Do you think it’s possible to build a Million Dollar Business while working part time (the premise of this insider’s series within the Hot Mommas Project blog for business junkies?)
Welcome, my home slices, to a new (or renewed) belief system.
The short version: If you want to Build a Million Dollar Business, Cameron Herold is the man to help you do it. If you can’t afford Cameron in person, then just buy his book Double Double and his DVD sets based on this and his first book: BackPocket COO. (And, for the jaded… no, I am not Cameron’s sister or something).
The long version: Entrepreneurs are basically nuts. You’ve got to be to handle the ups, the downs, the doubts. But it’s tiring. After leading, innovating, fire fighting, and getting up the next day and to do it all over again, there is the desperate need for guidance, structure, and an answer. Cameron gives entrepreneurs that answer. To that, many of you will say:
Building a million dollar business can be done. But, add two kids and a color-coded calendar, and diminished time. Can it done be then? This is the million dollar question (pun intended).
It’s the question I try to answer everyday with the Hot Mommas Project as we transition an award-winning women’s leadership research project from academia into a business. It’s a far, and humbling cry, from my past careers which seem like a cake walk compared to some of the challenges of being in front of the pack.
The promised land to a million dollar business can be found in two words: Cameron Herold.
Smart, picky people like Cameron. I am not a follower. I tend to do massive due diligence from my background (Harvard Business School, teach in a business school, former career in M & A, have worked on numerous ventures and teams raising millions), blah blah, yada yada, you know our types – ENTJ annoying people. So, net net: I do not say this lightly. This dude knows what he’s talking about.
Moms / family folks like Cameron. Next – is the personal part: As a woman, and especially as a mom, listening to Cameron was a religious experience. He tells you exactly what to do. He does not mince words. It’s formulaic. If I have 5.5 hours before pick up, or carpool, or whatever chaos is about to ensue, I am going to do what this guy says. Put a fork in it. Done.
Entreprenerds in the Weeds, Daily.
If you are an entrepreneur, this might be a typical day for you. It is for me.
Me: Honey can you focus?
Husband: I am
[Perhaps not realizing I am looking at his screen, with CBS SportsNet pulled up]
Me: You’re focusing on sports scores. I’m sitting here waiting to show you how to upload your video to BaseCamp.
[Husband changes screens.]
This is just a brief snippit. The loosey goosey time wastage of entrepreneurs who answer only to themselves. What is your snippit? Under the desk hooking up your computer remembering the good ol days of calling the tech department? Saying for the 85th time this month “I could really use some help on this” ? So goes the life an entrepreneur. Or, in our case, two entrepreneurs. Or, as our 8 and 5 year-olds say ‘Entreprenerds.’
Every now and then you need to get out of the weeds, and geta good ‘ol kick in the pants. I got that the other night (figuratively) from Cameron summarizing his key lessons to Entrepreneur’s Organization from his book Double Double and some classics from his first book Backpocket COO.
Takeaways you can take to the bank:
Faith x Focus x Effort. You need to be at 98% for each of these to “double double” – that is, double your profit and revenue in three years.
1.Faith – How much faith do you have in your team?
- Use the Jack Welch 2 x 2 matrix with one axis as results producers and the other axis as culture fit.
- High culture and results fit. Great.
- Low results, high culture? Coach up their skills.
- High results, low culture. Let ‘em go. Culture doesn’t change.
- Low culture and results fit? Don’t let ‘em in the door.
2. Focus - Seems simple, but it’s not. What are YOU focusing on? What is your TEAM focusing on? Do you suffer from BSOS (Bright Shiny Object Syndrome?).
- Write down the top 3 to 5 things you want to accomplish each day.
- Make your vision super clear to your team using a Painted Picture, and the action steps to carry it out, with milestones.
- Follow up with goals that have SMART metrics. Shared, Measurable, Attainable, Relevant, and Time-Based.
3. Effort – Need I say more? Roll up your sleeves people. Being an entrepreneur and building a million dollar business is not for sissies. If you’re doing it part time, the amount of focused effort, delegation, and working smart is at a surgical level.
The next post will continue with a Part 2 of additional learnings, and an entrepreneur’s book bible series listed by Cameron.
Time to pay it forward – what nugget have you learned that could help a fellow entrepreneur? Or backward – what is your biggest challenge? We’ve all been there honey.
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The research arm of the Hot Mommas® Project is housed at the George Washington University School of Business, Center for Entrepreneurial Excellence along with a nationally ranked women’s entrepreneurship program taught by the Hot Mommas® Project founder.