Success Hurts More Than Success
The Secret to Business Success
I have been asked if I can share a lesson I learned in business that I believe was a big help in my early business success.
My response is, “Oh, yeah!”
I remember struggling so hard building my first company.
Literally for almost 10 years I barely had enough money to pay payroll.
In fact, I remember sending a survey out to my entire team asking them if they wanted to switch from WEEKLY paychecks to EVERY OTHER week, or MONTHLY paychecks.
There were a couple of benefits for them… the further out they waited for their paycheck.
And I remember sitting there there with my fingers crossed, hoping everybody would say that they want to be paid monthly. That way I would have more time to scrape together the money to pay everybody.
Now, you might wonder why any employee would ever want to wait for their paycheck, but again we dangled a substantial amount of “bonuses” in front of them… not financial bonuses, but non-monetary bonuses that we offered anyone who chose EVERY-OTHER week or MONTHLY compared to those who chose weekly.
Atlas, the decision had to be a group decision, because it would cost me more to have our payroll company segment out a group for weekly, and a group from every other week, and a group for monthly.
I was so relieved when the majority of people chose EVERY OTHER WEEK, instead of weekly, because again that gave me more time to try to figure out a great promotion… Or a special that we could run in the company to bring in enough money to cover payroll.
But no matter how many sleepless nights, or 18 hour days I put in during those hard years…
…the moment success hits us (and what you’ll find is that when success hits you, there’s no way to miss it. It’s like getting hit in the face).
And although that’s what we all work for… and we all believe everything‘s going to be sunshine and rainbows and unicorns.
Success is scary as hell in the beginning. Because now there’s this massive expectation that you need to fulfill as a leader of your company.
I don’t say this to most start-ups, because I don’t want to de-motivate them – but business success can hurt more than failure.
Unless, you have the right people on your team.
Success Comes From Great Investments
In my companies – we buy our talent used, not new…
Meaning I’ll find a way to afford:
- a COO who ALREADY knows how to SMOOTHLY get us from where we are to the next level.
- Or a marketing firm who ALREADY has access to my target market on a massive scale and can quickly put us in front of them in a big way.
- Or an assistant who ALREADY knows how to make me more productive from day one.
Because sometimes in business the greatest return on our money comes from properly choosing INVESTMENTS THAT SAVE US TIME.
So bringing on a team members who ALREADY has the experience, and the contacts, and the drive, AND who fits our culture – is always a great investment.
On the other hand – success can kill a company that hires the wrong people.
Because the WRONG people – whether they’re wrong because they’re not experienced enough, or because they’re not driven, or because they’re a poor culture fit – the wrong people ALWAYS kill growth.
So if you’re growing right now and experiencing a level of business success, and you’re in hiring mode… the number one thing you can do is TAKE YOUR TIME… and hire the person who comes with THE MOST VALUABLE EXPERIENCE… and who’s eager to put EVERYTHING into the company and the team.
Watch The Video Here & Share With A Fellow Entrepreneur
MEET CHRIS GUERRIERO
Chris is an entrepreneur, investor, bestselling author, and advisor to a handful of high growth companies.
He has built four 8-figure companies, developed winning leadership teams in six industries, and designed business systems that predictably grow multi-million dollar brands.
He’s been featured in financial periodicals such as: Success, Inc, Bloomberg TV, and in Entrepreneur as a top entrepreneurs of the time.
In addition to his own companies, Chris is also an advisor, investor and equity holder in companies across a variety of industries, including health, medical, digital advertising, legal and real estate.