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#114 - In this episode, Travis talks to successful entrepreneur and best-selling author John Warrillow. John is the founder of The Sellability Score and has written various books that help business owners automate their business and develop recurring revenue. Travis and John share various ideas to create efficient and self-sustaining business. John gave his three attributes to a product or service, which he calls TVR, teachable, valuable, and repeatable. He also points out the importance of establishing and documenting workflow to help visualize these processes to the entrepreneur and his employees. They also highlight the value of getting the metrics not only for the daily operations of the business but also helps establish the value of the business. These and so much more are what entrepreneurs can expect from this episode of the Entrepreneur’s Radio Show.
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How to build a business that thrives without you Podcast available at TheEntrepreneursRadioShow.com for full interview with John Warrillow
one of the best ways to see how your business is going to perform and whether you've got systems issue is to go on vacation • taking a vacation can be a great way to really start to systematize the business.
most of us think about projects along two dimensions, that which is urgent and those that are important. These two aren't necessarily the same thing. • Most of us do what is both urgent and important first thing, which is obvious. (Stephen Covey)
The most successful folks said hang-on. When you dealt with the urgent and important, go to the not urgent but important • Those folks who go to that second quadrant are the ones that achieve the most in life. (Stephen Covey)
Trifecta of Scale • T – teachable to employees • V – valuable to the customers • R – repeatable
great systems builders • work flowing and documenting visuallyhelps employees. • Some employees are going to learn it better if they read it some by doing it, • Some are better by singing it.
great systems builders • There is value in getting the metrics • Flowcharts convey several things that words have a hard time conveying sometimes in a big picture aspect.
4 natural instinctive behavior • quick start, the degree to which you start lots of things and are animated and so forth. • implementer, where you're good with your hands, you're fixing things physically.
4 natural instinctive behavior • fact finder, the degree to which you will seek facts before taking a decision. • follow through, the degree to which you build systems and you adhere to systems.
4 natural instinctive behavior • A lot of entrepreneurs are really high-end quick starters. • So lots of ideas, but very low on follow-through.
qualitative market research • Qualitative market research where you're trying to gather people's feelings about something. So you might do a focus group with 8 people and say, “What do you think of Rick Perry as a governor? Let's talk about his strengths and weaknesses.”
quantitative research • Quantitative research is where you're numerically and empirically proving a point. So it would have typically closed-ended questions. So on a scale 0-10 how likely are you to recommend this to a friend or colleague. And so you're getting an empirical hard data point.
90% of business owners at under $1 million do not drive their business based on quantitative information. And that's the reason why so few businesses ever reach a million dollars, not that a million dollars is special. • Because it's very easy to have a million dollar business that's not profitable as well.
THEENTREPRENEUR’SRADIO SHOW Conversations with Self-made Millionaires & High-level Entrepreneurs that Grow Your Business a production of Rock Star Entrepreneur Network www.rockstarentrepreneurnetwork.com
