F2L2 Leaks: Q & A With Cameron Herold

Capitalism.com with Ryan Daniel Moran

Capitalism.com

Entrepreneur, Amazon, Lifestyledesign, Investing, Startup, Ryandanielmoran, Finance, Cashflow, Freedomfastlane, Lifestyle, Business, Passiveincome, Financialfreedom, Entrepreneurship

4.8 • 793 Ratings

🗓️ 4 May 2017

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

When you have the opportunity to ask direct questions of a person who has successfully done what you desire to do - multiple times - you need to make the most of that opportunity. That’s what happened at Freedom Fast Lane LIVE in 2016 when Ryan was able to sit down across from business consultant, Cameron Herold. This conversation is that Q&A session. You’ll hear Cameron answer questions about what’s important in life, how to deal with stress, what makes companies grow from $1 million in sales to $3 million in sales, team building the right way, and more. It’s a great conversation packed with relevant, applicable tips you’re sure to gain great value from.

There’s not a single business problem that exists that can’t be solved by revenue.

When Cameron Herold addresses the problems in any business he always looks at how to fix the problem through the lens of revenue. In his words, “There’s not a single business problem that exists that can’t be solved by revenue.” In this conversation between Cameron and Ryan Moran, you’ll hear why Cameron says that - and even get to listen to a couple of examples of how he’s advised companies to make slight shifts that increase revenue for the sake of addressing specific problems in the business. You won’t want to miss these real-life examples.

The best way to deal with stress as an entrepreneur.

It wasn’t too long ago that Cameron Herold was told by the doctor that his body was on the brink of shutting down due to the stress levels he was constantly enduring. It was enough to make him take a step back and regroup. He had time to evaluate the things in life that mattered to him - his family, his health, his relationships - and make changes to ensure that he would be around to enjoy those things. In this episode, Cameron gives specific tips about how to build margin into your life that enables you to live the kind of life you really want to live instead of sacrificing the quality of your life for the sake of business success.

The main responsibilities of CEOs are not what you think.

CEOs are the vision-keepers of the company. That’s what business consultant Cameron Herold says. It’s their job to keep the vision alive and in front of the team at all times. When the leader is too busy doing low-value things, that vision ball gets dropped. Cameron’s advice: outsource or delegate the things that you should not be doing as the owner or CEO. Focus is your friend and once you have others who are more talented at the minutia taking care of it, you will be free to do what only you can do - cast and keep the vision and build the team that will support that vision.

Why you should fire employees who are C-players - immediately.

In Cameron Herold’s view, A-players are your superstars and leaders, B-players are the workhorses who get the work done, and C-players should be removed from the team right away. The reason he’s so cut and dried about the issue is that the wrong person in the wrong position will cost you 5 times their annual salary in undocumented expenses - like client or customer dissatisfaction. You can hear Cameron’s advice on how to make those tough calls and have the conversations to let someone go - even before you have a replacement, on this episode.

Outline Of This Great Episode

[0:24] Ryan’s intro to this episode: Q & A with Cameron Herold.
[3:10] The first step to outsourcing for the one or two man run company.
[5:19] The roles Cameron would consider full time people to fill rather than outsourcing.
[9:05] How CEOs or business owners can deal effectively with stress.
[12:17] How to go from $1 million to $3 million.
[13:08] The main responsibilities of the CEO and traits of those who do it successfully.
[16:18] How to keep great employees.
[16:57] How to fire quickly.
[19:13] How to hire for culture and keep diversity.
[21:22] How to build culture in virtual companies.

Action Steps From This Episode

FOR GETTING STARTED: Take stock of where you are, make the right decisions about what you will work on, and stay focused. Focus is powerful for moving forward.

FOR GREATER SUCCESS: Outsource or delegate the things that you should not be doing as the owner or CEO. Focus is your friend and once you have others who are more talented at the minutia taking care of it, you will be free to do what only you can do.

Connect With Today’s guest: Cameron Herold

Transcript

Click on a timestamp to play from that location

0:00.0	It's all about execution, it's all about the initial idea.
0:03.7	Half of my life was just, do I have the guts to place this order?
0:07.7	Ended up launching in 42 days, we raised $600,000.
0:12.0	Entrepreneurs are a billion-fold over anybody else solving the problems,
0:16.5	because a great problem is a great business opportunity.
0:20.0	Hey, FastLaners. a great problem is a great business opportunity.
0:39.2	Hey, Fastlaners. This is Ryan Daniel Moran. Welcome back to Freedom Fastlane. Today you're going to hear a clip from our December event called Freedom Fast Lane Live. It was held here in Austin, Texas. And what we try to do at Freedom Fast Lane Live is put the best capitalist, entrepreneurs, brand builders, and investors into one place,
0:47.6	invite people to join and watch what happens. We just try to create the biggest business up-leveling possible.
0:55.0	This year's event featured Peter Diamandis, J.P. Sears, Cameron Harold, the founder of Whole Foods, John Mackie,
1:02.0	a panel of people who built $100 million businesses, our investor panel, and a bunch more.
1:09.0	And in past events, we've had billionaire Jeff Hoffman,
1:12.6	Pat Flynn, Robert Hershevac, Gary Vaynerchuk, and others. So today you're going to hear a clip
1:18.2	from the recent event. We don't release the entire event for obvious reasons, but there are certain
1:24.2	clips that we find particularly beneficial that we want to share with you.
1:28.4	So that's what you're going to hear on today's episode.
1:31.2	If you want to be on the waiting list for the event in 2017, you can go over to
1:37.3	Freedom Fastlane Live.com, enter your best email address, and you will be on the notification list for when we release the
1:44.6	speakers until then enjoy this clip from freedom fast lane live so cameron uh great great stuff i
1:56.8	know a uh a lot of people in the room is anybody anybody running a one or two-man show in here?
2:04.6	Keep your hands up if we're running a one or two-man show.
2:07.1	Keep them up.
2:07.7	Every company started as one or two people, by the way.
	...

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