I had 2 restaurants and 3 coffee shops over 15 years. I can tell you that if you don’t know how to do every job function, you will go bankrupt in 6 months.
WTF, if you want to be rich be lazy...... Starts with ' If I bought a restaurant '. Dude I'm 6000 km over on a timing belt change on my car because I can't afford the time off work to change the timing belt on the car I need to get me to work.
Nope actually having a business owner who knows what he or she would not be good at is the best thing...,.such people will not micromanage and will respect the talent......
@@ishanharshvardhan6687 NOW THAT is a good joke. they are going to micromanage anyways. its just going to be stupid shit like "If you have time to lean you have time to CLLLLLEEEEEEAAAAAAANNNNNN" to the guy whos dealing with intake in the back.
He's making a good point but explaining it poorly. It's the concept of "work on your business, don't work in your business." You have to do some of every job, but don't let it distract you from finding the right person for it.
Every business owner should have hiring as part of scaling. He isn't saying anything new or special, but as you stated, he said something well known very incompetently.
I don't think I've ever heard a business owner say "thank god we were so desperate that we had to hire the first person who applied for the job." The ability to step in where needed so you have the time to recruit the best person for the job is a huge asset.
As the CEO of a restaurant group, i can tell you that it will not work for you. Do not open a restaurant if you do not understand how to cook in a kitchen. You will be bankrupt in two years.
@AndrewHadi07 my father owned a franchise when I was a child. I learned through him that it is better to be independent, especially nowadays, that the margins are way smaller.
Doesn't work that way in the restaurant industry. Plus restaurant group owners are usually former chefs so they know their way around the entire restaurant operations. Guy thinks you can just hire people to hire people and a restaurant will run smoothly. Safe to say he's never experienced the hellhole that is the restaurant industry 😂
Don’t be incompetent know your limitations. There is a big difference. Being incompetent is not going to make you wealthy I promise.😂 incompetency will not help you in any arena of life ever.
The first step to building wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.
If you have 50 years to build enough for retirement, why can't you spend a year or so learning to invest on your own? After all, you worked so hard to get here. Spend a couple grand to learn for a year or so, make your 1st goal to be to mitigate losses so you can take small chances to learn and have control of your future! Almost anyone can start with buying 100 shares of a company they trust as it dips & then sell covered calls for a target sell price until exercised for a profit, rinse & repeat. Even better, sell cash secured puts for a company you want to buy, so when exercised, you'll get the 100 shares for the price you want to pay and you'll profit from the puts in the meantime. Then, sell covered calls until you hit the target price and profit every month or so! If you want investment advice, RUclips is a great plethora of knowledge. Feel free to ask!
The wealthy have done a number on your psyche. You would be shocked to know the overwhelming majority of millionsires did not inherit anything, and of those who did, not enough to make them millionaires, like a 5000$ car from parents or other such gifts. People seem to love to share this notion that wealth is unachievable but the data says the complete opposite. If you just looked you'd see what I mean 😅
The experience i have gained stepping into roles outside my wheelhouse has been invaluable. After 28 years in business I have a wealth of knowledge and experience and expertise in multiple arenas. I prefer that kind of wealth.
The lesson here, in my opinion, is to pay your staff better than the competition, and show them that you care for their long term well being. That way they won't be as likely to leave you unannounced and they will be more likely to perform well. Provide your employees with incentives. Keep them motivated to keep coming to work and make them feel that they are part of the future of the company. Show them that they're more than just another expendable cog in the wheel. If the employees still exhibit the inability to meet your performance and effort standards, then it will be easy to identify that the person may not be a good fit with the organization.
im glad you finished off with that last bit because too many peopel think its simply a matter of employers not paying enough as if bad employees dont exist. the idea that everyone would be a good employee if you throw enough money at them is ridiculous. there is a balance to be had it its only partly dictated by the employer. its mostly dictated by consumers, commerce, competition, etc. the employers job isnt to dictate the means but instead to figure out how to best operate within said means. but yet we put almost all of the blame on employers?
I think the real problem here is that the richest people in the world, and the people in charge, are incompetent. The working chef should be the richest person in this timeline, he's the truly competent one. This is the problem with modern society.
This is corporate philosophy. Managers and higher ups have no problem watching people struggle to make the demands. They watch everything and everyone burn before they want to find a solution. Squeezing as much as they can out of anyone. Anyone who is a respectable owner of a business knows sometimes your hands get dirty.
Managing a restaurant by rapidly responding to unforeseen obstacles and coordinating solutions through a network of contacts is not being lazy, that is being diligent.
A utility lineman friend of mine swore he could never leave the lead position because he was 3X’s more competent and faster than the next 6 guys in line. I told him if he got out of his tools and into a pickup truck and took the clipboard instead all the failures the crew was suffering would end because he would clean house and start over with us mid step apprentices. He eventually had to out of necessity and things turned around within a month or two. And then the overtime and emergency work began to pour in.
You are absolutely correct! How many times I’ve watched friend or family member beat their head against the ball, trying to “fix “everything themselves… You got this… You really do!
He’s partially right , just because you can do something doesn’t mean you should . But that is simply because your time is better served in other areas and delegating to the right employees is how you maximize profits . But you must be completely knowledgeable and capable at all aspects of your business or it’s almost certainly going to fail !
I think we're talking about a circumstance in which someone suddenly quits, there should be some contingency plan to replace the person, like notice of leave (ie minimum 2 weeks) other people in the workplace being trained up to fill in, incase of emergency etc..
If you were a great owner operator and the Chef walked out mid-shift youd jump in. Next morning yea youd be calling recruiter,but if you had a restaurant full of customers you'd what? Politely ask them to leave while you found a replacement.
95% Michelin star/ top restaurants owned by chefs. Also, most top tech companies have atleast one confounder who can do tech stuff. This analogy is best for Fortune 500 executives, because they recruit similar MBAs.
So he will absolutely be at the mercy of an unknown variable. His chef quits and he will be desperate to find a replacement, guess who holds the power now??? Are people really this naive???
This is what is wrong with companies. The higher ups should be able to do every job below them. It would make for more efficient and effective work since they know what it physically takes and they will know how long things should take as well
I would think that being able to step in to fill a role would be a huge advantage for an owner. If the employee knows you can’t easily replace them yourself they have some leverage in that situation. Some people will try and exploit that. If you can’t fill roles yourself then you’re completely at the mercy of people who can fill those roles. I would respect a boss who could fill whatever role when necessary. It shows he’s competent, not afraid to get his hands dirty, and can lead. So it would likely be poor for morale if the owner can’t work the business he or she actually owns.
"Retaining a Top-Rated Chef" As a business owner, maintaining a top-rated chef to lead operations effectively is paramount. Recognition, communication, and professional development foster their growth and commitment. Empowering them to make decisions and offering competitive compensation ensures their satisfaction and retention. Prioritizing work-life balance and providing feedback reinforces their value, ultimately ensuring continued success and growth. "Plan ahead" In business, always consider recruits willing to take on the chef title and meet the challenges of the restaurant.
Leaders have to know how to pick people for jobs they'll excel at and be happy about doing so that they'll work hard and do good work. Part of that is properly understanding what each job takes, but *not* being particularly competent at those jobs yourself.
No, that’s how shitty businesses are run and shitty bosses are formed. You understand the systems by understanding the tasks. Thinking you understand the system without understanding what it actually takes to get things done leads to unreasonable demands on employees and an inability to set your team up for success.
This philosophy is even more relevant in real estate. Because of the high commissions real estate agents, just need to spend long hours trying to close sales and show houses. The work itself is very easy and any incompetent person can do it. But the rewards are insane because of the high commission they earn. Compare that to someone who is a software developer at a startup who works long hours solving complex technical problems every day. Yet the real estate professional will be earning more, of course, there’s exceptions to this. If the software professional is very competent, he can charge higher hourly rate
So that's why two companies I worked at seemed to go to shit after getting acquired. The "bottleneck." I can do it, but months go by and nothing changes so I get frustrated there's no urgency. Just blame management and poor leadership instead of realizing the inner workings of problem solving at that level. I may owe an apology 😅 If I remember😂
Management and communication is still a skill, arguably the most valuable one, so I wouldn’t consider that incompetent but I see where you are coming from
What this guy should’ve said is be the manager, not the worker. An owners job is to manage the business, not do the work. In the event of an unexpected situation like losing a chef, a smart manager would’ve already had another staff member trained to cook the menu. Your staff should be cross-trained so they can fill in where needed until the situation is resolved. Never be so dependent on one employee that your business can’t function without them.
That explains why companies that are supported by responsible employees last longer if they stop listening to incompetent managers. Stupid orders to do the wrong thing by men at the top that are only concerned with their bloated bonuses.
As another business owner, it is very important to know how to delegate. But it's also important to also know how to do the job yourself. And if I worked for him as an employee, I would never respect this boss.. But you can learn a lot from a weasel
I bartend at a casino. Upper management and executives make the business way less profitable with their incompetent decisions. They are lucky that the bar money doesn't really make a difference because the casino in their real money maker.
My mentors who are doctors taught me that you need to know how to do every job in your office. I watched them clean toilets when they didn't have to and they are twin brothers and their businesses do well into 8 figures per year. they are the most financially free people I know.
I own a pub and restaurant. I know how to run every aspect of that place, front and back of the house. After Covid, finding reliable help in the service industry is damn near impossible. The turnover in the restaurant industry is a revolving door. Finding a new “chef” in a day or two is just ridiculous and unrealistic. So, if you own the place, you better damn well know how to do every job required to make it successful. There are new owners of a similar style pub down the street from me. Two married couples who were friends, that decided to go into the pub and restaurant business, without any experience. Fast forward 6 months, and one of the couples has a restraining order against the other, and have been trying to sell the business. 6 months into their new venture! They can’t staff the place, and not one of the four of them know how to cook or bartend. I wish I had their money.
Yes... But what Dan fails to address is most businesses start with the CEO having to do every task. So a chef is most likely going to be involved in some level.
That's exactly the opposite in Agile , you need a cross functional team to manage challenges and keep moving forward with development, and retrospect on what can be done better going in the next iteration.try to be Generalist , so that you can manoeuvre any impediments.thats my 2 cents .
Think what he's saying is, know enough to step in when there's an urgent need, but make finding someone to PERMANENTLY fill the vacancy your priority. Otherwise there won't be anyone available to effectively manage the other areas of the operation... 😕 Maybe...
I think, he doesn't articulate it the best, but what he says is true. He talks about ability to delegate and to not get sucked in into day to day urgency at the cost of high level management.
This could only apply if you have a preexisting staffed company, or lots of capital or a major investment partner. For the average start up entrepreneur that hasn't even hired anyone yet, you can't be lazy or stupid. You need to learn & master every relevant detail to get it off the ground. And of course that will serve you later.
And that last minute urgency WILL COST you a pretty penny. There's a bottleneck because there's no sense of urgency? That doesn’t even make sense! The bottleneck is where your line is broken. Jump in, fill that temporary spot for the days to keep your customers happy.
Some times it doesn't pay to do things yourself but sometimes it definitely does. Like doing your own mechanic work. I can get a job done WAY faster and WAY less expensive and get my equipment up and running sooner making money again instead of it sitting.
This may not work for entrepreneurs starting with low capital. But it could work for people with lots of capital to burn. Eventually, businesses become like commodities to them.
Being lazy is not about doing nothing. Lazy people are capable of coming up with ideas to solve certain problems doing as little work as possible. They are effective.
I get the point. It's about hiring other people to do the job for you. But: 1. Why is the cook leaving in the first place? Make your employees happy so that they don't quit. 2. Being incompetent is truly a recipe for disaster. 3. You should be building businesses in your domain of expertise (because you need to be competent). If you aren't a cook. Don't open restaurants.
Restaurants traditionally profit 1-3% on food, if you're designing menus for family style with bigger portions meant for two or more and higher prices to match, you can do better but most restaurants don't operate that way. Making $0.03 on $1 is not much, and that's why restaurants often times are *beyond fortunate* if they break even for the first several years. It's not an easy industry by any account.
For his own sake, I hope his business partners know something about food. With this logic as a hospo guy I will get into oil drilling, I just need to place some quick calls😂
You always need partners. Activities like managing a business and operating a business are not the same thing. On the other hand, you need to know how to be a chef so that you can know when a bad chef is pulling your leg before it is too late.
So pay your Chefs what they deserve and treat them right. Actually Listen to them because they know way more than you as a business owner about running a proper restaurant. They are under appreciated. A big reason why I'm not a chef anymore
What’s weird is this is kind of true.. most super wealthy people don’t ever want to touch anything and they flip about the smallest dumbest stuff… if you ever deal with them as clients or customers in just about any business or industry you’ll see what I’m saying lol
Meritocracy has long been a myth, vids like this really bring that home. Their laziness requires an underclass of more compotent and educated and trained people to fill those roles. Theyre straight up admitting that the companies cannot exist without its workers. Do with that information what you will.
This only pertains to the top of the entity / restaurant. Middle managers are supposed to jump in when someone leaves until replacement is found especially when they’re in the middle of a big project that could dictate their own future
I had 2 restaurants and 3 coffee shops over 15 years. I can tell you that if you don’t know how to do every job function, you will go bankrupt in 6 months.
I agree👏🏽
True. I was a Bakery and then a fish and chips shop owner.
100% true this guy is perfect example of "I'll find chep labor and abuse it"
I dont know where dude gets this idea that a worker can walk out of a job and you nake calls and workers just poure in
Exactly, that guy is an asshole that doesn't know shit
This is why you never NEVER EVER EVER LISTEN TO INTERNET GURUS.
Highly underrated comment! ❤
Exactly 😅
He is right bruv 😂. When you dont know how to do a job you have to get the person who knows
WTF, if you want to be rich be lazy...... Starts with ' If I bought a restaurant '. Dude I'm 6000 km over on a timing belt change on my car because I can't afford the time off work to change the timing belt on the car I need to get me to work.
Wait why? He's right.
Normaly Business owners did everything them self befor hiring other people. Having a boss who has no clue what to do, is just a death sentence. 😂
Nope actually having a business owner who knows what he or she would not be good at is the best thing...,.such people will not micromanage and will respect the talent......
@@ishanharshvardhan6687 NOW THAT is a good joke. they are going to micromanage anyways. its just going to be stupid shit like "If you have time to lean you have time to CLLLLLEEEEEEAAAAAAANNNNNN" to the guy whos dealing with intake in the back.
I can tell that you are not rich
This is great advice... Imagine being the captain of the ship yet you cant read the map😂😂
That's your problem, you are talking about a boss not a business owner
He's making a good point but explaining it poorly. It's the concept of "work on your business, don't work in your business." You have to do some of every job, but don't let it distract you from finding the right person for it.
Way better said
Every business owner should have hiring as part of scaling. He isn't saying anything new or special, but as you stated, he said something well known very incompetently.
It's not laziness, it's standards.
Don't let your surroundings kill your standards.
I don't think I've ever heard a business owner say "thank god we were so desperate that we had to hire the first person who applied for the job." The ability to step in where needed so you have the time to recruit the best person for the job is a huge asset.
One hundred percent true!
I think the other side of this is keep a reserve of other people capable of doing the job.
@@Indylimburg
Absolutely brilliant comment.
Like a coach have a list of people to replace every job.
Bingooooo ❤
❤❤❤
So have enough money/resources to fix all your problems...wow, very insightful...
As the CEO of a restaurant group, i can tell you that it will not work for you. Do not open a restaurant if you do not understand how to cook in a kitchen. You will be bankrupt in two years.
Yep. Do not run any business you don't fully understand.
Two years? I think most would fold within a year.
@@litoaykiu most are actually over in a year, but it takes them a year to realize so 2 years it is lol
That's why franchise exist.
@AndrewHadi07 my father owned a franchise when I was a child. I learned through him that it is better to be independent, especially nowadays, that the margins are way smaller.
This guy is why America is dominated by chain restaurants instead of local cafes.
He’s probably also why I’d rather cook for myself rather than dining out. Food is better, cheaper, and of a more consistent quality.
Dominated meaning it was successful enough that many ppl support it and continuously buy?
@@DannySaborio By YOUR bullshit logic drug dealers are just successful entrepreneurs with loyal customers 🤡🤡🤡🤡🤡
Because he is more competent at making a business than a chef
Not entirely, some of it is that property owners have inflated ideas of property values and charge rents only chain establishments can sustain.
Long story short, be incompetent in the manual operation but make sure you have enough resources to fill your incompetence
Doesn't work that way in the restaurant industry. Plus restaurant group owners are usually former chefs so they know their way around the entire restaurant operations. Guy thinks you can just hire people to hire people and a restaurant will run smoothly. Safe to say he's never experienced the hellhole that is the restaurant industry 😂
Long RUclips short made shorter by a commenter. ❤
Yep
Long story short this guy needs to buy a dictionary. Because he doesn't know the meaning of incompetence
Nope
I am both lazy and incompetent and I'm still broke
😂😂
Uvhave to actually call the potential chefs
The guy in the video is an idiot.
You need lot of money to be lazy or incompetent and still make it in this world.
😂😂😂😂😂
Try being retarded as well.
Don’t be incompetent know your limitations. There is a big difference. Being incompetent is not going to make you wealthy I promise.😂 incompetency will not help you in any arena of life ever.
It's quite shocking how few people know about the forbidden books on Borlest
“This is how I got rich”
The first step to building wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.
If you have 50 years to build enough for retirement, why can't you spend a year or so learning to invest on your own? After all, you worked so hard to get here. Spend a couple grand to learn for a year or so, make your 1st goal to be to mitigate losses so you can take small chances to learn and have control of your future! Almost anyone can start with buying 100 shares of a company they trust as it dips & then sell covered calls for a target sell price until exercised for a profit, rinse & repeat. Even better, sell cash secured puts for a company you want to buy, so when exercised, you'll get the 100 shares for the price you want to pay and you'll profit from the puts in the meantime. Then, sell covered calls until you hit the target price and profit every month or so! If you want investment advice, RUclips is a great plethora of knowledge. Feel free to ask!
@sarahfletcher01 retirement is a death sentence if your goal is to relax and quit working. Don't quit unless you are done.
He has a really good point.. believe or not 🚫,not his whole words are true,but there is something on his statement that is cold 🥶, very deep BTW
Finally, a CEO admits that he is the most incompetent person in his entire organization. Everyone already knows this, nepo baby.
They produce nothing but bad ideas
He is not incompetent, he is good at being a CEO. Just like he cant replace a good cook, a good cook cant replace him.
He's using such a worthless anecdote to describe delegating task.
Sure sure...add connections and wealthy family in the mix
The wealthy have done a number on your psyche. You would be shocked to know the overwhelming majority of millionsires did not inherit anything, and of those who did, not enough to make them millionaires, like a 5000$ car from parents or other such gifts. People seem to love to share this notion that wealth is unachievable but the data says the complete opposite. If you just looked you'd see what I mean 😅
Ah True, but the first rule of the wealthy 1% is 'Never spill your beans!'
This right here is one of the best advertisements I’ve seen for the culture of incompetence that is running our country into the ground.
Yep! And they are promoting laziness and incompetence!!
Exactly. While the rest of the world is doing the opposite.
EXCELLENT INFORMATION👌🏻👌🏻👌🏻THANKS YOU🙏🏻🙏🏻🙏🏻
The experience i have gained stepping into roles outside my wheelhouse has been invaluable. After 28 years in business I have a wealth of knowledge and experience and expertise in multiple arenas. I prefer that kind of wealth.
The lesson here, in my opinion, is to pay your staff better than the competition, and show them that you care for their long term well being. That way they won't be as likely to leave you unannounced and they will be more likely to perform well.
Provide your employees with incentives. Keep them motivated to keep coming to work and make them feel that they are part of the future of the company. Show them that they're more than just another expendable cog in the wheel.
If the employees still exhibit the inability to meet your performance and effort standards, then it will be easy to identify that the person may not be a good fit with the organization.
im glad you finished off with that last bit because too many peopel think its simply a matter of employers not paying enough as if bad employees dont exist. the idea that everyone would be a good employee if you throw enough money at them is ridiculous. there is a balance to be had it its only partly dictated by the employer. its mostly dictated by consumers, commerce, competition, etc. the employers job isnt to dictate the means but instead to figure out how to best operate within said means. but yet we put almost all of the blame on employers?
I like this.
People gobbling this stuff up like he’s a chef 😂
The greatest restaurant bullshit ever heard since I stepped into the business. Guru my a$$
I think the real problem here is that the richest people in the world, and the people in charge, are incompetent. The working chef should be the richest person in this timeline, he's the truly competent one. This is the problem with modern society.
Gordon Ramsey would call him a knobhead.
Just more internet BS. The problem is people believe everything.
😂😂true
Wait till his staff hears this. There's actually a boss out there who wants people to be lazy and incompetent.
My problem is like that renowned doctor, who every patient wants to get treated from for his name, brand and skills.
And THIS type of thinking in corporate America is a good example of why Disney is failing.
Unless you’re a chef/owner. My late father always told me if you don’t know the job you’re investing in, don’t invest.
Gahhhhh... that's my problem 😅 im too competent. 😂 He's not wrong.
This is corporate philosophy. Managers and higher ups have no problem watching people struggle to make the demands. They watch everything and everyone burn before they want to find a solution. Squeezing as much as they can out of anyone. Anyone who is a respectable owner of a business knows sometimes your hands get dirty.
Managing a restaurant by rapidly responding to unforeseen obstacles and coordinating solutions through a network of contacts is not being lazy, that is being diligent.
A utility lineman friend of mine swore he could never leave the lead position because he was 3X’s more competent and faster than the next 6 guys in line. I told him if he got out of his tools and into a pickup truck and took the clipboard instead all the failures the crew was suffering would end because he would clean house and start over with us mid step apprentices. He eventually had to out of necessity and things turned around within a month or two. And then the overtime and emergency work began to pour in.
You are absolutely correct! How many times I’ve watched friend or family member beat their head against the ball, trying to “fix “everything themselves… You got this… You really do!
He’s partially right , just because you can do something doesn’t mean you should . But that is simply because your time is better served in other areas and delegating to the right employees is how you maximize profits . But you must be completely knowledgeable and capable at all aspects of your business or it’s almost certainly going to fail !
I think we're talking about a circumstance in which someone suddenly quits, there should be some contingency plan to replace the person, like notice of leave (ie minimum 2 weeks) other people in the workplace being trained up to fill in, incase of emergency etc..
If you were a great owner operator and the Chef walked out mid-shift youd jump in. Next morning yea youd be calling recruiter,but if you had a restaurant full of customers you'd what? Politely ask them to leave while you found a replacement.
heh you must be 30+ years old with common sense like that.
This guy would probably start filming TikTok’s or some sh.t😂
The idea is that you need to stay humble, know your limits and when to ask for help.
95% Michelin star/ top restaurants owned by chefs. Also, most top tech companies have atleast one confounder who can do tech stuff. This analogy is best for Fortune 500 executives, because they recruit similar MBAs.
So he will absolutely be at the mercy of an unknown variable. His chef quits and he will be desperate to find a replacement, guess who holds the power now??? Are people really this naive???
I'm the chef. I hired a head chef to make my life easier but if she becomes sick or can't be there, I step up.
Bingo.
That's genuinely good for what your goal is but I believe you missed the point.
I am a lazy entrepreneur working multiple software engineer jobs remotely and sleeping all day
When i owned a gym i was a personal trainer AND a custodian, often within minutes of each other 😂.
This is what is wrong with companies. The higher ups should be able to do every job below them. It would make for more efficient and effective work since they know what it physically takes and they will know how long things should take as well
I would think that being able to step in to fill a role would be a huge advantage for an owner. If the employee knows you can’t easily replace them yourself they have some leverage in that situation. Some people will try and exploit that.
If you can’t fill roles yourself then you’re completely at the mercy of people who can fill those roles. I would respect a boss who could fill whatever role when necessary. It shows he’s competent, not afraid to get his hands dirty, and can lead. So it would likely be poor for morale if the owner can’t work the business he or she actually owns.
"Retaining a Top-Rated Chef"
As a business owner, maintaining a top-rated chef to lead operations effectively is paramount. Recognition, communication, and professional development foster their growth and commitment. Empowering them to make decisions and offering competitive compensation ensures their satisfaction and retention. Prioritizing work-life balance and providing feedback reinforces their value, ultimately ensuring continued success and growth.
"Plan ahead"
In business, always consider recruits willing to take on the chef title and meet the challenges of the restaurant.
Leaders have to know how to pick people for jobs they'll excel at and be happy about doing so that they'll work hard and do good work. Part of that is properly understanding what each job takes, but *not* being particularly competent at those jobs yourself.
Powerful people that think this way are the reason we live in a dystopian society
So be incompetent in tasks, but a genius in the systems.
😊
No, that’s how shitty businesses are run and shitty bosses are formed. You understand the systems by understanding the tasks. Thinking you understand the system without understanding what it actually takes to get things done leads to unreasonable demands on employees and an inability to set your team up for success.
That’s just a really complicated way of saying make your money work for you.
He takes for ever to explain something so simple..
If you have drive, you will be successful regardless of what idea you embrace.
This philosophy is even more relevant in real estate. Because of the high commissions real estate agents, just need to spend long hours trying to close sales and show houses. The work itself is very easy and any incompetent person can do it. But the rewards are insane because of the high commission they earn. Compare that to someone who is a software developer at a startup who works long hours solving complex technical problems every day. Yet the real estate professional will be earning more, of course, there’s exceptions to this. If the software professional is very competent, he can charge higher hourly rate
Thats why i like trump he also does this he knows what is needed in many areas to bad he wasnt able to do his job
So basically he is saying to use ppl and profit of their labour
New subscriber from this advice. No restaurants, but I have filled the chef role in other businesses.
That's a recipe for immoral/sloppy/shady businesses... Running something one has no idea about gets downhill pretty quickly.
So that's why two companies I worked at seemed to go to shit after getting acquired. The "bottleneck." I can do it, but months go by and nothing changes so I get frustrated there's no urgency. Just blame management and poor leadership instead of realizing the inner workings of problem solving at that level.
I may owe an apology 😅
If I remember😂
Management and communication is still a skill, arguably the most valuable one, so I wouldn’t consider that incompetent but I see where you are coming from
What this guy should’ve said is be the manager, not the worker. An owners job is to manage the business, not do the work. In the event of an unexpected situation like losing a chef, a smart manager would’ve already had another staff member trained to cook the menu. Your staff should be cross-trained so they can fill in where needed until the situation is resolved. Never be so dependent on one employee that your business can’t function without them.
That explains why companies that are supported by responsible employees last longer if they stop listening to incompetent managers. Stupid orders to do the wrong thing by men at the top that are only concerned with their bloated bonuses.
As another business owner, it is very important to know how to delegate. But it's also important to also know how to do the job yourself. And if I worked for him as an employee, I would never respect this boss.. But you can learn a lot from a weasel
I bartend at a casino. Upper management and executives make the business way less profitable with their incompetent decisions. They are lucky that the bar money doesn't really make a difference because the casino in their real money maker.
This man doesn't sound incompetent in any way.
I can get with that philosophy! Starting right away!
My mentors who are doctors taught me that you need to know how to do every job in your office. I watched them clean toilets when they didn't have to and they are twin brothers and their businesses do well into 8 figures per year. they are the most financially free people I know.
I own a pub and restaurant. I know how to run every aspect of that place, front and back of the house. After Covid, finding reliable help in the service industry is damn near impossible. The turnover in the restaurant industry is a revolving door. Finding a new “chef” in a day or two is just ridiculous and unrealistic.
So, if you own the place, you better damn well know how to do every job required to make it successful.
There are new owners of a similar style pub down the street from me. Two married couples who were friends, that decided to go into the pub and restaurant business, without any experience. Fast forward 6 months, and one of the couples has a restraining order against the other, and have been trying to sell the business. 6 months into their new venture! They can’t staff the place, and not one of the four of them know how to cook or bartend. I wish I had their money.
Yes... But what Dan fails to address is most businesses start with the CEO having to do every task. So a chef is most likely going to be involved in some level.
A follower doesn't see their value and gets used by others. A leader sees the value in others and puts them to use.
That's exactly the opposite in Agile , you need a cross functional team to manage challenges and keep moving forward with development, and retrospect on what can be done better going in the next iteration.try to be Generalist , so that you can manoeuvre any impediments.thats my 2 cents .
The E myth teaches you this. So many entrepreneurs make this huge mistake. So well said.
Think what he's saying is, know enough to step in when there's an urgent need, but make finding someone to PERMANENTLY fill the vacancy your priority. Otherwise there won't be anyone available to effectively manage the other areas of the operation... 😕 Maybe...
I think, he doesn't articulate it the best, but what he says is true. He talks about ability to delegate and to not get sucked in into day to day urgency at the cost of high level management.
God will abundantly supply your needs when you put him first.
This could only apply if you have a preexisting staffed company, or lots of capital or a major investment partner. For the average start up entrepreneur that hasn't even hired anyone yet, you can't be lazy or stupid. You need to learn & master every relevant detail to get it off the ground. And of course that will serve you later.
And that last minute urgency WILL COST you a pretty penny. There's a bottleneck because there's no sense of urgency? That doesn’t even make sense! The bottleneck is where your line is broken. Jump in, fill that temporary spot for the days to keep your customers happy.
Some times it doesn't pay to do things yourself but sometimes it definitely does. Like doing your own mechanic work. I can get a job done WAY faster and WAY less expensive and get my equipment up and running sooner making money again instead of it sitting.
What he says is true. Look up Tillman Fertitta.
But it is the difference between a small business self-employed mindset and a business owner mindet.
This may not work for entrepreneurs starting with low capital. But it could work for people with lots of capital to burn. Eventually, businesses become like commodities to them.
Being lazy is not about doing nothing.
Lazy people are capable of coming up with ideas to solve certain problems doing as little work as possible. They are effective.
Great advice for someone who’s already rich
I get the point. It's about hiring other people to do the job for you. But:
1. Why is the cook leaving in the first place? Make your employees happy so that they don't quit.
2. Being incompetent is truly a recipe for disaster.
3. You should be building businesses in your domain of expertise (because you need to be competent). If you aren't a cook. Don't open restaurants.
Thanks for the advice. Now I don't know how to find the money to buy a restaurant as an incompetent person.
Bs.
Restaurants traditionally profit 1-3% on food, if you're designing menus for family style with bigger portions meant for two or more and higher prices to match, you can do better but most restaurants don't operate that way. Making $0.03 on $1 is not much, and that's why restaurants often times are *beyond fortunate* if they break even for the first several years. It's not an easy industry by any account.
Like the old saying goes, “wealth is built on the back of the poor “.
For his own sake, I hope his business partners know something about food. With this logic as a hospo guy I will get into oil drilling, I just need to place some quick calls😂
You always need partners. Activities like managing a business and operating a business are not the same thing. On the other hand, you need to know how to be a chef so that you can know when a bad chef is pulling your leg before it is too late.
So Disney saw this video a year back or so and immediately asked Bob Iger to become their CEO again
So pay your Chefs what they deserve and treat them right. Actually Listen to them because they know way more than you as a business owner about running a proper restaurant. They are under appreciated. A big reason why I'm not a chef anymore
Never heard about this philosophy !
Who else didn't? Im sure I'm not alone !
I am very incompetent. Where is my money?
It doesn't work, people. You have to be competent first to get the money before you can be incompetent.
❤❤❤❤❤❤❤❤❤❤❤😊😊😊😊😊 sounds fancy and ideological sound ... but in reality 💀
I respect you mr Lee from the core of the heart ❤️❤️❤️😢
This is essentially a parable demonstrating that he is in fact incompetent.
Tell that to companies that when someone leaves they just put all responsibilities on whoever is left
That’s not incompetent, he has competent to convince chef to work with him. No one who is professional willing to work with someone incompetent
What’s weird is this is kind of true.. most super wealthy people don’t ever want to touch anything and they flip about the smallest dumbest stuff… if you ever deal with them as clients or customers in just about any business or industry you’ll see what I’m saying lol
“What’s your greatest strength”
“Im lazy”
“You start next week”
Meritocracy has long been a myth, vids like this really bring that home. Their laziness requires an underclass of more compotent and educated and trained people to fill those roles. Theyre straight up admitting that the companies cannot exist without its workers. Do with that information what you will.
Do what he says if you're running business like child's play using extra money. It will definitely go bankrupt in no time😂
This only pertains to the top of the entity / restaurant. Middle managers are supposed to jump in when someone leaves until replacement is found especially when they’re in the middle of a big project that could dictate their own future