How to Prioritize Like a Genius (Crucial Skill During A Recession)

Summary

In times of recession, you can't afford to work on the wrong things, or work on the right things in the wrong order. You need to prioritize like a genius. If you manage a company, you can’t afford to not watch this video. It may save you TONS of time, money and energy.

Transcript

If you manage a business, you cannot afford to not watch this video because we're going to discuss how to prioritize like a genius so that your business emerges stronger than ever out of this economic downturn. If you want to know what did Beth us differently during the.com crisis that propelled Amazon forward, you're in the right place. Let's get to it.

Hey, I'm Leon Castillo, founder of Selfmastered, a peak performance training company that helps entrepreneurs scale their businesses by solving their silent bottleneck their own performance, which was formed the unproductive, overwhelming focus entrepreneurs into laser focused business athletes that can achieve in one day, what they previously achieved in one week.

Hello, friends. So today, I want to talk about how to prioritize like a genius. And then first, let's define what is genius in the context of business and entrepreneurship. And to me a genius is someone that goes from zero to one from idea to prototype in record time, and then grows the business exponentially very fast while minimizing friction. And in order to do that, I believe one of the best skills that you can develop is prioritization, knowing what to work on at all times, so you never fall for shiny object syndrome. So you always keep the upper hand when the times are hard and difficult.

In order to be super clear. When you prioritize well, you become a business genius, you essentially unlock for superpowers, one, only working on the right things to setting the right targets and goals. Within those things. Three, be able to execute consistently and also remain able to course correct effectively every week. And finally being able to perform at elite level for years on end, so that you never break the momentum that you conquered in the first place. If you do these four things, right, you essentially become a business genius. But the foundational skills is to know how to prioritize and before we dive deep into how to protect are the four steps that I suggest you follow in order to only work on the right things and set the right targets and to like, subscribe and hit the bell so you never miss out on any juicy videos that we publish every week.

One is focused on the macro essentially is only work on what builds your vision on make sure that you are not deviating yourself from the path that you've set for yourself. Remember, we have a video on how to be stubborn on vision and flexible on details. What matters is the direction that you choose to espouse for your life and your business. Everything that doesn't fall within that direction is a distraction. And if you get distracted in a recession, you lose. So the number one thing to prioritize like a genius is having a vision a very clear picture of the future that you're willing to build and commit to that future to prioritize building assets.

See, all businesses have assets an asset essentially something that provides economic value, it can be a process a trademark a pattern employee, it can be your own your own creativity, all businesses are founded and supported by assets. But oftentimes when we are moving fast, there's a trade off between actually building an asset or just making a quick decision and that happens at all times happens when you hire happens when your market happens when you sell happens when you build products. And the best entrepreneurs those are are able to prioritize like geniuses understand that the most important thing you need to do is to build assets that can yield future economic value.

A clear example of this is let's say that you need to hire someone for a key role within your company. If you prioritize this build assets mentality, you will find the best possible people that you have available and put a high salary so that he or she is not willing to leave after a few months because the longer the person stays in your business, the more value that person will provide and the better relationship you both will have.

So essentially, it will become a clear underpin of your business is thinking can also be applied to product instead of building shitty products devote a sizable amount of time to just build one very good product that you know works and doesn't need to be updated every few months. And again if you are willing to apply this build assets mentality devote time to great scripts that you know work so that you can train new reps fast in the script and essentially become a Sales Machine.

This building assets mentality is what allowed Jeff Bezos to survive the.com crash at some point shares were down 80% And people were losing faith in the company but he told his employees Listen, we are doing the hard things. We are building assets that would yield economic value in the decades to come. Well People were battling or stock as if all stocks were the same. Amazon was actually building physical assets like fulfillment centers and supply chains and building teams that will make sure that Amazon becomes stronger because of the crisis. And that is essentially what happened.

So step number two is to build assets within your business, think long term, only entertain those things that you know will be useful in a few years. In time three, seek leverage. Leverage is a force multiplier is what allows you to extract an inordinate amount of output for a small fraction or input leverage is better exemplified by the Pareto law in which 80% of things provide 20% of results, and vice versa. 20% of things provide 80% of results, that is a mathematic law that is based on the power laws that govern the universe. And you can find leverage points at each step of the way when managing your business. So think about how to have the most impact in your business and only focus on that only focus on the things that you know, will give you leverage example of this, if you're in need of creating a new organic marketing channel, prioritize YouTube in which the videos are searchable, and can remain in your channel for years, then Twitter that has just 280 characters provide little context and information and that word is gone after three minutes. This is a very simple example. But the idea is that leverage is what's going to allow you to maximize your impact.

And finally, for solve problems once this is very important, as you know, because we discussed the theory of constraint before the limit of the growth of a system is the bottleneck that is preventing that system from growing. So the thing you need to focus on is focus on the bottleneck and solve that concurrently. Do that to the best of your ability. So you do not need to revisit that decision or rebuild the system back to the hiring example, if you have a problem in sales and you need one sales rep, find the best sales rep you can so that you don't need to hire another one a few months down the line maximize your ability to work on the right things, but doing things once and this is essentially how to prioritize like a genius, one understand what is the vision and only work on what's aligned on the vision.

Even if you need to be flexible in the details to build assets assets is what's going to keep your business running. So hire the best people build the best product create the best systems, so you can rely on them when times get tough.

Three seek leverage only work on high leverage things those that have an incredible impact. Seek to have a lean business that can support itself because it maximizes its impact through leverage points and then for only work on things once solve the bottleneck once and for all a create a machine that becomes robust, and eventually a differential over time.

This is how I believe entrepreneurs can prioritize like business genius, especially in the context of a recession. I hope this was useful. Please let me know in the comments if you learn anything or if you think I missed anything.