I recently had the privilege of attending the EntreLeadership conference in Dallas, put on by the Dave Ramsey organization. This was a wonderful 1-day course with lots of excellent “nuggets” of wisdom on topics ranging from team dynamics, leadership, family business matters, succession plans in business, raising financially savvy children, and knowing yourself (and your team, clients, and vendors).
If you have the opportunity to attend this conference, I highly recommend you make the effort! Also, I would further recommend upgrading the VIP business owner lunch and getting some additional “topic time” in a panel setting.
I took some detailed notes. Please feel free to review them below!
Best of luck to you on your continued journey of success!
65% of American economy is fueled by businesses with less than 500 employees
Must teach others to lead consistent with your values. TEACH a class, method, system, our way of doing things
For years, Dave taught a class every Tuesday night….26 week course; this became EntreLeadership –Master Series is FULL course – 7 days….$1,000 to $10,500
DON’T hire someone into a leadership position that does not embody these traits!!
It is essential to have some of these folks on your team…….but NOT the whole team!!
Leader – person who rules, guise, or inspires others Entrepreneur – a person who organizes, operates, and assumes risk for a venture EntreLeadership – the process of leading to cause a venture to grow and PROSPER.
DR – “I have learned more in the past 2 years about how stupid I am, that it mystifies me!”
Chris Hogan – one of Dave’s chief leaders on his team
Understanding personality style is vital for winning!
It is vital to understand:
The EntreLeader knows that basic people skills demand that you react to and work with the different styles DIFFERENTLY. –There is not a “cookie cutter” approach
Use the DISC profile test to yield insight into how people make decisions
At LAMPO, they post each person’s DISC style outside their office so the other teammates know how to deal with each other better
As leaders, every interaction with our people is an opportunity to DEPOSIT or WITHDRAW trust….make sure you DEPOSIT it!
When visiting with your team, various personalities need different focus:
If something MATTERS to your people, then it MUST matter to you as their leader.
Using an understanding of styles and adapting PROCESSES to reflect that understanding helps the EntreLeader WIN.
You should LEAD in your family as much as you lead in your business/team.
Winning at Family Business – Dave Ramsey & Rachel Cruze
Book – God & Guinness (held as small family business for 200 years) –Now owned by Mars Candy Company (which is owned by 3 sisters….worth over $100B)
Truet Cathey family – now has 5th generation entering the family business
Teach your kids early that WORK is a major part of SUCCESS –Teach your kids they are NOT entitled to anything….if they are given things it is a BLESSING, not an entitlement.
Families in business that live and leave a legacy understand, train, and communicate each members ROLE.
In the office, Dave is DAVE for Rachel; at home, Dave is DAD – this was a key piece of advice they were given when Rachel joined the business
It is important to NOT get your roles confused. Make sure you have the right HAT on at all times.
Family members get PAID only for the roles they are fulfilling; any other monies to be had by family members come out of PROFITS; very important for team morale
–Comp plans don’t get skewed due to family relationships
–Good to keep at least one person in between the direct-control relationship at work
Must have EXTREME amount of communication
Put a plan in place, set a date you’re working toward, and constantly over-communicate to your:
Dave is working on a succession plan for his company; will involve both members of his family and his leadership team
The best and most successful family business transitions are LENGTHY and INTENTIONAL.
It is also crucial to be very intentional about specifically WHAT those family members entering the business will do, what roles they will fill, and what opportunities they will have as time goes on.
The more GRADUAL the hand-off, the better the chance of success.
You don’t’ delegate responsibility by age, but by competency.
The families that have a higher perspective do BETTER.
Viewing yourself as a guardian or caretaker of the business makes a transition much easier:
DR – “Eagles don’t flock, but human eagles do.”
Pain Points in Business
Dave has an “All Access” plan now that includes the full 26 lesson series from his EntreLeadershp Master Series
Q – How much should I “give away” in my business vs. charging services for?
Q – How do I know when my business is ready to franchise?
As a leader, you must constantly cast your vision…..so that the team members can fully understand and embrace the vision of the company
What Matters Most
Business done with EXCELLENCE matters!
Dave struggles with writing….but he DOES it and markets them masterfully and profits handsomely
A championship team is no accident!
Five guiding principles for BUSINESS SUCCESS
TEAM AND A CULTURE OF EXCELLENCE MATTERS
There are three reasons people fail
SLOW AND STEADY MATTERS
A BUBBLE is when an investment is no longer based on numbers but on greed or fear. Don’t do bubbles!The most successful business owners continue to read, learn, and personally grow.
FINANCIAL PRINCIPLES MATTER
Debt drastically increases RISK and magnifies mistakes
A HIGHER CALLING MATTERS
Spineless Leader is an Oxymoron
CRITICISM comes with the territory of being an EntreLeader 19% of all males age 22-29 live with their parents; too many people have bought into the idea that success and hard work is wrong
Elements of good decision making