Brief Summary
This video provides 30 pieces of advice for building a business faster, based on Dan Martell's 27 years of experience. The advice covers various aspects of business, including time management, customer acquisition, leadership, and personal growth. Key takeaways include:
- Invest money to save time: Prioritize efficiency over saving money.
- Solve problems for rich people: They are easier to work with and more likely to pay.
- Sell before you build: Validate your idea by finding customers before developing the product.
- Focus on results over effort: Measure success based on outcomes, not just hard work.
- Build a strong team: Invest in your people, as they are the foundation of your business.
Spend Money to Save Time
Dan Martell emphasizes the importance of investing money to save time, especially in today's world where technology and services can automate tasks and free up valuable hours. He argues that most people focus on saving money, but this can lead to wasted time and ultimately hinder growth. By spending money on tools, outsourcing, and other time-saving solutions, entrepreneurs can focus on higher-value activities and achieve faster results.
Solve Problems for Rich People
Dan advises entrepreneurs to target wealthy clients as they are generally easier to work with and more likely to pay for value. He explains that broke people often expect a lot for little, leading to payment issues and unnecessary drama. Rich people, on the other hand, are more likely to appreciate quality and are willing to pay for solutions that solve their problems.
Sell Before You Build
Dan advocates for selling before building anything. He suggests that entrepreneurs should focus on finding customers and validating their ideas before investing time and resources in development. This approach helps to ensure that the product or service meets a real market need and avoids wasting time on projects that may not be successful.
Manage Energy, Not Time
Dan emphasizes the importance of managing energy levels throughout the day rather than simply focusing on time management. He suggests that entrepreneurs should group tasks based on their energy levels, tackling high-energy tasks in the morning and lower-energy tasks in the afternoon. This approach can lead to increased productivity and better results.
Simple Scales, Complex Fails
Dan argues that simplicity is key to growth. He advises entrepreneurs to keep their businesses and processes as simple as possible, avoiding unnecessary complexity. He believes that complexity can limit growth and create unnecessary challenges.
Cash Flow is Critical
Dan stresses the importance of cash flow and advises against financing customers. He emphasizes that businesses should ensure they have enough revenue to cover their fixed costs and avoid relying on external financing. He believes that financing customers can lead to financial instability and hinder growth.
Model and Modify
Dan advises entrepreneurs to follow instructions and models exactly as they are presented when learning new skills or techniques. He suggests that modifying too early can lead to errors and hinder progress. Once a solid foundation is established and traction is achieved, then modifications can be made.
50 to Fix It
Dan recommends empowering team members to solve problems up to $50 without needing approval. This approach allows for faster decision-making and reduces bottlenecks. He emphasizes the importance of delegation and trust in building a scalable business.
Be Patient with Results, Impatient with Action
Dan encourages entrepreneurs to be patient with results but impatient with action. He advises against getting overwhelmed by the lack of immediate results and instead focuses on consistent action over long periods. He emphasizes that building a successful business is a marathon, not a sprint.
Don't Think You Have the Answers
Dan warns against assuming you already have all the answers. He emphasizes the importance of continuous learning and seeking knowledge from others. He believes that staying stagnant in your knowledge can hinder growth and limit your ability to adapt to changing circumstances.
Don't Waste Time on Hypothetical Problems
Dan advises against wasting time on hypothetical problems. He suggests that entrepreneurs should focus on solving real problems that are currently affecting their business rather than dwelling on potential issues that may never arise.
Measure Everything and Make it Visible
Dan emphasizes the importance of measuring everything and making it visible to everyone. He believes that transparency and accountability are crucial for success. He uses dashboards to track key metrics and ensure that everyone in his team is aware of progress and areas for improvement.
Focus Stands for Follow One Course Until Successful
Dan advocates for focusing on one course of action until success is achieved. He warns against distractions and spreading yourself too thin. He believes that focusing on one customer, one market, and one area of expertise is the best way to achieve significant results.
Be the Smallest Person in the Biggest Room
Dan encourages entrepreneurs to constantly seek out environments where they are surrounded by people who are more experienced and knowledgeable. He believes that being the smallest person in the biggest room fosters continuous learning and growth.
Play to Win, Don't Play Not to Lose
Dan advises entrepreneurs to adopt an offensive mindset and focus on winning rather than playing defensively to avoid losses. He believes that a winning mentality leads to greater ambition and a more proactive approach to achieving goals.
It's Not Who You Know, It's Who Knows You
Dan emphasizes the importance of building a personal brand and reputation that precedes you. He believes that having a strong personal brand makes you more valuable and accessible to others, leading to greater opportunities and connections.
Broke People Get Good at Doing Tasks, Rich People Get Good at Avoiding Them
Dan argues that entrepreneurs should focus on avoiding tasks that can be delegated or automated. He believes that becoming too good at doing tasks can hinder growth and limit your ability to scale.
Working Hard Means Doing What Scares You
Dan defines working hard as pushing yourself outside your comfort zone and tackling tasks that scare you. He believes that true growth comes from challenging yourself and expanding your capabilities.
Doubt Kills More Dreams Than Failure Ever Will
Dan emphasizes the importance of taking action despite fear and doubt. He believes that fear can be a powerful deterrent, but it's important to recognize that it often provides bad advice. He encourages entrepreneurs to act in spite of their doubts and embrace courage.
Build the People and the People Build the Business
Dan highlights the importance of investing in your team and creating an environment where they feel valued and supported. He believes that building a strong team is essential for long-term business success.
Your Team Should Work Harder on Themselves Than They Do on Their Job
Dan encourages his team to prioritize personal development and growth. He believes that investing in themselves will make them better employees, team members, and individuals.
Train, Don't Tell
Dan advocates for training team members rather than simply telling them what to do. He believes that empowering them with knowledge and skills will lead to greater autonomy and scalability.
Lead Like You're 5 Years Old
Dan encourages leaders to delegate responsibility and trust their team members to make decisions. He believes that micromanaging can stifle growth and prevent team members from taking ownership.
Results Over Effort
Dan emphasizes the importance of focusing on results rather than effort. He believes that success should be measured by outcomes, not just hard work.
All Business Problems Are Just Personal Problems
Dan argues that personal issues can often manifest in business. He believes that addressing personal challenges can lead to improved leadership and overall well-being.
People Problem vs. Process Problem
Dan advises entrepreneurs to assume that issues are process problems rather than people problems. He believes that focusing on improving processes can often solve underlying issues and prevent future problems.
Know What Your Time's Worth
Dan emphasizes the importance of valuing your time. He believes that entrepreneurs should be selective about how they spend their time and avoid being busy for the sake of being busy.
I Have to Work with You Before I Work with You
Dan advocates for collaborating with potential hires before hiring them. He believes that this approach allows for better understanding of their work style and ensures a good fit for the team.
Use the 10-80-10 Rule to Delegate
Dan introduces the 10-80-10 rule for delegation. He suggests that entrepreneurs should focus on 10% ideation, 80% execution by the team, and 10% integration to add their personal touch. This approach allows for effective delegation while maintaining creative control.
Have Dreams Big Enough for Your Team's Dreams to Fit Inside
Dan emphasizes the importance of having a vision that is big enough to accommodate the aspirations of your team. He believes that this approach attracts and retains top talent by providing opportunities for growth and fulfillment.
