Transcription
Do we go with pressures? Do we go with experienced team members? Okay, now one most obvious factor is what everyone your ability to your affordability, right? Okay, now I would say that the decision of pressures are experienced. The factors are: one is affordability, second is time, third is leadership.
Now let's look at these three factors. Number one, um, what do you need today in your business? When you're looking at hiring people, do you have the luxury to bring in people, give them time, okay, to learn, give your time to them so that you can teach? Or do you feel right now you don't have that luxury and you need at least one or two people who come at a level where they are experienced, they are competent, and they can be front-facing with the client and handle projects and take pressure off your shoulder? What do you think is a bigger need? Yes, that's the one. The second one is a bigger need, so obviously it's experience.
Now the question will come, do you have the affordability for that experience right now? I'll tell you something, we always have the affordability. Yeah, it's a decision-making game. Yeah, what's more precious, money or time? It's something you say sitting in a workshop. Most people, when they are making a decision in their business, what are they giving more weightage to? They are giving weightage to money. When you make decisions out of the insecurity of money, you get stuck in this downward spiral. The problem doesn't get solved. The money keeps getting spent, though it's a smaller chunk. Please make it a ground rule in your life: time is more important than money. Give precedence to time, okay? Because at the end of the day, the the the lack of time will create more problems. The lack of money will never create problems. If you make decisions keeping time in priority, you will always figure a way how to make the money.
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Um, and I say this to business owners so many times, saying I've known people who've hired experienced people and for two, three years they wasted their time and money and have still not been able to establish that department, still not able to create that kind of result. How many of you have done that? Raise your hands. There's enough evidence in the room. Okay, what you need to bring forth is the courage to invest money in capable, competent people.
Now, beyond investing money in capable, competent people, you know what else you need to invest? Now, when I say leadership, you have to have again, like very similar to what Mahesha shared, sometimes they hire senior-level people and we shrink in front of them. We look up to them saying they know more than us. Trust me, no one knows more than an entrepreneur. And I say this with due respect to your team members, no one knows more than an entrepreneur. The risk appetite you have, the courage that you've demonstrated, the character that you had, the challenges you've gone through, most people, even if they worked with a larger organization, would have never experienced that. They have bigger fears and insecurities.
So when you hire a senior-level person, the one trap you need to be aware of is where they come in and say, "Here, nothing is working," just to prove a point that their, the the hiring you did with them was worth it. Okay? So what you need to do is, these kind of people, you need to have a very tight mentoring system or co-creation system with them. I would call this more co-creation, where you are spending time with them every day, once in two days, and you are making decisions together. So what's happening is, they are getting the learning from you. And you know that today there's an aspiration and people saying, "If I get to work directly with the founder, I'm willing to take a career switch and compromise for a lower salary because I'm getting the founder's office access." So position that when you're hiring senior-level people, who are you, who are you going to be working with directly? Tell them that you're going to be working directly with the founder. It's a value proposition that people in their careers value today because they understand that if I work with the founder on a day-to-day basis, it will give me a different perspective. I will I will be at a level where I'm thinking business. So go out there and position that, that I'm looking at someone to work directly with me as founder. So they've, they will get the view of the business from a 30,000 ft height.
So you have to have a co-creation approach. You have to have a mentoring relationship with them where you've got to give feedback on things that that are working, that are not working, and what they need to do differently. Honestly, I'll tell you what it does for a lot of founders who hire senior-level people. Those of you who are solo founders, when you start hiring senior-level people, you fulfill the gap that you have of a business partner because there's a certain intellectual frequency they come with. There's a certain wavelength of conversation that they are willing to operate at, which probably your homegrown talent who you hired at a junior level, no matter what kind of development you put them through, they're not able to speak that language of business. How many of you understand what I'm saying? Yes.
So I would say at the stage that you are in, where there is business coming now, okay, please back yourself, back your business, and say, "I'll bring in the right kind of people to create the right kind of experience outside for the customer and inside for myself." Don't hesitate in terms of money, guys. There comes a stage where you really have to develop immunity, uh, towards your fears about money. A lot of you, even though you've grown your capabilities, you've grown your your your practice or your business or your profession, you've created that track record. If you still hesitate in investing back in your own business, then it is nothing but some past fear of money where you didn't have money. Is this making sense?
And please understand the difference between, um, lack of, uh, money and lack or or, uh, tight cash flows. Please understand the difference between the two. If you are not having money, okay, that's a different challenge. But if you are not having adequate cash flows to manage the outflows of those investments you will make, that's a different challenge. So my question to all of you is this: Is it okay to have cash flow challenges, okay, as long as in the overall scheme of things, that investment will yield a return over a period of time and make and continue your business to be profitable? Is it okay to make those kind of decisions? Yes. You don't have to be positive month on month, two, three months, you can go in a negative to make an investment to know that over a period of one year or 18 months, it is a profitable decision, it's a profitable investment. Okay? Sometimes I see people, they're so fearful about cash flow that they deprive themselves of making an investment which can legitimately add to the profitability of their business. In your business, I think it's a straightforward decision. Back yourself.
I, I always believe you've got to surround yourself, even in your team, with people that you can learn something from. If you're the only one teaching others, okay, then probably you are stuck in an execution game, not in a creation game. But when you have at least one or two people who come with a bigger perspective than you've had, bigger exposure than you've had, okay, then it's like this, you are emptying your cup in teaching others, but your cup is getting filled with the exposure of somebody else as well. That combination is very important. Like, who's that one person on your team who gives a new perspective, a bigger perspective than you have by yourself as an entrepreneur? If you're able to have that at least one person, yeah.
And I'll tell you the beauty, you'll have that one person, you will take their expertise, but because you're an entrepreneur, you'll outgrow them. You'll still outgrow them. And then after that, you bring in another person in another domain, in another department to challenge you. Okay? So it's like this, as entrepreneurs, it's very important that you are not the only one emptying your cup in somebody else's cup. You're also getting somebody else to empty their cup in your cup. Otherwise, how is your knowledge, how is your wisdom growing? How is your your your perspective and horizon growing?