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EPISODE #42

AIRED: 11-27-2016

Super messy show notes

Division of labor, specialization, and money,
Crusoes island, specialization and division of labor.
fish and fire wood, bigger arms can carry more fire wood, shorter guy spears fish faster
big guy 2 fish, 3 fire wood,
small guy, 3 fish 2 fire wood.
total 5 of each.
Now, by specializing, 6 of each. after five days, can take a day off.
In a society were everbody specializes, wealth becomes abundant.
Thanksgiving dinner takes for ever to cook.
Imagine how long it would take without the division of labor.
Raise your own turkey, grow your own turkey feed, corn oats etc, build your own turkey coup
You might enjoy all that, but that’s just for the turkey
for rolls you’ll need flour, eggs, and clean water, grain grinder, chickens, dig a well.
That’s months and month of work, just for turkey and dinner rolls
Think of all the other stuff you had, and how that food was grown raised and prepared for you, before it got to your kitchen table, before it even made it to the grocery store.
Even i f you want to be food independent, it’s a lot of work, restricted by time, and location restrictive.
So division of labor and specialization, double plus good.
Tragedy of the commons, when people can get without working, most of them will.
If people have no guarantee to the fruits of their labors, they will not labor.
It’s not selfishnesh, it’s just common sense.
you don’t want to build a house on quicksand, not because you’re lazy, but because you’re smart,
So, a society that egrees that you keep what you earn, you specialize in what you’re best at, and you trade for what you suck at, is prosperous.
And that is the birth of Barter.
Barter breaks down because of problem of dual wants.
Whole village, fish guy wants some of the wood I collected, but I don;t like fish, I’m craving berries.
You have to go trade this for that, and that for the other, and then come back and hope I didn’t already get my berries from somewhere else.
And thus, money. Now, don’t get me started on money vs debt, vs fiat money, federal reserve, centrally planned economies monopolies on currency creation. that’s a whole different story. And because what we use for money is actually all of those things, instead of actual money, money gets a bad wrap, but that’s different show entirely.
point is
If the goal of a society is to provide the best standard of living for all involved,
by having money, distribution of labor, and specialization, a society succeeds

If the goal of a business is to provide the best standard of living for all involved,
by having money, distribution of labor, and specialization, a business succeeds
and that leads us to something called delegation.
delegation in the business.
Now, I’ll preface by saying I struggle with this.
Want something done right, do it yourself, that’s me.
And because of that, I often get in to deep and overwhelmed.
But it’s something that I’m trying harder to do.
It’s vital for a healthy society, and it’s vital for a healthy business too.
and as the owner of your business, it’s your biggest job to delegate.
The three minds in the e mythe.
the entrepreneur,
the manager,
and the technician.
Why delegate? high dollar and low dollar tasks
Find highest yield activities and realize that every minute you spend doing less yield activities, you are throwing money away.
money that could go to employees, customers improving services. etc.
Where are you most valuable?
I Can’t be marketer, owner, book keeper, designer, I’ll go crazy.
New service for launching podcasts
for new service, recorder, mixer, producer.
Set up systems, resources, expectations, and accountability
Right now, still playing all three roles, but setting up systems to move away from technician
Web design and style guide, so when we hire coders
Automating a lot of our marketing.
Plans for moving forward with new blastpod service, will get it set up, but then have to delegate.
Hire a virtual team, do the ground work, and let them do the repetitive stuff.
Once we have that stuff set, I’d like to move away from the managerial side, and focus only on entrepreneurial stuff.
That’s what I love doing, building and creating. Setting up the systems and letting them grow.
But as much as I hate being micro managed, I’m guilty of doing it. So it’s something I need to also do better.
And lots of the other people I work with are also still playing all three rolls,
We start the business because we love the technical side, but were struck by the entrepreneurial side, and ended up becoming all three, at war with each other, and not being able to succeed.
We can’t expect to pick the berries, collect the fire wood, and catch the fish and still have a thriving business.
And that’s this weeks lesson.

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