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12. The Business Triple Threat: Excelling at What Matters
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In this episode, we delve into the concept of the 'business triple threat'. Most business owners feel they need to excel in every aspect of their business to succeed. But is this the right approach? Drawing parallels with the entertainment industry's triple threat - singing, dancing, and acting - we explore the idea of mastering multiple skills versus being competent in many and excelling in a few.
We discuss the pressure of being a 'subject matter expert' in all areas of your business. While it's crucial to have a broad understanding of all facets of your enterprise, trying to excel in all areas can be overwhelming and counterproductive.
We reference a study by Ulrich and Smallwood that investigated the capabilities of successful companies like Microsoft and Starbucks. Surprisingly, these companies didn't excel in all areas. Instead, they mastered three capabilities aligned with their strategic goals and were competent in the rest.
Using this insight, we argue that as a business owner, your goal should be to excel in a few key areas that drive your business forward while maintaining a baseline competency in all other areas. This approach prevents the 'Jack of all trades, master of none' scenario.
The episode also highlights the importance of a balanced team. Each team member should excel in their respective roles while maintaining baseline competency in other areas. This balance creates a well-rounded, efficient team that can drive your business forward.
Wrapping up, we discuss how understanding and managing the friction between different skill sets within your team can lead to a more productive and balanced business.
Takeaway: Identify the key areas where you need to excel, ensure you're competent in all other aspects of your business, and build a balanced team around you.
Engage with us on LinkedIn and Instagram to share your thoughts or ask questions. Let's keep growing your business together.
Produced by The Podcast Boss
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