What I Learned Managing 1800% Growth 1
This is for you If… You have a fast growing company. You want a fast growing company.
The Idea
About TakeLessons
About TakeLessons 1,257,000 lessons
About TakeLessons Raised $20,000,000 In Venture Capital
Giant Expansive Market Opportunity New Verticals, Online Delivery, International Expansion increases market size 2015 and beyond: Fitness, Sports, Advice, $200 Billion+ International 2014: Tutoring, Languages, On-Demand, $100 Billion Hobbies 2013 Music, Performing Arts (Local & $6 Billion Online) 2008-2012: Music $2 Billion 7
Disrupting the Lessons Market Airbnb, Uber, and OpenTable revolutionized their respective industries by making it easy to find, manage, and pay for services 8
Disrupting the Lessons Market Airbnb, Uber, and OpenTable revolutionized their respective industries by making it easy to find, manage, and pay for services TakeLessons is transforming the $100 billion lessons industry in the same way 9
2010
Today 11
I gained 22 pounds. Constant back pain. Panic attacks. I lost my relationship.
What You’ll Learn Today The concepts that allow you to manage rapidly scaling your company… While staying calm.
Less
More…
Less of this
More of this
Why?
Jordan’s Law “As a company doubles in size, the fundamental business systems that were responsible for the growth will break and will no longer be valid.”
What got us to where we are , will not get us to where we’re going
Systems Break Points 800% 700% 600% 500% Total Growth 15% growth 400% 25% growth 50% growth 300% 200% 100% 0% Yr 0 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5
Systems Break Points 800% 700% 600% 500% Total Growth 400% 50% growth 300% 200% 100% 0% Yr 0 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5
Systems Break Points 800% 700% 600% 500% Total Growth 400% 50% growth 300% 200% 100% 0% Yr 0 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5
About the Company
The Processes That Will Break Internal Facing – Financial reporting and audit – Forecasting & Operational planning – OKR’s – IT/Technology – HR / Hiring – Internal team communication External Facing – Marketing automation – Sales automation – Customer support 31
You don’t need to be an expert… You need to be great at hiring expertise.
Six Words Easy, Easy, Easy and Automate, Automate, Automate
Venture Capital Raising • Start early • Get as much as you can • Dumb money vs. smart money 36
My incredible team just magically happened! Said no one. Ever.
1. Hiring Systems
The Hiring System Hiring Process must be well-planned and deliberate. – Is your job description attracting the right candidates? – Consistent evaluation process. – Documented onboarding process. Employees doing interviews must be crystal-clear on: – What is expected in the job over the next 6-12 months – Necessary soft and hard skills – What is meant by “cultural fit” 40
2. Scaling People
Systems Break Points 800% 700% 600% 500% Total Growth Different 400% skill-set 300% 200% 100% 0% Yr 0 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5
Scaling People • Not all early employees will scale. • Teach people early that it’s ok for people to go. • New mid-management – > chance of early employee disengagement. • Your Key Job 43
Your Key Job Consistently evaluate the team. Identify when people hit their ceilings.
Then train them up or move them out .
It’s painful
Especially when you’re evaluating yourself
3. Culture Matters
TakeLessons Culture Think nk Smart
Why Do o We e Car are? e? It gives us the best chance of continued success, and it helps make work REWARDING & FULFILLING .
Why y Do Do We e Ca Care? e? The culture we set now will shape the company future forever.
Think nk Smart
Our Rea eason n for Bei eing ng We are here to make a positive, lasting impact on each person we come in contact with.
Think nk Smart
4 Components of Moving Forward 1. The Mission 2. Our Envisioned Future 3. BHAG’s 4. Our Guiding Principles
Our Mission: : What we’re working to accomplish.
To be the top online marketplace where consumers find, vet, and buy learning services from quality providers.
4 Components of Moving Forward 1. The Mission 2. Our Envisioned Future 3. BHAG’s 4. Our Guiding Principles
Tak akeL eLes essons ons Da Daily Guidi ding ng Delight Princip Pr ciples es the Customer Focus C.O.R.E. on Communication Impact Make Own the Be Open Good Outcome & Decisions Collaborative Be Curious Enjoy Congruent & Stay work and Words & Experiment Flexible Actions laugh!
Think nk Smart
We’re not a family Think nk Sm Smart
We’re a team
9 Traits We Admire in Teammates Think nk Smart
Results-Driven High Integrity Collaborative Team Player You have your teammates’ best interest at You are focused on the outcome. You are honest, with a strong moral compass. heart and help them win. You focus on first things first and have a bias for speed and action. You make a promise and keep it. You are transparent and never hide information that can help others. You get important results and put up great You earn your trust by being trustworthy. You seek the right answer, even if it’s not numbers. You are humble and modest, despite being your own. so awesome. You don’t talk behind teammates back. Good Judgment Personally Accountable Hungry You are intelligent and make wise decisions. You hold yourself responsible for both You have a strong work ethic. positive and negative outcomes. You balance gut feel with hard data to make You are internally driven to get better, work sensible conclusions. You have written goals and execute on them. harder, and win. You care deeply. You’re passionate about You think and act strategically and can see You are self motivated. the big picture. what you do. You spend the company’s money as if it were You are able to make hard decisions. your own. You are bold and take calculated risks. CORE Communication Flexible Resilient You are Candid and communicate the bad with the good without covering up the bad. You have the ability to embrace change and You bounce back from the inevitable and quickly react to new information. occasional disappointments. You are OPEN towards your intent and speak your mind, while listening to others. You welcome change as a way to constantly You are persistent and see things through to learn and grow. the end. You are RESPECTFUL and seek the right answer. You are willing to keep trying new things and You find a way to get things done. ideas. You are EFFECTIVE in getting the right answer. 64 We Want to Work with People Who Embody These Nine Values
Think nk Smart
Appoin pointed ted Cu Cultu ture e Ambas assador adors
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Let’s Stay in Touch! @steven_cox StevenCox.com @mstevencox /in/stevencox 70
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