Episode 022 of my leadership podcast is part two, of a two-part conversation I had with the founder and former CEO of Million Dollar Baby Company - Daniel Fong.
Daniel Fong’s Million Dollar Baby Company has made six appearances on the annual Inc 5000 list of America’s fastest growing private companies and was just featured in the August 2017 edition of Inc. magazine.
To recap part one of our conversation, Mr. Fong and I talked about some of his leadership strategies, like:
- Going into business to create something different — to write a new story.
- His self-described, really strange desire to be the best and to do everything really well.
- Ideas to deliberately create a company culture.
- Winning the hearts of his employees.
I encourage business leaders to focus on value creation because any money you earn is merely a byproduct the value you create for society. In other words, make value creation your priority and you will attract money, not chase it.
The sentiment of profit being a result is among my favorite things Mr. Fong said. To paraphrase, he said, Profit is a result, it's not a goal . . . too many people live life mistakenly using results as goals. Profit is not a goal, it's a validation. When we create great products, when we treat people well, when we create value, and are a value add for society, profits are a result of that.
So what are the company goals of Million Dollar Baby Company if profit is just a result?
1. Create an incredible environment for MDB employees that is second to none. Mr. Fong says this is the practice of thier company’s excellence.
**And you’ll definitely want to listen for the reason MDB doesn’t have a human resources department.**
2. Deliver an excellent product.
3. Be an enjoyable experience for MDB customers and vendors. Their goal to be so delightful that customers and vendors want to, not just have to, interact with MDB.
Listen and learn. I love this episode.
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- Daniel Fong’s big why [0:59]
- Why Mr. Fong’s children, Teddy Fong and Tracy Fong, decided to join the family business [5:05]
- How Tracy and Teddy led diversification of the company [8:48]
- Mr. Fong talks about how he delegates [11:15]
- Passing the CEO torch to Teddy Fong [12:27]
- Mr. Fong doesn’t like the word leadership [22:20]
- Mr. Fong’s response to a time where he wasn’t leading well [25:49]
- The one trait Mr. Fong looks for in his top people [28:36]
- The advice Mr. Fong would give to his 20-year-old self [31:04]
- How Mr. Fong wants his children to describe him to his grandchildren [36:12]
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