FBC – 424 – Is “Go big or go home” the best strategy for you?

Is “Go big or go home” the best strategy for you?

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“Go big or go home” is a very famous moto amongst entrepreneurs and many of us live by this rule.

This is probably the philosophy that you adopt when embarking on a new adventure.

However, this expression doesn’t really state “how big” you should go…

I’ve had many people ask me what the ideal size of a company was and at which point a successful entrepreneur would consider their company successful.

Is it 10 employees?  100? 1000?

Or is it 10 million dollars a year?

What is the metric that you should look at to decide whether you made it or not

This is what we are going to cover in today’s episode

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Here is one of my favorite quotes:

“Either you run the day, or the day runs you.”
-Jim Rohn

I wanted to talk to you about a subject that's actually quite dear and important for me and maybe for you. Starting a company.

Some of you guys are like, oh man, I wish I had a company. And then if I had a company and will grow the company to this and then I'll sell the company. This is usually what people see in the news. You start a company, you build it, you make it as big as possible, then you sell it and then you cash out and then you make so much money, you go buy a private island and then that's it.

So before we talk about how you start your company, how you structure the company, it is very important to remember something. There are different types of people. There is a buddy of mine who is a very smart, really smart guy and very successful at what he does. He’s working with electronic components that you have in your phone.

So the question was why did he never start a company? But I don't see him as the CEO of a company having to deal with all the accounting and the H.R. and all the stuff that goes along with it.

Is “Go big or go home” the best strategy for you?

I think he's a really, really good performer, meaning that you give him something that already exists and he is going to make it better. But I don't see him in the role of having to manage teams as well.

So maybe I'm wrong, but it's just a reminder of something I told you before, because a lot of people feel that they suck or something like that because they see people building companies and they haven't built a company themselves and they think that, oh, man, I'm a failure.

OK, now, if that's the case, let me assure you, there are different types of people in business. You'll have creators and then you have performers. OK, so the people who actually create some new product and start a new business, a new company and all kind of stuff, these are the creators.

OK, so the creators are the ones they like to go create stuff and then they don't want to be the ones actually managing it on the day to day basis. They create stuff. Then they want to move to something else that they want to create and then they might move to something else and stuff.

So generally speaking, people who are creators are very often very bad performers because performance implies that you need to do the nitty gritty and you need to be at it every single day and all that kind of stuff.

Whereas a creator just wants to move to the next idea or at least to the next development of that idea and all that kind of stuff. You know, the strategy thing and the creative process.

So every creator will need a performer. If you take the example of Microsoft, like Bill Gates, who was creating stuff, but Steve Ballmer, who's the CEO right now, this guy was a performer. So if you're not a creator, don't feel bad because to be honest, the two roles are of equal importance.

You take something that someone else created and then you can make it better because you have the work ethic, the consistency, and you have the skills that it takes to go at it.