How to Make a Failing Business Rise from the Ashes

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In this vlog, Eric dips into his past and explains how he helped his company Single Grain rise from the ashes like a phoenix. Eric explains the importance of building an amazing team, and how he managed to turn a struggling company around. Listen on to hear more about Eric's origin story and how a good business can come back from the dead!

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Full Transcript of The Video

Speaker 1: So, I want to talk about kind of the rebirth of [Single Grain 00:00:03]. Let's look at the egg over there. You see that egg? That's a phoenix egg, and phoenix is known for kind of falling, and then rising from the ashes. I think that's very much kind of the theme around this company.
When I think about the rebirth of Single Grain, and to be honest, when I took the company over, we actually almost went down. We went down to one team member left, and it almost completely just died, but we were able to kind of bring it back. The reason why we were able to do that is because the kind of the trait that we look for in people is just persistence, right? Tenacity, it's one of the core values that we have, growth as well. Establishing those core values is really important.
People talk about core values very rah rah, like pie in the sky kind of thing. Core values are important, because it's who you are as a person. If you're looking to start a company, like who are you? What are your values? How do you grow at the end of the day? I think that's really important to understand.
When I look at the people on the team, everyone's very much like that. They're smart, they're very kind of motivated, self-sufficient, they all come from different walks of life. They don't necessarily have to have a college degree. At the end of the day, when you think about the phoenix, it's not just like one phoenix, it's multiple phoenixes coming up, and helping bring the company up. The team is the thing that builds great companies, it's not just one individual, I've learned that kind of the hard way.
The Treehouse, the company I was at before, had a really great team. With Single Grain, I'm very intentional about all the people that I talk to, which is why I'm involved with every single kind of hiring decision. I think I'll probably do that up until like 100, 200 people or so, maybe even beyond that.
I know the guys at Air B&B, they're involved at the very end for every single kind of hiring decision. I think that's really important to establish, it's always, always, always about the team. Even the other stuff I'm looking at right now, like the sash product that we're working on, software product, my co-founder, very smart guy. We have the same values, we run through the same frameworks, right? I think frameworks are really important to understand too, even as marketers or entrepreneurs, we look at entrepreneurial frameworks.
I follow like Traction, entrepreneurs operating system, scaling up, there's a lot of different frameworks that you can take from other people. You find like minded people, you work with them, you enjoy it, but you have to establish your core values first. That guides your hiring, and that's how you continue to scale whatever your doing.
Almost got killed by this guy, we should film him too.
That's what it is, and it's very simple. I mean every single podcast interview, every single interview, video, whatever I've done with people, people who have built great companies, Richard [Bradson 00:02:52], all about the team, right? If you think about it, at the end of the day, he has two executive assistants, they do all the work, they do all the scheduling, they do all the management, everything, and he's just out there doing what he's good at, what he's supposed to be doing.
You continue to capitalize on your strengths, you establish your core values, you continue to bring on people that are good at things that you're not good at, and it's very simple. It's a very simple, it's simple, it's not easy. You take that playbook, and you duplicate it over and over, and over, which is why I think everything is like a game. You take the playbook, you figure it all out, duplicate it, have other people run the other things that you're trying to build, and then you're good to go.
Very simple, that's how Single Grain was recreated, and that's how you can ... If you're about to go down, or you're trying to build something from scratch, that's how you can do it. Hope you enjoyed it, go ahead and hit subscribe, see you tomorrow.

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