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This article was translated from our Spanish edition using AI technologies. Errors can occur because of this process.
The opinions of entrepreneurs' contributors are their own.
"If you want your company to grow, you have to grow as a leader first" is the first rule that every business leader must learn from day one, because leadership is so important to the organization that it ultimately determines the course and the impact on your market.
The problem is, nobody really teaches you how to be a CEO, we learn everything through trial and error. Nobody guides us to find a balance between our personal and professional lives. Moving from selling a product or service to managing an organizational structure where you are responsible for a team, handle payroll and general expenses, and make the best decisions is a big change. which can get overwhelming.
The Global Leadership Study 2021 by Development Dimensions International found that more than 60% of executives feel extremely exhausted at the end of the work day, which has an impact on their private life and thus on their company. Therefore, you need to work on yourself and develop your leadership skills. Think of it as the first step on an airplane to put on your oxygen mask: before you help others, you must help yourself. If you are a CEO with drama, you will fill your company with drama.
After consulting hundreds of entrepreneurs, I have found that most of them do not have a management system to help them run. They have accounting, finance, and recruiting systems, but almost none have a management system. Here are some ideas that enabled me to develop my leadership system:
1. The routine sets you free
Entrepreneurs want freedom, that's why they start a business; unfortunately many are enslaved by their organizations. The key to helping entrepreneurs gain their freedom lies in discipline: if we want to master a technique, we have to execute it in a systematic process.
This is a lesson taught to me by my mentor Verne Harnish, "Routine Frees You," which was fundamental in breaking the chains of struggle, worry, drama, and debt. Practice a morning routine that will allow you to thrive physically, mentally, emotionally, and spiritually. My morning routine is to wake up at 5 a.m. and do 45 minutes of exercise, either on a treadmill or cycling. I meditate for 15 minutes and then dedicate 1 hour to urgent matters in my company. When my son wakes up at 7 a.m., I'm ready to share time and energy with him because I've spent 2 hours focusing on myself.
2. The 25-year framework
Salim Ismail, entrepreneur and futurologist from Silicon Valley, has carried out an in-depth 4-year study on innovative and disruptive companies that dominate the world market, such as Uber, Slack, Google, Ted, SpaceX, Tesla, among others. He discovered that each and every one of these companies shared an element, a Massive Transformative Purpose (MTP). All of them were aware of their mission of impact and transformation in the world, which, like a compass, tells them where to go and what to do to get there.
Just as a company needs an MTP to align and scale its people, you also need a long-term vision to align everything you do and move forward. When you have a long-term vision that works like your Pole Star, you can face the challenges of daily life and focus quickly. The concept of a "25-year framework" comes from Dan Sullivan's book The 25-year Framework. If you have a 25 year framework, it has a hundred quarters. How do you plan your company strategically? How are you going to implement your strategy day in and day out? To scale your impact, you really need to focus on the long term.
3. Conscious practice
When we look at the highest paid people in the world, they usually come from jobs like sports, entertainment, and music. In these professions, people spend 90% of their time training or rehearsing and only 10% of their time executing. Because they practice so much, they work at a higher level, and in return we are willing to pay more for their work.
In business the opposite is the case. We spend 1% of our time studying or practicing to improve our competitiveness, but 99% of our time is spent doing the job. As leaders, we need to reverse this order of magnitude, stop putting out fires or problem-solving all the time, and invest time in training and strategic thinking.
And why on purpose? Since you can train yourself but get it wrong, it is best to surround yourself with experts who can guide you to avoid the mistakes and problems they have faced, thereby promoting your leadership.
That's the most important lesson: if your growth stagnates, so will your business. You need to grow faster than the challenges your business will face and have a lot of control over your personal life. To do this, you need to develop your own leadership or management system.
If you would like to learn more about how to build this personal management system, I invite you to download the free Impact X module. Impact X is the methodology I've developed over my 25 years as an entrepreneur and business consultant, and it brings together the practices of the world's best CEOs to scale your impact with less drama. Download the free module from the following link: https://hubs.li/H0ST3Nx0