My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
Think of Yourself as Coach, Not Player
When building multiple companies, your role is to assemble and guide talented teams rather than trying to be the best at every functional skill yourself.
Decision Rule
If you can convince LeBron James and Kevin Garnett to join your team, your team will succeed regardless of your individual playing ability.
How It Works
Focus on recruiting people who are better than you in specific domains, then provide strategic guidance and remove obstacles rather than trying to do their jobs.
Failure Modes
Trying to be the best technical person on a technical team
Micromanaging specialists instead of trusting their expertise
Competing with your team members instead of supporting them
Hiring generalists instead of specialists
Example Decision
“For Business Insider, hire Henry Blodgett who's a better writer and journalist than you, then focus on business strategy and deal-making rather than editorial decisions.”