076: Use Your Problem to Build a Business with Liam Martin of Time Doctor
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Summary:
Do you know how productive you are? How about the people on your team? Answering this question is what Liam Martin, Co-Founder and CMO of Time Doctor and Staff.com, does. On today s episode of the Executive Minds Podcast, Liam tells us how solving his own problems helped him build a business out of solving the same problems for others.
Links + Resources:
Liam on Twitter
Related Reading: How to Find Time to Work on Your Idea
Three Takeaways:
1. Fail fast and fail cheap.
When you re building a business, experimentation is everything. Experimentation means learning what works and what doesn t work. Don t waste time and capital on what doesn t work fail fast and as cheaply as possible. Then, you re in a position to quickly pivot.
2. Build a $1 million-dollar business before a $100 million-dollar one.
As launchers, we tend to dream big which is great! However, sometimes the dreaming big means we re focused on building a $100 million-dollar company before we have any company. Liam, who is seasoned in growing a multimillion-dollar company, advises starting smaller. Learn how to run a million-dollar business and do it well; then, you ll be able to take the next jump.
3. Leadership matters.
Liam s company can predict when the people in your organization are going to quit. What is one of the top common denominators? Leadership. If we want to keep a great team around us, we have to be mindful of how well they re being led. Even if a department is performing well, if people are leaving, we should pause and ask, Is this a trend? Don t let bad leadership undermine what you re trying to do with your team or company.