#QOTD, from Suzy Welch: In our book we make the case that the place you should be working is something we call your “area of destiny.” It’s the intersection of what you’re uniquely good at and what you love to do. How many of you feel that you are currently working in your area of destiny?
2:29 – How important is failure. You hear a bunch of people saying how important it is to fail. But is it really?
5:08 – Is terminating the bottom 10% still a good idea? Even on a team of all-stars, someone has to be last.
8:19 – As a business grows, what is best solution for documenting policy, procedure and process so all are on same page?
11:05 – What is the best way to scale a business with an inherently low profit margin?
13:58 – How can efficiency and creativity better work together?
17:33 – Jack and Suzy talk about their new book, “The Real-Life MBA”.
Jack and Suzy Welch’s “The Real-Life MBA” (all proceeds go to charity): http://www.amazon.com/The-Real-Life-MBA-Winning-Building/dp/0062362801
Jack Welch on Twitter: https://twitter.com/jack_welch
Suzy Welch on Twitter: https://twitter.com/SuzyWelch
How important is failure? The failure has to be quantified. If you fail and then can never get up from it again, that’s not a good kind of failure. Failure and adversity are the two things I think about. For me, as an entrepreneur, all my failures along the way have been a lesson. I’m even thinking back to when I attended my first baseball card trade show. I bought a table at 13 for $400 and nobody showed up. That was a lesson. Those micro failures were super super important. But it also depends on your stomach. If you really go out of business, people can go one of two ways. Either they’re just finished and they’re never able to get off the mat, or they go in a different direction. So to me, quantifying the failure is important.
Gary Vaynerchuk builds businesses. Fresh out of college he took his family wine business and grew it from a $3M to a $60M business in just five years. Now he runs VaynerMedia, one of the world’s hottest digital agencies. Along the way he became a prolific angel investor and venture capitalist, investing in companies like Facebook, Twitter, Tumblr, Uber, and Birchbox before eventually co-founding VaynerRSE, a $25M angel fund.
The #AskGaryVee Show is Gary’s way of providing as much value value as possible by taking your questions about social media, entrepreneurship, startups, and family businesses and giving you his answers based on a lifetime of building successful, multi-million dollar companies.
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Wine Library: http://winelibrary.com