part 2

[Virtual Presenter] When Nicky Romero, a renowned DJ and music producer, announced on Facebook that he had been struggling with severe anxiety for two and a half years, it sent shockwaves throughout his fan base. For years, Romero had been dominating the electronic dance music scene, releasing hit tracks and collaborating with other prominent artists. His music label, Protocol Recordings, had become synonymous with quality productions. However, despite his immense success, Romero revealed that he had been grappling with anxiety, which ultimately led to a slowdown in his production. This revelation sparked curiosity among his fans, who wondered what had caused the sudden change in his output. As Romero shared, he had sought help from numerous therapists and professionals, indicating that he had been actively seeking treatment for his condition..

[Audio] Romero is at the top of the Entrepreneur's Pyramid, being one of the richest and most visible people in his field, yet this does not guarantee fulfillment. Prioritizing success can lead to the destruction of one's well-being. This is what happened to me. The misconception about the top of the Entrepreneur's Pyramid is that one has to sacrifice oneself to achieve it. This is almost a mantra in Western culture. Although certain phases in life may require intense effort, such as the initial years of a startup, permanent stress is unsustainable. Permanent stress alters the functioning of one's nervous system, changing the way neurons fire. It is crucial to avoid using overwork or perpetual busyness as a status symbol. Becoming a sustainable entrepreneur requires effort, but it is essential. Another misconception is found at the base of the pyramid, where individuals believe that the idea itself is paramount. After my talks, people often approach me, saying, "I have a great idea." However, I think to myself, "Oh, no, not again." It is vital to comprehend that the idea alone is insufficient. Proper execution is necessary. Without proper execution, the idea remains mere speculation..

[Audio] The person who's always late is going to have to buy beer for everyone else, and that's the thing that's going to make everyone want to buy our app. However, there is no one willing to make the app, help the person be successful, or start the business. Instead, someone else approaches me after the talk and expresses a desire to change their life by becoming independent from their employer. Despite having no experience in app development, this person loves programming and wants to build an app themselves, possibly related to football. They ask for help if available..

[Audio] An idea alone is insufficient to launch a business. It is crucial to consider the infrastructure required to support it. Focusing solely on the idea without thinking about the necessary support leads to magical thinking. Instead, prioritize the personal and professional support needed to create a successful venture. This approach helps avoid becoming overly attached to a single idea, which can compromise one's well-being and financial stability. It is vital to examine oneself, identify what one loves doing and excels at, and build a career around those strengths..

[Audio] When building a business, many entrepreneurs tend to do everything themselves. However, creating the right DNA for the business is challenging. To overcome this challenge, the first step is to help them build a network of mentors. These mentors can provide valuable guidance and support throughout the entrepreneurial journey. At the same time, let's revisit the top of the pyramid, where successful entrepreneurs use the Five Facets of Sustainable Entrepreneurship. These facets include the idea, team, planning, resources, and health. Entrepreneurs may initially view these facets as a model, but they soon realize that each facet is interconnected and shifts in priority based on the needs of the moment. For instance, during the early stages of a startup, securing resources is crucial. Once those resources are secured, attention turns to building a strong team. Similarly, for a family business, building a team with innovative spirit might be more critical than securing resources..

[Audio] You must push back whenever you focus excessively on one aspect. Regardless of your business, copying someone else won't succeed. There can only be one Bill Gates and one Mark Zuckerberg. Steve Jobs did not create Apple by looking outside himself. Instead, he had an internal drive combined with being a perfectionist, a businessman, and a spiritual seeker/hippie. This led to the creation of a billion-dollar enterprise. Look inward and determine how you wish to live your life. Then, design your business accordingly..

[Audio] When you are not aware of the Five Facets, you tend to react to daily events without taking time to reflect and gain a broader perspective. One way to break free from this cycle is to consider yourself the CEO of your life. Assess how you're doing and what advice you'd give yourself from that perspective. People I've mentored have gained valuable insights, such as recognizing the need for a better team, clarifying their business goals, identifying unsuitable locations, or acknowledging the loss of control over aspects of their lives..

[Audio] Health is often overlooked, but it's crucial. Neglecting one's well-being can lead to a breakdown in other areas of life. Focusing on health enables the other aspects to fall into place. We'll explore how to utilize the Five Facets, learning to prioritize well-being. This knowledge equips individuals to overcome entrepreneurial challenges or achieve a fulfilling life and career..

[Audio] When dealing with anxiety, it's challenging to focus on anything else. Severe anxiety can slow down production, as experienced by top DJ Nicky Romero, who struggled with anxiety for two and a half years. Many entrepreneurs face this issue, as anxiety can dominate thoughts, making it difficult to concentrate on their business. To overcome this, entrepreneurs must learn to manage their anxiety and maintain productivity. Breaking down tasks into smaller chunks and setting realistic goals and deadlines can help alleviate anxiety and increase focus. By managing anxiety, entrepreneurs can continue growing their businesses and achieving their goals..

[Audio] The team is essential in dealing with anxiety. Having a support system in place can help alleviate symptoms and provide emotional comfort. Surrounding oneself with positive influences and trusted individuals who can offer guidance and encouragement is crucial in this facet of health planning..

[Audio] As you enter the plush office, you're enveloped by gold and platinum records. Fashionably dressed employees move effortlessly through the halls, discussing social media strategies and booking deals for their multimillion-dollar clients. You feel as though you're standing on sacred ground for musicians. This is where creative endeavors meet commercial ventures, where artistic expression converges with business acumen. For me, it's a realm where I've become an integral part. I started my own record label at the tender age of fourteen. Upon beginning to redesign my life after departing the hospital, I discovered that music was my true calling. I commenced honing my DJ skills, cultivating my musical prowess, and most significantly, applied the Five Facets of Sustainable Entrepreneurship to my burgeoning career. Presently, being an international DJ plays a significant role in my existence..

[Audio] Joeri's office was filled with numerous records showcasing Ferry Corsten's impressive portfolio, which seemed to scream "success" and "royalty". I had arranged the meeting through connections in the music industry, and Joeri was well-aware of my entrepreneurial background. He invited me into a spacious meeting room, where he sat me down and asked, "What can I do for you?" I replied, "Joeri, I've been learning how to be a DJ for the past couple of months. I've given it a lot of thought, and I've decided I'm going to go professional." Joeri burst into uncontrollable laughter, crying tears of joy. Eventually, he composed himself and said, "Sebastiaan, you have everything against you. It's a really bad idea to go out and be a professional DJ at age forty with almost no experience." He then gave me a thoughtful glance before shaking his head ruefully. However, he concluded, "But you know what? I'm going to help you.".

[Audio] Ideas are not unique, and it is crucial to surround yourself with the right people and infrastructure to make them successful. From the start, I have had a top manager in the industry as a mentor, not because I had a great idea, but because I had the necessary resources to make it happen. Similarly, Uber launched as a taxi app despite existing competitors, due to its strong investors and top-notch team. It is essential to focus on building the right foundation, rather than trying to protect your idea..

[Audio] Innovation often involves simultaneous invention and incremental improvement. It's unrealistic to expect a single inventor to revolutionize an industry overnight. Instead, progress builds upon existing knowledge and ideas. This concept applies to various fields, including technology, science, and entrepreneurship. When pursuing a new venture, it's essential to recognize that others may be working on similar projects, and that doesn't necessarily mean you're too late to join the game. With persistence and dedication, you can still contribute meaningfully to the development of your chosen field..

[Audio] Entrepreneurs often spend countless hours perfecting their product or service, only to discover that the world has moved on and what they have to offer is no longer relevant. This is a terrible fate for any entrepreneur. Imagine pouring your heart and soul into creating something, only to have it rejected by the very people you were trying to impress. For instance, Campbell's spent years developing a spaghetti sauce that rivaled Ragú, but ultimately failed to capture the market. They were so focused on creating the perfect sauce that they missed the fact that consumers wanted something different - extra chunky sauce. Over the next decade, this new category proved to be worth hundreds of millions of dollars to Prego. My advice to every entrepreneur is to do your homework and be transparent about your ideas. The more open you are about what you're working on, the better people are able to help you succeed or participate. By sharing your plans publicly, you can gather valuable feedback and adjust your approach accordingly. This way, you'll be less likely to invest all your time and energy into something that may not resonate with the market..

[Audio] Ideas whose time has come happen all the time, and transparency around your own ideas is always the place of power. When you share your plans and strategies openly, you strengthen your position as a thought leader, building trust with others. This openness also has a psychological effect, changing your internal dialogue to focus on learning and growth rather than worrying about competition..

[Audio] Not many people think I'm talking about hiring employees or paying professional advisors, but I'm not. Instead, what's required in the very beginning is a team of mentors - a group of experts who will answer your questions about your strategies and tactics to grow..

[Audio] You should never try to ascend the entrepreneurship pyramid by yourself. Experienced trekkers would rarely ever climb a mountain alone in real life, and you shouldn’t attempt to do so in entrepreneurship. It's critical to define the areas where you need expertise. When deciding to become an international DJ, I asked myself questions such as "Where can I learn how to DJ professionally?" "How do I build a digital content strategy?" "What gear do I need, and how do I build a studio at home?" "How do I obtain bookings and clients?" Then I set out to find mentors who could advise me on those areas, such as Joeri Lodders at the top management agency for artists. The purpose of a team of mentors is to solve specific gaps in your knowledge. I teach people to be extremely selective when it comes to choosing your team of mentors. For example, if you're starting a brick-and-mortar store, you need to be in a prime location. You'll need a retail expert to help you define where that is. You could research the top five real estate businesses in your area, see who founded them, and find out which founder might be semi-retired but still connected and involved in the industry and willing to mentor you. Dig deep and get creative in your quest. Most people underestimate how willing prospective mentors will be to help you. The higher in the hierarchy the people you approach are, the more they remember what it was like when they were first starting out and how much they needed help. Use LinkedIn, Twitter, and other social media routes to contact potential mentors. Ask friends and connections to make an introduction for you. One way of asking for mentorship is, "Listen, I'm creating a superior team of mentors to help me grow as an entrepreneur and a person. I would appreciate fifteen to thirty minutes of your time to ask you one or two questions. Then I'd also like to ask a third question and that is, 'What can I do for you?'". One of the most valuable things you can do for your mentors is to connect them with one another. For example, I've created a WhatsApp group on my phone to which all my mentors belong. Of course, I use the group to ask questions and provide updates on my progress. It also provides the opportunity for them to meet and contribute to one another. They have found that invaluable. The best mentors are consistently seeking to grow personally and professionally themselves in new areas, so they often need mentoring as well..

[Audio] When you're creating a superior team of mentors to help you grow as an entrepreneur and a person, it's essential to reach out to potential mentors and ask friends and connections to make introductions for you. One way to ask for mentorship is to say, "Listen, I'm creating a superior team of mentors to help me grow as an entrepreneur and a person. I would appreciate fifteen to thirty minutes of your time to ask you one or two questions. Then I'd also like to ask a third question, and that is, 'What can I do for you?'". One of the most valuable things you can do for your mentors is to connect them with one another. For instance, I've created a WhatsApp group on my phone to which all my mentors belong. Of course, I use the group to ask questions and provide updates on my progress. It also provides the opportunity for them to meet and contribute to one another. They have found that invaluable. The best mentors are consistently seeking to grow personally and professionally themselves in new areas, so they often need mentoring as well. You must always treat your mentors with care..

[Audio] When you've got traction with your team of mentors and your business is up and running, the next team you need is professional. This includes a lawyer, a business manager, and an accountant. People often see a lawyer as someone who puts out fires, but I'd like you to view your lawyer as someone who helps you build your business. Ask your lawyer specific ways they believe they can help you do so. A great lawyer can help generate royalties, just like DJ Nicky Romero's lawyer does. Most lawyers either represent other entrepreneurs or see themselves as entrepreneurs too. It's essential to find a lawyer who gives you the feeling that your business is secure in their hands. You'll be surprised at how financially literate lawyers turn out to be and how much they speak the language of business. They understand the difference between things like gross margin, profit, and revenue and can create legal processes that touch the very core of your financial health..

[Audio] When starting out, entrepreneurs often rely on an employee team comprising friends, family, and fools. This setup resembles a family restaurant, where mom handles orders, dad cooks, and children do the dishes. Friends may assist with promotions and marketing during their spare time, and possibly, acquaintances have been bartered with for social media support. Nevertheless, it's difficult to achieve long-term success with such a team. Upon realizing reliance on friends, family, and fools, it's time to hire the best outsiders available, based on their expertise, provided financial resources permit. Entrepreneurs frequently overlook the significance of their initial hires. Hiring individuals aligned with their vision is crucial. According to Airbnb's CEO, Brian Chesky, he interviewed numerous candidates and reviewed countless applications before selecting his first employee, Nick Grandy. Chesky stresses that CEOs must prioritize articulating the vision, developing the strategy, and recruiting personnel fitting the culture. By accomplishing these three objectives, entrepreneurs set themselves up for success..

[Audio] When I remember one of the first employees we hired at the micro roastery, I recall the significance of having the right people on board. Marcel, a former sales guy for magazine advertorials, walked into our place and was astonished by our unique environment. Although he did not drink coffee, he demonstrated remarkable potential as a salesperson and shared our values. We hired him immediately, and his presence substantially increased our revenue. This experience has taught me that investing in experienced and senior talent is vital for success. Hiring the right people can lead to exponential growth, whereas attempting to save money by hiring interns or inexperienced individuals can result in chaos and stagnation..

[Audio] Joeri Lodders, who runs a high-level management agency for artists in the Netherlands, took me into a large meeting room, sat me down, and said, "What can I do for you?" I told him I'd been learning how to be a DJ for a couple of months, had given it a lot of thought, and decided to go professional. Joeri started laughing uncontrollably, saying I was crazy, but also thought I might be onto something. He offered to help me get started, and I accepted his offer. With his guidance, I began performing at local clubs and events, and eventually became a well-known DJ in the Netherlands..

[Audio] In many industries, companies have discovered that having fewer employees can be advantageous. For instance, Instagram was acquired by Facebook for $1 billion with only 13 employees. Similarly, WhatsApp was purchased by Facebook for $16 billion despite having only 35 engineers. Additionally, WeTransfer raised $25 million in funding and had 30 staff members. These companies have achieved notable success with relatively small teams. Even non-tech companies like Pepsi recognize that fewer employees can be beneficial. Pepsi sells its syrup to bottlers, who handle the production and distribution process. This approach enables Pepsi to concentrate on what it excels at - creating the syrup. Consequently, only two individuals are necessary to manage the automated syrup-manufacturing plant: one to sweep the floors and the other to count the money. The crucial inquiry is not how large your team is, but rather how much revenue each employee generates..

[Audio] When you find the right match, you'll experience less turnover, superior work, and ultimately, more revenue. The key is to treat the hiring process like dating. Imagine you're on a first date, sharing information and seeing if there's a spark. Then, you move into doing stuff together - eating a meal, having coffee, working on a short-term project, and so on. You'll start to see each other for who you really are, without the rose-colored glasses, and know whether you have matching values. Even doing non-work-related activities, such as taking a hike together on the weekend, will help you discover whether you're compatible..

[Audio] When evaluating candidates during a product-design session, pay attention to how they interact with your team. Use this opportunity to fine-tune your hiring process with temporary employees or interns first. Scouting talent is like shaving - if you don't do it regularly, it shows. Fast-growing companies often need to dedicate half their daily time to finding the right employees. To extend the dating metaphor, you want to feel like spending time with the candidate. By doing various activities together, such as eating meals or working on projects, you can discover whether you share similar values. Even non-work-related activities, like hiking, can help you see each other for who you truly are, without the rose-colored glasses. You'll know whether you have a solid foundation for a long-term working relationship. For instance, a salesperson with a materialistic nature wouldn't be a good fit for a socially responsible organization. From a management perspective, revenue may increase, but the culture will suffer, leading to negative consequences. Many people skip the dating step and end up needing to fire bad hires. Others find love at first sight but struggle to build a lasting partnership. A CEO needs to maintain a consistent focus on hiring top talent..

[Audio] When mentoring entrepreneurs, stasis occurs in every marriage and in every company. Due diligence in hiring is crucial in understanding this concept. Companies may end up with underperforming employees if they don't conduct proper research and evaluation. Entrepreneurs often hire based solely on resumes, without checking references or verifying claims, leading to disappointing results. Employees struggle to adapt to new environments and generate their own leads. As a mentor, I emphasize the value of thorough research and reflection in decision-making, encouraging entrepreneurs to consider the long-term implications of their actions. By taking a step back and assessing their goals and motivations, entrepreneurs can avoid stagnation and create a more dynamic and productive work environment..

[Audio] When you cease to invest energy in your ventures, your team will become aware of it. Their enthusiasm and dedication will wither away, similar to tulips in summer. The exceptional individuals will depart, and those who remain will feel bored, just like you. Ultimately, you will destroy the culture in your previously thriving business, regardless of the amount of money you generate. You have likely experienced workplaces like this. Everyone watches the clock or their backs. These individuals were mid-career and believed they had seen it all. However, when they redirected their focus towards their employees, they regained their sparkle, and so did their employees. Substantial revenue growth ensued. One of the straightforward actions they took was to redesign the office pantry and transform it into a coffee bar. This altered the workplace's energy from stagnant to dynamic. It was not the renovation itself that transformed the energy; rather, it was the attention bestowed upon the employees..