The reason for this email is somewhat off the topic and a bit out of my curiosity. I read The Talent Code a little while ago and I just realize how much SMB Capital could relate to the book. For example, many good prop firms have multiple offices in multiple cities and even countries. However, you guys being one of the best have only one…..
But I believe there is more to it and that is you truly understand how skill building works and how to ignite them. By having only one office it gives traders a sense of scarcity. Therefore, they prepare and work hard every trading day so they don’t get kicked out. Then, your guy’s well known trading education and mentoring subconsciously deliver a message to the trader that it is not only about the money but rather they can learn a skill that will stick with them for the rest of their life. Those two itself created a very powerful trigger that enabled traders to outpour vast amount of energy into learning how to trade. A combination of scarcity, education, mentoring, unselfishness, and constantly stressing the importance of practice, it is no wonder you guys have a huge group of talented traders. Somewhat like the “Talent Hotbed” the author mentioned in the book.To my limited knowledge more than any prop firms I know.
… …but my question is did you purposely structure your firm the way it is or is it really too much work to open another offices? Oh and great job on your book it was an awesome read…
Special Guest Dan Coyle Responds:
I think places that have had success in branch offices are ones that have an incredibly strong culture along with a fairly narrow skill they’re teaching. Suzuki violin is probably the best example. He developed a curriculum, a detailed ladder of songs, a nearly cult-like philosophy that he could use to teach more master teachers. Then it worked. Far more common, I think, are examples where branch offices fail because the assets that make the home office a success reside in the personality/character/drive of one person. It’s all about the master coaches.
Thank you Dan!