Entrepreneurs and virtual teams

33 percent of all biz fails in 2 years, 56 percent in 4 years.

1. People focus too much on non-productive, time-wasting activities
2. You must have access to the right resources at the right time to get the right results
A. Money
B. Time
C. People

She says "I've been at the beach, rollerblading" during the day... makes people wonder how they manage that.
LEVERAGE - apply it ruthlessly
- focus on the right activity, with the right resources, for the right results
- stop doing what wastes time/resources
- Wealthy, successful people don't get there by themselves
STOP
A. chasing bright, shiny objects
- distractions and time wasters that don't pay off
- addicted to pursuing opportunities that don't really pay off
B. Superhero system
- trying to do it by yourself in record time
- get overwhelmed and frustrated
C. J.O.B. Mindset
- Always beings the doer rather than the leader
- You'll end up having to do everything if you think you're the only one who can do it

1. Figure out what you do that makes the most money, and do it a lot
- creating higher price point offerings (high level mastermind program, whatever)
- marketing the programs you already have... repackage, whatever, get into market more penetrative way (outsource)
- Teleclasses and interviews, leverage time and energy better (outsource set-up)
- systemized marketing strategies - just do 1-3, not thousands of it (outsource)

2. Stop doing things that waste time, energy, and money
- Handling e-mails and routine phone calls
- invoicing, check-writing, whatever
- creating process maps, and systems
- writing sales or marketing material

A. outsource immediately if low cost, and not a unique strength
great ROI
Admin tasks, filing, housecleaning, bookkeeping, scheduling meetings, research, answering phones, running errands

High cost:
B. Systemize and evaluate to outsource
good roi with opportunity cost
-marketing
sales
copywriting
website development and maintenance
graphic design
computer network management

3. Delegate my weaknesses and my low-payoff activities to other peep's strengths
- booking travel
- handling event bookings (have a system, for example)
- following up with bounced credit cards
- sending out thank you cards
- updating website

4. Delegate smart
- delegate knowing how it will lead to profit
- don't drop and run (will frustrate people)
- use a hiring process, even if on contract
- people with same vision, values, and standards but balance with your strengths

5 excuses for not building team:
1. I can do it just as well as someone else. Doer energy... don't do it because you can do it better, outsource it, so you can do what you really wanna do... (4-hour workweek)
When you have more energy, you have more time :)
Outsource to others to outsource other tasks (Marketing manager who hires copywriter, whatnot)
2. They don't have enough time to find someone to do it
3. They are afraid of losing control
- nothing you can't train someone else to do as good as you
- systems of teaching them how to do it with systems
4. The believe they will not be able to manage people
- perhaps someone else in your company can manage
5. They think they can't afford it

3 high payoff outsource: bookkeeping, phone calls & e-mails, something else
later... contractors who do your job, marketing support (social marketing, affiliate marketing), business management (strategy implementation management)
How to pay:
Determine per hour, per project rate... then 350, then take on project for the same amount
Opportunity cost:
How many opportunities do you pass up because you're too busy?
Revenue loss:
Paying close attention to high payoff stuff
Sanity/health:
Costly when sick What would it cost you to lose a week of work?

What does it cost to hire badly?
drives you nuts, scares people off, costs money, whatever
- need fact-based system to hire peeps
- right team, you can take on more advanced projects