Tropical MBA: Entrepreneurship & Founder Lifestyle
#757 - How Healthy is Your Business?
May 30, 2024
Dan and Ian discuss evaluating business health by focusing on working on the business, team value creation, doubling down on successful elements, resource allocation, and considering what a skilled entrepreneur would do. They provide diagnostic questions and tools for improvement, emphasizing the importance of niching down and honing specific skills for business success.
42:08
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Quick takeaways
- Assess team's value creation to drive profitability by allocating resources effectively.
- Double down on successful strategies to streamline efforts and enhance business performance.
Deep dives
Diagnostic Question 1: Would You Rehire Your Team Right Now?
The first diagnostic question challenges entrepreneurs to reconsider their team. Managers are urged to assess if their team members are providing a sufficient return on investment. By determining if team members are creating meaningful value for the business, managers can allocate resources effectively to drive profitability and growth. Analogies from sports contracts illustrate the importance of maximizing value within a team to achieve success.
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