A Quick Lesson in How to Become a Better CEO, Manager, and Leader
Entrepreneur Office Hours - Issue #221
We’re approaching Spring Break here on Duke’s campus, and that means my students are all getting ready to go live their #BestLives for a week. To be clear, what they do on Spring Break doesn’t really bother me. After all, I was a college student once, too. But I’ve been getting a little annoyed when they keep asking me my plans for Spring Break.
“What do you think my plans for Spring Break are?” I want to snap back. “Delivering your classes is a full-time job that requires enormous amounts of preparation and continuous operational management. I’m going to use this break to get caught up on everything from grading to lesson planning to scheduling all those guest speakers you love having.”
To be fair, their questioning doesn’t actually annoy me. Instead, I think it’s an interesting example of how easy it is to overlook the complexity of all the things in the world we don’t fully understand.
In the case of teaching, if you’ve never run classes before, you’d just assume the bulk of the work is the time you spend physically in the classrooms. Heck, that’s what I assumed until I started teaching. Now that I’ve taught nearly a hundred classes, I understand that the “podium time” — the time I’m physically in front of the room — is only a small fraction of the overall work.
I bring this up because the same is true for just about every job you see. Whether it’s the UPS driver delivering your packages, the salesman pitching you a new piece of software, or even a superstar NBA basketball player, a huge part of the job and responsibility happens behind the scenes.
Understanding this logistical distinction is important for entrepreneurs because it will impact how you manage people. For example, back when I was first hiring employees, I often struggled to understand why they weren’t getting more work done. Were they all just lazy? Incompetent? Uncaring?
I eventually learned that the problem was actually me. I didn’t have a full grasp of what their jobs entailed, so my expectations were wildly out of line with the reality of what anyone could do. This caused my employees to burn out quickly and/or get frustrated under my management, and my companies had high turnover.
Eventually, I figured out I needed to get a better understanding of what people’s jobs entailed in order to be able to properly set my expectations. Once I did that, I became a better manager and a better leader. If you want to be a good manager and CEO, you’ll need to learn to do the same thing.
-Aaron
This week’s new articles…
Elon Musk Syndrome: The Disease Every Entrepreneur Needs to Avoid
Elon Musk may be an incredible entrepreneur, but he’s a big problem for the entrepreneurial community.
Are You Making Customer Acquisition Harder for Your Startup by Targeting the Wrong Buyers?
Do you know your target customer? Too many entrepreneurs waste time selling to people who are never going to buy.
Office Hours Q&A
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QUESTION:
Hey there!
I’ve got a quick question for you. I'm kinda spinning my wheels here trying to figure out what to focus on first with my startup. Between getting our product just right, figuring out how to shout about it from the rooftops, and keeping the lights on (aka funding), I'm a bit lost.
What do you do to keep it all straight and make sure you're not dropping the ball? Any tricks or tools you swear by for prioritizing and decision-making? Would love to hear how you tackle this stuff.
Love reading all your posts and especially following you on Instagram. I feel like I laugh every time!
-Peter
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Thanks for the Instagram plug. Dropping a link here in case some of you haven’t been following along.
As for your question, I definitely appreciate what you’re struggling with, and trust me when I tell you you're not alone in feeling overwhelmed. The startup journey is flooded with countless decisions, and keeping focused on the right things isn’t easy. Here's a bit of advice I've picked up along the way, influenced by my own experiences and observations in the startup world.
First, let's talk about prioritization. Remember that not everything demanding your attention is equally important. The key is to identify the tasks that directly contribute to your startup's growth and customer value. Ask yourself, "What activities will move the needle the most?" Whether it's refining your product, honing your marketing strategy, or securing funding, your primary focus needs to be on actions that build a solid foundation for your business and bring you closer to your target market.
Regarding resource allocation, remember that startups operate under constraints. You can’t just focus on where you're putting your money; you also have to think about how you're spending your time. Early on, you’ll be tempted to try and do everything at once, but doing so will spread you too thin and lead to burnout. Instead, aim for strategic investments that offer the highest return, whether it's in product development, market research, or customer acquisition. And don't forget the power of bootstrapping – sometimes, a lean approach can lead to more creative solutions and a deeper understanding of your business.
One strategy I find particularly useful is adopting the "divide and conquer" approach within your team. Not everyone needs to be involved in every decision or task. (This is something I’ve often struggled with, so learn from me!) Leverage the unique strengths of your team members, and delegate accordingly. Doing so will both increase efficiency and also empower your team, fostering a sense of ownership and accountability.
And finally, remember that entrepreneurship is a marathon, not a sprint. The goal is to make informed decisions, not rushed ones. Take your time and analyze all your options, seek advice when needed, and trust your instincts. With the right focus and a strategic approach to prioritization and resource allocation, you'll be better positioned to navigate the complexities of building a startup.
Oh, and hang in there. Every entrepreneur faces the same fundamental challenges. How you respond to them is what defines your journey.
Got startup questions of your own? Reply to this email with whatever you want to know, and I’ll do my best to answer!