We had such a great response to Jeff Hoffman’s talk that we wanted to share his brief Q&A with Ryan. Even in just 14 minutes, he tells us three awesome, actionable tips that you can use now to build your business and plan for the future.
No matter how good you are, Jeff says, you can’t scale up your company without hiring other people. You can’t do everything, so you shouldn’t try to. Get the best people for the right job and put them to work for you.
Jeff also dispelled myths about initial funding. You don’t need to take on debt, talk to venture capital, sell private equity, or try all those other “traditional” approaches to get early cash. Jeff built his airline kiosk company by asking airports for a 50% deposit in advance. That way, he told them, they would be at the front of the line when the kiosks were completed.
It worked! He got a big pile of cash directly from his customers.
Jeff notes that we build businesses to chase our dreams. But sometimes they seem impossible to reach. Jeff’s managed to reach his, and he told us how.
Picture your goal, and work your way backwards in time from that moment. Jeff imagined meeting Elton John, and worked backwards from that imagined meeting to figure out how to make it happen (Jeff figures out products that the music industry wants to buy -> Jeff makes that product -> someone in the music industry takes his phone call -> he gets introduced to Elton John).
You can make it happen, too!
- You can’t scale a business without hiring a team
- You can raise funding without taking on debt or talking to venture capital, and
- You can chase “impossible” dreams if you work backwards from the dream to where you are now.
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