Hey Dan, I have a question. How do you manage multiple businesses simultaneously?
My sincere recommendation is, don’t. Don’t try to manage multiple businesses simultaneously. I think for most entrepreneurs, most entrepreneurs that I advise and consult with,
I don’t think for most business owners, they should be involved with so many businesses.
Because it takes so much effort, and so much time and energy, just to make one business work, I mean, business is tough enough. And when you are trying to make two things work. Of course, you have Elon Musk, you have SpaceX and Tesla, yeah.
But, Elon is exceptional, right? There are so many entrepreneurs out there that, they are having a little bit of that shiny ball syndrome. Including myself, by the way. I’m just as guilty. Where, yeah I want to do this, and I want to do that, I want to do this and I want to do that as well.
But every single time you add another business to your portfolio, it takes away, certain attention from the other businesses. And that becomes an issue. Now I’m not talking about you being an investor, that you have someone else running it, right.
If you invest in a business, you got someone else running that business. A CEO, a General Manager, that’s great. But if you’re actually managing multiple businesses, it’s very, very challenging. So, it depends on your business model.
Now, however, if you are one of those serial entrepreneurs, meaning that you get bored, like me, easily. That you want to be involved with different things, and you don’t mind being involved in different industries, because, you kind of enjoy the process, you like learning new things.
And you do want to manage those. Now, this is what I do, I’m not saying that this is what you should do. You want to build a core team, this is your Navy Seal, this core team, helps to run, it helps to manage, it helps to advise all your other companies.
So imagine if you have a core team like that. And then whatever you want to add to your portfolio, really, this is the core team. But you could have a leader, a COO, a CEO, a General Manager for that particular business. And they are the one’s that’s driving the day-today, right.
So you can add to that. But really, it goes back to this core team. Until that business, it’s big enough. Meaning, generating enough revenue, then that business probably in the eight-figure range, then this business could have its own kind of management team, right.
They are running the day-to-day, and they’re reporting back to the core, this executive team, but, this is the team that actually makes it work. Think of this, in the beginning, they’re borrowing a lot of resources from the mother ship, right.
Until they get big enough, they become their own mother ship, and they kind of operate on it’s own, but, you still have a lot of synergy communication between all these entities. And that’s how you manage it.
So, in short, the way you manage it, is actually, you don’t manage it, you have other people managing it,
but you have very good systems, and reporting system and you’re measuring the metrics and having the right person, the right seat, managing those things, and then you’re fine. Each business is its own entity.
Great example. Let’s say you’re running Facebook ads. You know what works. Here’s a business that you start, or you invest, well, these guys, the new people, they don’t have to start from scratch.
They don’t have to go through the school of hard knocks, they can plug into the mother ship and say, hey, already here are the best practices. Do it this way.
Oh great, now you just reduce the risk, and eliminate a lot of learning curve, right. You already know, how to build a team.
So they are tapping into what works. Not trying to figure what works. The products and services industries might be different. But really, the intelligence, this is what is valuable.
So, that’s what I do. How do you manage multiple businesses simultaneously? It’s having the right system, the mother ship, plug that into that, plus, they have the right leader, leading each of those businesses. – Dan’s a force of nature.
He’s improved you know, arguably millions of lives, where they can provide themselves with more money. His, materials are great, excellent, he’s at the top of his game. For everything he says has a purpose. And everything he does is done with heart.
What I’ve seen, seen from Sifu Dan Lok, I didn’t see it from anyone else. He’s done it, he’s been there, and he’s still the winner. Because of Dan Lok, my revenue went 30% up.
I actually get like a clearer picture of how I should run my business. I can feel it, that he really believes, does he want to help his students.
In an environment where I can actually be around people, That is going to support that, encourage that, and hold me to a higher standard.
Dan is a great mentor, to get you, not only in the right frame of mind but then, to give you the know-how, the tools, the skills, to get there.
If you would just follow his advice, go step by step, according to his grouping, you will achieve results more than you can imagine.