HOW I OWN 26 BUSINESSES WITHOUT GOING CRAZY

Owning 26 businesses might seem daunting, but through strategic processes and smart management, I've been able to keep it all under control. I wasn’t born a genius; my journey to owning multiple businesses began because I was, quite simply, bored. To find inspiration, I studied successful billionaires like Musk, Bezos, Buffett, Munger, Zell, and Cuban. I noticed that these individuals weren't necessarily more intelligent—they just had better processes. So, here are three key strategies that helped me manage multiple businesses effectively:

1. Hiring is Everything

Good talent is indispensable. All the processes in the world won’t fix bad talent. If someone shows you who they really are, believe them and act swiftly—if necessary, fire them fast.

2. Focus on One Key Metric

Each person on your team should focus on one important number. For example, in our media business, the CEO, Nikki, is tasked with growing newsletter subscribers to 300,000. That’s her sole focus. Introducing additional metrics can lead to distractions, so I make it clear: focus on that one crucial number.

3. Implement a One-Page Culture

Borrowing from Amazon’s playbook, create a succinct "one-page culture" document. This document should outline your company’s operating principles and make sure everyone on the team follows these rules. It ensures consistency and clarity across all your businesses.

By focusing on bringing in the right talent, narrowing down key performance indicators, and creating a unified company culture, I've been able to manage and grow 26 different businesses without losing my mind.

Keywords

Hiring, Talent Management, Key Performance Indicator (KPI), Company Culture, Bezos, Musk, Buffett, One-Page Culture, Business Strategy

FAQ

Q: How important is hiring in managing multiple businesses? A: Hiring is crucial. Good talent can follow processes and drive results. Bad talent can undermine even the best systems.

Q: What does it mean to focus on one key metric? A: Each team member should have one specific, important number to focus on. This avoids distractions and ensures everyone knows what their primary goal is.

Q: What is a one-page culture? A: A one-page culture is a concise document that details your company’s operating principles, ensuring consistency and clarity in how employees should work and make decisions.

Q: Can these strategies apply to small businesses too? A: Yes, these strategies are scalable and can be applied to businesses of all sizes to improve management and operational efficiency.