Taking The Entrepreneurial Leap with Gino Wickman
An entrepreneur since the age of 21, Gino has had an obsession for learning what makes businesses and entrepreneurs thrive.
At 25 he took over the family business, which was deeply in debt and in need of help. After turning the company around and running it for seven years, he and his partners successfully sold the company.
Gino then set out to help entrepreneurs and leaders get what they want from their businesses. Based on his years of real-world experience, he created the Entrepreneurial Operating System (EOS), a practical method for helping companies achieve
He has personally delivered more than 1,900 full-day sessions for
more than 135 companies, helping them implement EOS. He is
also the author of the award-winning, best-selling book Traction: Get a Grip on Your Business, as well as Get a Grip, Rocket Fuel, How to Be a Great Boss and What the Heck is EOS?, which have sold more than one million copies.
Gino is the founder of EOS Worldwide, an organization that helps tens of thousands of
businesses implement EOS with the aid of an international team of over 350 professional and certified EOS Implementers and online support. There are almost 100,000 companies using the EOS tools worldwide.
02:22 - Chanie shares her experiences reading Gino's books, “Traction: Get a Grip on Your Business” and “Entrepreneurial Leap”
- Gino took over the family business at a young age of 24
- Gino’s book “Entrepreneurial Leap” is a passion project to help someone on how to be an entrepreneur
- The six essential traits of being an entrepreneur: Visionary, Passionate, Problem Solver, Driven, Risk-Taker, Responsible
- Some entrepreneurs become successful at 16 years of age, some in the middle 20s or late 30s and some around 60s
9:31 - Chanie and Gino discuss the parts of his book, Entrepreneurial Leap
- Entrepreneurial Leap is written into 3 parts - Confirm, Glimpse, and Path
- Confirm makes sure what people need to understand if they really want to become
- In Glimpse, Gino shares what’s possible if you become an entrepreneur - the “heaven and hell” of being an entrepreneur
- Path makes sure that a person is set up to succeed
- 8 critical mistakes that every entrepreneur makes:
- Not having a vision
- Hiring the wrong people
- Not spending time with your people
- Not knowing your customer is
- Not charging enough
- Not staying true to your core
- Not knowing your numbers
- Not crystallizing roles and responsibilities
- Path - The 9 stages on building a business
- Generating cash
- Hiring an integrator
- Discovering your core values
- Holding yourself accountable
- Communicating frequently with your employees
- Having a plan b c and d
- Staying on your personal sweet spot
- Preventing your business from getting away from you
- Capitalizing on coaching, training and mentoring
18:08 - How the size of the problem is an indicator of business success
- The disciple is just simply understanding "the bigger the problem you solve in the world, the more money you will make, the more value you will create"
- There are 2 things that don’t change - methods of communication, and products in services
- The 2 things that change - people will always have wants and needs, and you have to persuade the,
- If you can't make the change, you are not a true entrepreneur
23:02 - Change and Gino deeps dive on “Staying on your sweet spot and avoiding the shiny object syndrome”
- 2 types of sweet spots are business sweet spot (core focus), and personal sweet spot ( unique ability)
- The personal sweet spot is one of the 9 stages of building a business
- The business sweet spot is actually one of the 8 critical mistakes that are staying true to your core
- Business sweet spot is one of the most common mistakes an entrepreneur makes because entrepreneurs tend to see shiny stuff and opportunities everywhere. Entrepreneurs need to become masterful at saying no.
- The core focus has 2 things - your passion and your niche
- The basic rule of thumb says, 'If you’re trying to build a 10 billion dollar company, don’t look anywhere else and exhaust every opportunity in that core focus"
- If something shiny presents itself, you just make a conscious business decision as to whether or not it’s a right decision
26:09 - Gino’s recommend first step for an entrepreneur to divest in working long-hours
- Decide your capacity or know your 100%
- When you reach capacity and you start to exceed capacity, you need to delegate and elevate
- When you delegate, it’s vital you have an organizational structure
- The idea is when you reach capacity and you need a person to delegate and elevate you, pick the thing you hate the most
- Hire someone who also has core values
- If you can’t afford to bring someone on when in your capacity, you got a whole different business model problem, not a hiring problem
30:22 - The biggest hindrance or obstacle from solopreneur to being a true entrepreneur
- Gino teaches Entrepreneurial Range. it's like an arc on the left side of the arc is the word "self-employed” and the right side is the "true entrepreneur"
- The point of the Entrepreneurial range is to understand where you are on that range
- If you don’t have the 6 essential traits it’s okay. but if you do, you won’t be able to stop yourself from building an empire. The key is knowing yourself