usually at

about 12 employees 13 employees about

1.2 1.4 million in Revenue it becomes

chaotic and at that level most people

end up getting to a place where the

growth and the pain hurts too much they

either sell the business either sabotage

their way down which is crazy or they

decide to stall their growth and for me

that's not an option the better approach

is what's called transformational

leadership and here's how it works

there's only three steps but they're

very powerful step one is you want to

define the outcome that the person

you're managing has to achieve you don't

tell them how to do it you tell them

what it looks like you tell them how it

feels you tell them who's going to be

involved you got to get really good at

painting a picture of success step two

is you choose a number some kind of

measurement that's going to let them

know if they're making progress so if

it's sales it's how many sales did you

get today if it's marketing how many

leads did you get this customer support

how many emails did you reply to give

them a measurement so that they know

they're making progress towards that

ideal outcome the third step is coach

and this happens all the time where

somebody is doing something they're

measuring their progress and they don't

deliver the whole idea is that anytime

you see them do something that's wrong

you write it down and you use your

one-on ones to actually train them up if

you do this you invest and your people

and eventually it'll take less and less

and less time with that person meaning

that over a 6month or 12-month period

your team gets better and better and

better and it frees up your time if you

keep telling people what they got to do

and check they got done and tell them

what to do next you'll never build

leaders in your business and the whole

point is build the people the people

build the business which brings us to

eight which is the coach framework have

you ever felt like sometimes you're on a

hamster wheel giving the same feedback

the same advice to a new team member and

it just feels like it's a same thing

over and over again this is how you

eliminate repeating yourself it's using

a framework that nobody ever teaches in

business which is actually how to

develop your people or coach them up so

I break this down into three steps the

first one is core issue see when

somebody does something wrong I don't

attack the behavior or the activity I

talk about the principle what was it

about their behavior that violated a

principle about how I think you should

approach your work and then I want to

write that down the principle not the

task the second part is actual story and

it could be either my own story of how I

learned this thing I'm about to teach

them or it could be an example of

somebody I saw do it and to use an

actual story just makes it so much more

real so saying hey when I started off I

used to think this and I was always

rushing through my work and that meant

that I ended up having to do rework and

it took more time for me to do the

rework than if I just did it right in

the first place I remember my boss told

me that one day and he showed me within

a week that I could save 10 hours a week

if I just didn't do the rework by

slowing down sometimes so the principle

is sometimes we go slow to go fast the

the third part is change and change is

trying to enroll them or invite them

into committing to us what they're going

to change based on what I just shared

with them so I always tell the story and

I just ask based on what I shared what's

one or two things you're going to do

different going forward and it's their

decision at the end of the day to make

that commitment why cuz then they help

build the plan build the future see when

people help build the plan they don't

fight the plan and your job is to just

present the information in a way that's

really compelling for them to make a

commitment to you to change their

behavior so that they get better the

more people on your team get better the

less effort it's going to take you to

manage the team so if you want to learn

the only four skills you need to build a

billion- dollar company click the link

and I'll see on the other side