Here’s what we will cover today:

• Learn the critical importance of KMI

• Learn the popular children’s toy that’s been used to train management consultants to be more creative

• Discover a cool new use for robots

Quote of the Day

"Build something 100 people love, not something 1 million people kind of like.”
~Brian Chesky

Today’s Tip

Did you know that venture capital firms nearly always require the companies they fund to get key man insurance (KMI)?

Well, understanding the rationale behind this fact should give you insight into improving your business operations and structure.

To begin, Key Man Insurance or KMI is a life insurance policy covering a business owner, president or a key employee. The business is the beneficiary under the policy.

The fact that most venture capital firms require KMI explicitly shows that venture capital firms provide funding to PEOPLE, not firms or ideas. It is the people who are able to execute on the ideas. Remember that a good person with a mediocre idea is often much more successful than a poor person with a great idea.

What this does NOT mean is that you should rush out to purchase key man insurance if you are seeking venture capital. What it does mean is that you need to make sure that you have a management team that is worthy of KMI. A team that is so capable of achieving success that investors are actually frightened that their investment would be in jeopardy if something happened to them.

What it also means, and this applies even if you are not seeking venture capital, is that you should create systems to minimize the business risk of something happening to a key employee.

These systems can include:

• Training manuals that document key tasks performed by key personnel, so that someone else could take over their job requirements in the event that they were out of the office temporarily or long-term

• A hiring plan that allows you to efficiently recruit and train new personnel

• Constantly networking and telling people the exciting aspects of your business so that there is a pent-up demand to work at your company

You and your management team are the lifeblood of your business. You always need to be thinking about how to improve, protect and grow your team, as this will have the greatest impact on the long-term success, or lack thereof, of your business.

Today’s Resource

How to Build a $10 Million+ Company

What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?

Well, there are a LOT of differences, actually…

But I’ve summarized the main differences on this page:

How to Build a $10 Million+ Company 👈 The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business...

In fact, when you follow this formula, you can make much more by working less…

How to Build a $10 Million+ Company 👈

Trivia

Today’s Question: Pharmaceutical giant Johnson & Johnson issued a nationwide recall of what well-known pain reliever after 7 people died from taking pills which had been tampered with on store shelves?

Previous Question: What popular children’s toy has been used to train management consultants to be more creative?

Previous Answer: LEGO®

The Danish firm LEGO® has transformed its popular plastic building blocks into a business resource called SERIOUS PLAY™. The LEGO® SERIOUS PLAY™ process entails a facilitator posing a question to a group of management consultants which must be answered via building something with Lego. Each consultant then tells the story behind his or her creation, leading to dynamic discussions about an organization’s strengths, weaknesses and challenges.

Tools of the Day

Blobr - A business intelligence assistant powered by AI, which identifies new customer patterns and insights across various applications.

OptinMonster - add popups to your website with ease.

News

Naver unveiled its autonomous, in-house Starbucks. The South Korean tech company uses 100 robots to deliver coffee to its employees. (YouTube video)

Google won’t index sites that do not work on mobile devices after July 5. If your website is not accessible using a mobile device, then Google will no longer index it and rank it.

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