Jack Plotkin – Investing in People!
In this episode of The Millionaire’s Lawyer, JP and Jack Plotkin discuss:
How getting people to slow down and read something is so hard nowadays, it is a great accomplishment.
Qualities of a great leader:
- Look inward
- Identify their limitations
- Leaders are better asking for help in areas they are unsure of instead of thinking that they are the best at everything
Technology is a great place to start thinking of starting a business because it is ever-growing and changing.
Should you be are starting a brick and mortar, make sure to have it around experience and food.
Wherever you see a problem, fix it and it could be a great opportunity.
Areas with Promise:
Jack Plotkin likes to invest in a start-up if:
- Proposition is clear
- Making a positive social impact
Investors are quick to dismiss because they are aware of the success rate, and are used to startups failing.
Need to give business owners a chance, not base it off of if they have multiple businesses or not because you could be missing out on a massive opportunity.
Startups that are going to investors may be the best at 90% of their own business, but the other 10% is a hole that will need to be filled but someone who is better at that than them.
Due Diligence is super important; on the person, and on the business.
A good CEO knows when to ask for help, but also knows how to receive criticism, process the advice, and then take the appropriate action.
Sometimes you need to work with others to get your business to the next step
- Core Values actually matter to the clientele
- Customer Service should be one of everyone’s core values.
- Don’t cut costs on what actually matters. If you’re in the food industry, don’t cut the cost once you get your clientele base; it will be noticed.
Be mindful that some investors may push you to cut costs to put more money in their own pockets.
Open communication between investors and the business owner is essential if something does not work let them know; but if they don’t do anything to change the issues than the investor may leave.
Bad leaders will put success in front of loyalty, but if you are able to separate the leader from the business, and give them an appropriate reward it will work out.
Startup businesses are like a movie!
The better you are at your job, the more transparent things will be, and the easier things will go!
Best genre of movie to invest in is HORROR.
MAKE IT HAPPEN. See something holding you back? The world back? You have the power to do something and ask for help in the spots you are unsure of.
From this episode of The Millionaires Lawyer with Jack Plotkin:
- Willingness to Pivit, and how essential it actually is.
- Getting people to slow down for a second is a huge success in today’s society, everything is go go go.
- Where ever you see issues and are able to come up with an idea to fix it, do it! It is a great opportunity.
- Give people a chance based off of who they are, not how many businesses they already have!
- Help find the Leader’s limitations and then help fill in the holes.