All Entrepreneurs Have Only 1 Problem…

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Summary

  • I've realized the single hardest thing entrepreneurs face is a people problem; finding, recruiting, managing, and growing talent is key especially when you scale from $10 to $30 million a year and beyond.
  • The growth of a business after reaching a certain size becomes less about the entrepreneur and more about the talent within the company.
  • Recognizing the difference between A players and everyone else is critically important for a thriving business.
  • A players take ownership and elevate your business, while B players simply do their job and go home.
  • I recently promoted a brand manager who exemplified an A player by taking initiative and refusing to settle for subpar products for our apparel line.
  • A players increase customer lifetime value (LTV) by providing high-quality products and always looking to improve the customer experience.
  • Every person in a company should have a low tolerance for mediocrity, with a culture of intolerance for anything but excellence starting from the top and trickling down.
  • It's crucial to have the right people in the right positions; if someone cares more about the company than you, they should be running it.
  • Building a company culture of A players creates a championship team environment with high expectations, quick response, and excellent teamwork.
  • Chick-fil-A's head of people said that many companies lose not in the championship but in the draft, emphasizing the importance of picking the right people from the start.
  • Some employees come 'with batteries included'—natural winners who just need the right environment to excel.
  • Investing time in finding A players is worth it; a Harvard study showed that A players are worth five times more than B players.
  • True business growth and successful hiring come with experience and an increasing intolerance for mediocrity, sharpening your ability to recognize and develop top talent.

Video

How To Take Action

I would suggest starting by understanding the importance of talented individuals in your business. When you scale, it's less about you and more about the team. Focus on hiring A players – these are the people who take ownership and consistently look to improve your business.

Here are some practical steps to implement what we've talked about:

  1. Use the brand manager story as a blueprint: Look for team members who refuse to accept mediocrity and take initiative to find the best solutions, just like the brand manager who sourced quality apparel for her company.

  2. Develop a culture intolerant of anything but excellence: Inspire everyone in your team to reject subpar work and elevate their standards, starting at the top with you.

  3. Hire people who care deeply about your business: If you come across someone who shows more dedication to your customers and business than you, consider empowering them with more responsibility—they might be your next A player.

  4. Remember, time spent finding A players is an investment: A Harvard study said A players are worth five times more than B players. So, take your time to interview thoroughly and find those who are natural winners.

  5. Compare your current team to the standard of an A player: Be honest with yourself about each team member’s performance. Are they showing initiative or just doing the bare minimum?

Always aim for the best when hiring, and create an environment that attracts and retains top talent. That's how you build a championship team that will drive your business to new heights.

Quotes

"The single hardest thing that entrepreneurs face is a people problem"

– Alex Hormozi

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"Once you've seen an A player, you can never unsee them"

– Alex Hormozi

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"Finding people who think like an A player compared to people who think like the B player is the difference between companies that grow and companies that die"

– Alex Hormozi

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"Having a level of intolerance for anything but excellence starts with us"

– Alex Hormozi

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"Only hire people worse than them and so if you're one level removed or two levels removed… imagine what's being hired on the frontline"

– Alex Hormozi

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