5 Ideas From People Smarter Than Me
stolen from twitter
Welcome to Biz Brainstorms –
My name's Connor, I'm the author of this newsletter. Every week I'll send you an email covering ideas, lessons & tools to help you start or grow your business.
This week is a bit different.
I'm sharing 5 ideas I got a lot of value from this week, hope you do too!
Btw you can subscribe here if someone forwarded this to you.
1. Real Estate Mistakes
Looking back over my first ~14 yrs in RE, clear I made a bunch of mistakes which were avoidable w more guidance.
For example: Should have “forced” myself to do larger & larger deals, even if that would have meant leaving LA.
To help the youngs: What key mistakes did you make?
— Moses Kagan (@moseskagan)
Nov 14, 2022
My Favorite Responses:
- Never pass up on a good deal because of a lack of funding. Find the right deal and the money will come.
- Not understanding the power of equity early on (this reminds me of an Alex Hormozi quote "You get wealthier from owning the thing that generates income than the income the thing generates."
- Focusing on being "right" over being "rich". Pay attention to the macro (deals) and don't spend as much time on the micro (fees/nickel& diming)
2. Compensating Small Business CEO's
The #1 question asked of me:
How do you compensate a small business CEO who doesn’t own the business?
Here’s how we do it 🧵:
— Michael Girdley (@girdley)
Nov 13, 2022
Principles to learn:
- Operators goals need to be aligned with owners goals (ie. “grow fast no matter what” or “profitable growth.”)
- Have two metrics you're measuring on: Financial & Objective
- He creates a great template for tracking this which can be found here. I'm implementing this in my companies next year.
3. Tools For Doing Market Research
The dirty inside secret most first-time entrepreneurs don't know.
14 tools I use to steal from competitors, and build million-dollar businesses.
— Joe Speiser ⚡️ (@jspeiser)
Nov 3, 2022
Tools I found helpful:
- A lot of these I already use (AHrefs, Facebook Ad Library, Similar Web) and highly recommend.
- Moat.com sends you alerts when competitors roll out new ads
- Brax.io helps you send personalized emails that you can send after you scrape competitors customers emails using BuiltWith (assuming that they have an on-site software product)
4. Recruiting Better
My last company went public at $2.7B.
The one before that was acquired for $100M.
Recruiting the best in the world enabled this success, but it’s a widely unknown art.
Here are 6 proven tips to find (and hire) world-class talent:
— Brett Adcock (@adcock_brett)
Oct 27, 2022
My Biggest Takeaways here:
- You can post a job listing, or you can build a top 100 list of candidates you want to hire and reach out to them directly. The latter plays into the candidates ego and will get you that first round interview with your dream candidate.
- Sell the company hard in the first round of the interview (vision, roadmap, etc.)
- The easiest way to recruit better people is to build a team of A+ players and never lower that bar. It's why people want to work at Google, SpaceX, Apple, etc.
5. End Of Year Reflection Questions
21 questions to reflect on as you end 2021:
— Dickie Bush 🚢 (@dickiebush)
Dec 23, 2021
Notes from these questions:
- These questions shifted my entire 2022 focus and I'll absolutely be devoting the 3+ hours to journaling this out again.
- The 3 questions that helped the most for my reflection:
- What brought me the most energy in 2021?
- What drained my energy the most in 2021?
- What are the biggest bottlenecks that are preventing me from getting to where I want to be?
Bonus: I'm stealing this for BFCM
This is the third year we've sent out a "Don't buy anything from us" email.
We send it the day before we release our Black Friday promotions.
It's always a fun way to draw attention to your brand in a huge sea of promotions:
— Patrick Coddou (@soundslikecanoe)
Nov 7, 2022
OK that was different from the normal issue, back to your regularly scheduled program next week!
PS – Want to chat 1:1?
I'm opening one consulting call for readers of this newsletter each week.
2 Areas I know about: E-commerce (Amazon & DTC), Buying & Managing Commercial Real Estate
The goal is simple. You show up with specific questions and leave with actionable steps.
For Biz Brainstorms readers, I'm only charging 50% of what I normally charge. So if you're interested, you can book here → (scheduling link gets sent after payment)
PPS – This was one of my favorite podcasts I recorded this year with Dan Andrews (Spotify Link) (Apple Link)