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Shut Up And Listen, by Tilman Fertitta- Book Summary Hard Business Truths that Will Help You Succeed

June 16, 2022
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Shut Up And Listen, by Tilman Fertitta- Book Summary Hard Business Truths that Will Help You Succeed

By: Ravi Katta from IILIFE

There is an abundance of knowledge in a variety of professional fields that can be gained from many experienced entrepreneurs and coaches. The difficulty, however, that some individuals face when attempting to procure this information, lies in a lack of time. You might not want or be able to sit down for a few hours to listen to a podcast or read a book, which is where I come in from your IILIFE Tribe (IILIFE). I’ve taken the time to summarize Tilman Fertitta’s Shut Up and Listen, a blunt book about hard business truths and strategies to help you succeed.

The book is separated into 5 sections, and below, I break each one down into key takeaways:

SECTION 1: HOSPITALITY (Customer being the key focus)

Regardless of the industry that you’re in or the job title you hold, you should always make hospitality your focus. In fact, everyone working for a business, no matter what they do, should practice hospitality with the same level of commitment as everybody else in order to cater to the best customer experience possible. There are no “spare” customers, so it is essential to understand your competition and target audience.

SECTION 2: YOU’D BETTER KNOW YOUR NUMBERS

Working capital, in the eyes of Fertitta, is the lifeblood of any business and can mean the difference between success and extinction. He believes that an individual should never put their lifestyle ahead of the growth of their business. Fertitta believes loans and lines of credit to be two excellent sources of ready cash, and that you should borrow money when times are good, even if you don’t need it, for possible worst-case scenarios.

In terms of specific concepts (an example from the Restaurant Industry), he stresses the importance of understanding how to get out of a lease early, including buyout provisions, subleasing and other options. He recommends looking for a short-term lease-ideally, with renewal options that you can choose to exercise if need be.

Knowing all costs associated with a lease is also necessary, as knowing your numbers is the most essential part of being able to take your business to the next level because complete knowledge of numbers is also critical to any sort of successful sales pitch.

SECTION 3: THE 95:5 RULE: WHAT’S YOUR “FIVE”?

When operating a business, it’s essential to listen to your partner, customers, suppliers, and anyone else with an opinion about your business. This can be further emphasized with the use of The 95:5 Rule; 95% of your business may be operating fine, but avoid complacency and seek out the 5% that’s wrong. View your business through your customer’s eyes and view your work through the eyes of your coworkers. He explicitly mentions that individuals should work on their weaknesses but also make sure to work on their strengths, building upon them. Lean on your strengths, and don’t be afraid to assert them for the good of the business. On the other hand, never become partners with someone who has the same skill set as you, rather, partner with people whose skills complement your own.

SECTION 4: SEE THE OPPORTUNITY, SEIZE THE OPPORTUNITY

When times are good, we tend to forget that they’re going to be bad at some point, but you need to prepare for bad scenarios in the future. However, opportunity is always there, no matter what the current conditions may be. Spotting opportunity requires patience, there’s always another deal on the horizon! Fertitta encourages everyone to surround themselves and work with others who are every bit as motivated as them. He specifies that he treats every issue as a challenge, instead of an obstacle, as there is always a way to improve your company or processes. And finally, staying hungry when times are good will reward you when faced with future challenges

SECTION 5: LIVE YOUR LEADERSHIP

Fertitta believes that leadership is one of the most important skills that every individual should learn. He mentions taking the time to listen to everyone and to be blunt with people around you and expect them to do the same, as short meetings and concise conversations can help keep people at the optimal level of focus. Don’t assume anything. A great leader is also a great teacher. Take every opportunity to teach those around you as well as encourage people to think on their feet and be creative. Don’t be afraid to make mistakes, as they can be a more effective teacher than success can. A great leader not only accepts change but welcomes it. Lastly, don’t be afraid of people who are smarter or more talented than you, as there can be a lot to learn from them.

It’s extremely important for individuals to be proactive about their work or personal growth in order to better their quality of life and Fertitta’s book is a great resource to begin on that journey. Other beneficial resources include Fertitta’s website: https://www.tilmanfertitta.com/ and

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