A short monologue (YouTube video) by George Foley reflecting on lessons from Felix Dennis's book How to Get Rich. The speaker emphasizes two main ideas: never give away equity/control of your business (maintain 100% control while paying employees fairly) and hire and train good staff with robust systems (compares to Ray Kroc and McDonald's consistency). Advice is framed for aspiring "freedom entrepreneurs" and applied to a recruitment business context.
One of the lessons I learned from reading the book by Felix Dennis, how to Get Rich was he said, never give away a percentage of the pie. So what he meant by that was, don't give away a share of your business. Always make sure you pay employees well, make sure they get paid correct bonuses, but always maintain control of your business. I think that's just one of the things where you want to, if you want to be a freedom entrepreneur and grow a business, you want to make sure you've still got control within that business. So, yes, it's important to make sure you also grow with good employees. So another tip that you mentioned was the fact that you only as good as the staff that you employ. So it's always making sure that you employ good stuff, that you've got good systems in place. Very similar to Ray Kroc from McDonald's, where you built systems and procedures to grow McDonald's to where it is today. It's not the best hamburger that they make, but they make sure that they have consistent strategy when they deliver the burger, the service, the consistency in terms of the flavour of the burger and how that presented to the customer. So it's the same with the recruitment business, how you're growing that you make sure that the leads come in at a certain time, you make sure the staff are trained how to communicate and how to bring in the leads and convert them and also to convert the deals as well. So one of the tips I picked up from that was making sure that you hire good employees, but also make sure that you control 100% of your business.
