Timing in Business with Faisal Sublaban

    enSeptember 25, 2023

    Podcast Summary

    • Embracing digital marketing in B2B industriesCreating content at scale on social media platforms leads to increased business development in B2B industries

      Having a strong online presence through content creation is essential for business growth, even in B2B industries. Faisal Sublivan, the president and CEO of Bonitel Exclusive Travel, a leading distributor of luxury hotel rooms, shares this belief. He emphasizes that businesses need to adapt to the digital age and engage with their audience on social media platforms. Faisal's personal experience demonstrates this. Initially, he faced skepticism from investors about the importance of social media presence. However, he persisted and found that creating content at scale led to increased business development. For Bonitel Exclusive Travel, their business can be described as a tech-enabled services company, using SaaS technology to distribute inventory while also providing customer service and problem-solving. Overall, Faisal's journey highlights the importance of embracing digital marketing strategies to build a successful business.

    • Early exposure to business and emotional intelligence shaped Vaynerchuk's successVaynerchuk's early experiences and emotional intelligence helped him effectively interact with people, recognize talent, and provide opportunities for growth.

      Gary Vaynerchuk's early exposure to entrepreneurship and interactions with adults from a young age shaped his maturity and emotional intelligence, which have been crucial to his success in business. He learned to interact effectively with people, read their behavior, and cater to their emotions, a skill he calls radical candor. However, he also struggled with being too direct and honest, and learned that sometimes it's more effective to move people to the right roles rather than firing them. Vaynerchuk's ability to recognize and develop talent, even if it's in a new channel or role, has been a key factor in his business success. Additionally, he values the importance of being authentic and providing opportunities for growth, even if the outcome is not initially successful.

    • Viewing departures as opportunities for growthOptimistic management can lead to valuable learning experiences for departing employees, broadening the customer base by making luxury more accessible, and converting awareness into sales through influencer marketing.

      Optimistic management can lead to valuable learning experiences for employees, even if they eventually leave the company. The speaker shares an example of an employee who left and later returned, bringing new skills and insights gained during their time away. He emphasizes that it's essential to view departures as opportunities for growth rather than failures. Moreover, the speaker discusses the importance of understanding context in the travel hospitality industry, as what constitutes luxury varies from person to person. He advocates for making luxury more accessible and affordable to broaden the customer base. The conversation also touches on the role of influencers in the industry and the need to focus on converting awareness into sales. Overall, the conversation highlights the importance of adaptability, learning from experiences, and understanding the unique needs and perspectives of different customers.

    • Learning from Four Seasons' Standards in HospitalityHotels can improve guest experiences by focusing on small details like consistent shower pressure and addressing preferences, such as removing mini bars for healthier choices.

      The hospitality industry, specifically hotels, can learn from the standards set by companies like Four Seasons when it comes to providing consistent experiences for guests. Ronald shares his personal experience of appreciating standardized shower pressure and the importance of considering small details that can significantly impact a guest's stay. Furthermore, Ronald expresses his preference for in-room mini bars being removed to encourage healthier choices. The conversation also touches upon the idea of creating a gourmet gummy bear pop-up truck, highlighting the potential for unique experiences that cater to guests' desires. Overall, the discussion emphasizes the importance of understanding and addressing guests' needs and preferences to deliver exceptional hospitality experiences.

    • Prioritize guest experience and adopt a hospitality mindset for business successFocusing on guest needs and creating unique, hospitable experiences can lead to business success, regardless of industry

      Businesses thrive when they prioritize the guest experience and adopt a hospitality mindset, no matter the industry. From fitness and hotels to dentistry and influencer marketing, focusing on taking care of people and creating unique, hospitable experiences can lead to success. As Gary Vaynerchuk mentioned, if every business saw itself as a hospitality provider, whether selling concrete or wine, the value and empathy offered would set them apart. Entrepreneurship and hospitality share a common thread - they both require a deep understanding of and dedication to meeting the needs of customers. By embracing the hospitality mindset, businesses can build strong, successful brands that attract and retain customers.

    • Communicating Business Vision to Potential HiresEffective communication is vital when hiring. Early on, compensation may be the main draw, but as businesses grow, a clear vision and growth path are crucial to attract and retain top talent.

      Effective communication and clear vision are crucial when it comes to hiring and growing a business. Alec Brown, from the Charles Alarm Ranch, shared his struggle with bridging the gap between working alone and hiring his first employee. Gary Vaynerchuk, in response, emphasized the importance of being able to articulate your business vision within two minutes to potential hires. He also mentioned that at the early stages of a business, what's in it for the employee is often just the compensation they will receive. However, as businesses scale, providing a clear path and vision for growth becomes even more important to attract and retain top talent. Additionally, reflecting on past mistakes, such as canceling important meetings, can serve as valuable lessons for entrepreneurs.

    • Assessing financial stability before hiringEntrepreneurs should evaluate their expenses, profits, and debts before hiring to ensure financial stability and consistent payroll.

      Before hiring your first employee, it's crucial to assess your business's financial stability and consider your personal lifestyle costs. The entrepreneur in this conversation acknowledged having a profitable business but identified concerns related to not having a storefront yet. He also expressed the need for the first hire to manage clients while he continues selling. However, he was hesitant to hire due to ensuring enough profit margin to pay the employee consistently. The conversation touched upon evaluating one's expenses and debts to determine the feasibility of hiring. The entrepreneur shared his past experience of living frugally and being able to hire people when his expenses were low. Ultimately, the decision to hire or not depends on the entrepreneur's readiness to take on additional costs and the potential growth that hiring could bring.

    • Making tough decisions for business growthConsider options: borrowing, saving, or reducing expenses to grow a business; ultimately, choose and commit fully.

      Growing a business often requires making tough decisions and sacrifices. The speaker shares his experience of taking on a more expensive lease to attract clients, which forced him to work harder and build the business faster. He suggests three options for someone looking to grow their business: taking on debt or raising capital to hire help, saving more and growing the business more slowly, or significantly reducing personal lifestyle expenses. Ultimately, the choice depends on individual circumstances and preferences. The speaker encourages taking action, whether that's borrowing money, selling possessions, or any other viable solution. The key is to make a decision and commit fully.

    • Investing in yourself: A key to successListen to the 'At the Hotel Boss' podcast for inspiring stories of self-investment and entrepreneurship. Lessons include learning from experiences and managing assets wisely.

      Investing in yourself is important and can lead to great opportunities. This was emphasized during a conversation about the "Bet on Yourself" mindset and the success stories shared on the "At the Hotel Boss" podcast business class. The class features entrepreneurs from various backgrounds and industries, providing unique insights beyond just travel. So far, there have been 12 episodes recorded, with seven launched. Two standout guests are Michael Chernow and Matt Goss, each bringing their own interesting perspectives. The best episode, according to the conversation, was with Michael Chernow, which is already available to listen to. Another memorable story shared was about a young boy, who at the age of 8, was taken advantage of while trying to buy a Bo Jackson rookie card at a flea market. His father taught him a valuable lesson about managing assets and taking care of them, even if it meant accepting a loss. Overall, the conversation highlighted the importance of self-investment, learning from experiences, and the value of running a podcast to share inspiring stories with others.

    • Starting a podcast for local businessesGain experience, build relationships, and potentially uncover opportunities by starting a podcast for your local community and businesses.

      Starting a podcast business focused on your community and local businesses is a viable idea, even if it may not be highly monetizable at first. Gary Vaynerchuk advised a young entrepreneur, Alex, who was considering starting such a podcast, to begin small and build a network. He emphasized that gaining experience and providing value to local businesses could lead to opportunities, such as becoming a service provider or even an investor in their businesses. Alex, who was married, was encouraged to take action rather than just thinking about it. The process of creating a podcast could lead to building relationships and establishing a rapport with local entrepreneurs, potentially leading to significant opportunities down the line.

    • Just Do It: Overcoming Regret Through ActionDoing something, even if it's wrong, provides valuable experience and feedback for personal growth. Let go of overthinking and insecurities, focus on action, and build on self-awareness.

      Action is key to personal growth and overcoming regret. The speaker emphasized the importance of just doing things, even if they turn out to be wrong, as the experience and feedback gained are valuable. He encouraged letting go of overthinking and insecurities, and instead focusing on taking action and building on self-awareness. The speaker also shared his own experiences of starting small and gradually building on his skills and community through editing videos and trying new things. Ultimately, the message is that doing something, whether successful or not, is better than not doing it at all. So go out there and make, even if it's in Nike country or the Pacific Northwest, where the famous motto "Just Do It" rings true.

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