CEO Lessons: Bulls**t Mission Statements, Firing People & Saying ‘NO'

My First Million

Hubspot

Investing, Entrepreneurship, Business

4.7 • 2.9K Ratings

🗓️ 10 October 2023

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Episode 505: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) talk about their biggest regrets as first-time CEOs and the shortcuts they’ve learned after 15 years of running businesses. (Disclaimer: This is not the type of stuff they teach at Harvard Business School.) Want to see more MFM? Subscribe to our YouTube channel here. Want MFM Merch? Check out our store here. Want to see the best clips from MFM? Subscribe to our clips channel here. — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com/ Check Out Shaan's Stuff: • Try Shepherd Out - https://www.supportshepherd.com/ • Shaan's Personal Assistant System - http://shaanpuri.com/remoteassistant • Power Writing Course - https://maven.com/generalist/writing • Small Boy Newsletter - https://smallboy.co/ • Daily Newsletter - https://www.shaanpuri.com/ — Show Notes: (0:00) Intro (3:00) Doomed Mission Statements (7:00) Hiring people you want to be around (12:00) Naming, Branding and Trademarks (17:00) How to make better hires (26:00) Ambitious Goal Setting vs Achievable Goal Setting (31:00) Not losing my shit (35:00) Firing 101 (38:00) Focus vs. Saying 'no' too much (46:00) Pre- vs. Post-product market fit Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. — Other episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto • #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • #218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

Transcript

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0:00.0	when Moise was selling native deodorant,
0:02.2	he didn't own the trademark.
0:03.8	And it was an issue?
0:04.8	He's got the deal done.
0:06.4	And they're like, wait, you don't have the trademark?
0:08.0	And he's like, yeah, but there's no other native deodorant.
0:09.7	And they're like, okay, Junior, what are you talking about?
0:12.4	That's not how this works, you know?
0:15.4	I feel like I can rule the world.
0:18.4	I know I could be what I want to.
0:21.4	I put my all in it like a day's old.
0:24.5	All right, today we thought it'd be fun
0:25.8	to do an episode all about how we actually
0:28.2	run our companies.
0:29.1	So we've been running companies for like, I don't know, 10, 15 years now.
0:32.7	And like many people out there at the beginning,
0:35.5	we did a bunch of dumb stuff.
0:36.8	And so we're going to admit and confess
0:39.6	to some of the dumbest things that we did running our companies.
0:41.8	And then talk about what we do now.
0:43.4	That's actually like we found that works.
0:45.1	So the stuff that didn't work and the stuff that works.
	...

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