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What’s up, everyone? Today, I want to discuss what makes a $100m company in 2023!
This article comes from my podcast, which is also found in my YouTube videos.
Compare and Contrast
I recently talked to 2 different groups of friends.
In one group (group A), they make between 2 and 10 million dollars per year in revenue, and in the other (group B) they run businesses that do 100 to a billion per year.
There were distinct differences in the 2 conversations.
Group A is always complaining about hiring new employees. They tell me that they hate hiring.
They say that these people don’t work for them and are so lazy and cause problems.
Both of group A’s businesses blew up when they were ‘solo-preneurs.’
But they, like many other promising business, reached a point where if they wanted to continue to grow, they needed to improve systems and hire employees.
From my perspective, they didn’t have good systems and processes in place, which is why their businesses plateaued.
On the other hand, group B told me that they love their employees.
They keep their office door open for employee visits and happily make time for them.
It’s clear that group B makes their employees a priority while group A does not.
People Person
Dale Carnegie’s book, How to Win Friends and Influence People, shares that the original Charles Schwab was paid a $1m salary.
What was the reason for this? It was because of how skilled he was at working with other people.
Something with no monetary value somehow pays out millions.
After re-reading Carnegie’s book, I decided that I need to start hiring talent.
I realized that yes, hiring people and training them costs a lot of money.
But eventually, they could run systems and processes for me that would free me up and ultimately make me more money.
Hustler or Caring CEO?
This is how I moved from a hustler to a CEO.
Group A is made up of great ‘solo-preneurs’ and hustlers, but they can’t make that transition to a team-leading role.
Group B has great systems in place so that most of their time is spent with people.
They spend time with employees and help them make good decisions for the business.
That’s their work. In the traditional sense, they don’t work.
Group B has time to take their employees out for a 1-on-1 lunch to genuinely ask how they are doing.
That’s what builds trust that fosters performance and growth.
Conclusion
So, what makes a $100m company in 2023?
It’s made by systems, long-term vision, and relationships.
If your business has arrived at the plateau point, you need to implement systems and hire for long-term success to make a $100 company.
That’s it for today!
Check out Fund Launch or my other videos to learn more about starting and scaling your business/investment fund.
Thanks,
Want to get direct guidance for your fund? Schedule a time with my Fund Advisors!
