part 3

[Virtual Presenter] When the initial conditions were changed, productivity improved. Initially, lighting was adjusted, followed by changes to hours and breaks. In every instance, productivity increased when a change was made. However, when everything reverted to its original state, productivity remained high. The experimenters concluded that it wasn't the physical changes that affected productivity, but rather the fact that someone cared about the workplace and allowed employees to discuss changes beforehand. Start-ups recognize the value of devoting attention to their employees. For example, Dropbox installed a recording studio in one of their meeting rooms, demonstrating their commitment to employee satisfaction. Employers can take various approaches, such as providing meditation classes or on-site massages, to show they care. What drives people is attention and concern. Happiness incentives also prove effective, like Google's 20% time policy, which allows employees to work on personal projects. Even simple gestures, like installing beehives on the rooftop, can boost morale..

[Audio] When changes were made, productivity improved, and it wasn't due to physical changes, but rather because someone was concerned about the workplace and allowed employees to discuss changes beforehand. This demonstrates that employees can contribute to maintaining the organization's facilities, such as the corporate restaurant. Similarly, at KLM airlines, employees can participate in the professional deicing team for aircraft. Imagine being on a flight and seeing the person in the orange vest deicing your Boeing 747 - it's actually the head of Human Resources. Ultimately, your team is a living, breathing entity that requires careful selection and nurturing. Just as a patient needs the right blood type for surgery, your team won't thrive without the right fit. Neglecting your team can harm both your business and your mental well-being. Entrepreneurs on the path to burnout often struggle to lead their teams to success. I suggest taking on a secondary responsibility outside of work, such as volunteering for a charity, to break the cycle of overworking and inefficiency. This allows you to discover that there's more to life than growing your business for personal gain. By serving on a charity's board, fundraising, or advising, you'll encounter diverse perspectives and learn to prioritize beyond your own interests..

[Audio] Founder breakups are often the primary cause of startup failures, rather than the wrong team. This was evident when I founded a company importing musical instruments into the United States. I rushed into a partnership with my co-founder, neglecting to thoroughly evaluate our compatibility. Six months later, I discovered that my partner lacked essential skills, such as cold calling and lead generation. If we had taken the time to properly assess each other's strengths and weaknesses, I would have recognized these differences earlier. Unfortunately, founder breakups are often unavoidable, but it is crucial to address them promptly and efficiently, before they become more complex and costly..

[Audio] Vi skal i dag fokusere på den tredje og sidste facet af produktivitet: planlægning. Som chef er det ikke altid nok at sende en e-mail til sine medarbejdere. Det er vigtigt at inddrage dem i forandringer og beslutninger for at sikre engagement og motivation. På den måde kan vi opretholde en høj produktivitet. Vi vil fortsætte vores præsentation med flere eksempler og tips til at forbedre produktiviteten gennem planlægning..

[Audio] When I held a monthly mini town hall meeting, I found it wasn't a science, something that couldn't be forced. People didn't show up, and excuses emerged. Despite this, I made attendance mandatory. At the second gathering, I shared my company vision, pouring my heart into it. When I cancelled the third meeting due to a new client, the staff expressed disappointment via email. However, at the actual meeting, they were eager to learn about our company's future. By setting a timeline, I helped them grasp the reasons behind our actions, fostering greater connection to our goals..

[Audio] People have an innate need to feel oriented in time and space. When you put yourself and your team on a timeline, it's almost as if they see themselves as characters in a movie. They know the plot and feel secure knowing how it's going to unfold. Great entrepreneurs are great planners. It used to be that every start-up had a business plan, but most start-up founders I know don't do that anymore. Instead, they put themselves on a timeline and describe the challenges they're facing and how they're going to solve them, taking small incremental steps that are focused on learning what works as quickly as possible. They know that the sooner you make mistakes, the sooner you learn from them..

[Audio] When creating a timeline for my team, it's like providing a roadmap to follow. We break down the process into three levels: strategic, tactical, and operational. This ensures everyone is on the same page. We review our strategic plans twice a year, making necessary adjustments. Monthly, we reassess our tactics, refining our approach based on what we've learned. Daily, we focus on operational details, ensuring we stay on track. Having mentors in key areas helps us anticipate potential roadblocks and work together to overcome them. With a clear timeline in place, we can move forward confidently, knowing exactly where we're headed..

[Audio] When you're dealing with a start-up, establishing transparency from the beginning is crucial. A recent example involves a start-up designing technology to track private jets. The founders had a key investor who negotiated a significant role in the decision-making process. However, this led to slow progress and indecision because the investor wasn't actively involved in the daily operations. To overcome this challenge, the founders should have been clearer in their communication with the investor about their timeline and vision. They should have also been more transparent about what they needed, why, and when. Start-ups often compromise too much independence to attract funding, but this can lead to pleasing investors over their own vision. Instead, entrepreneurs should aim for mutual understanding with their investors, seeking "both/and" solutions rather than "either/or" ones. By communicating goals clearly and early on, start-ups can ensure that investors understand they're investing in a team with a shared vision..

[Audio] In the early days of entrepreneurship, businesses were started with a long-term perspective. Every decision was made with the goal of planting seeds for a future way down the road. However, today's entrepreneurs consider the eventual sale of their company from the very beginning. This shift has significant implications for decision-making. In 1995, the average time-to-sale for a company was twenty years, but today it's fifteen, and by 2020, it will be just seven. When making decisions based on selling a company in seven years, you have shorter runways and less margin for error. Your identity and ego cannot be tied too closely to the business. To determine when it's time to leave or sell a company, entrepreneurs must ask themselves two questions. Are there opportunities for growth in the market? And is there a chance to become number one in the market? If the answers are yes, there's no need to sell. On the other hand, if the answers are no, it may be time to sell..

[Audio] When I mentored a CEO who owned his company, he didn't want to be the leader. He planned to leave and hired a director to run things. However, the team refused to accept the new director, wanting the owner to stay. On the other hand, I mentored entrepreneurs running an internet retailer who knew they couldn't become number one. They didn't know how to aggressively grow their company, so they decided to sell when given the opportunity. Transparency is crucial in making things visible. Companies should display their business model on a big whiteboard in their office space, allowing employees and visitors to contribute to problem-solving. By inviting visitors to write their ideas on the whiteboard, companies can tap into the collective intelligence of their guests. This approach has proven effective in solving problems and improving productivity..

[Audio] When keeping up appearances, you are actually trapping yourself in a self-made prison. The strongest entrepreneurs are those who openly admit their failures, insecurities, and needs for help. Being genuine and vulnerable allows you to have a profound impact on others. I recall a personal experience where I was hospitalized for a breakdown. I was terrified of being recognized, so I refused to wear a name tag. Later, I realized the importance of transparency. When I finally opened up about my struggles, I was surprised by the positive response I received. People appreciated my honesty, and it helped me heal..

[Audio] When I received hundreds of emails from organizations and companies wanting to book me as a motivational speaker, as well as many from former business partners praising me for my honesty, it was a remarkable experience. However, the most rewarding aspect was receiving even more emails from people struggling with challenges on their own hero's journey who thanked me for inspiring them. This taught me the importance of communication in creating buy-ins. A pivotal experience with one of our interns, Sara, further emphasized the significance of effective communication. Sara was responsible and professional, but when she approached me to quit school, I realized I needed to improve my communication skills. I offered her a marketing associate position, but she declined, choosing instead to work as a barista at Starbucks. I was surprised by her decision, but it led me to understand why she chose to leave her marketing job for a different path. Effective communication creates buy-ins, and it is essential for leaders to prioritize it..

[Audio] When I started researching Starbucks, I discovered that its mission is to create a culture that nurtures employees and imbues them with the goal of amazing their customers and providing a second home for them. This result is that even a barista feels like he or she can grow the company. That motivated me to build an amazing culture at my companies instead of only offering great jobs. I wanted people to want to work for me, not for the position. The power of an eventual-sale mentality has shown me that planning is the ability to involve employees and others into your journey. This becomes even more valuable if you're starting a business that you'll eventually sell. If you communicate all along the way, right up until the point of sale, then nobody gets a nasty surprise. When you're planning to sell a company, you must perform commercial and financial due diligence, prepare all your contracts for other parties to read, communicate to employees, and talk with accountants. It's essential to break down this process into smaller tasks, just like eating an elephant - one bite at a time. By running your company as if you're going to sell it, whether you do or not, you'll discover the amazing aspects of the company you've created and redesign your approach accordingly..

[Audio] When you neglect certain areas, you'll always create a better business. This mindset allows you to detach yourself emotionally from the outcome, knowing that businesses come and go, but you only have one life. Many CEOs think they're communicating with their employees about a potential sale, but the employees remain unaware. It's like expecting your partner to read your mind in a long-term marriage. As an entrepreneur, it's your responsibility to keep your environment informed about your plans and the company's status. I've seen the consequences of poor communication firsthand while mentoring the staff of an environmental organization focused on the Amazon rainforest. Leaders often fail to involve lower-level staff members, leading to a lack of transparency and understanding..

[Audio] When I took the entire NGO through a process where they would come up with an entrepreneurial idea and go on a faux road show to pitch it to investors, they developed a plan to create a space where tourists could observe wildlife and the rainforest without disturbing the environment. A staff member suggested opening a restaurant to generate revenue, while another proposed selling tickets instead. Unfortunately, they assumed things without testing them. I presented a five-hour lecture on how investors think, emphasizing the importance of a business model and the distinction between investors and banks. Investors seek value generation, unlike banks which focus on generating interest. The board expected their staff to be entrepreneurial, but they hadn't hired anyone with such expertise. Both the board and their staff were unaware of what they didn't know..

[Audio] When we're trying to achieve something, we often focus on the task itself, forgetting to explain the underlying motivations behind it. This can lead to resistance and frustration among our team members. A good leader needs to communicate clearly and openly with their team, sharing the reasons behind their goals and desires. This helps to align everyone's efforts and creates a sense of shared purpose. By discussing what kind of business we want to run and hiring team members who share that vision, we can create a culture that reflects our values and goals. This is essential for achieving success and building a strong, cohesive team..

[Audio] When you reach the top, you've learned that being open, helping others, and sharing your knowledge leads to personal growth and success. In my experience working at Gartner, I found that executives were open about their struggles, unlike middle managers who tried to please their superiors while stepping on those below. These leaders knew how to identify issues and inform others about the need to solve them. As an executive or entrepreneur, you must understand your company and team inside and out, including where you're headed, what you lack, and what you need. Communicate this clearly and directly to everyone else..

[Audio] When we discuss resources, we refer to the fundamental components that allow us to accomplish our objectives. Doers are individuals who take initiative, perform tasks, and execute plans, ultimately bringing visions to life. Dreamers, on the other hand, envision, imagine, and conceptualize ideas, inspiring and motivating others. Both roles are vital, as doers bring dreamers' visions to fruition, and dreamers provide direction and purpose for doers' actions. Understanding these two roles enables us to better comprehend the significance of collaboration and communication in achieving our goals..

[Audio] Resources separate the dreamers from the doers. Dreamers have thought through the resources they'll need to execute their vision. Starting a business without considering the resources needed is not workable. Even with money, finding someone to help is virtually impossible. Entrepreneurs must manage resources daily, making lists of what's lacking and planning to obtain them. Believing you can find what's missing is essential. It's a gut-level feeling..

[Audio] Time is the Achilles' heel of your resources because time is not scalable. You have only twenty-four hours in a day. Time is your most precious investment in anything you do as an entrepreneur. You should always be tracking how much time you're putting into something and whether it is worth it..

[Audio] When learning as an entrepreneur, one of the most important things you have to learn is saying no. I almost never said no to anyone, always saying yes because I thought it was essential to be enthusiastic and jump on every idea that seemed good. This led to my working seven days a week, eighteen hours a day, and not necessarily on things that were aligned with my passion and vision. The bottom line is that I didn't protect my time as an important resource. To decide whether to say yes or no to an idea or business move, ask yourself, "Has it helped or will it likely help to generate revenue this month?" If so, then the answer is yes. Figuring out your most important resources will help you identify when to say no. Being aware is key, so you won't be saying no randomly. For instance, if you're a novelist, a calm day may be an important resource for executing at the highest level. So, find out what you need to create those days, maybe by doing fewer projects a month and cutting back to balance your revenue with your costs. Calmer days mean better writing, and better writing means better books..

[Audio] Keith Rabois knows more about hiring the right people than most entrepreneurs. He played key roles in building Silicon Valley companies such as PayPal, LinkedIn, and Square. To succeed, entrepreneurs must discover hidden talent and evaluate individuals based on criteria unknown to others. Professional athletes rely on teams consisting of coaches, trainers, business managers, and other experts to achieve excellence. In contrast, most entrepreneurs lack a support system to aid them in producing exceptional results. Coach John Wooden understood the importance of teamwork, emphasizing its significance in achieving success..

[Audio] When everyone has a role, and the majority master their roles on the team, teamwork becomes a requirement, not a preference. Obtaining resources does not have to break the bank. Empowering the team to provide feedback, both positive and negative, is crucial. This includes accepting feedback without judgment, thanking the giver, and carefully evaluating its appropriateness before acting on it..

[Audio] When we visited the cell phone entrepreneur's office, we found ourselves in a doomed environment. The location was an ugly industrial zone, and the building itself was uninviting. The owner had forgotten his key card, and it took him several attempts to get someone to respond to his call. As we entered the office, we noticed the atmosphere was tense and secretive. People seemed reluctant to interact with each other, and the air was thick with disharmony. The outdated equipment only added to the sense of stagnation. I suggested updating the equipment and moving the team to the ground floor, where they could work together more easily. However, the owner was hesitant, fearing that his employees would resist the change. I reminded him that if his employees truly valued an open culture, they would stay regardless of the changes..

[Audio] When you're making decisions, it's crucial to consider the impact on people's knowledge and experience. Fear can lead to poor choices, and ignoring advice can result in devastating consequences. As an entrepreneur, it's essential to provide the necessary resources for your team to succeed. Without these resources, failure is inevitable. This mindset shift can help you make better decisions and ultimately achieve success..

[Audio] When we invest in entrepreneurs, we often provide them with significant resources such as marketing budgets, fancy office spaces, and premium cars. However, sometimes these investments aren't enough to guarantee success. A lack of focus and team-building skills can lead to failure. This was the case with the made-to-measure suit company I invested in, which despite having all the necessary resources, still failed due to its inability to attract and retain top talent. This highlights the importance of diagnosing the root cause of problems, rather than simply throwing more resources at them. By doing so, we can identify areas that need improvement and take corrective action..

[Audio] When I got out of the hospital, I woke up exhausted every day. It wasn't your standard brand of exhaustion, like when you need a good night's sleep and to lay off the Red Bull and espresso shots. I was so tired all the time that I could barely tie my shoelaces. I went to one medical doctor after another to try and find out why. They would say, "Emotionally, I'm doing great," but I'd reply, "But physically, I really think there's something wrong with me." Doctors kept telling me, "Mr. Hooft, you're as healthy as a horse..

[Audio] When I finally realized that my body was responding to the changes I made, I felt a sense of relief wash over me. I was no longer exhausted, I could play with my kids again, and I could enjoy simple activities like riding a skateboard. It's amazing how quickly our bodies can respond to positive changes. And it's equally impressive how much impact our mindset has on our overall well-being. As I continued on this journey, I discovered that it's not just about making healthy choices, but also about creating a supportive environment that fosters growth and positivity. When we take the time to listen to others, share our experiences, and learn from each other, we can create a ripple effect of kindness and compassion. And that's exactly what happened when I shared my story with others. I'm grateful for the opportunity to have done so, and I hope that my story will inspire others to take control of their own health and wellness journeys..