This morning, I did not plan to attend a presentation by @DanMartell, but he just taught me (and 40 or so other Periscope followers) a micro-lesson in scaling a startup.
This is the power of Periscope…
…the ability to engage an audience, immediately, when a thought or feeling strikes you as it did today for Mr. Martell. Large-scale business/technical conference organizers take note: your industry is being disrupted.
While on the way to pick up his children, Dan took the time to engage with his follower community on the topic of founder productivity. Having just had a lengthy conversation, apparently, with some fellow entrepreneurs on a boating excursion, his thoughts can be summarized as:
- Hire for day-to-day tasks (including cleaning, laundry, menial tasks, etc.)
- Hire for operational tasks (payroll, email, proposal writing, errands, etc.)
- Hire for sales and marketing (leverage revenue > spend activity…an example being those marketing efforts that return $3 for every $1 spent)
If you can figure out a business model to generate enough income to be able to hire these people…this is how you become a business owner rather than a business operator.
Rather than repeat and continue to distill Dan’s thoughts here. I will just link to the Periscope recording here. There are additional insights into determining to your EHR (effective hourly rate) — which should be a minimum of $100/hr), 80/20 cost analysis, and some recommended reading…
Periscope is phenomenal for micro-lessons of this nature, assuming you are following the right people. Just thought I’d share.