10 Things I Learned the Second Time Around
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These are the 10 core reflections I have had since starting my second business and making a mountain of mistakes in the first one. These insights come from my core practical experience and have guided me to much better success with finder.com.au.
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10 Things I Learned the Second Time Around
- 1. 10 Things I’ve learnt the second time round Fred Schebesta
- 2. This is where I began
- 3. My 10 Reflections • Sold for $1.36m • 26 people at finder.com.au • 300,000 visits a month
- 5. 1. Big $’s to be made
- 6. You can fight Big Biz • They aren’t that great • They don’t innovate • They got big because they were the only option
- 7. Still money to be made
- 9. Be Nimble, Be an option
- 10. 2. Make $1 of Profit Next: Replicate and make $2
- 11. 3. Staff are everything If you want to create a very profitable business you need profitable employees.
- 12. 3 Keys to Staff 1.3 Options: Buy, Train or Pray 2.Average 3.Replace
- 13. Big TV vs Big Library Vs
- 14. Don’t read books 1. Skip sections only read what is relevant 2. Write actionable notes then put the book down 3. Use audio books
- 15. My Top 4 Books 1. (HR) Topgrading 2. (Business Management) Rework 3. (Motivation) 4 hour work week 4. (HR and Business Strategy) Good to Great
- 17. 5. Outsource everything you can 1.Document it or they will f**k it up – Assume zero intelligence. 2.Test first then lock in good suppliers with retainers 3.Start small – just outsource 1 part of a process, then add to it.
- 19. Outsource simple things You want a reliable simple thing done, over and over again.
- 20. 60 Second Test Can you explain your business in 60 seconds to someone?
- 21. 60 Seconds test Finder compares credit cards, home loans and savings accounts and helps you find a better deal.
- 22. 6. Make a simple business Simplify it. Do less. Specialise to earn more.
- 23. How make it simple?
- 24. 7. 3 Business Thieves
- 26. The Friendly time Enemy! Shut Down your Facebook!
- 27. Check email twice / day
- 28. 8. Get a slice of a big market
- 29. 9. Learn to Say No Play it slow when you are unsure and wait for a better option.
- 30. How to say No without saying No 1. Price – Make it obscene 2. Refer - Give the work to someone else 3. Say nothing – Ignoring people is rude, but not opening a dialogue to a broadcast request is different.
- 32. 6 Crucial Challenges 1. A customer turns you down 2. You don’t have enough business 3. You don’t have any good staff 4. Too much office politics 5. You don’t make enough profit in your business 6. You don’t have enough time
Editor's Notes
- If you want to make big $ in Australia you have to own a major category e.g. cars, finance, jobs, real estate and hotels. Most businesses in Oz aren’t that great. No one writes about Australian companies in the major blogs and tech sites. They don’t break the mould, they don’t innovate They sit there and let their market share crumble. Most big Australian companies got big because they were the only option.
- You can still make big money in Australia if you are willing the persist and fight.
- Make your business nimble and give the customer another option. There are always rebels in every customer base!
- Hire motivated staff that can manage themselves to achieve results Don’t hire average staff -> Average company If you do, Stop trying to motivate average staff and just replace them instead.
- Rich people have small TVs and big libraries, and poor people have small libraries and big TVs.
- HR = Top Grading – learn a rigorous hiring process. Business Management = Rework – By the guys who made 37 signals. Motivation = 4 hour work week – Read this fast as it won’t all apply to yourself. HR and Business Strategy = Good to Great – Bit of an essay, but if you want to build a business bigger than in 4 hour work week, this will help you make a great one. You wouldn’t read the whole phonebook for 1 contact. Expand your knowledge and read what you need to know and move on
- You don’t want a business strategy for taking over the internet.
- Less time operating and more time marketing and improving your product.
- How do you make a simple business in your niche? Just do the core, really, really well.
- Meetings kill productivity Avoid meetings at all costs. Meet if you are going to make a decision. Meetings sap away time which you could use to be productive and make money.
- Facebook and Twitter are productivity hell – The walled garden of Facebook is the ultimate time killer No piece of information is really that important that you won’t eventually find out.
- Emails and telephones are poison only open your emails twice per day. Emails are time poison, We don’t have telephones. There is no need. We don’t even have business cards. Email us to communicate and we will reply in a timely manner. Nothing is really that urgent.
- you can tell how great your business is going to be by how relevant the current business headlines are to you. If the news is relevant, you are going to be a great business because your market is newsworthy and there is growth potential. Be courageous and challenge a big market in Australia. You will be surprised as to what happens. It didn't bother us because we know its a long haul and its a big market, so all we need is a slice to be profitable.
- Put the price up so high that you would be ok to do it if you were paid that obscene amount of money. Don’t respond to someone who is opening a dialogue with you that you don’t want to engage with because you know they are going to ask you to do something you don’t want to do.
- My personal super power.
- The most important times to be persistent: A customer turns you down – If a customer won’t do business with you, wait, they will leave and you can do business with the new person. You don’t have enough business – Keep marketing and selling. Someone will buy eventually if you have something worthwhile to sell You don’t have any good staff – Fire someone and hire someone else. Why wait, just do it. It’s not really that bad, stop putting it off and start realising your business potential. Too much office politics - Fire the politician, no matter how good they are. You don’t make enough profit in your business – Stop doing unprofitable things and do more profitable ones You don’t have enough time – Stop doing things which take up a lot of time and deliver little output. Outsource the things which are mindless and repetitive and just do really profitable things all day.