Creating Owner Independence with David Finkel, Maui Mastermind

Episode highlights

• The FUD (fear, uncertainty, doubt) Factor, results in tunnel vision, which interferes with your ability to grow your business. To counteract this, make sure that you surround yourself with people who can help you see the bigger picture (and if you are a leader, make sure that you do this for your team). [07:33] 
• Grow players constantly seek new challenges while role players desire to grow within a specific position. Understanding which category each of your team members falls into is vital for keeping them motivated. [15:21]
• As a leader, it is your job to find the balance between flexibility and momentum within your organization. To do this, choose only 2 or 3 priorities per quarter (these should include your biggest growth-limiting factor and your biggest opportunity). [23:42]  
• You can’t be successful if you spread yourself too thin. As CEO, focus only on a few high-impact tasks and delegate the rest to your team. [27:13]
• Celebrating your successes in business is vital for keeping your team inspired. Don’t become “the parent that your staff can never please.” [34:36]
• Advice for staying focused on your quarterly plan: have an internal “check-in” process at regular intervals, bring in an outside set of eyes (e.g. a coach), build a company culture around your plan, and find people to hold you accountable. [38:42]
• To have strategic depth in a business context means to have multiple people responsible for functions so that the survival of a business is not dependent on one person. Enhancing your strategic depth and owner independence will allow you to build a truly scalable company. [48:52]

David Finkel’s advice for entrepreneurs

“You need to build a community. You need to have meetings with your clients where you can hold each other advisable. Although many entrepreneurs are like lone wolves, you are still social beings and you perform so much better when you want the respect and affirmation from a group of people who we admire.”

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