48: Eytan Bensoussan - How to get critical things done
Jan 7, 2024
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Eytan Bensoussan, CEO of a banking service, discusses the importance of ruthless prioritization to achieve productivity and success. He highlights the problem of cashflow mismanagement in small businesses and the challenges of financial management in early stages. He also talks about the decision to seek VC funding, managing negative emotions, and the value of creating valuable content like a podcast for businesses.
Ruthless prioritization and over-delivering on the most important task is crucial for success.
Small businesses often struggle with cash flow mismanagement, leading to their failure.
Providing relevant and practical content is essential for establishing trust and attracting customers in small businesses.
Deep dives
The Importance of Ruthless Prioritization and Over-Delivering
Ruthless prioritization and over-delivering on the most important task is crucial for success. It is important to focus on one task, over-deliver on it, and not overwhelm oneself with multiple activities.
Addressing the Financial Mismanagement Issues Faced by Small Businesses
Small businesses often struggle with cash flow mismanagement, leading to their failure. The lack of financial literacy and proper tools to manage finances can have a significant impact. Addressing this problem is crucial for the success of small businesses.
Personal and Professional Challenges and Strategies for Overcoming Them
The founder shares personal and professional challenges, including the fear of imbalance and not living up to expectations. Strategies like prioritization, resilience, and reframing stress as an opportunity for growth have helped overcome these challenges.
Building a Neo Bank: Overcoming Financial Challenges
Building a neo bank requires substantial funding for a long runway of development. The speaker emphasizes the importance of having enough financial resources to build the product, meet compliance requirements, and navigate the challenges of the banking industry. This includes securing investor support and being aware of the high entry costs and competitive landscape. The speaker's unwavering determination and refusal to give up are highlighted as key factors in persevering through the intense financial pressures faced during the early stages of building a neo bank.
Providing Valuable Content for Small Businesses
The podcast emphasizes the significance of providing relevant and practical content for small businesses in order to establish trust and build relationships. It delves into the importance of delivering insightful tips, guides, and resources that address specific pain points and challenges faced by small business owners. The speaker discusses the need to create content that resonates on an emotional level and offers tangible value, moving away from generic or abstract marketing approaches. Additionally, the podcast highlights the value of continuous learning and the role of content in nurturing customer trust and loyalty.
Why is ruthless focus the most important skill in B2B, and why is it so hard to get right?
As the CEO of a banking service that focuses on the impact of cashflow mismanagement on small businesses, he knows what it means when people only focus on what’s fun to them in a business and the price they pay for that.
We talked about the decision to seek VC funding and how he built resilience and dealt with negative emotions in tough times. What it means to him to deliver more value than just being a banking app by building out new channels like a podcast.
Takeaways
Ruthless prioritization is crucial for productivity and success.
Cashflow mismanagement is a major problem for small businesses.
Recognize that negative emotions often feel worse and last longer than they are.
Creating valuable content and delivering practical knowledge can help businesses establish trust and attract customers.
Focus on quality rather than quantity in marketing to ensure relevance and engagement.
Timestamps
03:18 The Problem of Cashflow Illiteracy in Small Businesses 07:58 The Habit of Writing Down Priorities and ruthless prioritization 15:03 Mismanagement of unfun tasks in Small Businesses 19:37 The Challenges of Financial Management in Early Stages 23:08 The Decision to Seek VC Funding 32:34 The Importance of Effort and Determination 38:01 The Problem of Comparing Self to Others 42:09 Balancing Stressful Situations 46:27 Managing Negative Emotions 48:58 Starting a Podcast and delivering extended value to customers 56:36 Quality over Quantity in Marketing
