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It’s supposed to be hard, and you’re supposed to do it anyway. Luckily, you learn things along the way that make it easier… So steal my homework. Lessons building an 8-figure business:
• Always have a North Star “If you want to build a ship, don’t drum up the men to gather wood and give orders. Teach them to yearn for the vast and endless sea.” – Antoine de Saint-Exupéry
When I was struggling with my biz, I sat with Donald Park to word-vomit my problems. He said something so wise yet so simple: “You’ve listed much but have a single problem that ties them all. You don’t know where you are going, so neither does your team. Find your North Star.”
Emails were my North Star. Everything else would come together if we kept growing our owned audience list. So I bought a counter sign and every time we got a new email, the sign ticked up. 100,997... 100,998... 100,999... 101,000...
- I sent one to all my executives - Every call began with our email number - Every day we had a Slack auto-update And wouldn’t you know it? Emails started to climb higher and higher. The team rows a hell of a lot faster if they’re all going the same way.
• Day 1 Mentality Jeff Bezos in his 1998 shareholder letter: “This is Day 1 for the internet and, if we execute well, for Amazon.” Then he signed off every shareholder letter with: “It remains Day 1” What does Day 1 mean?
Approaching everything with the energy & attitude of the 1st day in a small company. Opposed to Day 2, which he describes as: “Stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death.”
• Know your hero AND your villain. You hear a lot about your customer avatar, your hero. But a movie is only as good as its villain…
There’s a reason why Apple’s 1984 commercial is one of the best of all time (forgiving the 80s-ness of the graphics) It picks a villain – sameness, Big Brother. Apple’s next villain was Dell. Now? They’ve outgrown their villains – and so passed their innovation golden years.
1. Type 1 vs Type 2 Decisions Another Bezos-ism I keep returning to… “I often find myself at Amazon acting as the chief slowdown officer. … Because [some decisions are] highly consequential and irreversible. Most decisions aren’t like that. Most decisions are two-way doors.”
Type 1: inconsequential and reversible. These are delegated to empowered individuals or teams. Type 2: decisions with major, irreversible consequences. There go through a rigorous decision-making process at the highest level.
Heading into this year, I hope you found this as helpful as I have. Follow me @Codie_Sanchez for more, and repost here for others to see: <a target="_blank" href="https://twitter.com/Codie_Sanchez/status/1751252230118793717" color="blue">twitter.com/Codie_Sanchez/…</a>
If you want a more in-depth reflection on my businesses this year.. Read my annual investment letter here: <a target="_blank" href="https://contrarianthinking.co/our-2023-annual-investment-letter/?utm_source=twitter&utm_medium=organic&utm_campaign=subscribers" color="blue">contrarianthinking.co/our-2023-annua…</a>