06/05/2023
Thanks once again Melvin Soh for the invite to your zoom call with Zachary Young, always a pleasure hearing both if you speak.
Here are a few of my takeaways from this Zoom session between you 2.
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Always hire the best, and pay them 1.5x above average.
Usually paying the best people saves your company more money because a top A-player's output can be 5x more than a B or C player.
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"If a person is not a hard yes, it's a no."
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Companies that don't innovate will die.
Sean Seah's 10:20:70 Budget Allocation
- 10% is money, pure experimentations with the chance of it going to 0.
- 20% is invested to things that can help company the company grow
- 70% of expenses is spent on things that stabilises the company
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If you want to 10x your revenue, 10x your prices
(just add a 0 behind your current price)
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Biggest Business Boo Boos
Putting the wrong person in the wrong job. (Putting them in the right place and they will shine)
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Special Thanks to Zach for answering a question I asked on the session regarding how to know if I'm a specialist or generalist
If I want to be a generalist, I cannot be an average generalist. I have to be above average, meaning that if the company specialist leaves or is unwell, I can be the next in line to takeover everything while a replacement is being found or we're waiting for the specialist to come back.
