My First Million

CEO Lessons: Bulls**t Mission Statements, Firing People & Saying ‘NO'

Oct 10, 2023

52:00

Snipd AI

Experienced CEOs Sam Parr and Shaan Puri talk about their regrets, shortcuts, and lessons learned from running businesses. They discuss doomed mission statements, hiring the right people, branding, achieving goals, firing employees, and the importance of saying 'no'. They also touch on managing employees, handling conflicts, and effective meeting and email communication.

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Quick takeaways

Creating a 'Big Bets' document helps to keep the team on track and focused on priorities.

Learning from past mistakes is crucial for continuous improvement and finding effective strategies.

Clear communication, goal setting, and specific feedback contribute to better outcomes in running successful companies.

Deep dives

Focus on Making Smart Bets

The speaker emphasized the importance of making focused, strategic bets for business success. He shared the practice of creating a "Big Bets" document where the main priorities and goals are outlined. This helps to keep the team on track and ensure everyone is aware of what to focus on.

The Importance of Setting Achievable Goals

01:03

The Art of Making Big Bets and Prioritizing Goals

03:22

The Time Commitment of Building a Small Business vs. a Big Business

00:38

Building a Lifestyle Business: Doing Cool Shit with Cool People

00:49

Introduction

3min

Shift in Mindset: Pursuing Interesting Projects and Cool People

14min

Investing in Branding and Recruiting

3min

Hiring and utilizing recruiters

8min

Goal-Setting, Involving the Team, and Regular Tracking

5min

Managing Employees and Handling Conflicts

12min

Managing Meetings and Email Communication

6min

Episode 505: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) talk about their biggest regrets as first-time CEOs and the shortcuts they’ve learned after 15 years of running businesses. (Disclaimer: This is not the type of stuff they teach at Harvard Business School.)

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Check Out Sam's Stuff:

• Hampton - https://www.joinhampton.com/

• Ideation Bootcamp - https://www.ideationbootcamp.co/

• Copy That - https://copythat.com/

Check Out Shaan's Stuff:

• Try Shepherd Out - https://www.supportshepherd.com/

• Shaan's Personal Assistant System - http://shaanpuri.com/remoteassistant

• Power Writing Course - https://maven.com/generalist/writing