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On one of our latest episodes of #thePawdcast, we were joined by Simon Payne. Simon’s track record speaks for itself. As a serial entrepreneur, he has grown companies to reach over one hundred and fifty employees worldwide, with over $38,000,000.00 in venture capital raised. He’s well-respected, well-spoken, and most importantly; can move quickly. After all, all of the metrics described above, he was able to do in just under four years.
That is why, on this episode of #thePawdcast, we asked him perhaps the most important question that we could. What is his secret to scaling quickly? His answer, though simplistic, was also pretty deep.
He shoots to double his input, every month.
If he can increase his contribution every month, the results, the output from this, will and should as well, double every month.
It’s the concept of compounding interest.
This hit us like a brick in the face.
Too many times, we’ve gone into automation mode.
Doing what we know works, but at the same level of input as we have been doing for months, if not years.
I am sure you can think of a few scenarios where you, yourself, have done the same.
Simon, on the other hand, looks at each month as a challenge. How can he double what he did last month? This forces him not only to accomplish this; but as you keep increasing, also to figure out ways to work smarter, more efficiently, and more rigorously.
We as entrepreneurs, leaders, and executives, must be doing the same.
It’s one thing just to double what you did before. It’s another to keep working smart while doing it.
The result, though, is obvious. Once you learn something works, do whatever it takes to get everything out of it.
You have an orange in your hand, and discovered by squeezing it, juice comes out. It’s now up to you to press it as hard as you can, getting every last ounce of juice out of it.
This mentality also does something incredible to mindset; it forces you to think big.
Thinking big is the only way you can grow big.
Y-Combinator tasked Brett and his team at the New Story Charity, to come up with an ambitious, hard to reach the goal they wished to accomplish during their time in the accelerator. They provided to their mentors, to build 50 new homes for families in need.
Immediately, Y-Combinator responded back suggesting that 50 homes were not enough, but to double that.
Make it 100 new homes.
Just as Brett explained on our show, they already thought 50 homes would be difficult. 100? This seemed impossible.
They ended up crushing this goal.
How? They were forced to think big.
By being compelled to think big, you don’t fall into the trap of doing things that just produce quick results. No, you’re obliged to think, try, investment and risk doing things that can translate to significant returns. You have no other options to think differently if you want to achieve this goal.
Peter Thiel, the co-founder of PayPal, Palantir, as well as an investor in Facebook and many other incredible platforms, has perhaps the most legendary quote in Silicon Valley when it comes to this.
He asks all of his investments, how can they achieve their ten-year plans in the next six months?
Again, this forces you to think big, and quick.
You want to achieve your goals at such a large result; you can’t think small, pragmatic or methodical. You need to think large; you need to act generous, you need to have your focus on the big picture now.
These type of mental shifts, recipes for success can be found elsewhere. Grant Cardone became famous due to his 10X rule. Countless entrepreneurs, and other professionals challenging themselves to produce more results daily. You too can adopt the same mentality.
Scaling is difficult. Incredibly difficult. There is a reason why so few can accomplish this.
It takes more than guts, determination, and passion.
It takes purpose. It takes the drive. It takes every ounce of energy, soul, and belief that you have in you. If you put in the work, though, you will see that scale. You will find that success. You just need to do it and do it right.