Friday, August 2, 2024
Mistakes
(Narrated by Eleven Labs' Text to Speech AI)
I’ve been thinking a lot about mistakes.
I make a few of them. More than I would like, if I’m being completely honest.
In my first visit to Helsinki, on my first night, approximately 53 minutes into my trip, I put my Airbnb key in the wrong door.
Not a big deal right? Honest mistake. I tried to enter the wrong building (two metres away from the correct building) as I wasn’t really concentrating and I thought it was the right building. Didn’t feel like it would be an issue as I realized I made the mistake. However, the key got stuck in the door. Turns out Finland is known for having some of the most intricate locks in the world. Fast forward 6 hours - 3 (!) locksmiths had to come and try remove the key. One after the other, they failed. Apparently this was the toughest lock in all of Finland, arguably in all of Europe, possibly in all of planet Earth. They ended up having to remove the entire lock from this apartment building’s entrance and replace it. I replaced the lock of that building, and inadvertently invested in the infrastructure of Finland.
6 hours. 400 Euros. An expensive mistake.
A younger version of myself would have ‘beaten myself up’ about it. I would have started to overthink why I did something so silly. It would have affected my mood. I would have struggled to be fully present afterwards.
Over time, I’ve realized that doing ridiculous things is completely normal.
Making mistakes is completely normal.
In sport, messing up a serve, losing a point, conceding a goal - completely normal.
But…
The next serve? The next point? The next goal? The next door in Finland? That’s the one we have to get right. The mentality directly after. That’s the test.
In Roger Federer’s Dartmouth College address, he noted that he has won a staggering 80% of games in his career. That is absolutely incredible. However, the really jarring statistic he shared is that he only won 54% of the contested points within games. That means he lost nearly half of all points he played in his career - he made mistakes of some sort in nearly one in every 2 points he ever played - yet he still won roughly 80% of his matches.
As Federer says, “You want to become a master at overcoming the hard moments” .
Kevin Kelly’s line on this resonates:
“Pros make as many mistakes as amateurs;
They’ve just learned how to gracefully recover from their mistakes”
I absolutely love that.
How liberating is it to know that mistakes are normal?
If we don’t close that deal? Absolutely fine. Recover gracefully. Close the next one.
If we don’t win that point? Absolutely fine. Recover gracefully. Win the next one.
If we don’t know that answer in the exam? Absolutely fine. Recover gracefully. Answer the next one
If we put that key in the wrong hole. Absolutely fine. Recover gracefully.
Get it in the right hole next time.
Monday, July 1, 2024
Tribalism
Tribalism
In modern society, it has a place.
I am a Liverpool fan. It’s a zero sum game. No other team can exist in my emotional stratosphere. I am entirely immature in that 90 minutes watching that specific football match.
In modern society, it has a place.
I am a Liverpool fan. It’s a zero sum game. No other team can exist in my emotional stratosphere. I am entirely immature in that 90 minutes watching that specific football match.
By virtue of being a Liverpool fan, I “hate” other football teams. They are the enemy, and Liverpool must win.
This is a sports ideology. Your fandom is your identity. There’s something fun about the tribalism of it. We realize it’s ridiculous and non-sports-fans struggle to understand it. But we do it because it makes us part of a community - a tribe. We connect within seconds when we meet someone who is part of that same tribe. If I meet another Liverpool fan, I have hours (if not months) of content I can speak with them about. I know we will agree on most things and compound each other’s views. By virtue of being Liverpool fans, we are “the same”.
In sports, tribalism is fun. It’s an escape.
However - It’s dangerous to apply this tribalism to other parts of life.
Politics should not be tribal.
This is a sports ideology. Your fandom is your identity. There’s something fun about the tribalism of it. We realize it’s ridiculous and non-sports-fans struggle to understand it. But we do it because it makes us part of a community - a tribe. We connect within seconds when we meet someone who is part of that same tribe. If I meet another Liverpool fan, I have hours (if not months) of content I can speak with them about. I know we will agree on most things and compound each other’s views. By virtue of being Liverpool fans, we are “the same”.
In sports, tribalism is fun. It’s an escape.
However - It’s dangerous to apply this tribalism to other parts of life.
Politics should not be tribal.
Building views about what’s best for our country or the biggest societal issues of our times should not be tribal. It should not be a zero sum game.
I don’t believe our identity should be aligned with a political party. I don’t believe it’s in any society’s best interests to view politics as an “us” vs “them” battle.
Elections should be about values and approaches to solving key societal problems; who we believe will make decisions that will benefit the population as a whole. Each party will always have extremely complex challenges to deal with. Opportunity cost of every dollar. For every dollar they spend on one issue, that’s a dollar not spent on a different issue. We have to make our choices based on the issues we value the most at the time - the problems that need to be solved in our society. Acknowledging that things will change, and we’ll have more information over time to make our next decision.
I will be a Liverpool fan even if we lose 300 games in a row, get relegated, and only sign players I dislike. It’s a marriage. I made it through the “Roy Hodgson years” - I can make it through anything. Nobody can change my mind about being a Liverpool fan.
But if we apply the same ideology to societal issues, we will not learn from each other. We will not allow ourselves to have healthy debates and consider the various sides of the biggest problems facing our country and the planet. We need to appreciate that our current views are largely influenced by our upbringing, our friendship groups, social media, the news, and possible biases.
I don’t believe our identity should be aligned with a political party. I don’t believe it’s in any society’s best interests to view politics as an “us” vs “them” battle.
Elections should be about values and approaches to solving key societal problems; who we believe will make decisions that will benefit the population as a whole. Each party will always have extremely complex challenges to deal with. Opportunity cost of every dollar. For every dollar they spend on one issue, that’s a dollar not spent on a different issue. We have to make our choices based on the issues we value the most at the time - the problems that need to be solved in our society. Acknowledging that things will change, and we’ll have more information over time to make our next decision.
I will be a Liverpool fan even if we lose 300 games in a row, get relegated, and only sign players I dislike. It’s a marriage. I made it through the “Roy Hodgson years” - I can make it through anything. Nobody can change my mind about being a Liverpool fan.
But if we apply the same ideology to societal issues, we will not learn from each other. We will not allow ourselves to have healthy debates and consider the various sides of the biggest problems facing our country and the planet. We need to appreciate that our current views are largely influenced by our upbringing, our friendship groups, social media, the news, and possible biases.
We need to challenge ourselves and allow ourselves to be challenged.
I should allow myself to change my mind on how I vote based on topics at hand, and which party will be for the greater good of the country. I should be open minded as I consider issues, and as I hear counter-arguments to my views.
Be tribal in sports. Be considered in every other part of life.
Be tribal in sports. Be considered in every other part of life.
Saturday, June 29, 2024
Think like a Scientist
I spent the weekend reading 'Think Again' by Adam Grant. Organizational psychology has always fascinated me, and I always find books that analyze social behaviours probably more intriguing than I should - both from a perspective of reviewing the way I approach situations personally, and how I can use any learnings in a professional capacity. A few key themes stood out from this:
One line that resonated with me was “being wrong is the only way I feel sure I’ve learned anything”. There’s real value in admitting to being wrong. Whether that’s finding Product Market Fit in a startup, learning that the problem you’re solving is not the original problem you were seeking to solve (and adapting extremely quickly), or in a personal context where disagreements can either strengthen a relationship or damage it depending on the approach taken by both parties.
Jeff Bezos said “People who are right a lot listen a lot, and they change their mind a lot - if you don’t change your mind frequently, you’re going to be wrong a lot”. This is a very challenging concept, as in the professional world we all have a layer of imposter syndrome and ego. Admitting to being wrong feels like it comes with a risk of exposure to the fragility that lies beneath the ego. In the context of sales and finding PMF, the difference between going out of business and achieving that tipping point of scale is listening to customers’ demands, changing your mind where appropriate, and admitting to being wrong based on ever-changing hypotheses. In fact, any professional leadership role has a variety of decision-making crossroads which require questioning options, making judgment calls, reviewing the judgment calls, and hoping for learnings and greater wisdom over time to make more effective judgment calls. It’s non-linear, and there will never be a point where listening and being open to changing your mind based on information at hand isn’t necessary.
Reading this book reminded me of the value of “thinking like a scientist” in all contexts of everyday life. The value of being humble in the face of new information and when reviewing progress, and always looking at what can be improved. Listen, admit you might be wrong and see if adaptation is needed. In the art of B2B sales, and in building a startup - Truly listen to the real problems that prospects have, and refine the proposition and approach accordingly.
Think like a scientist.
One line that resonated with me was “being wrong is the only way I feel sure I’ve learned anything”. There’s real value in admitting to being wrong. Whether that’s finding Product Market Fit in a startup, learning that the problem you’re solving is not the original problem you were seeking to solve (and adapting extremely quickly), or in a personal context where disagreements can either strengthen a relationship or damage it depending on the approach taken by both parties.
Jeff Bezos said “People who are right a lot listen a lot, and they change their mind a lot - if you don’t change your mind frequently, you’re going to be wrong a lot”. This is a very challenging concept, as in the professional world we all have a layer of imposter syndrome and ego. Admitting to being wrong feels like it comes with a risk of exposure to the fragility that lies beneath the ego. In the context of sales and finding PMF, the difference between going out of business and achieving that tipping point of scale is listening to customers’ demands, changing your mind where appropriate, and admitting to being wrong based on ever-changing hypotheses. In fact, any professional leadership role has a variety of decision-making crossroads which require questioning options, making judgment calls, reviewing the judgment calls, and hoping for learnings and greater wisdom over time to make more effective judgment calls. It’s non-linear, and there will never be a point where listening and being open to changing your mind based on information at hand isn’t necessary.
Reading this book reminded me of the value of “thinking like a scientist” in all contexts of everyday life. The value of being humble in the face of new information and when reviewing progress, and always looking at what can be improved. Listen, admit you might be wrong and see if adaptation is needed. In the art of B2B sales, and in building a startup - Truly listen to the real problems that prospects have, and refine the proposition and approach accordingly.
Think like a scientist.
AI in Sales: The Balancing Act
I have been thinking about how AI and specifically ChatGPT can help me and our team in our day to day sales roles. I’m currently cautious in my view and am aware of The Law of Instrument bias- the idea that “if you only have a hammer, you see everything as a nail”. There will be temptations to over-use GPT for every part of the role and lose sight of the subtleties that translate into sales teams succeeding.A new outbounding campaign? GPT. Difficult negotiation? GPT. Objection handling? GPT.
My view is likely to change, but I'm currently of the view that we should only use AI for up to 20% of the "art" of sales. I'm a massive advocate of sales being authentic and human in a world where everyone is bombarded with 1000s of automated sequences that read like poorly edited marketing templates. GPT puts sales teams at the risk of going deeper down this path- if we don’t use GPT with finesse, if we use it as “a hammer”- we will see sales teams with higher automation and higher volume; which on the surface level can be attractive, but at the risk of foregoing quality interactions and conversion. To keep the tool analogy going, we need to use ChatGPT as a screwdriver- showing precision and care rather than brute force. Keep the subtleties of the human approach of B2B sales; reading between the lines; relevant touch points at relevant moments; letting the empty spaces between contact points do the work. Nuance.
ChatGPT can, however, be the ultimate sales advisor, coach, and refiner. One exciting use case is that of an “onboarding companion”- we can ask GPT to take the form of a prospect, by giving it the prospect website so that it has context of the company, giving it the sales deck so it can ask relevant questions, and using prompts that guide it in the right direction on the type of questions that are appropriate. We can then use it for role play meetings ahead of meeting prospects in real life. I played with this today and am extremely impressed, and feel that for self-training, it can be an invaluable tool.
Zooming out from day to day sales, I see significant value in GPT regarding sales operations. Sales activity trend analysis- summarizing and analyzing bulk notes taken by the sales team. This will help sharpen ICP, getting a better understanding of stakeholders involved in the decision, who's budget it's coming out of, what problems are being solved, other solutions considered etc. This can save considerable time in helping find product market fit, and help refine the value proposition. In addition to this, giving GPT info from CRMs to do deal funnel analysis and helping provide insight into challenges around the corner could be invaluable to sales leaders.
This is not my definitive view, and everything I've said might be out of date in 2 weeks time anyway. It’s up to us to keep experimenting, and allow ourselves to be open to change our current approach while not losing sight of what leads to successful sales teams in the first place.
ChatGPT can, however, be the ultimate sales advisor, coach, and refiner. One exciting use case is that of an “onboarding companion”- we can ask GPT to take the form of a prospect, by giving it the prospect website so that it has context of the company, giving it the sales deck so it can ask relevant questions, and using prompts that guide it in the right direction on the type of questions that are appropriate. We can then use it for role play meetings ahead of meeting prospects in real life. I played with this today and am extremely impressed, and feel that for self-training, it can be an invaluable tool.
Zooming out from day to day sales, I see significant value in GPT regarding sales operations. Sales activity trend analysis- summarizing and analyzing bulk notes taken by the sales team. This will help sharpen ICP, getting a better understanding of stakeholders involved in the decision, who's budget it's coming out of, what problems are being solved, other solutions considered etc. This can save considerable time in helping find product market fit, and help refine the value proposition. In addition to this, giving GPT info from CRMs to do deal funnel analysis and helping provide insight into challenges around the corner could be invaluable to sales leaders.
This is not my definitive view, and everything I've said might be out of date in 2 weeks time anyway. It’s up to us to keep experimenting, and allow ourselves to be open to change our current approach while not losing sight of what leads to successful sales teams in the first place.
Thursday, March 30, 2023
26 Key Sales Leadership Learnings in 18 Months
As I type this, I feel in a particularly reflective mood. I am sitting at a bar, in Palma de Mallorca, where I should probably be partying or eating chipirones (trust me, there will be lots of eating, but at most a geriatric amount of partying). As I sit here, I am extracting learnings from Q1, from 2022, and generally from the last few years of management both at Crowdcube and 3 years in management at tastePal. So this is really 4.5 years of reflections. Leadership is a fascinating thing. Intangible. No right or wrong. 50-50 moments. Off-the-cuff decisions.
This post will primarily focus on 18 months as Head of Sales at Crowdcube. Grab an avocado, dig in, and let me know which parts you disagree with.
Also - disclaimer is that there may be some glorious full sentences, and other points that feel like messy bullet points and should have remained jumbled scrawls in my mind. Such is life.
Disclaimer 2.0 is that if you're not currently in sales or management, you might find this to be an extremely dry read. Don't say I didn't warn you.
Here’s 26 reflections and learnings. Bon appetite.
(I reserve the right to completely change my mind on all of this by this time next week).
1. Remuneration
Incentivize on upside. Sales people will always want more money. They are hungry, motivated, driven, smart people. Where is the upside to working on Saturdays and Sundays outbounding to be the best in the team if commission is capped at a level disproportionate to time invested? This is how sales people think. These are highly intelligent people with opportunity cost in their lives, so committing time outside work hours needs to feel worth it. The upside needs to feel potentially life-changing. A sales-person wants to buy into what they’re selling, as if it’s their own business. And they want to believe - they need to believe - that committing their blood, sweat and tears can lead to outsized returns. Ofcourse this commission needs to be proportional to revenue brought in by the individual, and needs to be carefully considered on a team relative to individual level. Would outsized individual commission lead to a disruption in culture of "stealing" leads from other team members? Is hybrid model of team and individual commission preferable? Details depend on structure of team and company revenue, but the principle of outsized (potentially life-changing) commission potential needs to apply to get the best, most motivated BDs.
2. Lead by example
A Sales Manager or Head of Sales needs to gain trust and respect early on in the role. Key way to do this is to lead by example by being exceptional at sales, closing deals that are seen as “marquee”, and being the model to aspire to. One of my failings was that when I started the role, I became so transfixed on the “management” side of it, and I wanted to allocate my pipeline to the new team members to boost their pipeline - but it came at the cost of bringing in deals myself. I became rusty, I became more of a manager than a leader or a world class sales-person, and I jeopardized the respect of the team as my role appeared more administrative than operational.
3. To consider when rebuilding a team
Hire fast - if hiring is priority. It is priority. Easy to do 11 things at 50% quality, but then hiring can take months. When there are key hires to be made, I recommend throwing everything at it.
Based on recent learnings, I recommend going this route if you need to make a great hire quickly - Do all of these in conjunction with each other, simultaneously: Use multiple recruiters; Otta; Flexa; Update your Linkedin page as “Hiring”; Post about it; Outbound top candidates yourself; Get different teams in the company to share; Offer referral incentives within teams; Revisit salary band and commission if needed. Do whatever it takes to get a high volume of top candidates as quickly as possible, because for any business where sales cycles take months, taking months to hire new team members on top of that in a rebuild is suicide.
4. Learnings from Interview process
There is no perfect process. I have learnt that a task that is representative of the daily job is helpful - for the individual to present in an interview and to talk through their thinking. Look out for soft skills - the little things like if they pause after making their point to see if you have questions or feedback, look out for if they are confident enough to provide substantiation to what they have stated in the task. Challenge them to see how they hold up to it. Disagree with them. Challenging and disagreeing will test how, even under pressure, they are able to show confidence and control the room - because clients will challenge them and disagree with them so you need to test it here first.
Be sure to give them enough time to discuss their questions with you, and be generous with your time - giving a clear view of the business’s growth plans and commercial model so they have as much information as possible to make an informed decision if they want to proceed. Remember - interviews should be a perfect fit for both, not just the employer. Final point on this - If the candidate is a 7/10, it’s a “no”.
5. If the majority of your team members are new
Pour your heart and soul into training them to be the best. If there are multiple people being onboarded at the same time, they are the future of the team - and your investment in them now may only yield rewards in a few months time, but those rewards will be worth it. Do not overlook the importance of an excellent onboarding
6. Onboard plan learnings
Be conscious of “nice to haves” versus essentials. “Nice to haves” may extend onboarding plans by weeks, but that theoretical training may only come up with clients 5% of the time. Think about onboarding in terms of the 80-20 rule. Get candidates to know enough to start working with clients asap, and optimize for practical learnings “just in time” rather than “just in case”. Get them in front of clients early, join them on meetings, and do full debriefs with them on what they did well, and what they can improve.
Aim for quick wins with clients - if you have a strong inbound and partnerships channel, be sure to give straightforward deals to new members of the team to boost their confidence and to demonstrate to them that the onboarding has been effective, and they know more than they think. I am a big advocate of the idea of learn-by-doing more than overwhelming with theory which has no context in real client situations. I remember when I started at Crowdcube, I felt overwhelmed by the theory. The onboarding was 4-5 weeks of theory but I didn’t have much of a reference point. Then when I started with clients, it felt almost like I was starting from the beginning because I wasn’t fully absorbing the theory at the time (maybe that just means I’m a slow learner). The goal now is that our Business Development Managers can lead meetings by the end of week 2. Get quick wins and iterate their learning. One of the big breakthroughs in our onboarding has been the use of Jiminny (you may know of their competitor, Gong). Being able to watch / listen to other team members’ historical meetings is a game-changer. Ambitious BDs take it home, drink in the content on weekends, and arrive at work in week 2 as if they’re 6 months in because of the quality learnings available.
7. Introduce new hires into the culture early on
It’s extremely important to make new hires feel at home as early as possible. Put yourself in their shoes - new company, new role, new people, significant pressure, and some have even moved cities or countries. We need to do everything we can to integrate them seamlessly. I strongly encourage having sessions already booked in their calendar and their systems ready for setup. I’d advise also having a team lunch on their first day or first week, and/or a team or company social to integrate them outside of work hours. Details matter for new hires.
I joined Crowdcube from South Africa in 2019. I arrived in UK on the Friday and I started work on the Monday. We went for team lunch on my first day and there was a social that week - it made all the difference to me in feeling “like home”.
8. Training never stops - and has to be consistent
Have recurring training sessions in the calendar - some weekly/ some monthly/ some quarterly.. Have a clear map of what training is needed when (it can be a mix of Objection Handling, Compliance sessions, Value Proposition Refreshers, Marketing Refreshers, Peer-to-Peer coaching sessions etc). Be on top of where the team’s weaknesses are and constantly be looking to fill those gaps. Send quarterly Google Form out to the team to check in where their training gaps are - for them to as honestly as possible state where they are unsure, so that you can be proactive in booking in necessary trainings.
Host a weekly meeting for the nuclear team - this should be a small session that’s as interactive as possible - each individual in the team should discuss what are priorities for the week; how can we help each other; what did we learn that week; current quantitative position in the quarter. The goal of that weekly session should be to create a culture of supporting each other, and sharing mistakes and learnings for accelerated team learning - there is no room for ego.
One of my mistakes has been to only set up Weekly sessions like this very late into my role. This meant for the last 18 months, some team challenges either only came up in discussions in the other training sessions, or I needed to pick up trends in our one-to-ones. That leads to higher likelihood of reactiveness. The Weekly sessions provide structure, support and accountability and if I could start again, I would implement that Week 1 as a no-brainer.
9. Professional Development is key
Once a quarter, run Professional Development plan sessions with each individual in the team. The goal of this should be to work on what they want to Stop, Start and Continue in their current role, what their medium term goals are in the company, and what their medium / long term goals are in their career. These sessions are key to show you care - and that you are going to work with them to achieve their goals.
Consistency is key - one of my mistakes has been that I started with these plans, but then as things got busier, I relegated them and haven’t done them for the last few quarters.
10. Never get complacent on the team’s ambitions
Tying into the above point; be proactive in understanding each individual’s professional ambitions and do everything to clear the way for them. Fight for them for salary. Give clear quantitative goals for them to strive towards and stick to your word if they achieve. Fight for gender equality on pay. They need to feel that their boss wants them to grow and succeed. That’s the only way they will truly give their all.
These are critical factors in morale and indirectly on performance. I have sometimes done this well and sometimes not - it’s something I will always strive to improve on because I know it’s so important for me if roles are reversed.
11. Be a data machine
Have a rock solid definition of what good looks like in terms of handover volume, estimated revenue, closed lost rate, outbounds-to-meeting-to-deals-signed ratio. It’s extremely difficult for a new member of the team to come in and know "good" if numbers are murky. I haven’t been excellent at this - I’ve had a good grasp of the big picture numbers, but haven’t been as laser focused on the micro numbers as I should be - another big learning.
12. Be physically present
As a sales leader, you should be available wherever the majority of the team is. If the team is in the office, you should be in the office. Being physically present allows for serendipitous moments after a client meeting where you can provide advice and support - it’s really difficult to quantify the value of that, but I believe it’s extremely high. It took me a while in the beginning to adapt to this - I was so pro-remote work that even when the majority of the team were in the office, I was working from cafes and from home. Oh I just love working from cafes - too much. Over the last 5 months I’ve worked most days in the office when my team has been there, and I’ve seen the serendipity in action where perhaps previously they wouldn’t have sent that additional Slack message asking for support. Little things like this can make a big difference.
13. Find a working model that works for the team
Whether it Hybrid or flex or remote, the manager needs to understand each individual in their team. Where do they live, what works best for them, how productive are they in the current system, what is the composition of their average day. The manager should have that discussion with each individual. This decision should not be top-down enforcement. I believe the hybrid vs. office vs. remote is one of the great professional challenges of our times - but I also believe it’s really simple. We should trust each other. We should show each other respect, find a way that works for everyone, and if we do that, the team will feel it and want to perform at their best.
14. Morale is incredibly... incredibly important
Tough times in a company may lead to cost cutting. It may lead to a lack of salary increases or bonuses. Sacrifices need to be made. But morale will always be important. No matter what. The manager needs to understand how to boost morale of the team - and it doesn't need to involve significant costs. Senior leadership should support this. It may be simple things like celebrating birthdays of people in the team, vouchers as a “congratulations” for successful deals closed, or a proverbial arm around the shoulder of support . Little things, but if done proactively they can show the team that the company has best intentions, and backs the team to turn things around.
15. When someone in the team is over-performing, show recognition
Sales cycles take long and sales may not convert into revenue immediately (at Crowdcube it takes 3-4 months after signing a deal for it to convert into revenue). A BD needs to know they're doing a good job. If you "lose" 1 deal after winning 9, it can still feel like the world has fallen apart. I recommend asking other senior people in the team to send a message to the achieving team member or take them out for coffee/lunch - it’s a very simple low hanging fruit way to show that the person is recognised and appreciated in the organization
16. Continue to sell at a high level
To re-iterate this one. The manager needs to continue to sell at a high level. How can you train / lead / be proactive on what's not working with Product Market Fit if you’re not staying sharp? Such a big part of the job of a Sales Manager or Head of Sales is objection handling and help with getting deals over the line, and it really is like a muscle that needs to be exercised to experience hypertrophy, or else it will atrophy. Volume may be lower, but value would be higher. Close high value deals, and host “learning sessions” on what you did to close those deals. The learnings and trainings never stop
17. Join the team on their sell and encourage team-sell where necessary
Self-explanatory. If a client brings multiple stakeholders onto a meeting, we should do the same. If the deal is high value, we need to recognize that by bringing in people who have the gravitas of experience. The subtle signaling of team-selling shows that you value their business. This is massively important not only in a competitive environment, but generally if you want to be the best consistently.
18. Be an ultra-effective liaison with other key teams
Be proactive on engaging with marketing on assets that are needed to help with the position of the value proposition. Get very close with the campaign / account management team - because they have the best understanding of if client’s expectations have been managed appropriately by the sales team. We need to constantly get feedback from them and improve.
19. Competition.. Oooh Competition
Use competition as inspiration to be better. Show them respect. They are clearly not sh*t at everything, and clients know that. Acknowledge to yourselves internally, and directly to clients where your competitors are strong, and give clear and practical thinking on why you have chosen to do it the way you do it. There is a reason for every decision in your business, and your sales team should buy into it with every fibre in their being and be able to explain the rationale to clients like their life depends on it. Use competitors as fuel to be better, rather than bashing them. Hold objection handling frequently to keep the team sharp
20. Firing
Do it the right way. When concerns start to arise, initiate a firm Performance plan with assistance from HR. Communicate up front that there is job risk, and provide clear areas that are not where they need to be (this again highlights the value of having a good understanding of the quantitative "what good looks like" in the role to use as a benchmark). Share written performance plan and work through it together candidly and transparently with the goal of turning it around and turning the individual into a top performer. Do not just one day set up a meeting and pull the trigger. It’s not fair to the individual, and doesn't give them a fair chance to turn it around - and the knock-on effect on team morale is profound. Probation is different if a wrong hire is simply wrong hire. But after several months / years into the role, there is a certain level of respect and share of responsibility that is deserved. I had big learnings on this one, and definitely feel that I’m much better prepared now to handle this situation in future.
21. Resignations
It is your goal to see it coming. A surprise resignation is a failing of management, because the manager should have their finger on the pulse of the team at all times. If there is a risk of resignation/s coming, start the hiring process early. Hiring can take longer than hoped because, as Liverpool FC manager (I had to get them in here) Jürgen Klopp says "it’s better to have a hole than asshole". Never rush hiring. But if you know in advance you may have to hire, it makes that much easier.
Support the resignation of the employee and do whatever you can to help them. If you have helped them to take an exciting step in their career that is a better fit for them, you have succeeded as a leader, and that’s what it’s about.
22. Misconduct
If there is anything that looks like it even has the slightest chance of misconduct, escalate it internally to those who have had experience dealing with previously. At a company party social, a leader still has to take responsibility if you see something that doesn't look right and needs to act swiftly. Then escalate as if it's the most serious version of events, rather than seeking to handle it yourself.
23. Process and operational improvement
While juggling the above plates, the manager’s finger needs to be on the pulse of where major blockers are in the team. You need to use any goodwill internally to push for this and put together a strong case for how that efficiency increase can translate into results. A real life example (and another mistake I’ve made) at Crowdcube is that Inbound applications from clients could be much slicker and more efficient. I noticed this and had it requested many times by people in our team, but I de-prioritized. If I had sorted this out upon first request, we would have had a more efficient inbound system over the last year, and it’s difficult to quantify how many hours could have been saved for clients and for our team.
24. Clear blockers for the team to excel
It could be an escalation of a deal that has become extremely complex, or it could be frustrating admin that’s stopping them from doing what they do best. A manager needs to remove blockers. If it’s a complex deal that has stumped the member of the team - it’s the manager’s job to jump on it , level with the client , sort it out, reflect on learnings as a team and move on, rather than letting the complexity fester and disrupt that BDs pipeline and time for hours/days/weeks to come.
25. Be ruthless in prioritization
Between hiring, onboarding, training, one-to-ones with team, one-to-ones with individuals in other teams, professional development, outbounding, closing deals, building strong relationships with adjacent teams and striving for greater operational efficiency, it's impossible to do all of them at 10/10 all the time. A sales leader needs to be able to say no. I recommend setting 3 key priorities on any given day, week and month. It’s such a simple concept - but I remember from his book, Bob Iger advocated for this when he became Disney CEO when he took over a mess and had to describe his objectives to the board - it worked out pretty well for him to provide that much needed clarity and focus.
26. Manage upwards
Be open to take coaching and advice from your boss and boss’s boss. Be a company-person first and strive to fulfill the desires of your manager. But hold convictions, be candid in discussions giving the thoughts and experiences of what you believe is right based on being in the thick of things on a daily basis, and have evidence ready to support your case if disagreeing with your manager. Be proactive in seeking advice from senior leadership in the company if it feels like the team is facing a significant and concerning challenge. Be persistent in ensuring that the challenge is taken seriously even if that means discussing with multiple stakeholders in the business.
If you have enough conviction in it, you have to fight for it.
So those are my reflections.
I will have many more over the next 18 months, but I felt the need to get them down on digital paper. I realize about myself I often need 2 or more attempts to get something right, but the beauty of the last 18 months is that I have been exposed to a little bit of everything and often more than once, so my skills have had many opportunities to sharpen and re-sharpen. I haven't always prioritized effectively, and I’ve often fallen into trap of being reactive. Every day in Sales Management there are new challenges and new opportunities to improve. That's the beauty of it. Makes it fun. I hope at least one of these thoughts are interesting / useful - and if not, it was cathartic for me to write down - so we all win.
Onwards and upwards!
This post will primarily focus on 18 months as Head of Sales at Crowdcube. Grab an avocado, dig in, and let me know which parts you disagree with.
Also - disclaimer is that there may be some glorious full sentences, and other points that feel like messy bullet points and should have remained jumbled scrawls in my mind. Such is life.
Disclaimer 2.0 is that if you're not currently in sales or management, you might find this to be an extremely dry read. Don't say I didn't warn you.
Here’s 26 reflections and learnings. Bon appetite.
(I reserve the right to completely change my mind on all of this by this time next week).
1. Remuneration
Incentivize on upside. Sales people will always want more money. They are hungry, motivated, driven, smart people. Where is the upside to working on Saturdays and Sundays outbounding to be the best in the team if commission is capped at a level disproportionate to time invested? This is how sales people think. These are highly intelligent people with opportunity cost in their lives, so committing time outside work hours needs to feel worth it. The upside needs to feel potentially life-changing. A sales-person wants to buy into what they’re selling, as if it’s their own business. And they want to believe - they need to believe - that committing their blood, sweat and tears can lead to outsized returns. Ofcourse this commission needs to be proportional to revenue brought in by the individual, and needs to be carefully considered on a team relative to individual level. Would outsized individual commission lead to a disruption in culture of "stealing" leads from other team members? Is hybrid model of team and individual commission preferable? Details depend on structure of team and company revenue, but the principle of outsized (potentially life-changing) commission potential needs to apply to get the best, most motivated BDs.
2. Lead by example
A Sales Manager or Head of Sales needs to gain trust and respect early on in the role. Key way to do this is to lead by example by being exceptional at sales, closing deals that are seen as “marquee”, and being the model to aspire to. One of my failings was that when I started the role, I became so transfixed on the “management” side of it, and I wanted to allocate my pipeline to the new team members to boost their pipeline - but it came at the cost of bringing in deals myself. I became rusty, I became more of a manager than a leader or a world class sales-person, and I jeopardized the respect of the team as my role appeared more administrative than operational.
3. To consider when rebuilding a team
Hire fast - if hiring is priority. It is priority. Easy to do 11 things at 50% quality, but then hiring can take months. When there are key hires to be made, I recommend throwing everything at it.
Based on recent learnings, I recommend going this route if you need to make a great hire quickly - Do all of these in conjunction with each other, simultaneously: Use multiple recruiters; Otta; Flexa; Update your Linkedin page as “Hiring”; Post about it; Outbound top candidates yourself; Get different teams in the company to share; Offer referral incentives within teams; Revisit salary band and commission if needed. Do whatever it takes to get a high volume of top candidates as quickly as possible, because for any business where sales cycles take months, taking months to hire new team members on top of that in a rebuild is suicide.
4. Learnings from Interview process
There is no perfect process. I have learnt that a task that is representative of the daily job is helpful - for the individual to present in an interview and to talk through their thinking. Look out for soft skills - the little things like if they pause after making their point to see if you have questions or feedback, look out for if they are confident enough to provide substantiation to what they have stated in the task. Challenge them to see how they hold up to it. Disagree with them. Challenging and disagreeing will test how, even under pressure, they are able to show confidence and control the room - because clients will challenge them and disagree with them so you need to test it here first.
Be sure to give them enough time to discuss their questions with you, and be generous with your time - giving a clear view of the business’s growth plans and commercial model so they have as much information as possible to make an informed decision if they want to proceed. Remember - interviews should be a perfect fit for both, not just the employer. Final point on this - If the candidate is a 7/10, it’s a “no”.
5. If the majority of your team members are new
Pour your heart and soul into training them to be the best. If there are multiple people being onboarded at the same time, they are the future of the team - and your investment in them now may only yield rewards in a few months time, but those rewards will be worth it. Do not overlook the importance of an excellent onboarding
6. Onboard plan learnings
Be conscious of “nice to haves” versus essentials. “Nice to haves” may extend onboarding plans by weeks, but that theoretical training may only come up with clients 5% of the time. Think about onboarding in terms of the 80-20 rule. Get candidates to know enough to start working with clients asap, and optimize for practical learnings “just in time” rather than “just in case”. Get them in front of clients early, join them on meetings, and do full debriefs with them on what they did well, and what they can improve.
Aim for quick wins with clients - if you have a strong inbound and partnerships channel, be sure to give straightforward deals to new members of the team to boost their confidence and to demonstrate to them that the onboarding has been effective, and they know more than they think. I am a big advocate of the idea of learn-by-doing more than overwhelming with theory which has no context in real client situations. I remember when I started at Crowdcube, I felt overwhelmed by the theory. The onboarding was 4-5 weeks of theory but I didn’t have much of a reference point. Then when I started with clients, it felt almost like I was starting from the beginning because I wasn’t fully absorbing the theory at the time (maybe that just means I’m a slow learner). The goal now is that our Business Development Managers can lead meetings by the end of week 2. Get quick wins and iterate their learning. One of the big breakthroughs in our onboarding has been the use of Jiminny (you may know of their competitor, Gong). Being able to watch / listen to other team members’ historical meetings is a game-changer. Ambitious BDs take it home, drink in the content on weekends, and arrive at work in week 2 as if they’re 6 months in because of the quality learnings available.
7. Introduce new hires into the culture early on
It’s extremely important to make new hires feel at home as early as possible. Put yourself in their shoes - new company, new role, new people, significant pressure, and some have even moved cities or countries. We need to do everything we can to integrate them seamlessly. I strongly encourage having sessions already booked in their calendar and their systems ready for setup. I’d advise also having a team lunch on their first day or first week, and/or a team or company social to integrate them outside of work hours. Details matter for new hires.
I joined Crowdcube from South Africa in 2019. I arrived in UK on the Friday and I started work on the Monday. We went for team lunch on my first day and there was a social that week - it made all the difference to me in feeling “like home”.
8. Training never stops - and has to be consistent
Have recurring training sessions in the calendar - some weekly/ some monthly/ some quarterly.. Have a clear map of what training is needed when (it can be a mix of Objection Handling, Compliance sessions, Value Proposition Refreshers, Marketing Refreshers, Peer-to-Peer coaching sessions etc). Be on top of where the team’s weaknesses are and constantly be looking to fill those gaps. Send quarterly Google Form out to the team to check in where their training gaps are - for them to as honestly as possible state where they are unsure, so that you can be proactive in booking in necessary trainings.
Host a weekly meeting for the nuclear team - this should be a small session that’s as interactive as possible - each individual in the team should discuss what are priorities for the week; how can we help each other; what did we learn that week; current quantitative position in the quarter. The goal of that weekly session should be to create a culture of supporting each other, and sharing mistakes and learnings for accelerated team learning - there is no room for ego.
One of my mistakes has been to only set up Weekly sessions like this very late into my role. This meant for the last 18 months, some team challenges either only came up in discussions in the other training sessions, or I needed to pick up trends in our one-to-ones. That leads to higher likelihood of reactiveness. The Weekly sessions provide structure, support and accountability and if I could start again, I would implement that Week 1 as a no-brainer.
9. Professional Development is key
Once a quarter, run Professional Development plan sessions with each individual in the team. The goal of this should be to work on what they want to Stop, Start and Continue in their current role, what their medium term goals are in the company, and what their medium / long term goals are in their career. These sessions are key to show you care - and that you are going to work with them to achieve their goals.
Consistency is key - one of my mistakes has been that I started with these plans, but then as things got busier, I relegated them and haven’t done them for the last few quarters.
10. Never get complacent on the team’s ambitions
Tying into the above point; be proactive in understanding each individual’s professional ambitions and do everything to clear the way for them. Fight for them for salary. Give clear quantitative goals for them to strive towards and stick to your word if they achieve. Fight for gender equality on pay. They need to feel that their boss wants them to grow and succeed. That’s the only way they will truly give their all.
These are critical factors in morale and indirectly on performance. I have sometimes done this well and sometimes not - it’s something I will always strive to improve on because I know it’s so important for me if roles are reversed.
11. Be a data machine
Have a rock solid definition of what good looks like in terms of handover volume, estimated revenue, closed lost rate, outbounds-to-meeting-to-deals-signed ratio. It’s extremely difficult for a new member of the team to come in and know "good" if numbers are murky. I haven’t been excellent at this - I’ve had a good grasp of the big picture numbers, but haven’t been as laser focused on the micro numbers as I should be - another big learning.
12. Be physically present
As a sales leader, you should be available wherever the majority of the team is. If the team is in the office, you should be in the office. Being physically present allows for serendipitous moments after a client meeting where you can provide advice and support - it’s really difficult to quantify the value of that, but I believe it’s extremely high. It took me a while in the beginning to adapt to this - I was so pro-remote work that even when the majority of the team were in the office, I was working from cafes and from home. Oh I just love working from cafes - too much. Over the last 5 months I’ve worked most days in the office when my team has been there, and I’ve seen the serendipity in action where perhaps previously they wouldn’t have sent that additional Slack message asking for support. Little things like this can make a big difference.
13. Find a working model that works for the team
Whether it Hybrid or flex or remote, the manager needs to understand each individual in their team. Where do they live, what works best for them, how productive are they in the current system, what is the composition of their average day. The manager should have that discussion with each individual. This decision should not be top-down enforcement. I believe the hybrid vs. office vs. remote is one of the great professional challenges of our times - but I also believe it’s really simple. We should trust each other. We should show each other respect, find a way that works for everyone, and if we do that, the team will feel it and want to perform at their best.
14. Morale is incredibly... incredibly important
Tough times in a company may lead to cost cutting. It may lead to a lack of salary increases or bonuses. Sacrifices need to be made. But morale will always be important. No matter what. The manager needs to understand how to boost morale of the team - and it doesn't need to involve significant costs. Senior leadership should support this. It may be simple things like celebrating birthdays of people in the team, vouchers as a “congratulations” for successful deals closed, or a proverbial arm around the shoulder of support . Little things, but if done proactively they can show the team that the company has best intentions, and backs the team to turn things around.
15. When someone in the team is over-performing, show recognition
Sales cycles take long and sales may not convert into revenue immediately (at Crowdcube it takes 3-4 months after signing a deal for it to convert into revenue). A BD needs to know they're doing a good job. If you "lose" 1 deal after winning 9, it can still feel like the world has fallen apart. I recommend asking other senior people in the team to send a message to the achieving team member or take them out for coffee/lunch - it’s a very simple low hanging fruit way to show that the person is recognised and appreciated in the organization
16. Continue to sell at a high level
To re-iterate this one. The manager needs to continue to sell at a high level. How can you train / lead / be proactive on what's not working with Product Market Fit if you’re not staying sharp? Such a big part of the job of a Sales Manager or Head of Sales is objection handling and help with getting deals over the line, and it really is like a muscle that needs to be exercised to experience hypertrophy, or else it will atrophy. Volume may be lower, but value would be higher. Close high value deals, and host “learning sessions” on what you did to close those deals. The learnings and trainings never stop
17. Join the team on their sell and encourage team-sell where necessary
Self-explanatory. If a client brings multiple stakeholders onto a meeting, we should do the same. If the deal is high value, we need to recognize that by bringing in people who have the gravitas of experience. The subtle signaling of team-selling shows that you value their business. This is massively important not only in a competitive environment, but generally if you want to be the best consistently.
18. Be an ultra-effective liaison with other key teams
Be proactive on engaging with marketing on assets that are needed to help with the position of the value proposition. Get very close with the campaign / account management team - because they have the best understanding of if client’s expectations have been managed appropriately by the sales team. We need to constantly get feedback from them and improve.
19. Competition.. Oooh Competition
Use competition as inspiration to be better. Show them respect. They are clearly not sh*t at everything, and clients know that. Acknowledge to yourselves internally, and directly to clients where your competitors are strong, and give clear and practical thinking on why you have chosen to do it the way you do it. There is a reason for every decision in your business, and your sales team should buy into it with every fibre in their being and be able to explain the rationale to clients like their life depends on it. Use competitors as fuel to be better, rather than bashing them. Hold objection handling frequently to keep the team sharp
20. Firing
Do it the right way. When concerns start to arise, initiate a firm Performance plan with assistance from HR. Communicate up front that there is job risk, and provide clear areas that are not where they need to be (this again highlights the value of having a good understanding of the quantitative "what good looks like" in the role to use as a benchmark). Share written performance plan and work through it together candidly and transparently with the goal of turning it around and turning the individual into a top performer. Do not just one day set up a meeting and pull the trigger. It’s not fair to the individual, and doesn't give them a fair chance to turn it around - and the knock-on effect on team morale is profound. Probation is different if a wrong hire is simply wrong hire. But after several months / years into the role, there is a certain level of respect and share of responsibility that is deserved. I had big learnings on this one, and definitely feel that I’m much better prepared now to handle this situation in future.
21. Resignations
It is your goal to see it coming. A surprise resignation is a failing of management, because the manager should have their finger on the pulse of the team at all times. If there is a risk of resignation/s coming, start the hiring process early. Hiring can take longer than hoped because, as Liverpool FC manager (I had to get them in here) Jürgen Klopp says "it’s better to have a hole than asshole". Never rush hiring. But if you know in advance you may have to hire, it makes that much easier.
Support the resignation of the employee and do whatever you can to help them. If you have helped them to take an exciting step in their career that is a better fit for them, you have succeeded as a leader, and that’s what it’s about.
22. Misconduct
If there is anything that looks like it even has the slightest chance of misconduct, escalate it internally to those who have had experience dealing with previously. At a company party social, a leader still has to take responsibility if you see something that doesn't look right and needs to act swiftly. Then escalate as if it's the most serious version of events, rather than seeking to handle it yourself.
23. Process and operational improvement
While juggling the above plates, the manager’s finger needs to be on the pulse of where major blockers are in the team. You need to use any goodwill internally to push for this and put together a strong case for how that efficiency increase can translate into results. A real life example (and another mistake I’ve made) at Crowdcube is that Inbound applications from clients could be much slicker and more efficient. I noticed this and had it requested many times by people in our team, but I de-prioritized. If I had sorted this out upon first request, we would have had a more efficient inbound system over the last year, and it’s difficult to quantify how many hours could have been saved for clients and for our team.
24. Clear blockers for the team to excel
It could be an escalation of a deal that has become extremely complex, or it could be frustrating admin that’s stopping them from doing what they do best. A manager needs to remove blockers. If it’s a complex deal that has stumped the member of the team - it’s the manager’s job to jump on it , level with the client , sort it out, reflect on learnings as a team and move on, rather than letting the complexity fester and disrupt that BDs pipeline and time for hours/days/weeks to come.
25. Be ruthless in prioritization
Between hiring, onboarding, training, one-to-ones with team, one-to-ones with individuals in other teams, professional development, outbounding, closing deals, building strong relationships with adjacent teams and striving for greater operational efficiency, it's impossible to do all of them at 10/10 all the time. A sales leader needs to be able to say no. I recommend setting 3 key priorities on any given day, week and month. It’s such a simple concept - but I remember from his book, Bob Iger advocated for this when he became Disney CEO when he took over a mess and had to describe his objectives to the board - it worked out pretty well for him to provide that much needed clarity and focus.
26. Manage upwards
Be open to take coaching and advice from your boss and boss’s boss. Be a company-person first and strive to fulfill the desires of your manager. But hold convictions, be candid in discussions giving the thoughts and experiences of what you believe is right based on being in the thick of things on a daily basis, and have evidence ready to support your case if disagreeing with your manager. Be proactive in seeking advice from senior leadership in the company if it feels like the team is facing a significant and concerning challenge. Be persistent in ensuring that the challenge is taken seriously even if that means discussing with multiple stakeholders in the business.
If you have enough conviction in it, you have to fight for it.
So those are my reflections.
I will have many more over the next 18 months, but I felt the need to get them down on digital paper. I realize about myself I often need 2 or more attempts to get something right, but the beauty of the last 18 months is that I have been exposed to a little bit of everything and often more than once, so my skills have had many opportunities to sharpen and re-sharpen. I haven't always prioritized effectively, and I’ve often fallen into trap of being reactive. Every day in Sales Management there are new challenges and new opportunities to improve. That's the beauty of it. Makes it fun. I hope at least one of these thoughts are interesting / useful - and if not, it was cathartic for me to write down - so we all win.
Onwards and upwards!
Sunday, February 26, 2023
100x Multiplier
The 100x multiplier
No, I’m not talking about every VC’s dream of getting a return on their fund.
(Although I could talk about that all day with anyone who wants to have lunch with me)
I’m talking about positively impacting as many people as possible, as much as possible.
According to Will MacAskill in ‘Doing Good Better’…
If you’re earning >£10,500, you’re in the richest 10% of the world’s population.
If you’re earning above £34,000, you're top 1%.
[as of 2015 stats]
According to MacAskill, for those of us living in UK, you could do at least one hundred times as much to benefit other people (elsewhere in the world) as you can to benefit yourself.
Now that number should be taken with a pinch of salt, but even if it's 5x the impact, we should dig deeper.
Philosophers Peter Unger, Peter Singer and more recently William MacAskill have been advocates of the notion of ‘Earning to give’: This is an enormously powerful way of doing good in the world, and may be more effective than doing good through our career, or sometimes even volunteering (controversial, I know).
Earning to give exploits the fact that even "typical" workers in developed countries are among the top income earners in the world. Combine that with currency arbitrage when giving to developing countries and the effectiveness of some of the most best charities in the world, and we have a recipe for optimum impact.
Looked at another way. Compare the cost of distribution of edible surplus food in fighting poverty. Felix Project and Food Forward SA are two excellent NGOs in this space, and both redistribute edible surplus food to those at risk of extreme hunger. An extremely noble cause that is saving lives.
Felix Project (UK): Approximately £0.22 to distribute 1 meal
Food Forward (South Africa): Approximately £0.033 to distribute 1 meal (roughly current exchange rate)
There might not be 100x difference in cost between distributing a meal in SA (via FoodForward) compared to in UK (via Felix Project), but the principle applies with a significant cost difference - as £100 can distribute 454 meals in UK, which is great - but, it can distribute 3030 meals in South Africa, which is substantial scale for a relatively small donation (3030 meals = 1000 people fed for a full day, or 100 people fed for a full month, depending how you want to cut it).
That is not to say we should ignore local problems. Charity starts at home and all that. But a question to consider through the lens of effective altruism is, “how do I impact as many people as possible, as much as possible?
I find this idea intoxicating. We get caught up easily in our day to day lives, struggling based on cost of living increase, comparing our salaries to those around us. And faced with the paradox of choice of charity, it’s easier to simply do nothing and focus on our own lives. But if we zoom out - We are genuinely doing well. We should not only be grateful for everything we have, but consider the outsized impact we could have if we leverage the Great British Pound relative to Rwandan Franc, the South African Rand, the Colombian Peso, the Cambodian Riel etc . How the pancakes we ate this morning could translate to monthly school fees for a student, or 340 meals reaching those in need through an effective NGO.
Impacting as many people as possible, as much as possible.
I’ll end this with MacAskill’s 5 key questions of effective altruism
How many people benefit and by how much?
Is this the most effective thing you can do?
Is this area neglected?
What would have happened otherwise?
What are the chances of success, and how good would success be?
So what's my key takeaway from all this?
Based on our current salaries, even if we feel we should be earning more (which we probably do), we are still incredibly well placed to make a difference in the world. I find that extremely powerful and encouraging, and should inspire action - check out givewell.org for more insights into best way to do this.Sunday, December 4, 2022
Fat and lazy
I’ve been eating a lot lately.
Pizza. Tapas. Hackney Gelato. All the patatas bravas I could get my hands on when I was in Sevilla.
Everyone acknowledges that excess food physically affects you with weight gain, health etc. But here's the problem - there’s more to it.
That is - the short term psychological side that affects discipline. After I’ve over-eaten, I’m lethargic. I’m lazy. I’m more inclined to do the bare minimum of whatever my task is thereafter. If I have the option of either writing a blog post or watching a movie, I would choose the latter every day of the week. Starting a no-code online course, or starting rewatching The Office for the 785th time? Give me Dwight Schrute.
It takes a significant amount of discipline and mental energy to overcome the mental malaise from being full and lethargic.
That’s an issue.
The phrase “to be hungry” is not just a trope.
It applies on an individual level and on a company level.
As Roelof Botha famously said, “more startups die of indigestion than from hunger”.
Being scrappy and lean on resource is a gift, and possibly a superpower.
Being bloated with excess resource leads to sloppiness, inefficient use of resource.
This is one of the major problems of the recent bull market. Companies were bloated. There was indigestion. Lazy allocation of resource. Attempts to grow in markets that were luxury / not core to business.
Hunger is a powerful motivator.
To be content is dangerous.
And to have indigestion is the biggest trap of all.
As a society, in this market, we will all eat less.
Doing more with less. Raising less capital. Less disposable income. Time to be scrappy.
Those who thrive will be the ones who see it as an opportunity.
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