Taking Bets That Might Reduce Your Opportunity (Reid Hoffman’s Take on Branding and Marketing)

Show Notes

The founder of Linkedin, Reid Hoffman, has said. “The only way to really scale is by taking bets that might reduce your opportunity,” but what does that mean? Doctor Zoellner and Clay break down notable quotables from Reid Hoffman.

You Must Create Something That is Boldly Better Than Everybody Else and Your Marketing Must Say It

NOTABLE QUOTABLE – “The only way to really scale is by taking bets that might reduce your opportunity. This is especially true of your branding and marketing. People have the tendency to say, “I want to define my product as the best in the marketplace.” You have to eschew that kind of vagueness viciously. Of course, when you say, “This is who I am,” some customers will respond, “Nope. Not interested.” But if you don’t make those sorts of bold statements, you can never really learn whether people want what you’re offering.” – Reid Hoffman (founder of Linkedin and a founding member of PayPal)

You Must Focus on Long-Term and Short-Term Problems Simultaneously

NOTABLE QUOTABLE – “One of the challenges of running a startup is solving critical, short-term problems without neglecting long-term ones. Recruiting is a long-term problem; it’s almost never the answer to the problem of the month. Clearly, you need to have the right talent on board, but it’s not likely to solve the key problems your business is facing right now. Yet the longer you wait to do the long-term things, the more likely it is that you’re going to die from something that requires a longer time frame to be solved.” – Reid Hoffman (founder of Linkedin and a founding member of PayPal)

Scaling 101

NOTABLE QUOTABLE – “Hard work isn’t enough. And more work is never the real answer. The sort of grit you need to scale a business is less reliant on brute force. It’s actually one part determination, one part ingenuity, and one part laziness.” – Reid Hoffman (founder of Linkedin and a founding member of PayPal)

Business Coach | Ask Clay & Z Anything

Audio Transcription

What testing for the center of the universe and the thrive 15.Com small business coach world headquarters, all I tried nation driving back to the conversation I’m show on your radio and we’re joined here today with dr. Robert zoellner, dr. Zaius back here from his journeys eric chop, the business coach and oklahoma’s number one osu, basketball fan, paul hood and he’ll be a traveling to okmulgee to watch. Oklahoma state compete against the school of the blind and I t tournamentdo. They have a chance. You can somebody give me a tissue I needed to know it seriously. That was excited to play the the loser of this year’s high school championship. There be playing them in a and a consolation game. Well:okay, okay, then sleep with one eye open I just want to know. I seriously. Want you to know that I sent you I sent your office. I I subscribed youtube the ladies home journal, so you can watch those that you’re watching watching them played school the blindou fan, but I just polished started this whole. Oh, you think so. Huh I feel like since I was going to dr. Z homer I have to take his side and just take what little knowledge I have at all about osu, basketball and just sort of pylon. That is really cool or difference between osu and ou or osu. I was sad, I didn’t get the tournament pro you I definitely have a question. Do you do you think if boone pickens donated more money, they could win a few more games? Second number 7. You must create something that is bull, be better than everybody else, and your market and your marketing must say it. You must create some of his bully better than everybody else in your marketing must say it so reid, hoffman, the founder of linkedin and when the founding members of paypal he says the only way to really scale is by taking bets that might reduce your opportunity. This is especially true of your branding and marketing. People have the tendency to say I want you to find my product as the best in the marketplace.

You have to ask you that kind of vagueness viciously. Of course, when you say this is who I am some customer to respond? Nope not interested, but if you don’t make those sorts of bold statements, you can never really learn what other people want. What you’re offering so the value priced optometrist, but I also want to appeal to high-end, and so I don’t want to come out there and say i. Might commercials that I’m the home of the $99 deal like you’ve done for 26 years. That’s? What I tell small business coach people they got to pick your team and stick with it. You can’t be both. You can’t be everything and that you’re it’s funny because we talked to me, was like who’s, your number one, most likely buyer of whatever yoursetting up your business to sell and they all your life. You need us any damn come on and you have to realize that there is you have to find out who that person is it’s most likely to buy one to you have to have a compelling thing to get them. You know you have to get into space. You have to cuz. You know that you have to build trust in the build trusses step with your little baby step step. One is for them to hear about you, and hopefully it’s so compelling they just have to find out more about you, but your trust back into the final. Give you some money. Chip I want to I want to see. If you can get the drivers examples on your business coach clients, will you help them to differentiate themselves in a bowl of way? Cuz, you know what type of clients will say:i knowthat I need to differentiate myself right, but then it was like a sounding board to bounce some ideas off of and they need to talk to a guy like you to help them actually executed. So can you think of a client you worked with that has really found their unique niche in the marketplace.

Yeah I would say the guys over at keystone harbor. They have a marina in oklahoma and their whole. Purple cow is its new, clean and close to the newest marina, the cleanest marina and the closest marina big lake experience to salsa new clean and closed, so you’re saying that they are new, which is a purple cow they’re newer than everybody else. Their facility is cleaner than and and the ground is cleaner than everybody else and they’re. The closest big lake experience to tulsa than any of the other likes, and nobody knew that nobody knew keystone lake had areas that were nice to go anymore. Keystone was known, as, like right, but yet there’s actually parts of the lake that are very nice. They have sand beaches. You can go, kick out your shoes off and have a picnic out there and swim and they have outdoor restaurant outdoor floating restaurant in ranchoinvesting in their ground, so they refurbished a bunch of those small business coach airstream trailers with big silver, twinkies and I’m. Talking about oh yeah, you can go camping those things they’re getting ready to build floating cottages they’re, just they’re just taking over, because everybody else in the industry has been stagnant for decades. Tell me about these floating cottages ass is going to be amazing idea that you’re out in the water so do they have portable potties or be right in the lake man come on their listing, they say:okay, what’s the bold claim that you’re making a hood cpas? What were you saying about 38 cpas? That makes you so much different from every other accountant out there and what’s your what’s your butt look like what do you want what you want? What do you? What do you say? Well, what we’re saying is we’re interested in your success? Not we’re interested in your future.

Not just your past. We’re interested in helping you steer your business leading. An inspired, dining and inspiring are flies towards financial small business coach success, and that includes taxes and include investment senegalese whatever, and you know who does that must cpas or just again give me your tax return and then you know you kind of see him behind little sack of returns and maybe and that’s it and so we’re giving away a free hour of my time. Go to hood cps.Com also get warren buffett’s book, and, if you don’t, we do we treat people the way warren buffett read stock. We’re we’re interested in their success will help them evaluate and moving forward being forward-looking, been proactive. You know this next from reid hoffman, the founder of linkedin and the founding member of paypal. He talks about focusing on long-term and short-term problem simultaneously and doctors. He is perhaps one of the best I’ve ever seen it. This just want me to hop in have to say he says one of the challenges of running a startup is solved in critical, short-term problems without neglecting long-term ones. Recruiting is a long-term problem. It’s almost never the answer to the problemclearly. You need to have the right town on board. If it’s not likely to solve the problems, your business is facing right, now., the. Longer you wait to do the long-term things, the more likely it is that you’re going to die from something that requires a longer time frame to be salty keeping up with optometrist. That could be something where most medical facilities that I’ve had a chance to work with their always short-staffed. They don’t have good people, but you have a great team and it’s appears to me that you’re never done recruiting. Yet you such a hottie balance of short-term and long-term. Have you built that great team? Well, you have to have better time and you have to build many times the time to do the long-range thinking. Also, some short short short strange things.

Are there to know what has to get done today? What is pressing, what’s urgent? What’s the top of your to-do list in so you have to be as ansmall business coach, or an entreprenuer as a business owner. You have to keep. You have to understand that that’s pretty important, hey, there’s a leak in the bathroom now. You can’t go now. You know what I can do next quarter. I, don’t know what I would look at the deke. My day went to bed right now, but you have to also understand just like you said that as you grow, I need more optometrist as I build bigger, optometry clinic time. I need more of those until feeding that long-term problem that pipeline and always be lookingwelcome back to the thrive time show have a business question. Email is today and info at drivetime show.Com. Welcome back to the five-time show on your radio and for many of you, the podcast download, if you’ve, yet to subscribe. The thrive time show podcast dr. Z I got an offer for all the listeners out. There. All you got to do is do a google search to search in google for the phrase thrive time show and the word itunes, okay, so search for drivetime show in itunes. Once you find the drive time show all I got to do is subscribe to the podcast and leave us and objective review. Tell us how we’re doing and paul hood thanks in part to a generous sponsorship from paul hood with hood cpas. You can get free tattoo free conference tickets to our next in person. Drive time, show workshop and check on believe it’s april, 13th and 14th. That’s correct the world’s highest reviewed, most reviewed business, workshop, absolutely courtesy of paul hood! All you have to do is leave us an objective review. Thank you for making the sponsorship possible.

My friend my pleasure I tell you it if you’re, not there you’re losing out, because it is a massive. You know all the things that we talked about here, wrapped up in a two-day seminar, and it will take you literally it it’s like getting a master’s degree in college that takes 5 years to get in 2 days. Now here is edd. Next topic were talking about her. This is reid hoffman, the founder. They did the founder of linkedin, the guy, who sold the business for more than 20 billion dollars to microsoft reid hoffman. This is the guy who I was one of the founding members of paypal and we’re breaking down his notable quotable. He says one of the challenges of running a startup is solving critical, short-term problems without neglecting long-term ones. Recruiting, as example, is a long-term problem. It’s almost never the answer to the problem of the month, but clearly you need to have the right I’m bored, but it’s not likely to stop the key problems. Your business is facing right now. Get the longer you wait to do the long-term things, the more likely it is that you’re going to die from something that requires a longer time frame to be salts for somebody out there that struggling to find good people-and they say i, don’t have time to recruit good people, because I’m too busy right now doing sales or marketing. What can help us do the balance of the short-term and long-term, and how do you find good people also just trying to stay profitable? Well, I think our move that we teach is the group interview and I think that is a is a great way to do it. That way, you instead of taking an small business coach hour and send you an appointment to do it to do a interview right person doesn’t show now, all of a sudden you you way to that interview time. You know you can set up a group interview and have multiple people there.

You can pick out and have your own reasons, your own questions, ready to go, see who shows up on time to shows up sharp and ask questions. Have a great group interview on friday? Oh yeah tell me about it for elephant in the room where it works painting, and we need right now. If you’re listening right now we need 6, more grooming professionals, sycamore hairstyle, and we need 2 more call center people and we need 2, more assistant managers and so we’re hiring a lot of folks right now and so I told the candidates I said, make sure you show up at the thrive offices at such-and-such time and that message was communicated to those people by one of our managers, and we had was 5. People are sick, they were supposed to be there like 1 on friday. Those 5 I really do believe that we had like we had to. Maybe to that that that that can make it to you and if they said I’ll be there, 6 showed up and the one gentleman was sharp. This guy is sharp and we had a young lady and she was sharp and sosi just a process of elimination. That was, it was 6 hours of one-on-one interview, time, I would have wasted right and so I gave them both immediately a task and I gave him $12 of cash either say we paid $12 an hour. I need you for about 30 minutes to show me what you can do hear some. Have you do this to do this and I’m like really you’re paying us for the job. Yeah cuz i, don’t care what your resume says:i can get some stuff done and so and I said. Okay, here’s the deal I’m going to call your resumes I’m, going to call your references. All the member of my small business coach team call your references and if anything on that resumes inaccurate needles, references are false than you’ll know. You want me to the job, so it’s really weird on your resume. They both looked me right in the eye and said no not to her knowledge as we can make it. That’s okay, great and see that’s the kind of the simplicity 6 hours of my time right in it and then they don’t show up and then you’re like an hour. I do is a move. It to move you have, you know, I mean for the frog. How many would you with every tuesday, every single wednesday right now? Live yes, and it’s amazing I mean david, jewelry or jewelry out there. We helped him find to keep positions in the last 2 weeks. Just by doing a group interview and said it was in 30 hours of your time, looking through all the resumes and trying to respond to a mall and call them all and call the references. Just don’t read any of the resumes don’t respond, any of them other than saying hey. Why would like to resume a good time too I like to resume I like to interview wednesday at 5 and then interview mall wednesday.

Now it’s at a business owners know that we’re doing a group interview on wednesday at 5 and so they’re, showing up and trying to snap a insurance I really want to get z’s take on this I want get your take on. This is powerful weed, hopkins talk about scaling and he says hard work is not enough and more work is never over the real answer, the start of grit. You need to scale a business is less reliant on brute brute force is actually one part and termination. One part ingenuity in one part of laziness, reid hoffman, so slow dancer in this. Is he saying you got to be determined? You got to be somebody who has ingenuity what you want to be kind of lazy. What’s he talking about, they don’t seem like they fit, but they fit perfectly. Just said determination. Is it your all in you burn? The boats have talked about that earlier segments, your the pig of the chicken you’re determined you, you have the eye of the tiger. Look in your eyes, i, try to think that you might be a blast that would like a cd I mean like a like a man. Happy clever, clever, you better figure out a better way to do it. You got to differentiate yourself, you got to be bold, you got it. You can have to be clever and able to do that, and you know what and if you’re, not that clever, you can find coaches that help you write and wet areas that you’re not that clever problem guy and laziness. Just means you know what one day I don’t want to have to work so now that you know how I’m trying to build up a business, that’s going to run on itself and send me the shows me the money and then I get to go. Do what I want to do the playlist that we play in the elephant in the room, men’s grooming, lounge stores I have made that playlist and zi drone little hand 280 something songs. I I made it myself and z. You know you know what I did after I made it. Then I said we can have the same small business coach playlist for all three stores, and you know why. Cuz it’s a little bit. You know a little bit of ingenuity all the termination to sit down and make the list, but I don’t want to make a new I want to make a new one from the store, as we scale out of the more locations this just him. I, don’t want to make a new playlist everyday at once., paul hood, dr. Z, eric church of what’s, one area where your business scales, because you made a one-time decision, cuz, cut kind of lazy, but the one time decision you don’t have to think about it.

You just want to make a note. What’s one thing where you help the client make a one-time decision in bama just do it over and over over to work so that she got an example. From back when I was running, the concrete company I was in charge of doing all of our estimating and I thought. This is really time consuming doing all these takeoffs and get all the qualities so I created and estimating system with a checklist and hired two estimators and then all I did was review their bid to make sure they were missing. Anything it’s awesome. Jersey is what is your? What is your hack? What’s your one move, it slide to make a one-time decision. It just works over and over again what time move I’ve got, one that you do. Okay, let me have it:you don’t put up with idiots on the small business coach management level, micro manager, you will fire them. Dude I’m telling you like bug bite, but then the managers you have heel, stick with you for over a decade, yeah i, guess i, guess that is the one time you said you’re now. What are you doing on this issue? I. Think like a lot of these moves are one time decision, so it’s kind of hard for him to like yeah i. Think he thinks like that limits. The amount of decisions you have to make that allows you to scale. Mine probably would be the same. The administrative side of my practice, unlike copiers and stuff like that i, don’t care i, don’t even know how to run them and so i. Let people do the things that I don’t want to do so. I just want to touch it i, don’t care how you know, I look at the numbers the, but if, if I need something done, I’m not i, don’t know how to answer my phone. Here’s a simple answer:if someone says how can I grow a business? How can I find the podcast? How can I find the workshop? How can I find one on one business coach? How can I find thousands of video training? How can I find that mentorship? Where can I find those notable quotables? Where can I find them show nazi? One lazy answer:i have is thrive time show.Com before effect of the podcast, the business coaching, the conferences you getting all the video library it’s all there. One decision will change your life, go to thrive, time, show.Com and how many further ado m32


Let us know what's going on.

Have a Business Question?

Ask our mentors anything.